Edgar Filing: BlackRock Municipal 2030 Target Term Trust

BlackRock Municipal 2030 Target Term Trust

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-22603

Name of Fund: BlackRock Municipal 2030 Target Term Trust (BTT)

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Municipal 2030

Target Term Trust, 55 East 52^nd Street, New York, NY 10055

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

Date of fiscal year end: 07/31/2018

Date of reporting period: 01/31/2018

Item 1 – Report to Stockholders

JANUARY 31, 2018

SEMI-ANNUAL REPORT (UNAUDITED)

BlackRock California Municipal Income Trust (BFZ)

BlackRock Florida Municipal 2020 Term Trust (BFO)

BlackRock Municipal 2030 Target Term Trust (BTT)

BlackRock Municipal Income Investment Trust (BBF)

BlackRock New Jersey Municipal Income Trust (BNJ)

BlackRock New York Municipal Income Trust (BNY)

Not FDIC Insured • May Lose Value • No Bank Guarantee

The Markets in Review

Dear Shareholder,

In the 12 months ended January 31, 2018, assets with higher risk and return potential, such as stocks and high-yield bonds, continued to deliver strong performance. The equity market advanced despite geopolitical uncertainty and relatively high valuations, while bond returns were constrained by rising interest rates.

Emerging market stocks posted the strongest performance, as accelerating growth in China, the second largest economy in the world and the most influential of all developing economies, improved the outlook for corporate profits and economic growth across most developing nations. Chinese demand for commodities and other raw materials allayed concerns about the country’s banking system, leading to rising equity prices and foreign investment flows.

Rising interest rates worked against high-quality assets with more interest rate sensitivity. Consequently, the 10-year U.S. Treasury — a bellwether of the bond market — posted a modest negative return, as rising energy prices, higher wages, and steady job growth drove expectations of higher inflation and interest rate increases by the U.S. Federal Reserve (the “Fed”).

The market’s performance reflected reflationary expectations early in the reporting period, as investors began to sense that a global recovery was afoot. Thereafter, many countries experienced sustained and synchronized growth for the first time since the financial crisis. Growth rates and inflation are still relatively low, but they are finally rising together. Consensus expectations for global economic growth also rose, as long-anticipated fiscal stimulus and capital spending plans indicated that new sources of demand could extend the current economic cycle.

The Fed responded to these positive developments by increasing short-term interest rates three times during the year. In October 2017, the Fed also reduced its $4.5 trillion balance sheet by $10 billion, while setting expectations for additional modest reductions and rate hikes in 2018.

By contrast, the European Central Bank (“ECB”) and the Bank of Japan (“BoJ”) continued to expand their balance sheets despite nascent signs of sustained economic growth. Rising global growth and inflation, as well as limited bond supply, put steady pressure on other central banks to follow in the Fed’s footsteps. In October 2017, the ECB announced plans to cut its bond purchases in half for 2018, while the BoJ reiterated its commitment to economic stimulus, as the country’s inflation rate remained below 2.0%.

Rising consumer confidence and improving business sentiment are driving momentum for the U.S. economy. If the Fed maintains a measured pace of stimulus reduction, to the extent that inflation rises, it’s likely to be accompanied by rising real growth and higher wages. That could lead to a favorable combination of moderately higher inflation, steadily rising interest rates, and improving growth in 2018. We continue to believe the primary risks to the economic expansion are trade protectionism, rapidly rising interest rates, and geopolitical tension.

In December 2017, Congress passed a sweeping tax reform bill. The U.S. tax overhaul is likely to accentuate the existing reflationary themes, including faster growth and rising interest rates. Changing the corporate tax rate to a flat 21% will create many winners and losers among high-and-low tax companies, while the windfall from lower taxes could boost business and consumer spending.

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

Sincerely,

LOGO

Rob Kapito

President, BlackRock Advisors, LLC

LOGO

Rob Kapito

President, BlackRock Advisors, LLC


Total Returns as of January 31, 2018
	6-month	12-month
U.S. large cap equities (S&P 500^® Index)	15.43%	26.41%
U.S. small cap equities (Russell 2000^® Index)	11.23	17.18
International equities (MSCI Europe, Australasia, Far East Index)	12.14	27.60
Emerging market equities (MSCI Emerging Markets Index)	18.51	41.01
3-month Treasury bills (ICE BofAML 3-Month U.S. Treasury Bill Index)	0.58	0.93
U.S. Treasury securities (ICE BofAML 10-Year U.S. Treasury Index)	(2.74)	(0.47)
U.S. investment grade bonds (Bloomberg Barclays U.S. Aggregate Bond Index)	(0.35)	2.15
Tax-exempt municipal bonds (S&P Municipal Bond Index)	0.01	3.41
U.S. high yield bonds (Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index)	1.94	6.60
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 IS NOT PART OF YOUR FUND REPORT

Table of Contents


	Page
The Markets in Review		2
Semi-Annual Report:
Municipal Market Overview		4
The Benefits and Risks of Leveraging		5
Derivative Financial Instruments		5
Trust Summaries		6
Financial Statements:
Schedules of Investments		18
Statements of Assets and Liabilities		52
Statements of Operations		54
Statements of Changes in Net Assets		56
Statements of Cash Flows		59
Financial Highlights		60
Notes to Financial Statements		66
Trustee and Officer Information		76
Additional Information		77
Glossary of Terms Used in this Report		79


			3

Municipal Market Overview For the Reporting Period Ended January 31, 2018

Municipal Market Conditions

Municipal bonds experienced positive performance during the period alongside a favorable technical backdrop and a flattening yield curve resulting from continued Fed monetary policy normalization and largely muted inflation expectations. 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 tax-exempt income, diversification, quality, and value of municipal bonds amid fiscal policy uncertainty, which saw tax reform ultimately lower the top individual tax rate just 2.6% while eliminating deductions and increasing demand for tax shelter. During the 12 months ended January 31, 2018, municipal bond funds experienced net inflows of approximately $33 billion (based on data from the Investment Company Institute).

For the same 12-month period, total new issuance remained elevated from a historical perspective at $394 billion (though well below the robust $455 billion issued in the prior 12-month period). Notably, issuance in December posted the highest monthly total on record at $56 billion, as issuers rushed deals to market ahead of the expected elimination of the tax-exemption for advanced refunding bonds and possibly private activity bonds (PABs). Ultimately, the final version of the Tax Cuts and Jobs Act left PABs unchanged, though the elimination of advanced refundings will likely suppress supply going forward, providing a powerful technical.

S&P Municipal Bond Index

Total Returns as of January 31, 2018

6 months: 0.01%

12 months: 3.41%

A Closer Look at Yields

LOGO

From January 31, 2017 to January 31, 2018, yields on AAA-rated 30-year municipal bonds decreased by 17 basis points (“bps”) from 3.08% to 2.91%, while 10-year rates increased by 3 bps from 2.32% to 2.35% and 5-year rates increased by 20 bps from 1.63% to 1.83% (as measured by Thomson Municipal Market Data). The municipal yield curve flattened significantly over the 12-month period with the spread between 2- and 30-year maturities flattening by 64 bps.

During the same time period, on a relative basis, tax-exempt municipal bonds strongly outperformed U.S. Treasuries with the greatest outperformance experienced in the front and intermediate portions of the yield curve. Notably, January saw interest rates move rapidly higher alongside strong global growth and a more hawkish bias from global central banks. 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. The asset class is known for its lower relative volatility and preservation of principal with an emphasis on income as tax rates rise.

Financial Conditions of Municipal Issuers

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

The opinions expressed are those of BlackRock as of January 31, 2018, 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		2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

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, there is no guarantee that these objectives can 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 difficult 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”), 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. BTT is permitted to use economic leverage (which includes leverage attributable to reverse repurchase agreements) of 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), then the TOB Trust is not considered a senior security and is not subject to the foregoing limitations and requirements imposed by 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 assets 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.


THE BENEFITS AND RISKS OF LEVERAGING			5


Trust Summary as of January 31, 2018		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 January 31, 2018 ($13.34)^(a)		4.95%
Tax Equivalent Yield^(b)		10.78%
Current Monthly Distribution per Common Share^(c)		$0.0550
Current Annualized Distribution per Common Share^(c)		$0.6600
Economic Leverage as of January 31, 2018^(d)		42%

^(a)

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.

^(b)

Tax equivalent yield assumes the maximum marginal U.S. federal and state tax rate of 54.10%, 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.

^(c)

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

^(d)

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

Performance

Returns for the six months ended January 31, 2018 were as follows:


	Returns Based On
	Market Price			NAV
BFZ^(a)(b)		(7.06	)%		0.01	%
Lipper California Municipal Debt Funds^(c)		(5.62	)		0.03

^(a)

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

^(b)

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

^(c)

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.

Past performance is not indicative of future results.

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

•

California underperformed the national indices due to questions about the long-term effects the Federal tax reform bill could have on the supply-and-demand profile of the state’s municipal market.

•

Portfolio income contributed to performance by offsetting the downturn in bond prices. The use of leverage helped boost the Trust’s income, but it also amplified the effect of market weakness.

•

Holdings that the Trust purchased when rates were higher also aided performance due to their generous income and lower sensitivity to the negative effects of rising interest rates.

•

The Trust’s cash reserves, while minimal, helped dampen the effect market volatility as yields rose.

•

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.

•

Holdings in more highly-rated investment-grade bonds (those rated AA and AAA) lagged non-investment grade holdings, as fund flows into high yield products led to greater price appreciation for lower-rated issues. This trend was most pronounced in the beginning of the period but less so in January once high yield fund flows turned negative.

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		2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS


Trust Summary as of January 31, 2018 (continued)		BlackRock California Municipal Income Trust

Market Price and Net Asset Value Per Share Summary


	01/31/18		07/31/17		Change			High		Low
Market Price	$	13.34	$	14.71		(9.31	)%	$	14.81	$	13.14
Net Asset Value		14.97		15.34		(2.41	)		15.48		14.97

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

LOGO

Overview of the Trust’s Total Investments*

SECTOR ALLOCATION


Sector	01/31/18			07/31/17
County/City/Special District/School District		28	%		29	%
Utilities		18			21
Transportation		18			13
Education		14			13
Health		11			12
State		6			7
Tobacco		5			5
Housing^(b)		—			—

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 SCHEDULE^(c)


Calendar Year Ended December 31,
2018	16	%
2019	22
2020	3
2021	11
2022	3

^(c)

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 ALLOCATION^(a)


Credit Rating	01/31/18			07/31/17
AAA/Aaa		8	%		9	%
AA/Aa		71			71
A		14			13
BBB/Baa		1			—	^(b)
BB/Ba		1			1
B		4			4
N/R		1			2

^(a)

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.

^(b)

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


TRUST SUMMARY			7


Trust Summary as of January 31, 2018		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 January 31, 2018 ($14.33)^(a)		2.18%
Tax Equivalent Yield^(b)		3.68%
Current Monthly Distribution per Common Share^(c)		$0.0260
Current Annualized Distribution per Common Share^(c)		$0.3120
Economic Leverage as of January 31, 2018^(d)		—

^(a)

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.

^(b)

Tax equivalent yield assumes the maximum marginal U.S. federal tax rate of 40.80%, 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.

^(c)

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

^(d)

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

Performance

Returns for the six months ended January 31, 2018 were as follows:


	Returns Based On
	Market Price			NAV
BFO^(a)(b)		(3.65	)%		(0.56	)%
Lipper Other States Municipal Debt Funds^(c)		(4.74	)		(0.22	)

^(a)

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

^(b)

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

^(c)

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.

Past performance is not indicative of future results.

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

•

U.S. municipal bonds produced generally flat returns during the period, with income offsetting a modest decline in prices. Stronger economic growth and concerns about emerging inflation pressures fueled expectations that the Fed would continue to tighten monetary policy, dampening returns across the fixed-income market. At the state level, Florida’s economy continued to outperform behind strong employment growth in construction, professional services and hospitality.

•

Since the Trust is scheduled to terminate on or about December 31, 2020, it holds securities that will mature close to that date. Short-term bonds were the weakest segment of the market during the reporting period due to expectations for additional Fed rate increases, so the Trust’s short-term bias detracted from performance.

•

While higher short-term rates were an overall headwind, the trend also allowed the Trust to reinvest the proceeds from bond calls and maturities at higher yields. The municipal market benchmark rate for 2020 moved higher by 60 basis points (0.60%) during the period.

•

The Trust’s positions in cash and pre-refunded bonds, while limited, largely avoided the price declines that occurred in the broader market.

•

Positions in housing bonds, which are defensive by virtue of their continuously callable structures, added to performance.

•

From a ratings perspective, positions in high-grade bonds underperformed lower-rated securities due to investors’ continued demand for yield.


8		2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS


Trust Summary as of January 31, 2018 (continued)		BlackRock Florida Municipal 2020 Term Trust

Market Price and Net Asset Value Per Share Summary


	01/31/18		07/31/17		Change			High		Low
Market Price	$	14.33	$	15.05		(4.78	)%	$	15.18	$	14.24
Net Asset Value		14.79		15.05		(1.73	)		15.08		14.78

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

LOGO

Overview of the Trust’s Total Investments*

SECTOR ALLOCATION


Sector	01/31/18			07/31/17
County/City/Special District/School District		27	%		35	%
Health		19			18
Utilities		15			16
Transportation		15			11
State		11			11
Corporate		8			4
Education		5			5
Housing^(b)		—			—

CALL/MATURITY SCHEDULE^(d)


Calendar Year Ended December 31,
2018	15	%
2019	11
2020	65
2021	1
2022	6

^(d)

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 ALLOCATION^(a)


Credit Rating	01/31/18			07/31/17
AAA/Aaa		1	%		1	%
AA/Aa		54			56
A		31			28
BBB/Baa^(b)		—			—
N/R^(c)		14			15

^(a)

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.

^(b)

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

^(c)

The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of January 31, 2018 and July 31, 2017, the market value of unrated securities deemed by the investment adviser to be investment grade represents 3% and 4%, respectively, of the Trust’s total investments.


TRUST SUMMARY			9


Trust Summary as of January 31, 2018		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 January 31, 2018 ($21.39)^(a)		4.03%
Tax Equivalent Rate^(b)		6.81%
Current Monthly Distribution per Common Share^(c)		$0.0718
Current Annualized Distribution per Common Share^(c)		$0.8616
Economic Leverage as January 31, 2018^(d)		37%

^(a)

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.

^(b)

^(c)

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.

^(d)

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

Performance

Returns for the six months ended January 31, 2018 were as follows:


	Returns Based On
	Market Price			NAV
BTT^(a)(b)		(5.77	)%		1.55	%
Lipper General & Insured Municipal Debt Funds (Leveraged)^(c)		(6.00	)		0.50

^(a)

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

^(b)

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

^(c)

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.

Past performance is not indicative of future results.

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

•

The Trust’s position in New Jersey bonds made a meaningful contribution to performance. The state government passed legislation that redirected roughly $1 billion annually in lottery proceeds to its pension funds, which helped stabilize its credit rating and contributed to outperformance for the state’s debt.

•

Positions in the tax-backed and health care sectors made positive contributions to absolute performance.

•

The Trust’s investments in lower-rated issues, which outpaced the broader market, also aided results.

•

The Trust’s allocation to zero-coupon bonds, while limited, detracted from performance since their longer duration accentuated the negative price performance in a down market. (Duration is a measure of interest-rate sensitivity.)

•

Reinvestment had an adverse effect on the Trust’s income, as the proceeds of higher-yielding bonds that matured or were called needed to be reinvested at lower prevailing rates.


10		2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS


Trust Summary as of January 31, 2018 (continued)		BlackRock Municipal 2030 Target Term Trust

Market Price and Net Asset Value Per Share Summary


	01/31/18		07/31/17		Change			High		Low
Market Price	$	21.39	$	23.14		(7.56	)%	$	23.27	$	21.06
Net Asset Value		23.74		23.83		(0.38	)		24.57		23.74

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

LOGO

Overview of the Trust’s Total Investments*

SECTOR ALLOCATION


Sector	01/31/18			07/31/17
Transportation		22	%		25	%
Health		20			19
County/City/Special District/School District		15			14
State		14			12
Education		10			13
Corporate		9			8
Utilities		6			6
Tobacco		2			2
Housing		2			1

CALL/MATURITY SCHEDULE^(e)


Calendar Year Ended December 31,
2018	1	%
2019	—
2020	4
2021	1
2022	32

^(e)

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 ALLOCATION^(b)


Credit Rating	01/31/18			07/31/17
AAA/Aaa		4	%		4	%
AA/Aa		29			30
A		36			36
BBB/Baa		18			17
BB/Ba		2			2
B		2			2
CCC/Caa		—			—	^(c)
N/R^(d)		9			9

^(b)

^(c)

Represents less than 1% of total investments.

^(d)

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


TRUST SUMMARY			11


Trust Summary as of January 31, 2018		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 January 31, 2018 ($13.54)^(a)		5.89%
Tax Equivalent Yield^(b)		9.95%
Current Monthly Distribution per Common Share^(c)		$0.0665
Current Annualized Distribution per Common Share^(c)		$0.7980
Economic Leverage as of January 31, 2018^(d)		42%

^(a)

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.

^(b)

^(c)

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

^(d)

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

Performance

Returns for the six months ended January 31, 2018 were as follows:


	Returns Based On
	Market Price			NAV
BBF^(a)(b)		(8.66	)%		0.38	%
Lipper General & Insured Municipal Debt Funds (Leveraged)^(c)		(6.00	)		0.50

^(a)

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

^(b)

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

^(c)

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.

Past performance is not indicative of future results.

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

•

Positions in longer-dated securities contributed to performance, as yields on longer-maturity bonds rose less than those of short-term issues. (Prices and yields move in opposite directions.) In addition, longer-term debt generated higher income relative to other segments of the yield curve. Conversely, the Trust’s allocation to shorter-dated bonds also detracted from returns.

•

Positions in BBB rated and non-investment grade bonds, which outperformed higher-quality securities, added to performance. Holdings in the tax-backed state and local sectors further aided results, particularly investments in New Jersey and Illinois. However, positions in higher-quality securities underperformed relative to lower-quality issues.

•

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 use of leverage helped performance by augmenting portfolio income, but it exacerbated the impact of declining bond prices.


12		2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS


Trust Summary as of January 31, 2018 (continued)		BlackRock Municipal Income Investment Trust

Market Price and Net Asset Value Per Share Summary


	01/31/18		07/31/17		Change			High		Low
Market Price	$	13.54	$	15.27		(11.33	)%	$	15.43	$	13.49
Net Asset Value		14.11		14.48		(2.56	)		14.58		14.11

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

LOGO

Overview of the Trust’s Total Investments*

SECTOR ALLOCATION


Sector	01/31/18			07/31/17
County/City/Special District/School District		25	%		23	%
Transportation		21			21
Health		14			15
Utilities		12			14
Education		11			10
State		8			9
Tobacco		6			5
Housing		2			1
Corporate		1			2

CALL/MATURITY SCHEDULE^(c)


Calendar Year Ended December 31,
2018	14	%
2019	27
2020	10
2021	13
2022	2

^(c)

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 ALLOCATION^(a)


Credit Rating	01/31/18			07/31/17
AAA/Aaa		9	%		9	%
AA/Aa		47			49
A		15			16
BBB/Baa		15			14
BB/Ba		3			3
B		3			3
N/R^(b)		8			6

^(a)

^(b)

The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of January 31, 2018 and July 31, 2017, the market value of unrated securities deemed by the investment adviser to be investment grade represents 1% and less than 1%, respectively, of the Trust’s total investments.


TRUST SUMMARY			13


Trust Summary as of January 31, 2018		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.

On September 6, 2017, the Boards of the Trust, BlackRock New Jersey Municipal Bond Trust (BLJ) and BlackRock MuniYield New Jersey Fund, Inc. (MYJ) approved the reorganizations of the Trust and BLJ with and into MYJ, with MYJ continuing as the surviving fund after the reorganization. The reorganizations are subject to approval by each fund’s shareholders and certain other conditions.

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

Trust Information


Symbol on NYSE		BNJ
Initial Offering Date		July 27, 2001
Yield on Closing Market Price as of January 31, 2018 ($14.35)^(a)		5.31%
Tax Equivalent Yield^(b)		10.57%
Current Monthly Distribution per Common Share^(c)		$0.0635
Current Annualized Distribution per Common Share^(c)		$0.7620
Economic Leverage as of January 31, 2018^(d)		41%

^(a)

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.

^(b)

Tax equivalent yield assumes the maximum marginal U.S. federal and state tax rate of 49.77%, 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.

^(c)

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

^(d)

Performance

Returns for the six months ended January 31, 2018 were as follows:


	Returns Based On
	Market Price			NAV
BNJ^(a)(b)		(7.72	)%		2.04	%
Lipper New Jersey Municipal Debt Funds^(c)		(5.19	)		0.79

^(a)

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

^(b)

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

^(c)

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.

Past performance is not indicative of future results.

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

•

New Jersey bonds outperformed the national market due in part to investors’ positive perception of legislation that redirected roughly $1 billion annually in lottery proceeds to the state’s pension funds. The yield spreads on New Jersey tax-backed issues compressed significantly, making it the best performing sector held in the Fund during the past six months.

•

Positions in longer-term securities, which strongly outpaced short-term issues, contributed positively. Conversely, the Trust’s holdings in short-term and intermediate bonds — which are more sensitive to Fed policy — lagged due to expectations for higher rates.

•

The Trust’s investments in lower-rated issues, which outpaced the broader market, also added value.

•

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 Fund’s positioning had a positive effect on returns.

•

Reinvestment had an adverse effect on the Trust’s income, as the proceeds of higher-yielding bonds that matured or were called needed to be reinvested at lower prevailing rates.


14		2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of January 31, 2018 (continued)		BlackRock New Jersey Municipal Income Trust

Market Price and Net Asset Value Per Share Summary


	01/31/18		07/31/17		Change			High		Low
Market Price	$	14.35	$	15.97		(10.14	)%	$	16.05	$	14.30
Net Asset Value		15.29		15.39		(0.65	)		15.70		15.29

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

LOGO

Overview of the Trust’s Total Investment*

SECTOR ALLOCATION


Sector	01/31/18			07/31/17
Transportation		35	%		36	%
County/City/Special District/School District		22			22
Education		16			16
State		9			9
Corporate		7			6
Health		6			6
Housing		2			2
Tobacco		2			2
Utilities		1			1

CALL/MATURITY SCHEDULE^(d)


2018	15	%
2019	9
2020	5
2021	17
2022	9

^(d)

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 ALLOCATION^(a)


Credit Rating	01/31/18			07/31/17
AAA/Aaa		4	%		4	%
AA/Aa		35			36
A		21			25
BBB/Baa		27			22
BB/Ba		9			10
B		1			—	^(b)
N/R		3	^(c)		3

^(a)

^(b)

Represents less than 1% of total investments.

^(c)

The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of January 31, 2018, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 1% of the Trust’s total investments.


FUND SUMMARY			15


Trust Summary as of January 31, 2018		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 January 31, 2018 ($13.62)^(a)		4.45%
Tax Equivalent Yield^(b)		8.83%
Current Monthly Distribution per Common Share^(c)		$0.0505
Current Annualized Distribution per Common Share^(c)		$0.6060
Economic Leverage as of January 31, 2018^(d)		40%

^(a)

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.

^(b)

Tax equivalent yield assumes the maximum marginal U.S. federal and state tax rate of 49.62%, 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.

^(c)

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

^(d)

Performance

Returns for the six months ended January 31, 2018 were as follows:


	Returns Based On
	Market Price			NAV
BNY^(a)(b)		(9.28	)%		0.26	%
Lipper New York Municipal Debt Funds^(c)		(4.98	)		(0.20	)

^(a)

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

^(b)

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

^(c)

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.

Past performance is not indicative of future results.

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

•

U.S. municipal bonds produced generally flat returns during the period, with income offsetting a modest decline in prices. Stronger economic growth and concerns about emerging inflation pressures fueled expectations that the U.S. Federal Reserve would continue to tighten monetary policy, dampening returns across the fixed-income market.

•

New York municipal bonds underperformed the national market. New issuance in the state was relatively robust compared to the nation as a whole, which contributed to the weaker performance. Unfortunately, much of the new issuance was concentrated in several large issuers in which the Fund already had positions, thereby limiting the opportunity set. New York’s overall economic trends continued to improve, albeit at a rate slightly below the national level. However, the state continued to enjoy a broad and diverse economic base. One area of potential concern was the capping of deductibility of state and local taxes due to recently enacted Federal tax reform policies, which may reduce New York’s ability to raise taxes in the future.

•

Portfolio income, enhanced by leverage, made the largest positive contribution to performance at a time in which bond prices fell. However, the use of leverage also exacerbated the effect of market weakness.

•

Exposure to lower-rated issues (those rated A and below) helped results as this market segment outperformed higher-rated bonds.

•

From a sector perspective, the Trust’s allocations to the education and transportation sectors were beneficial.

•

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 positions in shorter-term bonds proved detrimental as rates increased the most in the two- to five-year portion of the yield curve. This allocation is largely comprised of advance-refunded bonds purchased in a higher-yield environment. Conversely, the Trust’s exposure to the long end of the yield curve was beneficial as rates increased less in this area.


16		2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of January 31, 2018 (continued)		BlackRock New York Municipal Income Trust

Market Price and Net Asset Value Per Share Summary


	01/31/18		07/31/17		Change			High		Low
Market Price	$	13.62	$	15.37		(11.39	)%	$	15.50	$	13.55
Net Asset Value		14.73		15.04		(2.06	)		15.20		14.73

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

LOGO

Overview of the Trust’s Total Investments*

SECTOR ALLOCATION


Sector	01/31/18			07/31/17
County/City/Special District/School District		22	%		20	%
Transportation		22			23
Education		19			20
Utilities		12			12
State		10			10
Health		8			9
Tobacco		3			2
Corporate		2			2
Housing		2			2

CALL/MATURITY SCHEDULE^(c)


Calendar Year Ended December 31,
2018	4	%
2019	7
2020	5
2021	15
2022	14

^(c)

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 ALLOCATION^(a)


Credit Rating	01/31/18			07/31/17
AAA/Aaa		17	%		16	%
AA/Aa		40			40
A		24			28
BBB/Baa		10			6
BB/Ba		2			1
B		1			1
N/R^(b)		6			8

^(a)

^(b)

The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of January 31, 2018 and July 31, 2017, the market value of unrated securities deemed by the investment adviser to be investment grade represents 2% and 4%, respectively, of the Trust’s total investments.


FUND SUMMARY			17

Schedule of Investments (unaudited)

January 31, 2018

BlackRock California Municipal Income Trust (BFZ)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Municipal Bonds
California — 92.9%
County/City/Special District/School District — 22.2%
Butte-Glenn Community College District, GO, Election of 2002, Series C, 5.50%, 08/01/19^(a)	$	8,425	$	8,933,701
City & County of San Francisco California Redevelopment Agency, Tax Allocation Bonds, Mission Bay North Redevelopment Project, Series A, 5.00%, 08/01/41		1,185		1,341,657
City of San Jose California Hotel Tax, RB, Convention Center Expansion & Renovation Project:
6.13%, 05/01/31		500		566,035
6.50%, 05/01/36		1,210		1,384,022
6.50%, 05/01/42		2,225		2,545,000
County of Kern California, COP, Capital Improvements Projects, Series A (AGC), 6.00%, 02/01/19^(a)		2,000		2,092,020
County of Orange California Water District, COP, Refunding, 5.25%, 08/15/19^(a)		2,000		2,117,860
County of Riverside California Public Financing Authority, RB, Capital Facilities Project, 5.25%, 11/01/45		8,990		10,446,110
County of San Joaquin California Transportation Authority, Refunding RB, Limited Tax, Measure K, Series A^(a):
5.50%, 03/01/21		5,270		5,885,325
6.00%, 03/01/21		2,880		3,259,382
County of Santa Clara California Financing Authority, Refunding LRB, Series L, 5.25%, 05/15/18^(a)		20,000		20,225,600
Evergreen Elementary School District, GO, Election of 2006, Series B (AGC), 5.13%, 08/01/33		2,500		2,629,100
Los Angeles Unified School District, GO, Election of 2008, Series A, 4.00%, 07/01/40		8,000		8,360,080
Modesto Irrigation District, COP, Capital Improvements, Series A, 5.75%, 10/01/29		3,035		3,179,952
Oak Grove School District, GO, Election of 2008, Series A, 5.50%, 08/01/33		1,315		1,392,388
Pico Rivera Public Financing Authority, RB, 5.75%, 09/01/19^(a)		2,000		2,133,220
San Jose California Financing Authority, Refunding LRB, Civic Center Project, Series A, 5.00%, 06/01/32		3,375		3,878,921
San Leandro California Unified School District, GO, Election of 2010, Series A, 5.75%, 08/01/41		3,060		3,455,689
San Marcos Schools Financing Authority, Refunding RB, (AGM), 5.25%, 08/15/40		3,000		3,586,410
Torrance Unified School District California, GO, Election of 2008, Measure Z, 6.00%, 08/01/19^(a)		4,000		4,271,080
Tustin California School District, GO, Election of 2008, Series B, 5.25%, 08/01/21^(a)		3,445		3,874,764
Washington Township Health Care District, GO, Election of 2004, Series B, 5.50%, 08/01/38		1,625		1,921,026
West Contra Costa California Unified School District, GO, Series A:
Election of 2010 (AGM), 5.25%, 08/01/32		4,960		5,524,994
Election of 2012, 5.50%, 08/01/39		2,500		2,923,550

				105,927,886
Education — 6.6%
California Educational Facilities Authority, Refunding RB, San Francisco University:
6.13%, 10/01/21^(a)		3,075		3,558,636
6.13%, 10/01/36		3,205		3,690,557
California Municipal Finance Authority, RB, Emerson College, 5.75%, 01/01/22^(a)		2,500		2,882,800
California Municipal Finance Authority, Refunding RB, Emerson College, Series B:
5.00%, 01/01/34		695		803,740
5.00%, 01/01/36		750		863,205
5.00%, 01/01/37		630		723,360


Security	Par (000)		Value
Education (continued)
California State University, Refunding RB, Systemwide, Series A, 5.00%, 11/01/33	$	5,640	$	6,634,163
University of California, RB, Series AV, 5.25%, 05/15/47		500		589,680
University of California, Refunding RB, Series AR, 5.00%, 05/15/41		10,000		11,528,600

				31,274,741
Health — 9.4%
ABAG Finance Authority for Nonprofit Corps., Refunding RB, Sharp Healthcare, Series B, 6.25%, 08/01/19^(a)		4,975		5,330,514
California Health Facilities Financing Authority, RB:
Adventist Health System West, Series A, 5.75%, 09/01/19^(a)		6,710		7,162,455
Children’s Hospital, Series A, 5.25%, 11/01/41		8,500		9,394,880
Sutter Health, Series B, 6.00%, 08/15/42		6,015		6,608,620
California Health Facilities Financing Authority, Refunding RB, Series A^(a):
Catholic Healthcare West, 6.00%, 07/01/19		5,550		5,902,036
Dignity Health, 6.00%, 07/01/19		4,520		4,806,704
California Statewide Communities Development Authority, RB, Kaiser Permanente, Series A, 5.00%, 04/01/42		1,000		1,103,250
California Statewide Communities Development Authority, Refunding RB, Trinity Health Credit Group Composite Issue, 5.00%, 12/01/41		4,000		4,427,800

				44,736,259
State — 8.6%
Orange County Community Facilities District, Special Tax Bonds, Village of Esencia, Series A, 5.25%, 08/15/45		2,500		2,824,675
State of California, GO, Various Purposes, 6.00%, 04/01/38		12,000		12,580,440
State of California Public Works Board, LRB:
Department of Education, Riverside Campus Project, Series B, 6.50%, 04/01/19^(a)		9,000		9,536,490
Various Capital Projects, Series I, 5.50%, 11/01/33		4,940		5,760,238
Various Capital Projects, Sub-Series I-1, 6.38%, 11/01/19^(a)		5,025		5,455,793
State of California Public Works Board, RB, Department of Corrections & Rehabilitation, Series F, 5.25%, 09/01/33		4,335		4,979,051

				41,136,687
Tobacco — 7.2%
County of California Tobacco Securitization Agency, Refunding RB, Asset-Backed, Merced County, Series A, 5.25%, 06/01/45		1,135		1,136,532
Golden State Tobacco Securitization Corp., Refunding RB, Asset-Backed, Senior Series A-1, 5.75%, 06/01/47		27,800		28,064,656
Tobacco Securitization Authority of Northern California, Refunding RB, Asset-Backed Bonds, Series A-1, 5.38%, 06/01/38		2,000		2,003,860
Tobacco Securitization Authority of Southern California, Refunding RB, Tobacco Settlement, Asset-Backed, Senior Series A-1:
5.00%, 06/01/37		2,500		2,507,250
5.13%, 06/01/46		885		886,531

				34,598,829
Transportation — 21.2%
City & County of San Francisco California Airports Commission, ARB, Series E, 6.00%, 05/01/39		6,750		7,120,305
City & County of San Francisco California Airports Commission, Refunding ARB, Series A, AMT:
San Francisco International Airport, 5.00%, 05/01/41		5,170		5,827,676
5.00%, 05/01/42		6,805		7,725,989


18		2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

January 31, 2018

BlackRock California Municipal Income Trust (BFZ)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Transportation (continued)
City & County of San Francisco California Airports Commission, Refunding RB, San Francisco International Airport, Series B, AMT, 5.00%, 05/01/46	$	3,375	$	3,788,741
City of Long Beach California Harbor Revenue, ARB, Green Bonds, Series B, AMT, 5.00%, 05/15/43		1,695		1,935,419
City of Los Angeles California Department of Airports, ARB, AMT:
Los Angeles International Airport, Sub-Series A, 5.00%, 05/15/42		8,980		10,134,020
Los Angeles International Airport, Sub-Series B, 5.00%, 05/15/34		3,425		3,913,302
Subordinate, Los Angeles International Airport, Series B, 5.00%, 05/15/41		4,000		4,520,240
Sub-Series A, 5.00%, 05/15/42		3,325		3,796,618
City of Los Angeles California Department of Airports, Refunding ARB, Los Angeles International Airport, Senior, Series A:
5.00%, 05/15/34		6,650		6,941,735
5.00%, 05/15/40		4,760		5,102,863
City of San Jose California, Refunding ARB, Norman Y Mineta San Jose International Airport SJC, AMT:
Series A, 5.00%, 03/01/36		2,800		3,201,492
Series A, 5.00%, 03/01/37		1,500		1,711,275
Series A, 5.00%, 03/01/41		3,850		4,372,791
Series A-1, 5.75%, 03/01/34		3,875		4,286,138
Series A-1, 6.25%, 03/01/34		2,650		2,995,825
County of Sacramento California, Refunding ARB, Senior Series A, 5.00%, 07/01/41		12,500		14,296,500
County of Sacramento California, ARB:
PFC/Grant, Sub-Series D, 6.00%, 07/01/35		3,000		3,056,070
Senior Series B, 5.75%, 07/01/39		1,850		1,883,300
Port of Los Angeles California Harbor Department, Refunding RB, Series A, AMT, 5.00%, 08/01/44		4,135		4,607,010

				101,217,309
Utilities — 17.7%
Anaheim Public Financing Authority, RB, Electric System Distribution Facilities, Series A, 5.38%, 04/01/21^(a)		7,690		8,594,575
City of Chula Vista California, Refunding RB, San Diego Gas & Electric, Series D, 5.88%, 01/01/34		6,555		6,935,714
City of Los Angeles California Department of Water & Power, RB:
Power System, Sub-Series A-1, 5.25%, 07/01/38		9,000		9,142,380
Water System, Series A, 5.38%, 07/01/38		2,000		2,070,800
City of Los Angeles California Department of Water & Power, Refunding RB, Water System, Series A, 5.25%, 07/01/39		4,000		4,418,800
City of Los Angeles California Wastewater System, Refunding RB, Series A, 5.00%, 06/01/19^(a)		2,000		2,096,180
City of Petaluma California Wastewater, Refunding RB, 6.00%, 05/01/21^(a)		5,625		6,403,050
City of San Francisco California Public Utilities Commission Water Revenue, RB, Sub-Series A, 5.00%, 11/01/37		5,000		5,554,100
Cucamonga Valley Water District, Refunding RB, Series A (AGM), 5.25%, 09/01/31		4,320		4,839,307
Dublin-San Ramon Services District Water Revenue, Refunding RB, 6.00%, 02/01/21^(a)		2,425		2,736,807
East Bay Municipal Utility District Water System Revenue, RB, Green Bond, Series A, 5.00%, 06/01/45		6,000		7,007,280
El Dorado Irrigation District/El Dorado County Water Agency, Refunding RB, Series A (AGM), 5.25%, 03/01/39		10,000		11,475,300
Los Angeles Department of Water, Refunding RB, Series A, 5.25%, 07/01/44		3,000		3,552,780
Los Angeles Department of Water & Power System Revenue, RB, Series B, 5.00%, 07/01/38		6,000		6,917,220


Security	Par (000)		Value
Utilities (continued)
Yorba Linda Water District, Refunding RB, Series A, 5.00%, 10/01/38	$	2,570	$	3,000,681

				84,744,974

Total Municipal Bonds in California				443,636,685


Multi-State — 0.4%
Housing — 0.4%
Centerline Equity Issuer Trust^(b):
Series A-4-2, 6.00%, 05/15/19		1,000		1,050,210
Series B-3-2, 6.30%, 05/15/19		1,000		1,053,800

				2,104,010

Puerto Rico — 1.1%
Tobacco — 1.1%
Children’s Trust Fund, Refunding RB, Tobacco Settlement Asset-Backed Bonds:
5.50%, 05/15/39		2,910		2,677,171
5.63%, 05/15/43		2,765		2,527,127

				5,204,298

Total Municipal Bonds — 94.4% (Cost — $428,676,021)				450,944,993


Municipal Bonds Transferred to Tender Option Bond Trusts^(c)

California — 75.5%
County/City/Special District/School District — 25.1%
California Health Facilities Financing Authority, RB, Sutter Health, Series A, 5.00%, 11/15/41		11,620		13,265,857
Los Angeles Community College District California, GO, Election of 2008, Series C, 5.25%, 08/01/20^(a)(d)		12,902		14,061,729
Los Angeles Community College District California, GO, Refunding, Election of 2008, Series A, 6.00%, 08/01/19^(a)		20,131		21,496,449
Los Angeles Unified School District California, GO, Series I, 5.00%, 01/01/34		5,000		5,229,700
Palomar California Community College District, GO, Election of 2006, Series C, 5.00%, 08/01/44		15,140		17,211,909
San Diego Community College District California, GO, Election of 2002, 5.25%, 08/01/19^(a)		10,484		11,073,497
San Joaquin California Delta Community College District, GO, Election of 2004, Series C, 5.00%, 08/01/39		14,505		16,442,660
San Jose Unified School District, GO:
Election of 2002, Series D, 5.00%, 08/01/18^(a)		14,625		14,893,018
Series C, 4.00%, 08/01/39		6,100		6,369,376

				120,044,195
Education — 17.3%
Grossmont Union High School District, GO, Election of 2004, 5.00%, 08/01/18^(a)		13,095		13,334,988
University of California, RB:
Series AM, 5.25%, 05/15/44		5,000		5,803,450
Series O, 5.75%, 05/15/19^(a)		12,303		12,982,309
University of California, Refunding RB:
Series A, 5.00%, 11/01/43		11,791		13,545,584
Series AI, 5.00%, 05/15/38		14,225		16,098,876
Series AR, 5.00%, 05/15/38		4,250		4,916,570
Series I, 5.00%, 05/15/40		14,065		15,998,779

				82,680,556
Health — 9.1%
California Health Facilities Financing Authority, RB, Sutter Health, Series A, 5.00%, 08/15/52		9,695		10,795,853
California Statewide Communities Development Authority, RB, Kaiser Permanente, Series A, 5.00%, 04/01/42		18,960		20,906,244


SCHEDULES OF INVESTMENTS			19

Schedule of Investments (unaudited) (continued)

January 31, 2018

BlackRock California Municipal Income Trust (BFZ)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Health (continued)
Regents of the University of California Medical Center Pooled Revenue, Refunding RB, Series L, 5.00%, 05/15/47	$	10,290	$	11,620,291

				43,322,388
State — 2.5%
State of California, GO, Refunding, Various Purposes, 5.00%, 09/01/35		10,115		11,751,454

Transportation — 9.0%
City of Los Angeles California Department of Airports, ARB, AMT:
Los Angeles International Airport, Sub-Series A, 5.00%, 05/15/42		13,730		15,494,390
Series D, 5.00%, 05/15/41		18,632		20,827,968
County of San Diego Regional Transportation Commission, Refunding RB, Series A, 5.00%, 04/01/48		5,740		6,619,454

				42,941,812
Utilities — 12.5%
County of Orange California Water District, COP, Refunding, 5.00%, 08/15/19^(a)		10,480		11,051,632
County of San Diego California Water Authority Financing Corp., COP, Refunding, Series A (AGM)^(a):
5.00%, 01/01/00		1,670		1,685,498
5.00%, 05/01/18		8,370		8,447,674
Eastern Municipal Water District, COP, Series H, 5.00%, 07/01/18^(a)		18,002		18,270,154
Los Angeles Department of Water, Refunding RB, Series A, 5.00%, 07/01/46		6,412		7,350,135
San Diego Public Facilities Financing Authority Sewer, Refunding RB, Senior Series A, 5.25%, 05/15/19^(a)		12,460		13,071,412

				59,876,505

Total Municipal Bonds Transferred to Tender Option Bond Trusts — 75.5% (Cost — $352,707,307)				360,616,910

Total Long-Term Investments — 169.9% (Cost — $781,383,328)				811,561,903


Security	Shares		Value
Short-Term Securities — 0.1%
BlackRock Liquidity Funds, MuniCash, Institutional Class, 0.95%^(e)(f)		417,528	$	417,569

Total Short-Term Securities — 0.1% (Cost — $417,546)				417,569


Total Investments — 170.0% (Cost — $781,800,874)				811,979,472
Other Assets Less Liabilities — 1.8%				8,480,261
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (35.9)%				(171,593,282	)
VMTP Shares, at Liquidation Value — (35.9)%				(171,300,000	)

Net Assets Applicable to Common Shares — 100.0%			$	477,566,451

^(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)	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.

^(d)	All or a portion of security is subject to a recourse agreement. The aggregate maximum potential amount the Trust could ultimately be required to pay under the agreements, which expires on August 1, 2018, is $6,798,086. See Note 4 of the Notes to Financial Statements for details.

^(e)	Annualized 7-day yield as of period end.

^(f)	During the period ended January 31, 2018, investments in issuers considered to be an affiliate of the Trust for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:


Affiliate	Shares Held at 07/31/17		Net Activity		Shares Held at 01/31/18		Value at 01/31/18		Income		Net Realized Gain (Loss)^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds, MuniCash, Institutional Class		252,116		165,412		417,528	$	417,569	$	6,967	$	356	$	(2	)

^(a)

Includes net capital gain distributions, if applicable.


20		2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

January 31, 2018

BlackRock California Municipal Income Trust (BFZ)

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:
10-Year U.S. Treasury Note		92		03/20/18	$	11,185	$	235,617
Long U.S. Treasury Bond		132		03/20/18		19,511		597,749
5-Year U.S. Treasury Note		34		03/29/18		3,900		47,304

							$	880,670

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 as follows:


	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Net unrealized appreciation^(a)	$	—	$	—	$	—	$	—	$	880,670	$	—	$	880,670

^(a)

Includes cumulative depreciation on futures contracts, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities.

For the six months ended January 31, 2018, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—	$	—	$	—	$	249,388	$	—	$	249,388

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	—	$	—	$	937,532	$	—	$	937,532

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — short	$	30,831,539

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


SCHEDULES OF INVESTMENTS			21

Schedule of Investments (unaudited) (continued)

January 31, 2018

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 Investments^(a)	$	—	$	811,561,903	$	—	$	811,561,903
Short-Term Securities		417,569		—		—		417,569

	$	417,569	$	811,561,903	$	—	$	811,979,472

Derivative Financial Instruments^(b)
Assets:
Interest rate contracts	$	880,670	$	—	$	—	$	880,670

^(a)

See above Schedule of Investments for values in each sector.

^(b)

Derivative 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 amount for financial statement purposes. As of period end, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:


	Level 1		Level 2			Level 3		Total
Liabilities:
TOB Trust Certificates	$	—	$	(170,958,028	)	$	—	$	(170,958,028	)
VMTP Shares at Liquidation Value		—		(171,300,000	)		—		(171,300,000	)

	$	—	$	(342,258,028	)	$	—	$	(342,258,028	)

During the period ended January 31, 2018, there were no transfers between levels.

See notes to financial statements.


22		2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited)

January 31, 2018

BlackRock Florida Municipal 2020 Term Trust (BFO)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Municipal Bonds
Florida — 98.4%
Corporate — 7.9%
Citizens Property Insurance Corp., RB, Senior Secured, Series A-1, 5.00%, 06/01/20	$	3,140	$	3,364,510
County of Hillsborough Florida IDA, Refunding RB, Tampa Electric Co. Project, Series A, 5.65%, 05/15/18		1,000		1,011,480
County of Palm Beach Florida Solid Waste Authority, Refunding RB, 5.00%, 10/01/20		2,000		2,171,140

				6,547,130
County/City/Special District/School District — 27.0%
City of Jacksonville Florida, RB, Series B, 5.00%, 10/01/20		760		825,862
City of Jacksonville Florida, Refunding RB:
Better Jacksonville Sales Tax, 5.00%, 10/01/20		4,000		4,340,080
Brooks Rehabilitation Project, 5.00%, 11/01/20		400		432,448
County of Broward Florida School Board, COP, Refunding, Series A, 5.00%, 07/01/20		2,000		2,154,920
County of Broward Florida School Board, COP, Series A (AGM), 5.25%, 07/01/18^(a)		2,500		2,540,800
County of Miami-Dade Florida School Board, COP, Refunding, Series B (AGC), 5.25%, 05/01/18^(a)		4,000		4,039,160
Florida State Board of Education, GO, Refunding, Capital Outlay, Series B, 5.00%, 06/01/20		485		512,354
Indian River County School Board, COP, Refunding, Series A, 5.00%, 07/01/20		1,000		1,075,490
Miami-Dade County School Board Foundation, Inc., COP, Refunding, Series A, 5.00%, 05/01/20		1,250		1,337,387
Palm Beach County School District, COP, Refunding Series B, 5.00%, 08/01/20		3,000		3,242,580
Stevens Plantation Florida Imports Project Dependent Special District, RB, 6.38%, 05/01/49^(b)(c)		2,425		1,697,500

				22,198,581
Education — 4.8%
City of Tampa Florida, Refunding RB, Florida Revenue The University of Tampa Project, 5.00%, 04/01/20		795		844,894
Florida Atlantic University Traffic and Parking Services Revenue, Refunding RB, Series A, 5.00%, 07/01/20		1,150		1,237,101
Florida State Board of Governors, Refunding RB, University of Central Florida, Series A, 5.00%, 07/01/18		400		405,984
Florida State Higher Educational Facilities Financial Authority, Refunding RB, University of Tampa Project, Series A, 5.00%, 04/01/20		1,000		1,063,850
Volusia County School Board, COP, Refunding Series A, 5.00%, 08/01/20		350		377,766

				3,929,595
Health — 18.5%
County of Brevard Florida Health Facilities Authority, Refunding RB, 5.00%, 04/01/20		500		531,925
County of Highlands Florida Health Facilities Authority, Refunding RB, Hospital, Adventist Health, Series I, 5.00%, 11/15/20		2,155		2,277,576
County of Orange Florida Health Facilities Authority, Refunding RB, Mayflower Retirement Center:
3.25%, 06/01/18		195		196,266
3.50%, 06/01/19		200		205,194
County of Palm Beach Florida Health Facilities Authority, Refunding RB:
Acts Retirement-Life Communities, Inc., 5.00%, 11/15/22		4,735		5,278,389
Bethesda Healthcare System Project, Series A (AGM), 5.00%, 07/01/20^(d)		1,285		1,387,080
County of Palm Beach Health Facilities Authority, Refunding RB, Acts Retirement-Life Communities, Inc., 4.00%, 11/15/20		2,000		2,102,820
Halifax Hospital Medical Center, Refunding RB, 5.00%, 06/01/20		590		629,394


Security	Par (000)		Value
Health (continued)
Miami Beach Health Facilities Authority, Refunding RB, 5.00%, 11/15/20	$	150	$	161,328
South Miami Health Facilities Authority, Refunding RB, Baptist Health South Florida Obligated Group, 5.00%, 08/15/20		2,250		2,420,730

				15,190,702
Housing — 0.2%
County of Lee Florida HFA, RB, S/F Housing, Multi-County Program, Series A-2, AMT (Ginnie Mae, Fannie Mae & Freddie Mac), 6.00%, 09/01/40		80		81,321
County of Manatee Florida HFA, RB, S/F Housing, Series A, AMT (Ginnie Mae, Fannie Mae & Freddie Mac), 5.90%, 09/01/40		90		90,803

				172,124
State — 10.8%
Florida Municipal Loan Council, RB, Series D (AGM):
5.00%, 10/01/19		1,050		1,106,942
4.00%, 10/01/20		1,105		1,164,383
4.00%, 10/01/21		500		534,415
Florida Municipal Loan Council, Refunding RB:
CAB, Series A (NPFGC), 0.00%, 04/01/20^(e)		2,315		2,139,847
Series B-2 (AGM), 4.00%, 10/01/20		655		687,239
State of Florida Department of Environmental Protection, Refunding RB, Series A, 5.00%, 07/01/20		3,000		3,235,350

				8,868,176
Transportation — 14.8%
City of Jacksonville Florida Port Authority, Refunding RB, AMT, 4.00%, 11/01/20		865		897,585
County of Broward Florida Fuel System, RB, Lauderdale Fuel Facilities, Series A (AGM), AMT, 5.00%, 04/01/20		160		170,147
County of Broward Florida Port Facilities, Refunding RB, Series B, AMT, 5.00%, 09/01/20		2,500		2,692,250
County of Hillsborough Aviation Authority, Refunding ARB, Tampa International Airport, Series A, 5.00%, 10/01/18		3,400		3,483,062
County of Miami-Dade Florida, Refunding RB, Series A, AMT, 5.00%, 10/01/20		1,375		1,484,807
County of Miami-Dade Florida Expressway Authority, Refunding RB, Toll System, Series A, 5.00%, 07/01/20		1,500		1,615,080
County of Miami-Dade Florida Transit System Sales Surtax, Refunding RB, 5.00%, 07/01/20		550		592,059
Greater Orlando Aviation Authority, Refunding RB, Series C, 5.00%, 10/01/20		1,130		1,224,841

				12,159,831
Utilities — 14.4%
City of Fort Lauderdale Florida Water & Sewer Revenue, Refunding RB, 5.00%, 09/01/20		2,970		3,221,886
City of Miami Beach Florida, RB, 5.00%, 09/01/20		250		269,752
City of North Miami Florida Beach Water Revenue, RB, 5.00%, 08/01/20		1,200		1,290,000
County of Miami-Dade Florida Water & Sewer System, Refunding RB, Series B (AGM), 5.25%, 10/01/19		4,000		4,236,640
Florida Governmental Utility Authority, RB, Golden Gate Utility System (AGM), 5.00%, 07/01/19		510		534,215
Florida Governmental Utility Authority, Refunding RB (AGM):
4.00%, 10/01/20		500		526,870
Lehigh Utility, 5.00%, 10/01/20		635		685,711
Florida Municipal Power Agency, RB, 5.00%, 10/01/20		500		541,285
Town of Davie Florida, Refunding RB, Nova Southeastern University Project, Series B, 5.00%, 04/01/20		530		561,641

				11,868,000

Total Municipal Bonds in Florida				80,934,139


SCHEDULES OF INVESTMENTS			23

Schedule of Investments (unaudited) (continued)

January 31, 2018

BlackRock Florida Municipal 2020 Term Trust (BFO)

(Percentages shown are based on Net Assets)


Security	Shares/Par (000)		Value
Guam — 0.5%
Utilities — 0.5%
Guam Government Waterworks Authority, RB, 5.25%, 07/01/20	$	100	$	106,862
Guam Power Authority, Refunding RB, Series A (AGM), 5.00%, 10/01/20		310		332,921

				439,783

Total Municipal Bonds — 98.9% (Cost — $80,570,910)				81,373,922


Short-Term Securities — 0.2%
BlackRock Liquidity Funds, MuniCash, Institutional Class, 0.95%^(f)(g)		149,341		149,356

Total Short-Term Securities — 0.2% (Cost — $149,341)				149,356


Total Investments — 99.1% (Cost — $80,720,251)				81,523,278
Other Assets Less Liabilities — 0.9%				719,761

Net Assets Applicable to Common Shares — 100.0%			$	82,243,039

^(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)	Security is collateralized by municipal bonds or U.S. Treasury obligations.

^(e)	Zero-coupon bond.

^(f)	Annualized 7-day yield as of period end.

^(g)	During the period ended January 31, 2018, investments in issuers considered to be an affiliate of the Trust for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:


Affiliate	Shares Held at 07/31/17		Net Activity			Shares Held at 01/31/18		Value at 01/31/18		Income		Net Realized Gain (Loss)^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds, MuniCash, Institutional Class		2,171,482		(2,022,141	)		149,341	$	149,356	$	17,914	$	243	$	(535	)

^(a)

Includes net capital gain distributions, if applicable.

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 and derivative financial instruments, refer to the Notes to Financial Statements.

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


	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Long-Term Investments^(a)	$	—	$	81,373,922	$	—	$	81,373,922
Short-Term Securities		149,356		—		—		149,356

	$	149,356	$	81,373,922	$	—	$	81,523,278

^(a)

See above Schedule of Investments for values in each sector.

During the period ended January 31, 2018, there were no transfers between levels.

See notes to financial statements.


24		2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited)

January 31, 2018

BlackRock Municipal 2030 Target Term Trust (BTT)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Municipal Bonds

Alabama — 2.0%
Alabama Federal Aid Highway Finance Authority, RB, Series A:
5.00%, 09/01/33	$	3,985	$	4,735,575
5.00%, 09/01/34		3,500		4,146,275
Alabama Special Care Facilities Financing Authority-Birmingham, Refunding RB, Children’s Hospital of Albama, 5.00%, 06/01/30		10,000		11,306,900
County of Jefferson Alabama Sewer Revenue, Refunding RB, CAB, Senior Lien-Warrants, Series B (AGM)^(a):
0.00%, 10/01/31		7,375		3,804,099
0.00%, 10/01/32		6,295		3,013,102
0.00%, 10/01/33		1,275		571,837
Homewood Educational Building Authority, Refunding RB, Educational Facilities, Samford University:
5.00%, 12/01/32		290		331,304
Series A, 5.00%, 12/01/33		1,010		1,147,754
Series A, 5.00%, 12/01/34		1,380		1,555,205
University of South Alabama, Refunding RB, AGM:
5.00%, 11/01/29		1,105		1,291,469
5.00%, 11/01/30		2,000		2,327,380

				34,230,900
Alaska — 0.3%
Northern Tobacco Securitization Corp., Refunding RB, Tobacco Settlement, Asset-Backed, Series A, 4.63%, 06/01/23		4,945		5,086,476

Arizona — 2.2%
Arizona Health Facilities Authority, Refunding RB, Phoenix Children’s Hospital:
Series A, 5.00%, 02/01/34		6,340		6,784,624
Series B, 5.00%, 02/01/33		1,810		1,926,654
City of Phoenix Arizona IDA, RB, Facility:
Candeo Schools, Inc. Project, 6.00%, 07/01/23		505		553,702
Eagle College Preparatory Project, Series A, 4.50%, 07/01/22		490		507,028
Eagle College Preparatory Project, Series A, 5.00%, 07/01/33		1,000		1,024,600
Legacy Traditional Schools Project, Series A, 5.75%, 07/01/24^(b)		750		812,063
County of Maricopa IDA, Refunding RB, Banner Health, Series A, 5.00%, 01/01/31		16,280		19,003,807
County of Pima Arizona IDA, Refunding RB, Tucson Electric Power Co. Project, Series A, 4.00%, 09/01/29		6,000		6,321,180

				36,933,658
California — 13.7%
Alameda Corridor Transportation Authority, Refunding RB, CAB, Sub-Lien, Series A (AMBAC), 0.00%, 10/01/30^(a)		10,530		6,408,558
Azusa Unified School District, GO, Refunding, (AGM):
4.00%, 08/01/30		4,420		4,797,733
4.00%, 08/01/31		4,825		5,195,801
California Health Facilities Financing Authority, Refunding RB, Sutter Health, Series A, 5.00%, 11/15/32		1,700		2,013,344
California Municipal Finance Authority, RB:
Biola University, 4.00%, 10/01/27		750		800,460
Biola University, 4.00%, 10/01/33		2,500		2,572,700
Senior, S/F Housing, Caritas Affordable Housing, Inc. Project, Series A, 5.00%, 08/15/30		1,000		1,100,010
California Municipal Finance Authority, Refunding RB, Eisenhower Medical Center, Series A:
5.00%, 07/01/30		1,200		1,392,336
5.00%, 07/01/31		1,050		1,213,632


Security	Par (000)		Value
California (continued)
California Pollution Control Financing Authority, RB, Poseidon Resources (Channel Side) LP Desalination Project, AMT, 5.00%, 07/01/30^(b)	$	13,845	$	15,173,428
California Statewide Communities Development Authority, RB:
American Baptist Homes of the West, Series A, 5.00%, 10/01/23		1,500		1,680,210
Eskaton Properties, Inc., 5.25%, 11/15/34		2,500		2,719,850
City & County of San Francisco California Redevelopment Agency, Refunding, Special Tax Bonds, No. 6 Mission Bay South Public Improvements, Series A:
5.00%, 08/01/28		1,000		1,110,660
5.00%, 08/01/29		1,300		1,440,933
City of Long Beach California Harbor Revenue, RB, AMT, Series A:
5.00%, 05/15/31		1,200		1,405,944
5.00%, 05/15/32		1,800		2,102,526
5.00%, 05/15/33		675		785,464
5.00%, 05/15/34		1,650		1,914,214
City of San Jose California, Refunding ARB, Norman Y Mineta San Jose International Airport SJC, Series A, AMT:
5.00%, 03/01/30		500		582,850
5.00%, 03/01/31		1,500		1,740,765
5.00%, 03/01/32		1,000		1,156,200
5.00%, 03/01/33		975		1,123,112
5.00%, 03/01/34		1,250		1,435,613
5.00%, 03/01/35		2,000		2,291,880
County of San Diego Regional Airport Authority, ARB, AMT, Sub-Series B, 5.00%, 07/01/33		1,000		1,157,610
El Camino Community College District, GO, CAB, Election of 2002, Series C^(a):
0.00%, 08/01/30		9,090		6,098,026
0.00%, 08/01/31		12,465		8,024,344
0.00%, 08/01/32		17,435		10,770,820
Golden State Tobacco Securitization Corp., Refunding RB, Series A-1, 5.00%, 06/01/29		14,500		16,704,145
Los Angeles Regional Airports Improvement Corp., Refunding RB, LAXFuel Corp., Los Angeles International, AMT, 5.00%, 01/01/32		4,110		4,416,031
Los Angeles Unified School District, GO, Election of 2008, Series A, 4.00%, 07/01/33		3,000		3,193,920
M-S-R Energy Authority, RB, Series C, 6.13%, 11/01/29		2,500		3,073,200
Monterey Peninsula Community College District, GO, Refunding, CAB^(a):
0.00%, 08/01/30		3,500		2,322,145
0.00%, 08/01/31		5,940		3,768,455
Oakland Unified School District/Alameda County, GO, Refunding, 5.00%, 08/01/30		1,800		2,122,956
Oakland Unified School District/Alameda County, GO:
Series A, 5.00%, 08/01/32		1,100		1,278,783
Series A, 5.00%, 08/01/33		1,000		1,156,630
Refunding Series C, 5.00%, 08/01/30		1,300		1,549,015
Poway Unified School District, GO, Election of 2008, Series A^(a):
0.00%, 08/01/27		10,000		7,536,700
0.00%, 08/01/30		10,000		6,602,200
0.00%, 08/01/32		12,500		7,580,375
Riverside Public Financing Authority, Tax Allocation Bonds, University Corridor/Sycamore Canyon Merged Redevelopment Project, Series C (NPFGC), 4.50%, 08/01/30		10,000		10,020,100


SCHEDULES OF INVESTMENTS			25

Schedule of Investments (unaudited) (continued)

January 31, 2018

BlackRock Municipal 2030 Target Term Trust (BTT)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
California (continued)
San Bernardino Community College District, GO, Refunding, Series A:
4.00%, 08/01/31	$	10,660	$	11,335,524
4.00%, 08/01/32		12,010		12,714,386
4.00%, 08/01/33		5,665		5,982,523
State of California, GO, Refunding:
5.00%, 08/01/30		13,250		15,861,575
Various Purpose, 4.00%, 09/01/34		16,000		17,089,760
Union City Community Redevelopment Agency, Refunding, Tax Allocation Bonds, Community Redevelopment Agency Projects, Series A:
5.00%, 10/01/32		1,355		1,559,280
5.00%, 10/01/33		3,000		3,447,810
Washington Township Health Care District, Refunding RB, Series B, 3.00%, 07/01/28		1,815		1,737,863

				229,262,399
Colorado — 2.3%
Central Platte Valley Metropolitan District, GO, Series A:
5.13%, 12/01/29		700		764,120
5.50%, 12/01/29		750		837,675
5.38%, 12/01/33		1,500		1,647,105
City of Lakewood Colorado Plaza Metropolitan District No. 1, Refunding, Tax Allocation Bonds^(b):
4.00%, 12/01/23		1,000		1,032,340
4.10%, 12/01/24		5,080		5,223,307
4.20%, 12/01/25		5,280		5,402,602
4.50%, 12/01/30		4,305		4,375,774
Colorado Health Facilities Authority, Refunding RB:
Covenant Retirement Communities, Series A, 4.50%, 12/01/33		4,595		4,659,284
Covenant Retirement Communities, Series A, 5.00%, 12/01/33		3,000		3,212,040
NCMC, Inc. Project, 4.00%, 05/15/30		2,860		3,043,069
Copperleaf Metropolitan District No. 2, GO, Refunding, 5.25%, 12/01/30		500		526,345
Park Creek Metropolitan District, Refunding, Tax Allocation Bonds, Senior Limited Property, Series A:
5.00%, 12/01/27		1,500		1,730,550
5.00%, 12/01/28		1,500		1,723,725
5.00%, 12/01/30		1,350		1,539,148
5.00%, 12/01/31		1,500		1,704,555
5.00%, 12/01/33		1,000		1,128,940
Tallyns Reach Metropolitan District No. 3, GO, Refunding, 5.00%, 12/01/33		503		533,195

				39,083,774
Connecticut — 0.8%
State of Connecticut, GO, Series D, 4.00%, 08/15/29		11,500		12,112,030
State of Connecticut Health & Educational Facilities Authority, RB, Sacred Heart University Issue, Series I-1:
5.00%, 07/01/31		400		461,632
5.00%, 07/01/32		200		229,582
5.00%, 07/01/33		210		240,143
5.00%, 07/01/34		300		342,015
5.00%, 07/01/35		400		454,976

				13,840,378
District of Columbia — 1.7%
District of Columbia, GO, Series A, 5.00%, 06/01/32		16,980		19,792,737
District of Columbia, Refunding RB, Kipp Charter School, Series A, 6.00%, 07/01/23^(c)		1,700		2,050,149
Metropolitan Washington Airports Authority, Refunding RB, AMT:
5.00%, 10/01/32		2,750		3,195,802


Security	Par (000)		Value
District of Columbia (continued)
Metropolitan Washington Airports Authority, Refunding RB, AMT (continued):
5.00%, 10/01/33	$	1,270	$	1,470,127
5.00%, 10/01/34		2,000		2,306,120

				28,814,935
Florida — 9.2%
City of Lakeland Florida, Refunding RB, Lakeland Regional Health System, 5.00%, 11/15/30		3,750		4,312,838
City of Tampa Florida, Refunding RB, H. Lee Moffitt Cancer Center Project, Series A, 4.00%, 09/01/33		10,000		10,297,700
County of Alachua Florida Health Facilities Authority, RB, East Ridge Retirement Village, Inc. Project, 6.00%, 11/15/29		5,000		5,595,150
County of Broward Florida, ARB, AMT:
5.00%, 10/01/30		2,290		2,671,674
5.00%, 10/01/31		2,000		2,324,220
5.00%, 10/01/33		2,000		2,309,720
5.00%, 10/01/34		1,500		1,726,890
County of Broward Florida, RB, Fort Lauderdale Fuel Facilities, Series A, AMT (AGM):
5.00%, 04/01/30		600		656,688
5.00%, 04/01/33		740		806,215
County of Martin Florida IDA, Refunding RB, Indiantown Cogeneration, L.P. Project, AMT, 4.20%, 12/15/25^(b)		5,250		5,361,510
County of Miami-Dade Florida, Refunding RB, Series B, 4.00%, 04/01/32		6,690		7,086,449
County of Miami-Dade Florida School Board, COP, Refunding, Series A, 5.00%, 05/01/32		9,000		10,235,610
County of Orange Florida Tourist Development Tax Revenue, Refunding RB:
5.00%, 10/01/30		11,470		14,116,932
4.00%, 10/01/31		16,485		17,643,071
County of Palm Beach Florida Health Facilities Authority, Refunding RB, Acts Retirement-Life Communities, Inc. Obligated Group, 5.00%, 11/15/32		19,790		22,353,003
County of St. Johns Florida Water & Sewer Revenue, Refunding RB, CAB, Series B^(a):
0.00%, 06/01/30		2,000		1,357,080
0.00%, 06/01/31		1,295		844,819
0.00%, 06/01/32		2,495		1,565,263
Double Branch Community Development District, Refunding, Special Assessment Bonds, Senior Lien, Series A-1, 4.13%, 05/01/31		1,200		1,236,768
Greater Orlando Aviation Authority, Refunding RB, Jet Blue Airways Corp. Project, AMT, 5.00%, 11/15/26		2,000		2,123,680
Jacksonville Florida Port Authority, Refunding RB, AMT:
4.50%, 11/01/30		2,895		3,055,499
4.50%, 11/01/31		3,200		3,375,968
4.50%, 11/01/32		2,300		2,423,349
Miami Beach Health Facilities Authority, Refunding RB, Mont Sinai Medical Center, 5.00%, 11/15/30		1,000		1,092,380
Reedy Creek Improvement District, GO, Series A, 5.25%, 06/01/30		3,825		4,392,056
Village Community Development District No. 10, Special Assessment Bonds, Sumter County:
4.50%, 05/01/23		2,320		2,480,660
5.00%, 05/01/32		5,545		6,140,200
Village Community Development District No. 5, Refunding, Special Assessment Bonds, Sumter County:
Phase I, 3.50%, 05/01/28		1,990		2,010,875
Phase I, 3.50%, 05/01/28		3,720		3,759,023
Phase II, 4.00%, 05/01/33		1,155		1,178,551
Phase II, 4.00%, 05/01/34		2,400		2,448,936


26		2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

January 31, 2018

BlackRock Municipal 2030 Target Term Trust (BTT)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Florida (continued)
Village Community Development District No. 6, Refunding, Special Assessment Bonds, Sumter County, 4.00%, 05/01/29	$	5,955	$	6,139,903

				153,122,680
Illinois — 13.9%
Chicago Board of Education, GO, Refunding, Dedicated Revenues:
Series C, 5.00%, 12/01/30		7,025		7,340,914
Series F, 5.00%, 12/01/22		4,760		5,054,977
Chicago Midway International Airport, Refunding ARB, 2nd Lien, Series A, AMT, 5.00%, 01/01/33		5,000		5,535,250
Chicago O’Hare International Airport, Refunding RB, Series B, 5.00%, 01/01/33		6,940		7,805,279
Chicago Transit Authority, Refunding RB:
Section 5307, Urbanized Area Formula Funds, 5.00%, 06/01/26		2,000		2,291,240
Section 5337, State of Good Repair Formula Funds, 5.00%, 06/01/26		1,000		1,149,600
City of Chicago Illinois, GO, Project, Series A, 5.00%, 01/01/33		10,000		10,329,300
City of Chicago Illinois, RB, Wastewater Transmission, 2nd Lien:
4.00%, 01/01/31		10,375		10,483,419
4.00%, 01/01/32		10,790		10,871,465
4.00%, 01/01/33		11,220		11,272,173
4.00%, 01/01/35		9,135		9,174,189
City of Chicago Illinois, Refunding ARB, O’Hare International Airport Passenger Facility Charge, Series B, AMT, 4.00%, 01/01/27		5,000		5,173,900
City of Chicago Illinois Motor Fuel Tax Revenue, Refunding RB, (AGM), 5.00%, 01/01/30		730		793,430
City of Chicago O’Hare International Airport, Refunding GARB, Senior Lien, Series B, 5.00%, 01/01/33		6,000		6,917,100
City of St. Charles Illinois, GO, Refunding, Corporate Purpose:
4.00%, 12/01/30		1,620		1,729,123
4.00%, 12/01/31		1,715		1,826,492
County of Cook Illinois, GO, Refunding, Series C, 4.00%, 11/15/29		19,750		20,596,880
Illinois Finance Authority, Refunding RB:
DePaul University, Series A, 5.00%, 10/01/30		1,000		1,154,030
DePaul University, Series A, 4.00%, 10/01/31		1,000		1,048,490
DePaul University, Series A, 4.00%, 10/01/32		1,000		1,045,430
Lutheran Home & Services Obligated Group, 5.00%, 05/15/22		3,890		4,082,205
Lutheran Home & Services Obligated Group, 5.50%, 05/15/27		4,350		4,661,025
Lutheran Home & Services Obligated Group, 5.50%, 05/15/30		4,900		5,210,366
Presence Health Network, Series C, 5.00%, 02/15/30		12,000		13,542,600
Rush University Medical Center, Series A, 5.00%, 11/15/31		8,415		9,473,607
Rush University Medical Center, Series A, 5.00%, 11/15/32		2,075		2,331,698
Rush University Medical Center, Series A, 5.00%, 11/15/33		2,125		2,380,531
The Peoples Gas Light & Coke Company Project, 4.00%, 02/01/33		11,000		11,341,330
The University of Chicago Medical Centre, Series B, 5.00%, 08/15/30		3,205		3,625,368
Illinois State Toll Highway Authority, Refunding RB, Senior, Series A, 4.00%, 12/01/31		20,000		21,053,200


Security	Par (000)		Value
Illinois (continued)
Metropolitan Pier & Exposition Authority, Refunding RB, McCormick Place Expansion Project:
5.00%, 12/15/28	$	1,200	$	1,353,348
5.00%, 12/15/30		1,385		1,542,378
State of Illinois, GO, Series D, 5.00%, 11/01/26		10,025		10,712,414
Winnebago & Boone Counties School District No. 205 Rockford, GO:
4.00%, 02/01/29		9,080		9,455,640
4.00%, 02/01/30		9,835		10,094,939

				232,453,330
Indiana — 3.0%
City of Valparaiso Indiana, RB, Exempt Facilities, Pratt Paper LLC Project, AMT, 5.88%, 01/01/24		1,780		1,992,728
City of Whiting Indiana, RB, BP Products North America, Inc. Project, AMT, 5.00%, 03/01/46^(d)		8,500		9,637,980
Indiana Finance Authority, Refunding RB:
Community Health Network Project, Series A, 4.00%, 05/01/35		23,565		24,126,082
Earlham College Project, 5.00%, 10/01/32		11,255		11,612,459
Northern Indiana Commuter Transportation District, RB:
5.00%, 07/01/32		1,000		1,139,740
5.00%, 07/01/33		1,400		1,588,986

				50,097,975
Iowa — 2.0%
Iowa Finance Authority, Refunding RB, Midwestern Disaster Area, Iowa Fertilizer Co. Project:
5.50%, 12/01/22		60		61,045
5.25%, 12/01/25		14,345		15,161,518
5.25%, 12/01/50^(d)		18,440		18,440,000

				33,662,563
Kansas — 0.1%
Wyandotte County-Kansas City Unified Government Utility System Revenue, RB, Series A, 5.00%, 09/01/33		1,370		1,567,499

Kentucky — 0.6%
Countyof Louisville/Jefferson Metropolitan Government, Refunding RB, Norton Healthcare, Inc., Series A, 5.00%, 10/01/32		7,300		8,288,639
Kentucky Public Transportation Infrastructure Authority, RB, CAB, 1st Tier-DownTown Crossing Project:
Series B, 0.00%, 07/01/30^(a)		1,230		712,133
Convertible Series C, 0.00%, 07/01/33^(e)		1,500		1,401,180

				10,401,952
Louisiana — 2.7%
City of New Orleans Louisiana, Refunding RB, 5.00%, 12/01/29		1,000		1,133,220
City of Ruston Louisiana, RB, (AGM):
5.00%, 06/01/29		1,060		1,216,043
5.00%, 06/01/30		1,000		1,144,040
5.00%, 06/01/31		1,020		1,163,698
5.00%, 06/01/32		1,225		1,393,719
Louisiana Public Facilities Authority, Refunding RB:
5.00%, 05/15/29		1,235		1,407,196
5.00%, 05/15/30		990		1,122,957
3.00%, 05/15/31		2,225		2,125,810
5.00%, 05/15/32		1,485		1,668,932
5.00%, 05/15/33		2,175		2,437,696
Entergy Louisiana, Series B, 3.50%, 06/01/30		5,990		6,049,960
Louisiana Stadium & Exposition District, Refunding RB, Senior, Series A, 5.00%, 07/01/30		3,000		3,405,150


SCHEDULES OF INVESTMENTS			27

Schedule of Investments (unaudited) (continued)

January 31, 2018

BlackRock Municipal 2030 Target Term Trust (BTT)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Louisiana (continued)
Port New Orleans Board of Commissioners, Refunding RB, Series B, AMT:
5.00%, 04/01/31	$	300	$	322,986
5.00%, 04/01/32		1,000		1,072,700
5.00%, 04/01/33		1,575		1,684,116
Terrebonne Levee & Conservation District, RB, Sales Tax, 5.00%, 07/01/29		1,925		2,165,144
Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, Series A:
5.25%, 05/15/31		3,425		3,706,706
5.25%, 05/15/32		4,375		4,782,706
5.25%, 05/15/33		4,750		5,150,757
5.25%, 05/15/35		1,500		1,631,640

				44,785,176
Maryland — 1.9%
City of Baltimore Maryland, Refunding RB, Convention Center Hotel, 5.00%, 09/01/31		1,250		1,450,025
County of Anne Arundel Maryland Consolidated, Special Taxing District, Special Tax Bonds, Villages At Two Rivers Project:
4.20%, 07/01/24		700		697,256
4.90%, 07/01/30		1,315		1,331,543
County of Howard Maryland Housing Commission, RB, Woodfield Oxford Square Apartments, 5.00%, 12/01/33		1,765		2,027,861
Maryland EDC, RB, Purple Line Light Rail Project, Series D, AMT, 5.00%, 03/31/30		1,325		1,511,653
Maryland EDC, Refunding RB:
CNX Marine Terminals, Inc., 5.75%, 09/01/25		3,225		3,386,992
Salisbury University Project, 5.00%, 06/01/34		500		525,970
Maryland Health & Higher Educational Facilities Authority, Refunding RB:
Charlestown Community, Series A, 5.00%, 01/01/31		2,865		3,329,846
Charlestown Community, Series A, 5.00%, 01/01/32		3,010		3,481,276
Charlestown Community, Series A, 5.00%, 01/01/33		3,165		3,645,257
LifeBridge Health Issue, 5.00%, 07/01/31		1,000		1,157,610
LifeBridge Health Issue, 5.00%, 07/01/32		500		577,040
LifeBridge Health Issue, 5.00%, 07/01/33		1,000		1,150,550
Lifebridge Health Issue, 5.00%, 07/01/33		385		438,800
LifeBridge Health Issue, 5.00%, 07/01/34		775		888,956
Meritus Medical Center, 5.00%, 07/01/29		2,200		2,453,308
Meritus Medical Center, 5.00%, 07/01/31		1,400		1,544,704
Meritus Medical Center, 5.00%, 07/01/33		1,200		1,310,040

				30,908,687
Massachusetts — 1.5%
Massachusetts Development Finance Agency, RB, Emmanuel College Issue, Series A, 5.00%, 01/01/33		1,070		1,217,425
Massachusetts Development Finance Agency, Refunding RB, Series A, Emmanuel College Issue:
5.00%, 10/01/30		780		881,689
5.00%, 10/01/31		3,635		4,088,466
5.00%, 10/01/32		980		1,097,551
5.00%, 10/01/33		1,285		1,433,006
5.00%, 01/01/32		2,020		2,334,171
5.00%, 01/01/33		1,500		1,726,410
5.00%, 01/01/34		2,085		2,393,976
5.00%, 01/01/35		2,000		2,289,080
Massachusetts Educational Financing Authority, Refunding RB, Series K, AMT, 5.25%, 07/01/29		6,820		7,292,489

				24,754,263


Security	Par (000)		Value
Michigan — 1.5%
Michigan Finance Authority, Refunding RB:
MidMichigan Health, 5.00%, 06/01/33	$	2,750	$	3,082,365
Oakwood Obligation Group, 5.00%, 08/15/30		2,105		2,327,730
Trinity Health Credit Group, 5.00%, 12/01/31		3,000		3,485,040
Michigan State Hospital Finance Authority, Refunding RB, Trinity Health Credit Group, Series C, 4.00%, 12/01/32		8,195		8,427,738
Saginaw Valley State University, Refunding RB, Series A:
5.00%, 07/01/31		2,070		2,360,918
5.00%, 07/01/32		1,430		1,626,425
State of Michigan, Refunding RB, GAN, 5.00%, 03/15/27		3,750		4,449,637

				25,759,853
Minnesota — 0.2%
Sartell-St Stephen Independent School District No. 748, GO, Series B^(a):
0.00%, 02/01/30		1,850		1,241,387
0.00%, 02/01/31		2,190		1,409,462
0.00%, 02/01/32		1,450		893,809

				3,544,658
Mississippi — 1.3%
Mississippi Development Bank, Refunding RB, Municipal Energy Agency of Mississippi, Series A (AGM):
5.00%, 03/01/30		2,280		2,603,258
5.00%, 03/01/31		1,595		1,813,770
5.00%, 03/01/32		2,000		2,266,680
5.00%, 03/01/33		1,275		1,440,151
State of Mississippi, RB, Series E, 5.00%, 10/15/33		12,225		14,012,540

				22,136,399
Missouri — 0.7%
City of St. Louis Missouri IDA, Refunding RB, Ballpark Village Development Project, Series A, 3.88%, 11/15/29		1,105		1,118,514
Missouri State Health & Educational Facilities Authority, Refunding RB:
CoxHealth, Series A, 4.00%, 11/15/33		2,010		2,087,988
St. Louis College of Pharmacy, 5.00%, 05/01/30		3,000		3,347,760
The Children’s Mercy Hospital, 5.00%, 05/15/31		1,175		1,331,733
The Children’s Mercy Hospital, 4.00%, 05/15/32		1,680		1,746,024
The Children’s Mercy Hospital, 4.00%, 05/15/33		2,000		2,072,760

				11,704,779
Nebraska — 1.2%
Central Plains Energy Project Nebraska, RB, Gas Project No. 3, 5.00%, 09/01/32		4,500		5,008,680
Central Plains Nebraska Energy Project, RB, Energy Project No. 3, 5.00%, 09/01/27		5,000		5,565,200
Public Power Generation Agency, Refunding RB, Whelan Energy Center Unit 2, Series A, 5.00%, 01/01/32		7,630		8,720,556

				19,294,436
Nevada — 0.0%
Nevada Department of Business & Industry, RB, Series A, 5.00%, 07/15/27^(b)		335		355,291

New Hampshire — 0.3%
New Hampshire State Turnpike System, RB, Series C, 4.00%, 08/01/33		4,350		4,511,298

New Jersey — 13.9%
Casino Reinvestment Development Authority, Refunding RB:
5.00%, 11/01/21		2,465		2,681,279
5.00%, 11/01/22		1,890		2,073,557
County of Gloucester New Jersey Pollution Control Financing Authority, Refunding RB, Keystone Urban Renewal Project, Series A, AMT, 5.00%, 12/01/24		1,500		1,626,090


28		2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

January 31, 2018

BlackRock Municipal 2030 Target Term Trust (BTT)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
New Jersey (continued)
New Jersey EDA, RB:
Continental Airlines, Inc. Project, AMT, 5.25%, 09/15/29	$	12,230	$	13,378,519
Continental Airlines, Inc. Project, Series A, AMT, 5.63%, 11/15/30		1,740		1,975,805
Continental Airlines, Inc. Project, Series B, AMT, 5.63%, 11/15/30		1,315		1,493,209
Private Activity Bond, The Goethals Bridge Replacement Project, AMT, 5.00%, 01/01/28		4,705		5,260,002
Series DDD, 5.00%, 06/15/35		2,000		2,150,060
New Jersey EDA, Refunding RB:
Cigarette Tax, 5.00%, 06/15/23		13,000		14,382,420
Cigarette Tax, 5.00%, 06/15/26		10,610		11,508,773
Cigarette Tax, 4.25%, 06/15/27		16,500		17,111,985
Continental Airlines, Inc. Project, AMT, 5.75%, 09/15/27		6,200		6,896,198
Provident Group — Montclaire Properties LLC (AGM), 5.00%, 06/01/30		1,500		1,724,085
Provident Group — Montclaire Properties LLC (AGM), 5.00%, 06/01/31		1,750		2,003,803
Provident Group — Montclaire Properties LLC (AGM), 4.00%, 06/01/32		2,125		2,205,452
Series BBB, 5.50%, 06/15/29		10,000		11,480,400
Sub-Series A, 4.00%, 07/01/32		9,855		9,916,298
New Jersey EDA, Refunding, Special Assessment Bonds, Kapkowski Road Landfill Project, 5.75%, 04/01/31		5,000		5,596,900
New Jersey Health Care Facilities Financing Authority, Refunding RB:
Princeton HealthCare System, 5.00%, 07/01/29		2,900		3,335,377
Princeton HealthCare System, 5.00%, 07/01/30		2,400		2,746,848
RWJ Barnabas Health Obligated Group, Series A, 5.00%, 07/01/30		11,245		12,832,569
St. Joseph Health System, 5.00%, 07/01/28		1,500		1,673,130
St. Joseph Health System, 5.00%, 07/01/29		1,250		1,385,600
St. Joseph Health System Obligated Group Issue, 5.00%, 07/01/30		1,100		1,214,268
New Jersey Higher Education Student Assistance Authority, RB, Senior Student Loan, Series 1A, AMT:
5.00%, 12/01/23		3,475		3,889,463
5.00%, 12/01/24		6,000		6,767,520
5.00%, 12/01/25		5,500		6,192,890
5.00%, 12/01/26		2,250		2,521,845
New Jersey Transportation Trust Fund Authority, RB:
Federal Highway Reimbursement Revenue Notes, Series A, 5.00%, 06/15/31		2,250		2,272,297
Federal Highway Reimbursement Revenue Notes, Series A-2, 5.00%, 06/15/30		5,000		5,049,550
Transportation Program, Series AA, 5.25%, 06/15/27		4,225		4,689,877
Transportation Program, Series AA, 5.25%, 06/15/28		4,500		4,985,865
Transportation System, CAB, Series A, 0.00%, 12/15/28^(a)		31,000		19,731,190
Transportation System, Series AA, 4.00%, 06/15/30		13,315		13,394,091
Transportation System, Series C, 5.25%, 06/15/32		10,000		10,831,300
Transportation System, Series D, 5.00%, 06/15/32		5,000		5,334,650
Newark Housing Authority, Refunding RB, Newark Redevelopment Project (NPFGC), 5.25%, 01/01/27		5,000		5,801,950
South Jersey Transportation Authority, Refunding RB, Transportation System, Series A:
5.00%, 11/01/33		500		551,335
5.00%, 11/01/34		500		549,430
Township of Irvington New Jersey, GO, Refunding, Series A (AGM):
5.00%, 07/15/30		2,000		2,253,040


Security	Par (000)		Value
New Jersey (continued)
Township of Irvington New Jersey, GO, Refunding, Series A (AGM) (continued):
5.00%, 07/15/31	$	1,450	$	1,631,642

				233,100,562
New Mexico — 1.0%
New Mexico Educational Assistance Foundation, RB, Education Loan, AMT:
Series A-1, 3.75%, 09/01/31		6,250		6,289,312
Series A-2, 3.80%, 11/01/32		5,850		5,894,168
Series A-2, 3.80%, 09/01/33		5,000		5,021,900

				17,205,380
New York — 2.9%
Build NYC Resource Corp., Refunding RB, Pratt Paper, Inc. Project, AMT, 4.50%, 01/01/25^(b)		900		1,000,926
New York City Transitional Finance Authority Future Tax Secured Revenue, RB:
0.97%, 08/01/43^(d)		6,400		6,400,000
Series A-2, 5.00%, 08/01/33		9,780		11,474,287
New York Transportation Development Corp., RB, LaGuardia Airport Terminal B Redevelopment Project, Series A, AMT:
4.00%, 07/01/32		5,500		5,707,900
4.00%, 07/01/33		6,000		6,202,260
New York Transportation Development Corp., Refunding ARB, American Airlines, Inc., AMT:
5.00%, 08/01/26		3,080		3,310,630
5.00%, 08/01/31		3,465		3,683,988
Onondaga Civic Development Corp., Refunding RB, St. Joseph’s Hospital Health Center Project, 4.50%, 07/01/22^(c)		9,115		10,162,861

				47,942,852
North Carolina — 0.4%
North Carolina Medical Care Commission, Refunding RB, Mission Health Combined Group:
4.00%, 10/01/31		1,250		1,316,388
5.00%, 10/01/32		3,700		4,276,016
4.00%, 10/01/33		1,500		1,564,710

				7,157,114
Ohio — 1.4%
American Municipal Power, Inc., RB, Meldahl Hydroelectric Project, Green Bond, Series A:
5.00%, 02/15/29		700		800,380
5.00%, 02/15/30		885		1,007,838
5.00%, 02/15/31		800		907,992
5.00%, 02/15/32		1,000		1,130,430
5.00%, 02/15/33		1,195		1,346,347
County of Butler Ohio, Refunding RB, UC Health:
5.00%, 11/15/30		1,225		1,408,958
5.00%, 11/15/31		2,500		2,866,375
5.00%, 11/15/32		2,200		2,514,468
County of Franklin Ohio, RB, Health Care Facilities Improvement, OPRS Communities, Series A:
5.25%, 07/01/28		500		512,510
5.63%, 07/01/32		1,000		1,031,830
County of Hamilton Ohio Sales Tax Revenue, Refunding RB, Series A, 5.00%, 12/01/30		4,500		5,238,990
Ohio Air Quality Development Authority, Refunding RB, AMT, 3.95%, 11/01/32^(d)		1,500		592,200
State of Ohio, RB, Portsmouth Bypass Project, AMT (AGM):
5.00%, 12/31/29		1,625		1,832,577
5.00%, 12/31/30		2,400		2,696,424

				23,887,319


SCHEDULES OF INVESTMENTS			29

Schedule of Investments (unaudited) (continued)

January 31, 2018

BlackRock Municipal 2030 Target Term Trust (BTT)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Oklahoma — 0.8%
Norman Regional Hospital Authority, Refunding RB:
5.00%, 09/01/27	$	2,100	$	2,427,642
5.00%, 09/01/28		2,000		2,302,220
5.00%, 09/01/29		2,150		2,462,632
5.00%, 09/01/30		5,130		5,846,866

				13,039,360
Oregon — 0.5%
Oregon Health & Science University, Refunding RB, Series B, 5.00%, 07/01/35		7,390		8,529,168

Pennsylvania — 20.8%
Allentown Neighborhood Improvement Zone Development Authority, Refunding RB, Series A:
5.00%, 05/01/27		6,750		7,214,737
5.00%, 05/01/28		5,000		5,329,950
5.00%, 05/01/29		3,745		3,981,459
5.00%, 05/01/30		5,300		5,617,417
Chester County Health & Education Facilities Authority, Refunding RB, Series A:
Main Line Health System, 5.00%, 10/01/31		1,350		1,576,557
Main Line Health System, 5.00%, 10/01/32		1,450		1,686,713
Main Line Health System, 5.00%, 10/01/33		2,300		2,665,033
Simpson Senior Services Project, 5.00%, 12/01/30		2,180		2,273,064
City of Philadelphia Pennsylvania, GO, Refunding:
(AGM), 5.00%, 08/01/30		10,735		12,575,301
Series A, 5.00%, 08/01/30		4,500		5,210,775
Commonwealth of Pennsylvania, GO, Refunding, , 1st Series, 4.00%, 01/01/30		7,000		7,392,210
County of Allegheny Higher Education Building Authority, Refunding RB, Duquesne University, 4.00%, 03/01/21		350		369,411
County of Beaver Pennsylvania IDA, Refunding RB, First Energy Nuclear Energy Project^(d):
Series A, 4.00%, 01/01/35		9,765		3,854,148
Series B, 3.50%, 12/01/35		6,790		2,680,624
County of Berks IDA, Refunding RB, Tower Health Project:
5.00%, 11/01/29		2,000		2,292,100
5.00%, 11/01/30		2,000		2,283,120
5.00%, 11/01/34		2,500		2,818,325
5.00%, 11/01/35		3,325		3,739,561
County of Cumberland Pennsylvania Municipal Authority, Refunding RB:
Asbury Pennsylvania Obligated Group, 5.00%, 01/01/22		615		653,776
Asbury Pennsylvania Obligated Group, 5.25%, 01/01/27		1,275		1,336,876
Asbury Pennsylvania Obligated Group, 5.25%, 01/01/32		3,350		3,470,734
Diakon Lutheran Social Ministries Project, 5.00%, 01/01/29		1,300		1,444,924
Diakon Lutheran Social Ministries Project, 5.00%, 01/01/30		2,675		2,964,462
Diakon Lutheran Social Ministries Project, 5.00%, 01/01/32		1,510		1,677,474
County of Dauphin General Authority, Refunding RB, Pinnacle Health System Project, Series A, 4.00%, 06/01/31		2,275		2,370,027
County of Delaware Authority, Refunding RB, Cabrini University:
5.00%, 07/01/26		1,180		1,329,069
5.00%, 07/01/28		800		898,240
5.00%, 07/01/29		1,365		1,524,487
5.00%, 07/01/30		1,435		1,595,376


Security	Par (000)		Value
Pennsylvania (continued)
County of Delaware Pennsylvania Authority, Refunding RB, Villanova University:
4.00%, 12/01/30	$	1,000	$	1,068,230
4.00%, 12/01/31		1,000		1,065,840
County of Lancaster Hospital Authority, Refunding RB, University of Pennsylvania Health System Obligation, Series A, 3.00%, 08/15/30		2,535		2,467,594
County of Montgomery Pennsylvania IDA, Refunding RB:
Acts Retirement-Life Communities, Inc. Obligated Group, 5.00%, 11/15/26		2,500		2,739,650
Acts Retirement-Life Communities, Inc. Obligated Group, 5.00%, 11/15/33		15,015		16,898,632
Albert Einstein Healthcare Network, Series A, 5.25%, 01/15/29		3,250		3,585,595
Albert Einstein Healthcare Network, Series A, 5.25%, 01/15/30		6,185		6,795,707
Whitemarsh Continuing Care Retirement Community Project, 5.00%, 01/01/30		2,000		2,039,720
County of Northampton Pennsylvania General Purpose Authority, RB, St. Luke’s Hospital of Bethlehem, Series A, 5.00%, 08/15/33		13,055		14,096,528
County of Northampton Pennsylvania General Purpose Authority, Refunding RB, Lafayette College, 5.00%, 11/01/34		4,000		4,638,600
County of Westmoreland Municipal Authority, Refunding RB, (BAM):
5.00%, 08/15/27		1,500		1,741,575
5.00%, 08/15/30		4,000		4,670,000
5.00%, 08/15/31		17,010		19,797,769
5.00%, 08/15/32		17,945		20,821,404
Geisinger Authority, Refunding RB, Geisinger Health System, Series A-2:
5.00%, 02/15/32		4,000		4,608,520
5.00%, 02/15/34		1,750		2,002,858
Pennsylvania Economic Development Financing Authority, RB:
AMT, 5.00%, 12/31/34		16,500		18,442,215
Pennsylvania Bridge Finco LP, 5.00%, 12/31/29		5,000		5,702,500
Pennsylvania Rapid Bridge Replacement Project, AMT, 5.00%, 12/31/30		13,100		14,878,194
Pennsylvania Economic Development Financing Authority, Refunding RB, University of Pittsburgh Medical Center:
5.00%, 03/15/30		5,250		6,072,360
5.00%, 03/15/31		4,500		5,175,270
Pennsylvania Higher Educational Facilities Authority, RB:
Series AT-1, 5.00%, 06/15/30		7,910		9,161,757
Shippensburg University Student Services, 5.00%, 10/01/30		5,250		5,548,882
Pennsylvania Higher Educational Facilities Authority, Refunding RB:
Drexel University, 5.00%, 05/01/30		425		484,343
Drexel University, 5.00%, 05/01/31		1,000		1,138,850
Drexel University, 5.00%, 05/01/32		1,750		1,987,528
Drexel University, 5.00%, 05/01/33		3,320		3,757,742
Drexel University, 5.00%, 05/01/35		1,000		1,126,430
La Salle University, 4.00%, 05/01/32		3,000		2,990,160
Pennsylvania Housing Finance Agency, Refunding RB, Series 125-A, AMT, 3.40%, 10/01/32		9,000		8,795,970
Pennsylvania Turnpike Commission, RB, Sub-Series B-1:
5.00%, 06/01/31		3,000		3,414,330
5.00%, 06/01/32		4,075		4,620,276
5.00%, 06/01/33		4,000		4,514,680


30		2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

January 31, 2018

BlackRock Municipal 2030 Target Term Trust (BTT)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Pennsylvania (continued)
Pennsylvania Turnpike Commission, Refunding RB:
Motor License Fund, Enhanced Turnpike, 5.00%, 12/01/30	$	5,000	$	5,757,950
Subordinate, Series B-2 (AGM), 5.00%, 06/01/34		5,000		5,707,800
Turnpike Subordinate Revenue, Second Series, 5.00%, 12/01/32		1,000		1,135,390
Turnpike Subordinate Revenue, Second Series, 5.00%, 12/01/33		1,815		2,051,004
Turnpike Subordinate Revenue, Second Series, 5.00%, 12/01/34		1,500		1,688,370
Turnpike Subordinate Revenue, Second Series, 5.00%, 12/01/35		2,005		2,251,475
Philadelphia Authority for Industrial Development, Refunding RB, Refunding RB,Wesley Enhanced Living Obligated Group, Series A:
5.00%, 07/01/31		200		218,178
5.00%, 07/01/32		500		542,560
Philadelphia Gas Works Co., Refunding RB, General Ordinance, Series 14-T, 5.00%, 10/01/30		425		488,363
State Public School Building Authority, RB, School District of Philadelphia Project:
5.00%, 04/01/27		4,130		4,444,210
5.00%, 04/01/28		8,000		8,576,240
5.00%, 04/01/29		6,000		6,408,000
5.00%, 04/01/30		5,500		5,849,745
Township of East Hempfield Pennsylvania IDA, RB, Student Services, Inc. Student Housing Project:
5.00%, 07/01/30		1,280		1,375,872
5.00%, 07/01/30		825		897,303
Upper Moreland Township School District, GO, 5.00%, 10/01/33		250		286,515
Wayne County Hospital & Health Facilities Authority, RB, Wayne Memorial Hospital Project, Series A:
5.00%, 07/01/30		280		325,819
5.00%, 07/01/31		355		411,662
4.00%, 07/01/32		230		240,667
4.00%, 07/01/33		440		458,977

				348,791,759
Rhode Island — 1.7%
Rhode Island Health & Educational Building Corp., RB, Hospital Financing, LifeSpan Obligation, 5.00%, 05/15/30		1,500		1,673,115
Rhode Island Housing & Mortgage Finance Corp., RB, S/F Housing, Homeownership Opportunity Bonds, Series 68-B, 3.00%, 10/01/31		13,500		13,028,175
Tobacco Settlement Financing Corp., Refunding RB, Series A:
5.00%, 06/01/28		2,750		3,107,473
5.00%, 06/01/29		4,500		5,037,840
5.00%, 06/01/30		4,215		4,692,517

				27,539,120
South Carolina — 0.1%
South Carolina Jobs EDA, Refunding RB, The Lutheran Homes of South Carolina, Inc., 5.00%, 05/01/28		2,000		2,106,280

Tennessee — 0.5%
Chattanooga-Hamilton County Hospital Authority, Refunding RB, Erlanger Health System, Series A, 5.00%, 10/01/31		6,210		6,805,477
Counties of Nashville & Davidson Tennessee Metropolitan Government Health & Educational Facilities Board, RB, Vanderbilt University Medical Center, Series A, 5.00%, 07/01/31		1,300		1,476,514


Security	Par (000)		Value
Tennessee (continued)
County of Memphis-Shelby Industrial Development Board, Refunding, Tax Allocation Bonds, Graceland Project, Series A, 4.75%, 07/01/27	$	605	$	627,772

				8,909,763
Texas — 18.1%
Central Texas Regional Mobility Authority, RB, Senior Lien, Series A:
5.00%, 01/01/30		1,600		1,807,856
5.00%, 01/01/31		1,175		1,321,828
5.00%, 01/01/33		1,500		1,675,860
Central Texas Turnpike System, Refunding RB, Series C:
5.00%, 08/15/32		12,500		13,981,500
5.00%, 08/15/33		14,000		15,615,320
City of Houston Texas, Refunding RB, Series B-2, AMT, 5.00%, 07/15/20		5,970		6,325,812
City of Houston Texas Airport System, Refunding ARB, United Airlines, Inc. Terminal E Project, AMT, 5.00%, 07/01/29		2,665		2,924,891
City of Houston Texas Combined Utility System Revenue, Refunding RB, First Lien, Series B, 5.25%, 11/15/33		20,000		23,621,400
Clifton Higher Education Finance Corp., RB, Idea Public Schools, 6.00%, 08/15/33		1,650		1,891,675
Clifton Higher Education Finance Corp., Refunding RB, Series A:
Idea Public Schools (PSF- GTD), 4.00%, 08/15/31		1,250		1,334,763
Idea Public Schools (PSF- GTD), 4.00%, 08/15/33		1,200		1,273,044
Uplift Education, 3.10%, 12/01/22		775		785,067
Uplift Education, 3.95%, 12/01/32		1,800		1,806,210
County of Harris Texas, Refunding RB, Toll Road, Senior Lien, Series C, 4.00%, 08/15/33		12,325		12,977,732
County of Harris Texas Cultural Education Facilities Finance Corp., RB, 1st Mortgage, Brazos Presbyterian Homes, Inc. Project, Series B:
5.75%, 01/01/28		500		553,220
6.38%, 01/01/33		460		519,211
County of Harris Texas Cultural Education Facilities Finance Corp., Refunding RB, Series A:
Brazos Presbyterian Homes, Inc. Project, 5.00%, 01/01/33		1,090		1,121,000
YMCA of the Greater Houston Area, 5.00%, 06/01/28		1,500		1,614,525
YMCA of the Greater Houston Area, 5.00%, 06/01/33		3,000		3,191,430
County of Matagorda Texas Navigation District No. 1, Refunding RB:
Series A (AMBAC), 4.40%, 05/01/30		31,120		34,610,730
Series B (AMBAC), AMT, 4.55%, 05/01/30		10,000		11,048,600
Series B-2, 4.00%, 06/01/30		12,995		13,644,100
County of Midland Texas Fresh Water Supply District No. 1, RB, CAB, City of Midland Project, Series A^(a):
0.00%, 09/15/31		6,235		3,840,573
0.00%, 09/15/32		15,135		8,846,105
County of Tarrant Texas Cultural Education Facilities Finance Corp., RB, Baylor Health Care System Project, Series A:
4.00%, 11/15/31		5,500		5,728,525
4.00%, 11/15/32		15,420		16,037,879
County of Tarrant Texas Cultural Education Facilities Finance Corp., Refunding RB, Trinity Terrace Project, Series A-1, 5.00%, 10/01/29		1,000		1,101,540
Leander ISD, GO, CAB, Refunding, Series D (PSF-GTD)^(a):
0.00%, 08/15/31		1,200		723,468
0.00%, 08/15/32		2,000		1,145,120
0.00%, 08/15/33		4,485		2,436,566


SCHEDULES OF INVESTMENTS			31

Schedule of Investments (unaudited) (continued)

January 31, 2018

BlackRock Municipal 2030 Target Term Trust (BTT)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Texas (continued)
New Hope Cultural Education Facilities Corp., RB, Series A:
Station 1 LLC Texas A&M University Project, 5.00%, 04/01/29	$	2,290	$	2,510,779
Stephenville LLC Tarleton State University Project, 5.38%, 04/01/28		1,150		1,297,304
Stephenville LLC Tarleton State University Project, 5.00%, 04/01/24		420		471,198
Stephenville LLC Tarleton State University Project, 5.00%, 04/01/25		240		270,228
Stephenville LLC Tarleton State University Project, 5.00%, 04/01/29		725		810,572
New Hope Cultural Education Facilities Corp., Refunding RB, 1st Mortgage, Morningside Ministries Project, 6.25%, 01/01/33		1,600		1,787,824
New Hope Cultural Education Facilities Finance Corp., RB, Jubilee Academic Center Project, Series A^(b):
3.63%, 08/15/22		295		295,838
4.25%, 08/15/27		450		451,125
North Texas Tollway Authority, Refunding RB, Series A:
1st Tier, 5.00%, 01/01/35		5,750		6,580,587
2nd Tier, 5.00%, 01/01/33		7,500		8,380,500
Red River Health Facilities Development Corp., RB, Wichita Falls Retirement Foundation Project:
4.70%, 01/01/22		520		541,642
5.50%, 01/01/32		1,000		1,053,810
Socorro Independent School District, GO, Refunding Series B, 4.00%, 08/15/34		3,000		3,218,850
State of Texas, GO, Refunding, Series A, 5.00%, 10/01/23		3,100		3,597,395
Texas A&M University, Refunding RB, Financing System, Series B, 5.00%, 05/15/22		5,000		5,641,600
Texas Municipal Gas Acquisition & Supply Corp. III, RB, Natural Gas Utility Improvements:
5.00%, 12/15/30		18,000		19,730,160
5.00%, 12/15/31		25,000		27,355,500
Texas Public Finance Authority, Refunding RB, Midwestern State University:
4.00%, 12/01/29		2,000		2,141,240
4.00%, 12/01/30		2,000		2,130,100
4.00%, 12/01/31		1,650		1,753,406
Texas Transportation Commission State Highway Fund, Refunding RB, 1st Tier:
5.00%, 10/01/22		5,000		5,700,550
Series A, 5.00%, 04/01/22		5,000		5,636,850
University of Texas System, Refunding RB, Financing System, Series C, 5.00%, 08/15/20		7,410		8,024,067

				302,886,675
Utah — 0.5%
Utah Transit Authority, Refunding RB, Subordinate, 4.00%, 12/15/31		7,750		8,266,383

Vermont — 0.2%
Vermont EDA, Refunding, MRB, Wake Robin Corp. Project, 5.40%, 05/01/33		2,400		2,554,008

Virginia — 0.8%
County of Fairfax Virginia EDA, RB, Vinson Hall LLC, Series A, 5.00%, 12/01/32		2,000		2,126,500
County of Hanover Virginia EDA, Refunding RB, Covenant Woods, Series A:
4.50%, 07/01/30		3,000		3,066,150
4.50%, 07/01/32		1,100		1,118,458


Security	Par (000)		Value
Virginia (continued)
Dulles Town Center Community Development Authority, Refunding, Special Assessment, Dulles Town Center Project, 4.25%, 03/01/26	$	500	$	500,730
Virginia College Building Authority, RB, Green Bonds, Marymount University Project, Series B, 5.25%, 07/01/30^(b)		2,000		2,193,900
Virginia Small Business Financing Authority, RB, Senior Lien, Express Lanes LLC, AMT, 5.00%, 07/01/34		3,940		4,236,406

				13,242,144
Washington — 3.1%
Grant & Douglas Counties School District No. 144-101 Quincy, GO, 4.00%, 12/01/34		7,475		7,931,498
Greater Wenatchee Regional Events Center Public Facilities District, Refunding RB, Series A:
3.50%, 09/01/18		1,025		1,027,552
5.00%, 09/01/27		1,000		1,029,630
5.25%, 09/01/32		1,850		1,899,858
Port of Seattle Washington, Refunding RB, Interemediate Lien, AMT, Series C:
5.00%, 05/01/33		6,695		7,716,456
5.00%, 05/01/34		6,000		6,894,540
Port of Seattle Washington Industrial Development Corp., Refunding RB, Special Facilities, Delta Airline, Inc. Project, AMT, 5.00%, 04/01/30		5,000		5,484,850
Washington Biomedical Research Properties 3.2, RB, Series A:
5.00%, 01/01/31		1,000		1,168,210
5.00%, 01/01/32		1,140		1,325,888
5.00%, 01/01/33		3,345		3,887,994
Washington Health Care Facilities Authority, Refunding RB, MultiCare Health System, Series B, 5.00%, 08/15/35		9,485		10,914,200
Washington State Housing Finance Commission, Refunding RB, Emerald Heights Project:
5.00%, 07/01/28		1,000		1,111,910
5.00%, 07/01/33		1,100		1,202,828

				51,595,414
West Virginia — 0.2%
West Virginia Hospital Finance Authority, RB, West Virginia University Health System, Series A:
5.00%, 06/01/31		1,950