Edgar Filing: BlackRock Municipal 2030 Target Term Trust

See Notes to Financial Statements.

ANNUAL REPORT

JULY 31, 2017

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: 07/31/2017

Item 1 – Report to Stockholders

JULY 31, 2017

ANNUAL REPORT

BlackRock California Municipal Income Trust (BFZ)

BlackRock Florida Municipal 2020 Term Trust (BFO)

BlackRock Municipal 2030 Target Term Trust (BTT)

BlackRock Municipal Income Investment Trust (BBF)

BlackRock New Jersey Municipal Income Trust (BNJ)

BlackRock New York Municipal Income Trust (BNY)

Not FDIC Insured • May Lose Value • No Bank Guarantee

The Markets in Review

Dear Shareholder,

In the 12 months ended July 31, 2017, risk assets, such as stocks and high-yield bonds, continued to deliver strong performance. These markets showed great resilience during a period with big surprises, including the aftermath of the U.K.’s vote to leave the European Union and the outcome of the U.S. presidential election, which brought only brief spikes in equity market volatility. These expressions of isolationism and discontent were countered by the closely watched and less surprising elections in France, the Netherlands and Australia.

Interest rates rose, which worked against high-quality assets with more interest rate sensitivity. Aside from the shortest-term Treasury bills, most U.S. Treasuries posted negative returns, as rising energy prices, modest wage increases and steady job growth led to expectations of higher inflation and anticipation of interest rate increases by the U.S. Federal Reserve (the “Fed”).

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 economic uncertainty. Reflationary expectations accelerated after the U.S. election in November 2016 and continued into the beginning of 2017, stoked by expectations that the new administration’s policies would provide an extra boost to U.S. growth.

The Fed has responded to these positive developments by increasing interest rates three times in the last six months, setting expectations for additional interest rate increases and moving toward normalizing monetary policy. Divergent global monetary policy continued in earnest, as the European Central Bank and the Bank of Japan reiterated their commitments to economic stimulus despite nascent signs of sustained economic growth in both countries.

In recent months, growing skepticism about the near-term likelihood of significant U.S. tax reform and infrastructure spending has tempered enthusiasm around the reflation trade. Similarly, renewed concern about oversupply has weighed on energy prices. Nonetheless, financial markets — and to an extent the Fed — have adopted a “wait-and-see” approach to the economic data and potential fiscal stimulus. Although uncertainty has persisted, benign credit conditions, modest inflation and the positive outlook for economic growth have kept markets relatively tranquil.

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, as well as cyclical factors, such as the Fed moving toward the normalization of monetary policy and the length of the current expansion. Tempered economic growth and high valuations across most assets have set the stage for muted returns going forward. At current valuation levels, potential equity gains will likely be closely tied to the pace of earnings growth, which has remained solid thus far in 2017.

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 July 31, 2017
	6-month			12-month
U.S. large cap equities (S&P 500^® Index)		9.51	%		16.04	%
U.S. small cap equities (Russell 2000^® Index)		5.35			18.45
International equities (MSCI Europe, Australasia, Far East Index)		13.79			17.77
Emerging market equities (MSCI Emerging Markets Index)		18.98			24.84
3-month Treasury bills (BofA Merrill Lynch 3-Month U.S. Treasury Bill Index)		0.35			0.54
U.S. Treasury securities (BofA Merrill Lynch 10-Year U.S. Treasury Index)		2.33			(5.73	)
U.S. investment grade bonds (Bloomberg Barclays U.S. Aggregate Bond Index)		2.51			(0.51	)
Tax-exempt municipal bonds (S&P Municipal Bond Index)		3.40			0.36
U.S. high yield bonds (Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index)		4.57			10.94
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
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		53
Statements of Operations		55
Statements of Changes in Net Assets		57
Statements of Cash Flows		60
Financial Highlights		61
Notes to Financial Statements		67
Report of Independent Registered Public Accounting Firm		79
Disclosure of Investment Advisory Agreements		80
Automatic Dividend Reinvestment Plans		85
Officers and Trustees		86
Additional Information		89



ANNUAL REPORT	JULY 31, 2017	3


Municipal Market Overview

For the Reporting Period Ended July 31, 2017

Municipal Market Conditions

Municipal bonds experienced modestly positive performance for the period as a result of vastly rising interest rates spurring from generally stronger economic data, signs of inflation pressures, Federal Reserve (“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 continued demand for fixed income investments. More specifically, investors favored the income, attractive relative yield, and stability of municipal bonds amid bouts of interest rate volatility (bond prices rise as rates fall) resulting from geopolitical tensions, the contentious U.S. election, and continued global central bank divergence — i.e., policy easing outside the United States while the Fed slowly engages in policy tightening. During the 12 months ended July 31, 2017, municipal bond funds garnered net inflows of approximately $593 million (based on data from the Investment Company Institute).

For the same 12-month period, total new issuance remained robust from a historical perspective at $412 billion (above the $397 billion issued in the prior 12-month period). A noteworthy portion of new supply during this period was attributable to refinancing activity (roughly 57%) as issuers continued to take advantage of low interest rates and a flat yield curve to reduce their borrowing costs.

S&P Municipal Bond Index

Total Returns as of July 31, 2017

6 months: 3.40%

12 months: 0.36%

A Closer Look at Yields

LOGO

From July 31, 2016 to July 31, 2017, yields on AAA-rated 30-year municipal bonds increased by 62 basis points (“bps”) from 2.12% to 2.74%, while 10-year rates rose by 55 bps from 1.40% to 1.95% and 5-year rates increased 37 bps from 0.84% to 1.21% (as measured by Thomson Municipal Market Data). The municipal yield curve steepened over the 12-month period with the spread between 2- and 30-year maturities steepening by 20 bps.

During the same time period, on a relative basis, tax-exempt municipal bonds broadly outperformed U.S. Treasuries with the greatest outperformance experienced in the front and intermediate portions of the yield curve. The relative 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. Municipal bonds came under pressure post the November U.S. election as a result of uncertainty surrounding potential tax-reform, though growing expectation that tax reform is likely to be delayed or watered down quickly eased investor concerns. The asset class is known for its lower relative volatility and preservation of principal with an emphasis on income as tax rates rise.

Financial Conditions of Municipal Issuers

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

The opinions expressed are those of BlackRock as of July 31, 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 AMT. Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. It is not possible to invest directly in an index.



4	ANNUAL REPORT	JULY 31, 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 such leverage proceeds, and therefore the holders of Common Shares (“Common Shareholders”) are the beneficiaries of the incremental net income.

However, in order to benefit Common Shareholders, the return on assets purchased with leverage proceeds must exceed the ongoing costs associated with the leverage. If interest and other costs of leverage exceed 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 the Trusts’ 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.



ANNUAL REPORT	JULY 31, 2017	5


Trust Summary as of July 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 investment 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 July 31, 2017 ($14.71)¹		4.85%
Tax Equivalent Yield²		9.88%
Current Monthly Distribution per Common Share³		$0.0595
Current Annualized Distribution per Common Share³		$0.7140
Economic Leverage as of July 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.

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

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

⁴

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


Performance

Returns for the 12 months ended July 31, 2017 were as follows:


	Returns Based On
	Market Price			NAV
BFZ^1,2		(7.59	)%		(1.22	)%
Lipper California Municipal Debt Funds³		(4.75	)%		(0.88	)%

All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices.

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

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

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

•

The municipal bond market generated mixed returns in the 12-month reporting period. Municipal bonds initially moved lower in the third calendar quarter of 2016 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 factor in the possibility of faster economic growth and tighter Fed policy. As optimism for meaningful fiscal reforms subsequently waned and the economy failed to experience a significant acceleration, municipal bonds stabilized and retraced the majority of their post-election losses.

•

California municipal bonds performed slightly better than national municipals during the period. California’s 2017—2018 budget demonstrated both spending restraint and growing reserves, with a forecast that projects structural balance through 2019. The state’s economy has grown at a healthy rate in recent years, with median household income and job gains outpacing U.S. growth rates.

•

Positions in longer-term bonds, which lagged the broader market, detracted from performance.

•

Higher-rated investment-grade holdings (those rated AA and AAA) fared worse than non-investment grade holdings, as fund flows into high yield products led to stronger price appreciation for lower-rated credits.

•

The Trust’s positions in the tax-backed (state) and tax-backed (local) issues — both of which underperformed in the past year — detracted as well. Tobacco credits also lagged as the Food & Drug Administration released plans to curb nicotine levels in cigarettes.

•

Holdings that were purchased in a higher-rate environment contributed positively at a time of weak market performance. These positions produced generous income, and they were less sensitive to the negative effects of rising interest rates.

•

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 Trust’s use of leverage, while enhancing income, also exacerbated the impact of declining bond prices.

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	ANNUAL REPORT	JULY 31, 2017


		BlackRock California Municipal Income Trust


Market Price and Net Asset Value Per Share Summary


	7/31/17		7/31/16		Change			High		Low
Market Price	$	14.71	$	16.76		(12.23	)%	$	16.98	$	13.81
Net Asset Value	$	15.34	$	16.35		(6.18	)%	$	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	7/31/17			7/31/16
County/City/Special District/School District		29	%		29	%
Utilities		21			23
Transportation		13			9
Education		13			15
Health		12			12
State		7			9
Tobacco		5			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	4	%
2018	11
2019	22
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	7/31/17			7/31/16
AAA/Aaa		9	%		6	%
AA/Aa		71			77
A		13			14
BBB/Baa²		—			—
BB/Ba		1			1
B		4			1
N/R		2			1

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

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



ANNUAL REPORT	JULY 31, 2017	7


Trust Summary as of July 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 investment adviser to be of comparable quality, at the time of investment. The Trust actively manages the maturity of its bonds to seek to have a dollar-weighted average effective maturity approximately equal to the Trust’s maturity date. The Trust may invest directly in such securities or synthetically through the use of derivatives. Effective January 1, 2007, the Florida intangible personal property tax was repealed.

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


Trust Information
Symbol on NYSE		BFO
Initial Offering Date		September 30, 2003
Termination Date (on or about)		December 31, 2020
Yield on Closing Market Price as of July 31, 2017 ($15.05)¹		2.47%
Tax Equivalent Yield²		4.36%
Current Monthly Distribution per Common Share³		$0.0310
Current Annualized Distribution per Common Share³		$0.3720
Economic Leverage as of July 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 U.S. federal tax rate of 43.4%, which includes the 3.8% Medicare tax. Actual tax rates will vary based on income, exemptions and deductions. Lower taxes will result in lower tax equivalent yields.

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

⁴

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


Performance

Returns for the 12 months ended July 31, 2017 were as follows:


	Returns Based On
	Market Price			NAV
BFO^1,2		1.70	%		(0.20	)%
Lipper Other States Municipal Debt Funds³		(3.77	)%		(1.21	)%

All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices.

The Trust moved from a discount to NAV to neither a premium nor discount by period end, which accounts for the difference between performance based on price and performance based on NAV.

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

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

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

•

Florida municipals performed slightly better than national municipals during the period, as the state’s economy continued to outperform the nation as a whole. Growth in employment, gross state product and population all exceeded national averages over the past year. State-level general revenues were up 4.5% for the fiscal year ended June 30, 2017, in line with budget expectations. In addition, the state’s tax-exempt market was aided by a decline in new-issue supply.

•

The Trust is scheduled to terminate 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 (lower interest-rate sensitivity), it held up well in the environment of falling prices and underperformance for longer-term issues.

•

Positions in the tax-backed (state) sector detracted from performance. The Trust’s position in zero coupon bonds, while fairly limited, also detracted since the bonds’ longer durations accentuated impact of the 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.



8	ANNUAL REPORT	JULY 31, 2017


		BlackRock Florida Municipal 2020 Term Trust


Market Price and Net Asset Value Per Share Summary


	7/31/17		7/31/16		Change			High		Low
Market Price	$	15.05	$	15.21		(1.05	)%	$	15.37	$	14.85
Net Asset Value	$	15.05	$	15.50		(2.90	)%	$	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	7/31/17			7/31/16
County/City/Special District/School District		35	%		34	%
Health		18			18
Utilities		16			16
State		11			12
Transportation		11			11
Education		5			4
Corporate		4			4
Housing		—	²		1



Call/Maturity Schedule⁴
Calendar Year Ended December 31,
2017	10	%
2018	10
2019	11
2020	58
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	7/31/17			7/31/16
AAA/Aaa		1	%		1	%
AA/Aa		56			59
A		28			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 July 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.



ANNUAL REPORT	JULY 31, 2017	9


Trust Summary as of July 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 investment adviser to be of comparable quality, at the time of investment. The Trust actively manages the maturity of its bonds to seek to have a dollar weighted average effective maturity approximately equal to the Trust’s maturity date. The Trust may invest directly in 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 July 31, 2017 ($23.14)¹		3.72%
Tax Equivalent Rate²		6.57%
Current Monthly Distribution per Common Share³		$0.0718
Current Annualized Distribution per Common Share³		$0.8616
Economic Leverage as July 31, 2017⁴		36%

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

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

⁴

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


Performance

Returns for the 12 months ended July 31, 2017 were as follows:


	Returns Based On
	Market Price			NAV
BTT^1,2		(0.51	)%		(2.14	)%
Lipper General & Insured Municipal Debt Funds (Leveraged)³ .		(1.54	)%		(0.78	)%

All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices.

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

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

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

•

Portfolio income made the most significant positive contribution during a period in which bond prices lost ground. The Trust’s use of leverage, while enhancing the level of income, also exacerbated the impact of declining bond prices.

•

The Trust’s dividend was cut as of the July dividend payment, as rising short-term borrowing costs and lower reinvestment rates put downward pressure on the Trust’s earned income.

•

The Trust’s longer duration profile detracted from performance as rates moved higher across the curve. (Duration is a measure of interest rate sensitivity.)

•

A position in zero coupon bonds, while fairly limited, also detracted since the bonds’ longer durations accentuated impact of the down market.



10	ANNUAL REPORT	JULY 31, 2017


		BlackRock Municipal 2030 Target Term Trust


Market Price and Net Asset Value Per Share Summary


	7/31/17		7/31/16		Change			High		Low
Market Price	$	23.14	$	24.24		(4.54	)%	$	24.40	$	21.09
Net Asset Value	$	23.83	$	25.38		(6.11	)%	$	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	7/31/17			7/31/16
Transportation		25	%		23	%
Health		19			17
County/City/Special District/School District		14			17
Education		13			14
State		12			11
Corporate		8			8
Utilities		6			7
Tobacco		2			2
Housing		1			1



Call/Maturity Schedule⁵
Calendar Year Ended December 31, 2017	1	%
2018	1
2019	—
2020	4
2021	1

⁵

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

Excludes short-term securities.


Credit Quality Allocation²	7/31/17			7/31/16
AAA/Aaa		4	%		5	%
AA/Aa		30			24
A		36			39
BBB/Baa		17			18
BB/Ba		2			3
B		2			2
CCC/Caa		—	³		—
N/R⁴		9			9

Represents less than 1% of total investments.

⁴

The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of July 31, 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.



ANNUAL REPORT	JULY 31, 2017	11


Trust Summary as of July 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 investment 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 July 31, 2017 ($15.27)¹		5.69%
Tax Equivalent Yield²		10.05%
Current Monthly Distribution per Common Share³		$0.072375
Current Annualized Distribution per Common Share³		$0.868500
Economic Leverage as of July 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 12 months ended July 31, 2017 were as follows:


	Returns Based On
	Market Price			NAV
BBF^1,2		1.30	%		(0.65	)%
Lipper General & Insured Municipal Debt Funds (Leveraged)³		(1.54	)%		(0.78	)%

All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices.

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

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

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

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

•

The Trust’s positions in high-quality, short-duration pre-refunded securities contributed positively to performance. (Duration is a measure of interest rate sensitivity.) At a time of rising yields, pre-refunded securities performed well relative to longer-duration issues.

•

The Trust’s positions in bonds rated BBB and lower outpaced higher-quality issues due to the combination of their higher yields and stronger price performance. However, positions in bonds rated AA and A generally lagged.

•

Allocations to education and project finance bonds made the largest contributions to performance at the sector level, while positions in utilities and school districts were detractors.

•

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.

•

While the Trust’s use of leverage enhanced portfolio income, the benefits of this strategy were somewhat reduced given the modest rise in funding costs associated with less accommodative central bank monetary policy. In addition, leverage exacerbated the impact of declining bond prices.

•

Positions in intermediate- and longer-dated maturities declined the most in value, as they typically have longer durations relative to shorter maturities. In addition, the Trust’s exposure to 4% coupon bonds detracted given that lower coupons typically underperform in a rising-rate environment.



12	ANNUAL REPORT	JULY 31, 2017


		BlackRock Municipal Income Investment Trust


Market Price and Net Asset Value Per Share Summary


	7/31/17		7/31/16		Change			High		Low
Market Price	$	15.27	$	16.00		(4.56	)%	$	16.16	$	13.46
Net Asset Value	$	14.48	$	15.47		(6.40	)%	$	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	7/31/17			7/31/16
County/City/Special District/School District		23	%		24	%
Transportation		21			22
Health		15			13
Utilities		14			16
Education		10			11
State		9			9
Tobacco		5			3
Corporate		2			1
Housing		1			1



Call/Maturity Schedule³
Calendar Year Ended December 31, 2017	4	%
2018	12
2019	28
2020	10
2021	13

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

Excludes short-term securities.


Credit Quality Allocation¹	7/31/17			7/31/16
AAA/Aaa		9	%		11	%
AA/Aa		49			52
A		16			23
BBB/Baa		14			9
BB/Ba		3			1
B		3			1
N/R²		6			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 July 31, 2017 and July 31, 2016, the market value of unrated securities deemed by the investment adviser to be investment grade each represents less than 1% of the Trust’s total investments.



ANNUAL REPORT	JULY 31, 2017	13


Trust Summary as of July 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 investment 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 July 31, 2017 ($15.97)¹		5.23%
Tax Equivalent Yield²		10.15%
Current Monthly Distribution per Common Share³		$0.0696
Current Annualized Distribution per Common Share³		$0.8352
Economic Leverage as of July 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 U.S. federal and state tax rate of 48.48%, which includes the 3.8% Medicare tax. Actual tax rates will vary based on income, exemptions and deductions. Lower taxes will result in lower tax equivalent yields.

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

⁴


Performance

Returns for the 12 months ended July 31, 2017 were as follows:


	Returns Based On
	Market Price			NAV
BNJ^1,2		0.50	%		(0.91	)%
Lipper New Jersey Municipal Debt Funds³		(4.61	)%		(0.95	)%

All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices.

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

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

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

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

•

New Jersey state general obligations and appropriated issues underperformed the broader national market, as the major rating agencies downgraded the state’s credit rating over the past year.

•

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 Trust’s exposure to pre-refunded issues benefited performance, as their low duration enabled them to hold up better than longer-duration bonds at a time of rising yields. (Duration is a measure of interest rate sensitivity.) Positions in the transportation sector also contributed to performance.

•

The Trust’s position in zero coupon bonds, while fairly limited, detracted since the bonds’ longer durations accentuated impact of the 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.



14	ANNUAL REPORT	JULY 31, 2017


		BlackRock New Jersey Municipal Income Trust


Market Price and Net Asset Value Per Share Summary


	7/31/17		7/31/16		Change			High		Low
Market Price	$	15.97	$	16.79		(4.88	)%	$	16.94	$	14.12
Net Asset Value	$	15.39	$	16.41		(6.22	)%	$	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	7/31/17			7/31/16
Transportation		36	%		33	%
County/City/Special District/School District		22			23
Education		16			17
State		9			12
Corporate		6			6
Health		6			5
Housing		2			3
Tobacco		2			—
Utilities		1			1



Call/Maturity Schedule⁴
2017	5	%
2018	9
2019	9
2020	5
2021	14

⁴

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

Excludes short-term securities.


Credit Quality Allocation¹	7/31/17			7/31/16
AAA/Aaa		4	%		1	%
AA/Aa		36			45
A		25			34
BBB/Baa		22			10
BB/Ba		10			9
B		—	²		—
N/R		3			1	³

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



ANNUAL REPORT	JULY 31, 2017	15


Trust Summary as of July 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 investment 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 July 31, 2017 ($15.37)¹		4.68%
Tax Equivalent Yield²		9.47%
Current Monthly Distribution per Common Share³		$0.0600
Current Annualized Distribution per Common Share³		$0.7200
Economic Leverage as of July 31, 2017⁴		39%

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

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

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

⁴


Performance

Returns for the 12 months ended July 31, 2017 were as follows:


	Returns Based On
	Market Price			NAV
BNY^1,2		(3.43	)%		(0.93	)%
Lipper New York Municipal Debt Funds³		(5.60	)%		(0.58	)%

All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices.

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

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

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

•

New York municipal bonds slightly outperformed the broader national market during the period. While new issuance in the state was relatively robust, much of it was concentrated in several large issuers. The state’s overall financial prospects exhibited positive trends, albeit slightly behind national averages.

•

Portfolio income made the most significant positive contribution to performance during a time in which bond prices lost ground. The Trust’s use of leverage, while enhancing income, also exacerbated the impact of declining bond prices.

•

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.

•

From a sector perspective, the Trust’s exposure to the transportation and education sectors was a positive contributor. Additionally, exposure to the pre-refunded sector was beneficial as these high-quality, short-duration securities outperformed at a time of rising yields. (Duration is a measure of interest rate sensitivity.)

•

The Trust’s exposure to the longer end of the yield curve detracted as longer-term bonds sold off more than the shorter-term issues. Positions in lower coupon securities also generally detracted from performance due to their longer duration characteristics.



16	ANNUAL REPORT	JULY 31, 2017


		BlackRock New York Municipal Income Trust


Market Price and Net Asset Value Per Share Summary


	7/31/17		7/31/16		Change			High		Low
Market Price	$	15.37	$	16.71		(8.02	)%	$	16.84	$	13.49
Net Asset Value	$	15.04	$	15.94		(5.65	)%	$	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	7/31/17			7/31/16
Transportation		23	%		20	%
County/City/Special District/School District		20			23
Education		20			20
Utilities		12			12
State		10			8
Health		9			9
Tobacco		2			1
Housing		2			2
Corporate		2			5



Call/Maturity Schedule³
Calendar Year Ended December 31, 2017	3	%
2018	2
2019	7
2020	5
2021	16

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

Excludes short-term securities.


Credit Quality Allocation¹	7/31/17			7/31/16
AAA/Aaa		16	%		15	%
AA/Aa		40			43
A		28			24
BBB/Baa		6			7
BB/Ba		1			3
B		1			—
N/R²		8			8

The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of July 31, 2017 and July 31, 2016, the market value of unrated securities deemed by the investment adviser to be investment grade represents 4% and 3%, respectively, of the Trust’s total investments.



ANNUAL REPORT	JULY 31, 2017	17

Schedule of Investments July 31, 2017

BlackRock California Municipal Income Trust (BFZ)

(Percentages shown are based on Net Assets)


Municipal Bonds	Par (000)		Value
California — 92.8%
County/City/Special District/School District — 22.1%
Butte-Glenn Community College District, GO, Election of 2002, Series C, 5.50%, 8/01/30	$	8,425	$	9,128,487
Chaffey Joint Union High School District, GO, Election of 2012, Series C, 5.25%, 8/01/47		1,500		1,807,470
City of San Jose California Hotel Tax, RB, Convention Center Expansion & Renovation Project:
6.13%, 5/01/31		500		576,300
6.50%, 5/01/36		1,210		1,411,949
6.50%, 5/01/42		2,225		2,594,595
County of Kern California, COP, Capital Improvements Projects, Series A (AGC), 6.00%, 2/01/19 (a)		2,000		2,152,460
County of Orange California Water District, COP, Refunding, 5.25%, 8/15/19 (a)		2,000		2,175,480
County of Riverside California Public Financing Authority, RB, Capital Facilities Project, 5.25%, 11/01/45		8,990		10,536,999
County of San Joaquin California Transportation Authority, Refunding RB, Limited Tax, Measure K, Series A (a):
5.50%, 3/01/21		5,270		6,084,584
6.00%, 3/01/21		2,880		3,375,648
County of Santa Clara California Financing Authority, Refunding LRB, Series L, 5.25%, 5/15/18 (a)		20,000		20,702,000
Evergreen Elementary School District, GO, Election of 2006, Series B (AGC), 5.13%, 8/01/33		2,500		2,691,725
Foothill-De Anza Community College District, GO, Refunding, 4.00%, 8/01/40		4,285		4,589,321
Los Angeles Unified School District, GO, Election of 2008, Series A, 4.00%, 7/01/40		8,500		9,002,605
Modesto Irrigation District, COP, Capital Improvments, Series A, 5.75%, 10/01/29		3,035		3,264,780
Oak Grove School District, GO, Election of 2008, Series A, 5.50%, 8/01/33		1,315		1,426,920
Pico Rivera Public Financing Authority, RB, 5.75%, 9/01/19 (a)		2,000		2,199,300
San Jose California Financing Authority, Refunding LRB, Civic Center Project, Series A, 5.00%, 6/01/32		3,375		3,891,577
San Leandro California Unified School District, GO, Election of 2010, Series A, 5.75%, 8/01/41		3,060		3,558,872
Torrance Unified School District California, GO, Election of 2008, Measure Z, 6.00%, 8/01/19 (a)		4,000		4,403,880
Tustin California School District, GO, Election of 2008, Series B, 5.25%, 8/01/21 (a)		3,445		4,004,675


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	$	5,712,382
Election of 2012, 5.50%, 8/01/39		2,500		2,978,375

				108,270,384
Education — 4.4%
California Educational Facilities Authority, Refunding RB, San Francisco University, 6.13%, 10/01/36		6,280		7,418,753
California Municipal Finance Authority, RB, Emerson College, 5.75%, 1/01/33		2,500		2,809,850
California State University, Refunding RB, Systemwide, Series A, 5.00%, 11/01/33		4,640		5,542,387
University of California, Refunding RB, Series AR, 5.00%, 5/15/41		5,000		5,872,850

				21,643,840
Health — 10.9%
ABAG Finance Authority for Nonprofit Corps., Refunding RB, Sharp Healthcare, Series B, 6.25%, 8/01/39		4,975		5,466,928
California Health Facilities Financing Authority, RB:
Adventist Health System West, Series A, 5.75%, 9/01/19 (a)		6,710		7,371,271
Children’s Hospital, Series A, 5.25%, 11/01/41		8,500		9,505,805
Sutter Health, Series A, 5.00%, 11/15/41		2,155		2,472,539
Sutter Health, Series B, 6.00%, 8/15/42		6,015		6,843,085
California Health Facilities Financing Authority, Refunding RB:
Catholic Healthcare West, Series A, 6.00%, 7/01/19 (a)		5,550		6,081,024
Dignity Health, Series A, 6.00%, 7/01/19 (a)		4,520		4,952,474
Sutter Health, Series A, 5.00%, 11/15/38		800		943,032
Sutter Health, Series B, 5.00%, 11/15/46		3,000		3,462,090
California Statewide Communities Development Authority, Refunding RB, Trinity Health Credit Group Composite Issue, 5.00%, 12/01/41		4,000		4,479,720
Washington Township Health Care District, GO, Election of 2004, Series B, 5.50%, 8/01/38		1,625		1,986,481

				53,564,449
State — 8.9%
Orange County Community Facilities District, Special Tax Bonds, Village of Esencia, Series A, 5.25%, 8/15/45		2,500		2,800,500
State of California, GO, Various Purposes, 6.00%, 4/01/38		13,000		14,047,800

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	GAN	Grant Anticipation Notes	PILOT	Payment in Lieu of Taxes
BAM	Build America Mutual Assurance Co.	GARB	General Airport Revenue Bonds	PSF-GTD	Permanent School Fund Guaranteed
BARB	Building Aid Revenue Bonds	GO	General Obligation Bonds	RB	Revenue Bonds
BHAC	Berkshire Hathaway Assurance Corp.	HFA	Housing Finance Agency	S/F	Single-Family
CAB	Capital Appreciation Bonds	IDA	Industrial Development Authority	SONYMA	State of New York Mortgage Agency
CIFG	CIFG Assurance North America, Inc.	IDB	Industrial Development Board	SRF	State Revolving Fund


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	$	9,799,560
Various Capital Projects, Series I, 5.50%, 11/01/33		4,940		5,912,390
Various Capital Projects, Sub-Series I-1, 6.38%, 11/01/19 (a)		5,025		5,633,929
State of California Public Works Board, RB, Department of Corrections & Rehabilitation, Series F, 5.25%, 9/01/33		4,335		5,119,071

				43,313,250
Tobacco — 7.1%
Golden State Tobacco Securitization Corp., Refunding RB, Asset-Backed:
Senior Series A-1, 5.13%, 6/01/47		195		191,447
Senior Series A-1, 5.75%, 6/01/47		28,300		28,300,000
Series A, 5.00%, 6/01/40		3,625		4,165,814
Tobacco Securitization Authority of Northern California, Refunding RB, Asset-Backed Bonds, Series A-1, 5.38%, 6/01/38		2,000		1,966,380

				34,623,641
Transportation — 16.5%
City & County of San Francisco California Airports Commission, ARB, Series E, 6.00%, 5/01/39		6,750		7,334,415
City & County of San Francisco California Airports Commission, Refunding RB, San Francisco International Airport, Series B, AMT, 5.00%, 5/01/46		3,375		3,829,781
City of Los Angeles California Department of Airports, ARB, Los Angeles International Airport, AMT:
Sub-Series A, 5.00%, 5/15/42		8,980		10,275,994
Sub-Series A, 5.00%, 5/15/42		575		663,981
Sub-Series B, 5.00%, 5/15/34		3,425		3,979,336
Sub-Series B, 5.00%, 5/15/46		1,000		1,141,020
City of Los Angeles California Department of Airports, Refunding ARB, Los Angeles International Airport, Senior Series A:
5.00%, 5/15/34		6,650		7,110,313
5.00%, 5/15/40		4,760		5,236,524
City of San Jose California, Refunding ARB, Norman Y Mineta San Jose International Airport SJC, AMT:
Series A, 5.00%, 3/01/41		3,850		4,431,696
Series A, 5.00%, 3/01/36		2,800		3,240,608
Series A, 5.00%, 3/01/37		1,500		1,733,340
Series A-1, 5.75%, 3/01/34		3,875		4,408,897
Series A-1, 6.25%, 3/01/34		2,650		3,091,093
County of Sacramento California, Refunding ARB, Senior Series A, 5.00%, 7/01/41		12,500		14,400,625
County of Sacramento California, ARB:
PFC/Grant, Sub-Series D, 6.00%, 7/01/35		3,000		3,131,550
Senior Series B, 5.75%, 7/01/39		1,850		1,927,441
Port of Los Angeles California Harbor Department, Refunding RB, Series A, AMT, 5.00%, 8/01/44		4,135		4,617,720

				80,554,334
Utilities — 22.9%
Anaheim Public Financing Authority, RB, Electric System Distribution Facilities, Series A, 5.38%, 10/01/36		7,690		8,716,000
City of Chula Vista California, Refunding RB, San Diego Gas & Electric, Series D, 5.88%, 1/01/34		6,555		7,085,431


Municipal Bonds	Par (000)		Value
California (continued)
Utilities (continued)
City of Los Angeles California Department of Water & Power, RB, Power System, Sub-Series A-1, 5.25%, 7/01/38	$	9,000	$	9,348,480
City of Los Angeles California Department of Water & Power, Refunding RB, Water System, Series A, 5.25%, 7/01/39		4,000		4,547,880
City of Los Angeles California Wastewater System, Refunding RB, Series A, 5.00%, 6/01/19 (a)		2,000		2,147,340
City of Petaluma California Wastewater, Refunding RB, 6.00%, 5/01/21 (a)		5,625		6,637,050
City of San Francisco California Public Utilities Commission Water Revenue, RB, Sub-Series A, 5.00%, 11/01/37		5,000		5,718,900
County of San Diego California Water Authority Financing Corp., Refunding RB, Series B, 5.00%, 5/01/37		1,835		2,179,191
Cucamonga Valley Water District, Refunding RB, Series A (AGM), 5.25%, 9/01/31		4,320		5,013,230
Dublin-San Ramon Services District Water Revenue, Refunding RB, 6.00%, 8/01/41		2,425		2,810,333
East Bay California Municipal Utility District Water System Revenue, Refunding RB, Series A, 5.00%, 6/01/20 (a)		5,745		6,388,153
East Bay Municipal Utility District Water System Revenue, RB, Green Bond, Series A, 5.00%, 6/01/45		6,650		7,943,890
El Dorado Irrigation District/El Dorado County Water Agency, Refunding RB, Series A (AGM), 5.25%, 3/01/39		10,000		11,692,600
Los Angeles Department of Water, Refunding RB, Series A:
5.00%, 7/01/37		5,440		6,489,104
5.00%, 7/01/41		3,000		3,556,590
5.25%, 7/01/44		3,000		3,640,620
Los Angeles Department of Water & Power System Revenue, RB:
Series B, 5.00%, 7/01/38		8,010		9,395,169
Series C, 5.00%, 7/01/42		7,500		8,919,975

				112,229,936
Total Municipal Bonds in California				454,199,834

Multi-State — 0.4%
Housing — 0.4%
Centerline Equity Issuer Trust (b)(c):
Series A-4-2, 6.00%, 5/15/19		1,000		1,070,110
Series B-3-2, 6.30%, 5/15/19		1,000		1,075,270
Total Municipal Bonds in Multi-State				2,145,380

Puerto Rico — 1.2%
Tobacco — 1.2%
Children’s Trust Fund, Refunding RB, Tobacco Settlement Asset-Backed Bonds:
5.50%, 5/15/39		2,910		2,886,138
5.63%, 5/15/43		2,765		2,713,101
Total Municipal Bonds in Puerto Rico				5,599,239
Total Municipal Bonds — 94.4%				461,944,453


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


Municipal Bonds Transferred to Tender Option Bond Trusts (d)	Par (000)		Value
California — 74.8%
County/City/Special District/School District — 26.7%
California Health Facilities Financing Authority, RB, Sutter Health, Series A, 5.00%, 11/15/41	$	11,620	$	13,332,207
Los Angeles Community College District California, GO (a):
Election of 2001 (AGM), 5.00%, 8/01/17		8,000		8,000,000
Election of 2008, Series C, 5.25%, 8/01/20 (e)		12,902		14,529,418
Los Angeles Community College District California, GO, Refunding, Election of 2008, Series A, 6.00%, 8/01/19 (a)		20,131		22,163,788
Los Angeles Unified School District California, GO, Series I, 5.00%, 1/01/34		5,000		5,375,750
Palomar California Community College District, GO, Election of 2006, Series C, 5.00%, 8/01/44		15,140		17,453,846
San Diego Community College District California, GO, Election of 2002, 5.25%, 8/01/19 (a)		10,484		11,383,024
San Joaquin California Delta Community College District, GO, Election of 2004, Series C, 5.00%, 8/01/39		14,505		16,609,887
San Jose Unified School District Santa Clara County California, GO:
Election of 2002, Series D, 5.00%, 8/01/18 (a)		14,625		15,233,239
Series C, 4.00%, 8/01/39		6,100		6,388,286

				130,469,445
Education — 17.2%
Grossmont Union High School District, GO, Election of 2004, 5.00%, 8/01/18 (a)		13,095		13,641,004
University of California, RB:
Series AM, 5.25%, 5/15/44		5,000		5,915,150
Series O, 5.75%, 5/15/19 (a)		12,303		13,362,626
University of California, Refunding RB:
Series A, 5.00%, 11/01/43		11,791		13,765,821
Series AI, 5.00%, 5/15/38		14,225		16,478,888
Series AR, 5.00%, 5/15/38		4,250		5,013,725
Series I, 5.00%, 5/15/40		14,065		16,269,626

				84,446,840
Health — 8.9%
California Health Facilities Financing Authority, RB, Sutter Health, Series A, 5.00%, 8/15/52		9,695		10,690,850
California Statewide Communities Development Authority, RB, Kaiser Permanente, Series A, 5.00%, 4/01/42		18,960		21,079,159
Regents of the University of California Medical Center Pooled Revenue, Refunding RB, Series L, 5.00%, 5/15/47		10,290		11,825,371

				43,595,380


Municipal Bonds Transferred to Tender Option Bond Trusts (d)	Par (000)		Value
California (continued)
State — 3.8%
State of California, GO, Refunding, Various Purposes, 5.00%, 9/01/35	$	10,115	$	11,977,666
State of California, GO, Refunding, 4.00%, 9/01/37		6,090		6,530,855

				18,508,521
Transportation — 5.7%
City of Los Angeles California Department of Airports, RB, Series D, AMT, 5.00%, 5/15/41		18,632		21,119,341
County of San Diego Regional Transportation Commission, Refunding RB, Series A, 5.00%, 4/01/48		5,740		6,710,404

				27,829,745
Utilities — 12.5%
County of Orange California Water District, COP, Refunding, 5.00%, 8/15/19 (a)		10,480		11,346,696
County of San Diego California Water Authority Financing Corp., COP, Refunding, Series A (AGM) (a):
5.00%, 5/01/18		1,670		1,722,288
5.00%, 5/01/18		8,370		8,632,065
Eastern Municipal Water District, COP, Series H, 5.00%, 7/01/18 (a)		18,002		18,680,963
Los Angeles Department of Water, Refunding RB, Series A, 5.00%, 7/01/46		6,412		7,447,567
San Diego Public Facilities Financing Authority Sewer, Refunding RB, Senior Series A, 5.25%, 5/15/19 (a)		12,460		13,420,666

				61,250,245
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 74.8%				366,100,176
Total Long-Term Investments (Cost — $784,090,539) — 169.2%				828,044,629



Short-Term Securities	Shares
BlackRock Liquidity Funds, MuniCash, Institutional Class, 0.64% (f)(g)		252,116		252,217
Total Short-Term Securities (Cost — $252,192) — 0.1%				252,217
Total Investments (Cost — $784,342,731) — 169.3%				828,296,846
Other Assets Less Liabilities — 0.4%				2,689,375
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (34.7)%				(170,358,304	)
VMTP Shares at Liquidation Value — (35.0)%				(171,300,000	)

Net Assets Applicable to Common Shares — 100.0%			$	489,327,917

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.


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

(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 year ended July 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 at July 31, 2016		Net Activity			Shares at July 31, 2017		Value at July 31, 2017		Income		Net Realized Gain¹		Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds, MuniCash, Institutional Class		3,771,908		(3,519,792	)		252,116	$	252,217	$	8,828	$	3,015	$	25
¹Includes net capital gain distributions.

(g)

Current yield as of period end.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts


Description	Number of Contracts			Expiration Date	Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Short Contracts
5-Year U.S. Treasury Note		(34	)	September 2017	$	4,017		$	(362	)
10-Year U.S. Treasury Note		(120	)	September 2017	$	15,107			3,141
Long U.S. Treasury Bond		(83	)	September 2017	$	12,696			(33,835	)
Ultra U.S. Treasury Bond		(19	)	September 2017	$	3,126			(25,806	)

Total								$	(56,862	)

Derivative Financial Instruments Categorized by Risk Exposure

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


Assets — Derivative Financial Instruments		Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Futures contracts	Net unrealized appreciation¹		—		—		—		—	$	3,141		—	$	3,141

Liabilities — Derivative Financial Instruments
Futures contracts	Net unrealized depreciation¹		—		—		—		—	$	60,003		—	$	60,003
¹Includes cumulative appreciation (depreciation) on futures contracts, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities.

For the year ended July 31, 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			—		—		—		—	$	1,265,880		—	$	1,265,880

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts			—		—		—		—	$	25,011		—	$	25,011


Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — short	$	41,736,750

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


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

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		—		$	828,044,629			—	$	828,044,629
Short-Term Securities	$	252,217			—			—		252,217

Total	$	252,217		$	828,044,629			—	$	828,296,846


Derivative Financial Instruments²
Assets:
Interest rate contracts	$	3,141			—			—	$	3,141
Liabilities:
Interest rate contracts		(60,003	)		—			—		(60,003	)

Total	$	(56,862	)		—			—	$	(56,862	)

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.

The Trust may hold assets and/or liabilities in which the fair value approximates the carrying 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		—		$	(169,863,032	)		—	$	(169,863,032	)
VMTP Shares at Liquidation Value		—			(171,300,000	)		—		(171,300,000	)

Total		—		$	(341,163,032	)		—	$	(341,163,032	)

During the year ended July 31, 2017, there were no transfers between levels.

Schedule of Investments July 31, 2017

BlackRock Florida Municipal 2020 Term Trust (BFO)

(Percentages shown are based on Net Assets)


Municipal Bonds	Par (000)		Value
Florida — 95.9%
Corporate — 3.9%
County of Hillsborough Florida IDA, Refunding RB, Tampa Electric Co. Project, Series A, 5.65%, 5/15/18	$	1,000	$	1,033,550
County of Palm Beach Florida Solid Waste Authority, Refunding RB, 5.00%, 10/01/20		2,000		2,235,420

				3,268,970
County/City/Special District/School District — 34.0%
City of Jacksonville Florida, Refunding RB:
Better Jacksonville Sales Tax, 5.00%, 10/01/20		4,000		4,458,920
Brooks Rehabilitation Project, 5.00%, 11/01/20		400		442,668
County of Broward Florida School Board, COP, Refunding, Series A, 5.00%, 7/01/20		2,000		2,217,180
County of Broward Florida School Board, COP, Series A (AGM), 5.25%, 7/01/18 (a)		2,500		2,599,500
County of Hillsborough Florida, RB, (AMBAC), 5.00%, 11/01/17 (a)		5,545		5,603,056
County of Miami-Dade Florida School Board, COP, Refunding, Series B (AGC), 5.25%, 5/01/18 (a)		4,000		4,130,320
County of Northern Palm Beach Florida Improvement District, Refunding, Special Assessment Bonds, Water Control & Improvement District No. 43, Series B (ACA), 4.50%, 8/01/22		1,000		1,000,000
Florida State Board of Education, GO, Refunding, Capital Outlay, Series B, 5.00%, 6/01/20		485		525,624
Indian River County School Board, COP, Refunding, Series A, 5.00%, 7/01/20		1,000		1,106,460
Miami-Dade County School Board Foundation, Inc., COP, Refunding, Series A, 5.00%, 5/01/20		1,250		1,377,025
Palm Beach County School District, COP, Refunding Series B, 5.00%, 8/01/20		3,000		3,331,470
Stevens Plantation Florida Imports Project Dependent Special District, RB, 6.38%, 5/01/49 (b)(c)		2,425		1,696,263

				28,488,486
Education — 4.2%
City of Tampa Florida, Refunding RB, Florida Revenue The University of Tampa Project, 5.00%, 4/01/20		795		865,922
County of Orange Florida Educational Facilities Authority, RB, Rollins College Project (AMBAC), 5.25%, 12/01/17 (a)		725		735,592
Florida State Board of Governors, Refunding RB, University of Central Florida, Series A, 5.00%, 7/01/18		400		414,524
Florida State Higher Educational Facilities Financial Authority, Refunding RB, University of Tampa Project, Series A, 5.00%, 4/01/20		1,000		1,091,270
Volusia County School Board, COP, Refunding Series A, 5.00%, 8/01/20		350		388,672

				3,495,980
Health — 17.5%
County of Brevard Florida Health Facilities Authority, Refunding RB, 5.00%, 4/01/20		500		545,360
County of Highlands Florida Health Facilities Authority, Refunding RB, Hospital, Adventist Health, Series I, 5.00%, 11/15/20		2,155		2,346,472
County of Marion Florida Hospital District, Refunding RB, Health System, Munroe Regional, 5.00%, 10/01/17 (a)		1,500		1,510,455


Municipal Bonds	Par (000)		Value
Florida (continued)
Health (continued)
County of Orange Florida Health Facilities Authority, Refunding RB, Mayflower Retirement Center:
3.25%, 6/01/18	$	195	$	197,763
3.50%, 6/01/19		200		206,640
County of Palm Beach Florida Health Facilities Authority, Refunding RB:
Acts Retirement-Life Communities, Inc., 5.00%, 11/15/22		4,735		5,437,390
Bethesda Healthcare System Project, Series A (AGM), 5.00%, 7/01/20		1,285		1,417,522
County of Palm Beach Health Facilities Authority, Refunding RB, Acts Retirement-Life Communities, Inc., 4.00%, 11/15/20		2,000		2,131,440
Halifax Hospital Medical Center, Refunding RB, 5.00%, 6/01/20		590		648,587
Miami Beach Health Facilities Authority, Refunding RB, 5.00%, 11/15/20		150		165,207

				14,606,836
Housing — 0.3%
County of Lee Florida HFA, RB, S/F Housing, Multi-County Program, Series A-2, AMT (Ginnie Mae), 6.00%, 9/01/40		110		110,156
County of Manatee Florida HFA, RB, S/F Housing, Series A, AMT (Ginnie Mae, Fannie Mae & Freddie Mac), 5.90%, 9/01/40		125		126,644

				236,800
State — 10.8%
Florida Municipal Loan Council, RB, Series D (AGM):
5.00%, 10/01/19		1,050		1,133,538
4.00%, 10/01/20		1,105		1,183,886
4.00%, 10/01/21		500		544,060
Florida Municipal Loan Council, Refunding RB:
CAB, Series A (NPFGC), 0.00%, 4/01/20 (d)		2,315		2,180,637
Series B-2 (AGM), 4.00%, 10/01/20		655		701,970
State of Florida Department of Environmental Protection, Refunding RB, Series A, 5.00%, 7/01/20		3,000		3,334,890

				9,078,981
Transportation — 10.6%
City of Jacksonville Florida Port Authority, Refunding RB, AMT, 4.00%, 11/01/20		865		914,478
County of Broward Florida Fuel System, RB, Lauderdale Fuel Facilities, Series A (AGM), AMT, 5.00%, 4/01/20		160		174,779
County of Broward Florida Port Facilities, Refunding RB, Series B, AMT, 5.00%, 9/01/20		2,500		2,761,825
County of Miami-Dade Florida, Refunding RB, Series A, AMT, 5.00%, 10/01/20		1,375		1,531,846
County of Miami-Dade Florida Expressway Authority, Refunding RB, Toll System, Series A, 5.00%, 7/01/20		1,500		1,656,510
County of Miami-Dade Florida Transit System Sales Surtax, Refunding RB, 5.00%, 7/01/20		550		609,389
Greater Orlando Aviation Authority, Refunding RB, Series C, 5.00%, 10/01/20		1,130		1,259,645

				8,908,472
Utilities — 14.6%
City of Fort Lauderdale Florida Water & Sewer Revenue, Refunding RB, 5.00%, 9/01/20		2,970		3,320,133
City of Miami Beach Florida, RB, 5.00%, 9/01/20		250		278,320


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


Municipal Bonds	Par (000)		Value
Florida (continued)
Utilities (continued)
City of North Miami Florida Beach Water Revenue, RB, 5.00%, 8/01/20	$	1,200	$	1,318,488
County of Miami-Dade Florida Water & Sewer System, Refunding RB, Series B (AGM), 5.25%, 10/01/19		4,000		4,357,520
Florida Governmental Utility Authority, RB, Golden Gate Utility System (AGM), 5.00%, 7/01/19		510		545,603
Florida Governmental Utility Authority, Refunding RB:
4.00%, 10/01/20		500		538,590
Lehigh Utility (AGM), 5.00%, 10/01/20		635		703,574
Florida Municipal Power Agency, RB, 5.00%, 10/01/20		500		558,525
Town of Davie Florida, Refunding RB, Nova Southeastern University Project, Series B, 5.00%, 4/01/20		530		574,531

				12,195,284
Total Municipal Bonds in Florida				80,279,809


Municipal Bonds	Par (000)		Value
Guam — 0.6%
Utilities — 0.6%
Guam Government Waterworks Authority, RB, 5.25%, 7/01/20	$	100	$	109,639
Guam Power Authority, Refunding RB, Series A (AGM), 5.00%, 10/01/20		310		342,159
Total Municipal Bonds in Guam				451,798
Total Municipal Bonds (Cost — $78,554,479) — 96.5%				80,731,607



Short-Term Securities	Shares
BlackRock Liquidity Funds, MuniCash, Institutional Class, 0.64% (e)(f)		2,171,482		2,172,350
Total Short-Term Securities (Cost — $2,171,800) — 2.6%				2,172,350
Total Investments (Cost — $80,726,279) — 99.1%				82,903,957
Other Assets Less Liabilities — 0.9%				778,640

Net Assets Applicable to Common Shares — 100.0%			$	83,682,597

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)

Issuer filed for bankruptcy and/or is in default.

(c)

Non-income producing security.

(d)

Zero-coupon bond.

(e)


Affiliate	Shares Held at July 31, 2016		Net Activity		Shares Held at July 31, 2017		Value at July 31, 2017		Income		Net Realized Gain¹		Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds, MuniCash, Institutional Class		1,836,731		334,751		2,171,482	$	2,172,350	$	6,390	$	489	$	550
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		—	$	80,731,607		—	$	80,731,607
Short-Term Securities	$	2,172,350		—		—		2,172,350

Total	$	2,172,350	$	80,731,607		—	$	82,903,957

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

During the year ended July 31, 2017, there were no transfers between levels.

Schedule of Investments July 31, 2017

BlackRock Municipal 2030 Target Term Trust (BTT)

(Percentages shown are based on Net Assets)


Municipal Bonds	Par (000)		Value
Alabama — 1.6%
Alabama Federal Aid Highway Finance Authority, RB, Series A:
5.00%, 9/01/33	$	3,985	$	4,808,819
5.00%, 9/01/34		3,500		4,220,090
County of Jefferson Alabama, RB, Limited Obligation School, Series A:
5.25%, 1/01/19		1,000		1,001,740
5.25%, 1/01/20		1,000		1,001,740
5.50%, 1/01/21		1,200		1,202,208
5.50%, 1/01/22		1,105		1,107,033
County of Jefferson Alabama Sewer Revenue, Refunding RB, CAB, Senior Lien-Warrants, Series B (AGM) (a):
0.00%, 10/01/31		7,375		3,820,029
0.00%, 10/01/32		6,295		3,025,440
0.00%, 10/01/33		1,275		574,120
Homewood Educational Building Authority, Refunding RB, Educational Facilities, Samford University:
5.00%, 12/01/32		290		331,624
5.00%, 12/01/33		1,010		1,149,501
5.00%, 12/01/34		1,380		1,564,409
University of South Alabama, Refunding RB, AGM:
5.00%, 11/01/29		1,105		1,309,922
5.00%, 11/01/30		2,000		2,361,340

				27,478,015
Alaska — 0.3%
Northern Tobacco Securitization Corp., Refunding RB, Tobacco Settlement, Asset-Backed, Series A, 4.63%, 6/01/23		4,975		4,993,109
Arizona — 2.2%
Arizona Health Facilities Authority, Refunding RB, Phoenix Children’s Hospital:
Series A, 5.00%, 2/01/34		6,340		6,803,771
Series B, 5.00%, 2/01/33		1,810		1,972,158
City of Phoenix Arizona IDA, RB, Facility:
Candeo Schools, Inc. Project, 6.00%, 7/01/23		505		558,565
Eagle College Preparatory Project, Series A, 4.50%, 7/01/22		490		508,576
Eagle College Preparatory Project, Series A, 5.00%, 7/01/33		1,000		1,021,800
Legacy Traditional Schools Project, Series A, 5.75%, 7/01/24 (b)		750		834,818
County of Maricopa IDA, Refunding RB, Banner Health, Series A, 5.00%, 1/01/31		16,280		19,374,665
County of Pima Arizona IDA, Refunding RB, Tucson Electric Power Co. Project, Series A, 4.00%, 9/01/29		6,000		6,322,020

				37,396,373
California — 14.4%
Alameda Corridor Transportation Authority, Refunding RB, CAB, Sub-Lien, Series A (AMBAC), 0.00%, 10/01/30 (a)		10,530		6,277,354
Azusa Unified School District, GO, Refunding, (AGM):
4.00%, 8/01/30		4,420		4,895,946
4.00%, 8/01/31		4,825		5,280,480
California Health Facilities Financing Authority, Refunding RB, Sutter Health, Series A, 5.00%, 11/15/32		1,700		2,037,314


Municipal Bonds	Par (000)		Value
California (continued)
California Municipal Finance Authority, RB:
Biola University, 4.00%, 10/01/27	$	750	$	798,653
Biola University, 5.00%, 10/01/29		660		745,180
Biola University, 5.00%, 10/01/30		500		561,660
Biola University, 4.00%, 10/01/33		2,500		2,581,325
Senior, S/F Housing, Caritas Affordable Housing, Inc. Project, Series A, 5.00%, 8/15/30		1,000		1,116,630
California Municipal Finance Authority, Refunding RB, Eisenhower Medical Center, Series A:
5.00%, 7/01/30		1,200		1,396,140
5.00%, 7/01/31		1,050		1,214,314
California Pollution Control Financing Authority, RB, Poseidon Resources (Channel Side) LP Desalination Project, AMT, 5.00%, 7/01/30 (b)		13,845		14,784,799
California Statewide Communities Development Authority, RB:
American Baptist Homes of the West, Series A, 5.00%, 10/01/23		1,500		1,731,795
Eskaton Properties, Inc., 5.25%, 11/15/34		2,500		2,729,625
Chaffey Joint Union High School District, GO, Election of 2012, CAB, Series C (a):
0.00%, 8/01/30		400		257,996
0.00%, 8/01/31		400		244,008
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		1,116,360
5.00%, 8/01/29		1,300		1,446,588
5.00%, 8/01/33		1,335		1,461,037
City of Long Beach California Harbor Revenue, RB, AMT, Series A:
5.00%, 5/15/31		1,200		1,426,884
5.00%, 5/15/32		1,800		2,125,098
5.00%, 5/15/33		675		793,132
5.00%, 5/15/34		1,650		1,931,110
City of San Jose California, Refunding ARB, Norman Y Mineta San Jose International Airport SJC, Series A, AMT:
5.00%, 3/01/30		500		595,605
5.00%, 3/01/31		1,500		1,771,515
5.00%, 3/01/32		1,000		1,174,580
5.00%, 3/01/33		975		1,138,995
5.00%, 3/01/34		1,250		1,454,587
5.00%, 3/01/35		2,000		2,321,920
County of San Diego Regional Airport Authority, ARB, AMT, Sub-Series B, 5.00%, 7/01/33 (c)		1,000		1,170,350
El Camino Community College District, GO, CAB, Election of 2002, Series C (a):
0.00%, 8/01/30		9,090		6,117,934
0.00%, 8/01/31		12,465		8,025,341
0.00%, 8/01/32		17,435		10,702,475
Golden State Tobacco Securitization Corp., Refunding RB, Series A-1, 5.00%, 6/01/29		14,500		17,076,070
Los Angeles Regional Airports Improvement Corp., Refunding RB, LAXFuel Corp., Los Angeles International, AMT, 5.00%, 1/01/32		4,110		4,477,763
Los Angeles Unified School District, GO, Election of 2008, Series A, 4.00%, 7/01/33		3,000		3,242,910
M-S-R Energy Authority, RB, Series C, 6.13%, 11/01/29		2,500		3,154,775


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


Municipal Bonds	Par (000)		Value
California (continued)
Monterey Peninsula Community College District, GO, Refunding, CAB (a):
0.00%, 8/01/30	$	3,500	$	2,363,620
0.00%, 8/01/31		5,940		3,802,491
Oakland Unified School District/Alameda County, GO:
Refunding, 5.00%, 8/01/30		1,800		2,165,904
Refunding, Series C, 5.00%, 8/01/30		1,300		1,590,186
Series A, 5.00%, 8/01/31		1,055		1,259,280
Series A, 5.00%, 8/01/32		1,100		1,295,657
Series A, 5.00%, 8/01/33		1,000		1,172,340
Poway Unified School District, GO, Election of 2008, Series A (a):
0.00%, 8/01/27		10,000		7,660,900
0.00%, 8/01/30		10,000		6,619,300
0.00%, 8/01/32		12,500		7,472,000
Riverside Public Financing Authority, Tax Allocation Bonds, University Corridor/Sycamore Canyon Merged Redevelopment Project, Series C (NPFGC), 4.50%, 8/01/30		10,000		10,019,200
San Bernardino Community College District, GO, Refunding, Series A:
4.00%, 8/01/31		10,660		11,480,607
4.00%, 8/01/32		12,010		12,883,247
4.00%, 8/01/33		5,665		6,044,498
State of California, GO, Refunding:
5.00%, 8/01/30		18,250		22,248,392
Various Purpose, 4.00%, 9/01/34		16,000		17,276,800
Union City Community Redevelopment Agency, Refunding, Tax Allocation Bonds, Community Redevelopment Agency Projects, Series A:
5.00%, 10/01/32		1,355		1,577,667
5.00%, 10/01/33		3,000		3,476,340
Washington Township Health Care District, Refunding RB, Series B:
5.00%, 7/01/27		800		938,616
3.00%, 7/01/28		1,815		1,774,380

				242,499,673
Colorado — 2.5%
Central Platte Valley Metropolitan District, GO, Series A:
5.13%, 12/01/29		700		783,475
5.50%, 12/01/29		750		856,688
5.38%, 12/01/33		1,500		1,685,175
City of Lakewood Colorado Plaza Metropolitan District No. 1, Refunding, Tax Allocation Bonds (b):
4.00%, 12/01/23		1,000		1,025,570
4.10%, 12/01/24		5,080		5,194,605
4.20%, 12/01/25		5,280		5,393,678
4.50%, 12/01/30		4,305		4,378,271
Colorado Health Facilities Authority, Refunding RB:
Covenant Retirement Communities, Series A, 4.50%, 12/01/33		4,595		4,689,657
Covenant Retirement Communities, Series A, 5.00%, 12/01/33		3,000		3,214,050
NCMC, Inc. Project, 4.00%, 5/15/30		2,860		3,114,397
Copperleaf Metropolitan District No. 2, GO, Refunding, 5.25%, 12/01/30		500		523,800
Denver Convention Center Hotel Authority, Refunding RB, Senior, 5.00%, 12/01/30		2,000		2,313,580


Municipal Bonds	Par (000)		Value
Colorado (continued)
Park Creek Metropolitan District, Refunding, Tax Allocation Bonds, Senior Limited Property, Series A:
5.00%, 12/01/26	$	1,000	$	1,155,760
5.00%, 12/01/27		1,500		1,715,625
5.00%, 12/01/28		1,500		1,705,950
5.00%, 12/01/30		1,350		1,513,255
5.00%, 12/01/31		1,500		1,675,125
5.00%, 12/01/33		1,000		1,107,560
Tallyns Reach Metropolitan District No. 3, GO, Refunding, 5.00%, 12/01/33		505		527,008

				42,573,229
Connecticut — 2.7%
State of Connecticut, GO, Series D, 4.00%, 8/15/29		11,500		12,251,065
University of Connecticut, RB, Series A:
5.00%, 1/15/29		15,560		18,482,012
5.00%, 1/15/30		13,000		15,265,510

				45,998,587
District of Columbia — 2.6%
District of Columbia, GO, Refunding, Series A, 5.00%, 6/01/32		10,500		12,724,530
District of Columbia, GO, Series A, 5.00%, 6/01/32		16,980		20,251,197
District of Columbia, RB, Series A, 5.00%, 7/01/32		750		767,625
District of Columbia, Refunding RB, Kipp Charter School, Series A, 6.00%, 7/01/33		1,700		1,989,629
Metropolitan Washington Airports Authority, Refunding RB, AMT:
5.00%, 10/01/32		2,750		3,259,217
5.00%, 10/01/33		1,270		1,497,203
5.00%, 10/01/34		2,000		2,348,200

				42,837,601
Florida — 9.0%
City of Lakeland Florida, Refunding RB, Lakeland Regional Health System, 5.00%, 11/15/30		3,750		4,395,863
City of Tampa Florida, Refunding RB, H. Lee Moffitt Cancer Center Project, Series A, 4.00%, 9/01/33		10,000		10,367,600
County of Alachua Florida Health Facilities Authority, RB, East Ridge Retirement Village, Inc. Project, 6.00%, 11/15/29		5,000		5,441,850
County of Broward Florida, RB, Fort Lauderdale Fuel Facilities, Series A, AMT (AGM):
5.00%, 4/01/30		600		662,664
5.00%, 4/01/33		740		810,108
County of Martin Florida IDA, Refunding RB, Indiantown Cogeneration, L.P. Project, AMT, 4.20%, 12/15/25 (b)		5,250		5,395,425
County of Miami-Dade Florida, Refunding RB, Series B, 4.00%, 4/01/32		6,690		7,102,438
County of Miami-Dade Florida School Board, COP, Refunding, Series A, 5.00%, 5/01/32		9,000		10,383,300
County of Orange Florida School Board, COP, Refunding, Series C, 5.00%, 8/01/33		19,555		22,922,762
County of Orange Florida Tourist Development Tax Revenue, Refunding RB, 5.00%, 10/01/30		11,470		14,540,634
County of Palm Beach Florida Health Facilities Authority, Refunding RB, Acts Retirement-Life Communities, Inc. Obligated Group, 5.00%, 11/15/32		19,790		21,894,073


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


Municipal Bonds	Par (000)		Value
Florida (continued)
County of St. Johns Florida Water & Sewer Revenue, Refunding RB, CAB, Series B (a):
0.00%, 6/01/29	$	2,295	$	1,654,098
0.00%, 6/01/30		2,000		1,389,040
0.00%, 6/01/31		1,295		864,827
0.00%, 6/01/32		2,495		1,604,160
Double Branch Community Development District, Refunding, Special Assessment Bonds, Senior Lien, Series A-