Edgar Filing: BLACKROCK NEW YORK MUNICIPAL INCOME TRUST

BLACKROCK NEW YORK MUNICIPAL INCOME 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: 811-10337

Name of Fund: BlackRock New York Municipal Income Trust (BNY)

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock New York Municipal Income 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: 07/31/2018

Item 1 – Report to Stockholders

JULY 31, 2018


ANNUAL REPORT

BlackRock California Municipal Income Trust (BFZ)

BlackRock Florida Municipal 2020 Term Trust (BFO)

BlackRock Municipal 2030 Target Term Trust (BTT)

BlackRock Municipal Income Investment Trust (BBF)

BlackRock New York Municipal Income Trust (BNY)

Not FDIC Insured • May Lose Value • No Bank Guarantee

The Markets in Review

Dear Shareholder,

In the 12 months ended July 31, 2018, the strongest corporate profits in seven years drove the equity market higher, while rising interest rates constrained bond returns. Though the market’s appetite for risk remained healthy, risk-taking was tempered somewhat, as shorter-term, higher-quality securities led the bond market, and U.S. equities outperformed most international stock markets.

Strong equity performance worldwide was driven by synchronized economic growth across the most influential economies. However, volatility in emerging market stocks rose, as U.S.-China trade relations and debt concerns weighed heavily on the Chinese stock market, while Turkey became embroiled in a currency crisis shortly after the end of the reporting period.

Short-term U.S. Treasury interest rates rose the fastest, while longer-term rates slightly increased, leading to a negative return for long-term U.S. Treasuries and a substantial flattening of the yield curve. Many investors are concerned with the flattening yield curve as a harbinger of recession, but given the extraordinary monetary measures in the last decade, we believe a more accurate barometer for the economy is the returns along the risk spectrums in stock and bond markets. Although the fundamentals in credit markets remained relatively solid, investment-grade bonds declined slightly, and high-yield bonds posted modest returns.

In response to rising growth and inflation, the U.S. Federal Reserve (the “Fed”) increased short-term interest rates three times during the reporting period. The Fed also reduced its $4.3 trillion balance sheet by approximately $180 billion during the reporting period, gradually reversing the unprecedented stimulus measures it enacted after the financial crisis. Meanwhile, the European Central Bank announced that its bond-purchasing program would conclude at the end of the year, while also expressing its commitment to low interest rates. In contrast, the Bank of Japan continued to expand its balance sheet through bond purchasing while lowering its expectations for inflation.

The U.S. economy continued to gain momentum despite the Fed’s modest reduction of economic stimulus; unemployment declined to 3.9%, wages increased, and the number of job openings reached a record high. Strong economic performance may justify a more rapid pace of rate hikes in 2018, as the headline inflation rate and investors’ expectations for inflation have already surpassed the Fed’s target of 2.0%.

While U.S. monetary policy is seeking to restrain economic growth and inflation, fiscal policy has produced new sources of growth that could nourish the economy for the next few years. Corporate tax cuts and repatriation of capital held abroad could encourage a virtuous cycle of business spending. Lower individual tax rates coupled with the robust job market may refresh consumer spending.

We continue to believe the primary risks to economic expansion are trade protectionism, rapidly rising interest rates, and geopolitical tension. Given the deflationary forces of technology and globalization, a substantial increase in inflation is unlikely to materialize as long as the unemployment rate remains above 3.0%. However, we are closely monitoring trade protectionism and the rise of populism in Western nations. In particular, the outcome of trade negotiations between the United States and China is likely to influence the global growth trajectory and set the tone for free trade in many other nations.

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

Sincerely,

LOGO

Rob Kapito

President, BlackRock Advisors, LLC

LOGO

Rob Kapito

President, BlackRock Advisors, LLC


Total Returns as of July 31, 2018
	6-month	12-month
U.S. large cap equities (S&P 500^® Index)	0.70%	16.24%
U.S. small cap equities (Russell 2000^® Index)	6.75	18.73
International equities (MSCI Europe, Australasia, Far East Index)	(5.12)	6.40
Emerging market equities (MSCI Emerging Markets Index)	(11.94)	4.36
3-month Treasury bills (ICE BofAML 3-Month U.S. Treasury Bill Index)	0.85	1.43
U.S. Treasury securities (ICE BofAML 10-Year U.S. Treasury Index)	(0.95)	(3.66)
U.S. investment grade bonds (Bloomberg Barclays U.S. Aggregate Bond Index)	(0.45)	(0.80)
Tax-exempt municipal bonds (S&P Municipal Bond Index)	1.20	1.21
U.S. high yield bonds (Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index)	0.65	2.60
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
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		16
Statements of Assets and Liabilities		45
Statements of Operations		46
Statements of Changes in Net Assets		47
Statements of Cash Flows		50
Financial Highlights		51
Notes to Financial Statements		56
Report of Independent Registered Public Accounting Firm		67
Disclosure of Investment Advisory Agreements		68
Automatic Dividend Reinvestment Plans		72
Trustee and Officer Information		73
Additional Information		76
Glossary of Terms Used in this Report		78


			3

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

Municipal Market Conditions

Municipal bonds experienced positive performance during the period despite rising interest rates resulting from continued Fed monetary policy normalization, firmer economic data, and the anticipated impacts of fiscal stimulus. 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 July 31, 2018, municipal bond funds experienced net inflows of approximately $24 billion (based on data from the Investment Company Institute).


For the same 12-month period, total new issuance was moderate from a historical perspective at $370 billion (well below the $408 billion issued in the prior 12-month period), but displayed significant month to month volatility. 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 has suppressed supply in 2018, providing a powerful technical tailwind.		S&P Municipal Bond Index
		Total Returns as of July 31, 2018
		6 months: 1.20%
		12 months: 1.21%

A Closer Look at Yields

LOGO

From July 31, 2017 to July 31, 2018, yields on AAA-rated 30-year municipal bonds increased by 27 basis points (“bps”) from 2.74% to 3.01%, while 10-year rates increased by 50 bps from 1.95% to 2.45% and 5-year rates increased by 76 bps from 1.21% to 1.97% (as measured by Thomson Municipal Market Data). The municipal yield curve bear flattened over the 12-month period with the spread between 2- and 30-year maturities flattening by 41 bps, however remained a significant 72 bps steeper than the corresponding U.S. Treasury curve.

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. 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 problems among a few issuers. Four of the five states with the largest amount of debt outstanding — California, New York, Texas and Florida — continue to exhibit improved credit fundamentals. However, several states with the largest unfunded pension liabilities are faced with elevated borrowing costs and difficult budgetary decisions. Across the country on the local level, property values support credit stability. Revenue bonds continue to drive performance as investors continue to seek higher yield bonds in the tobacco sector. BlackRock maintains the view that municipal bond defaults will remain minimal and in the periphery while the overall market is fundamentally sound. We continue to advocate careful credit research and believe that a thoughtful approach to structure and security selection remains imperative amid uncertainty in a modestly improving economic environment.

The opinions expressed are those of BlackRock as of July 31, 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 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. 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. BTT may use economic leverage of up to 100% of its net assets (50% of its total managed assets). 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 July 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 July 31, 2018 ($12.75)^(a)		4.42%
Tax Equivalent Yield^(b)		9.63%
Current Monthly Distribution per Common Share^(c)		$0.0470
Current Annualized Distribution per Common Share^(c)		$0.5640
Economic Leverage as of July 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 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. A portion of the distribution may be deemed a return of capital or net realized gain.

^(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 12 months ended July 31, 2018 were as follows:


	Returns Based On
	Market Price			NAV
BFZ^(a)(b)		(8.95	)%		1.41	%
Lipper California Municipal Debt Funds^(c)		(6.07	)		1.15

^(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 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 U.S. municipal bond market posted a narrow gain in the 12-month period, with the contribution from yield offsetting negative price performance. Although tax-exempt issues sold off sharply in early 2018 due to a spike in U.S. Treasury yields, the market was supported by the improving fundamentals of state and local issuers, as well as low new-issue supply from January onward. Short-term bonds, which have above-average sensitivity to Fed policy, generally lagged longer-term issues.

•

After a period of outperformance, California municipal bonds trailed the national market over the past 12 months due to the combination of richer valuations, tighter yield spreads, and significant new-issue supply.

•

Income was the primary driver of the Trust’s positive return, as it offset the effects of falling bond prices and the amortization of bond premiums. (When a bond’s price trades at a premium over its face value, the difference is amortized over time. A premium occurs when the price of the bond has increased due to a decline in interest rates.)

•

Holdings that were purchased in a higher-rate environment and that have lower duration characteristics contributed to performance. These positions generate generous income and are less sensitive to the negative effects of rising interest rates. (Duration is a measure of interest rate sensitivity.)

•

The Trust sought to manage interest rate risk using U.S. Treasury futures. Since Treasury yields rose (as prices fell), this aspect of the Trust’s positioning had a positive impact on returns.

•

The Trust’s use of leverage, while amplifying the effect of falling prices, contributed to performance by augmenting portfolio income. However, the cost of leverage increased due to rising short-term rates.

•

On the negative side, the Trust’s positions in shorter-term bonds detracted from performance. Higher-quality investment-grade holdings (those rated AA and AAA), which fared worse than those rated below investment grade, also detracted from performance. Strong inflows into high-yield products fueled greater price appreciation for lower-rated issues. Believing this translated to minimal value in high-yield California municipal bonds, the investment adviser maintained an underweight in this area.

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 ANNUAL REPORT TO SHAREHOLDERS


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

Market Price and Net Asset Value Per Share Summary


	07/31/18		07/31/17		Change			High		Low
Market Price	$	12.75	$	14.71		(13.32	)%	$	14.81	$	12.73
Net Asset Value		14.81		15.34		(3.46	)		15.48		14.66

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

LOGO

Overview of the Trust’s Total Investments*

SECTOR ALLOCATION


Sector	07/31/18			07/31/17
County/City/Special District/School District		29	%		29	%
Transportation		18			13
Education		16			13
Health		12			12
Utilities		12			21
State		9			7
Tobacco		4			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	2	%
2019	22
2020	3
2021	9
2022	5

^(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	07/31/18			07/31/17
AAA/Aaa		7	%		9	%
AA/Aa		72			71
A		14			13
BBB/Baa		1			—	^(b)
BB/Ba		1			1
B		1			4
N/R		4			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 July 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.

On June 6, 2018, the Board of Trustees approved a proposal, effective December 31, 2018, to change the Trust’s fiscal year end from July 31 to December 31.

Trust Information


Symbol on NYSE		BFO
Initial Offering Date		September 30, 2003
Termination Date (on or about)		December 31, 2020
Yield on Closing Market Price as of July 31, 2018 ($14.21)^(a)		2.20%
Tax Equivalent Yield^(b)		3.72%
Current Monthly Distribution per Common Share^(c)		$0.0260
Current Annualized Distribution per Common Share^(c)		$0.3120

^(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.

Performance

Returns for the 12 months ended July 31, 2018 were as follows:


	Returns Based On
	Market Price			NAV
BFO^(a)(b)		(3.42	)%		(0.02	)%
Lipper Other States Municipal Debt Funds^(c)		(7.04	)		0.69	%

^(a)

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

^(b)

The Trust moved from neither a premium nor discount 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 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:

•

Since the Trust is scheduled to terminate on or about December 31, 2020, its holdings therefore consist of short-term securities with minimal sensitivity to market movements and attractive yields relative to prevailing interest rates. Although short-term bonds faced the headwind of interest-rate increases by the Fed, the Trust was less vulnerable to broader price weakness due to its short duration (lower interest-rate sensitivity).

•

At a time of falling prices, the income generated by bonds held in the portfolio made the largest contribution to returns.

•

Although yields rose during the period, 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.

•

Negative amortization of the premium on short-term bonds was a drag on performance. (When a bond’s price trades at a premium over its face value, the difference is amortized over time. A premium occurs when the price of the bond has increased due to a decline in interest rates.)

•

The Trust’s largest sector concentrations were in utilities, county/city/special district/school district and healthcare.

•

Cash equivalents made up nearly 8% of the portfolio at the end of the period, reflecting the limited opportunities to pick up yield by investing in one-and two-year notes. The investment adviser believed yields on the front end of the yield curve were low relative to the more liquid cash equivalents, indicating that investors were not being properly compensated for holding one- and two-year issues relative to cash. This position had no significant impact to Trust performance.


8		2018 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS


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

Market Price and Net Asset Value Per Share Summary


	07/31/18		07/31/17		Change			High		Low
Market Price	$	14.21	$	15.05		(5.58	)%	$	15.18	$	13.46
Net Asset Value		14.71		15.05		(2.26	)		15.08		14.66

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

LOGO

Overview of the Trust’s Total Investments*

SECTOR ALLOCATION


Sector	07/31/18			07/31/17
Utilities		22	%		16	%
County/City/Special District/School District		20			35
Health		19			18
Transportation		16			11
State		11			11
Corporate		7			4
Education		5			5
Housing^(b)		—			—

CALL/MATURITY SCHEDULE^(d)


Calendar Year Ended December 31,
2018	11	%
2019	11
2020	67
2021	1
2022	7

^(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	07/31/18			07/31/17
AAA/Aaa		1	%		1	%
AA/Aa		54			56
A		31			28
BBB/Baa^(b)		—			—
B		2			—
N/R^(c)		12			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 July 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.


TRUST SUMMARY			9


Trust Summary as of July 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 July 31, 2018 ($21.43)^(a)		3.49%
Tax Equivalent Yield^(b)		5.90%
Current Monthly Distribution per Common Share^(c)		$0.0624
Current Annualized Distribution per Common Share^(c)		$0.7488
Economic Leverage as July 31, 2018^(d)		38%

^(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.

^(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 12 months ended July 31, 2018 were as follows:


	Returns Based On
	Market Price			NAV
BTT^(a)(b)		(3.73	)%		3.04	%
Lipper General & Insured Municipal Debt Funds (Leveraged)^(c)		(4.84	)		1.88

^(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 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 allocation to state-taxed backed bonds added value, primarily due to its positions in New Jersey issues. New Jersey bonds outpaced the national market due in part to investors’ positive reaction to legislation that redirected roughly $1 billion annually in lottery proceeds to the state’s pension funds. Yield spreads on New Jersey bonds compressed, contributing to the positive returns.

•

The Trust’s allocation to the health care sector also made a significant contribution to performance.

•

Positions in higher-yielding, lower-rated bonds performed well and outpaced the overall market. The category was boosted by improving credit fundamentals and the combination of strong investor demand and limited new-issue supply.

•

The Trust’s holdings in short- and intermediate-term bonds, which are more sensitive to Fed policy than longer-term issues, detracted from performance.


10		2018 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS


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

Market Price and Net Asset Value Per Share Summary


	07/31/18		07/31/17		Change			High		Low
Market Price	$	21.43	$	23.14		(7.39	)%	$	23.27	$	20.98
Net Asset Value		23.62		23.83		(0.88	)		24.57		23.30

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

LOGO

Overview of the Trust’s Total Investments*

SECTOR ALLOCATION


Sector	07/31/18			07/31/17
Transportation		23	%		25	%
Health		19			19
County/City/Special District/School District		15			14
Education		12			13
State		10			12
Corporate		8			8
Utilities		7			6
Housing		3			1
Tobacco		3			2

CALL/MATURITY SCHEDULE^(d)


Calendar Year Ended December 31,
2018	2	%
2019	—
2020	4
2021	1
2022	30

^(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	07/31/18			07/31/17
AAA/Aaa		3	%		4	%
AA/Aa		32			30
A		37			36
BBB/Baa		17			17
BB/Ba		2			2
B		1			2
CCC/Caa		—			—	^(b)
N/R^(c)		8			9

^(a)

^(b)

Represents less than 1% of total investments.

^(c)


TRUST SUMMARY			11


Trust Summary as of July 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 July 31, 2018 ($13.37)^(a)		5.43%
Tax Equivalent Yield^(b)		9.17%
Current Monthly Distribution per Common Share^(c)		$0.0605
Current Annualized Distribution per Common Share^(c)		$0.7260
Economic Leverage as of July 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. A portion of the distribution may be deemed a return of capital or net realized gain.

^(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 12 months ended July 31, 2018 were as follows:


	Returns Based On
	Market Price			NAV
BBF^(a)(b)		(7.08	)%		1.65	%
Lipper General & Insured Municipal Debt Funds (Leveraged)^(c)		(4.84	)		1.88

^(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 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 bonds with maturities of 20 years and above made a strong contribution to the Trust’s return. Longer-term bonds, in addition to generating stronger price performance than other market segments, also provided higher income.

•

Positions in BBB rated and non-investment grade securities, particularly those in the tobacco sector, were additive to results. Pre-refunded securities further aided performance, as they provide much higher income than what was available in the marketplace.

•

The Trust sought to manage interest rate risk using U.S. Treasury futures. Since Treasury yields rose (as prices fell), this aspect of the Trust’s positioning had a positive impact on returns.

•

The Trust’s use of leverage, while amplifying the impact of weak price performance, was a net contributor since it provided additional income. However, the cost of leverage increased due to rising short-term interest rates.

•

The Trust’s allocation to higher-quality securities detracted from performance relative to lower-rated issues, as the latter category provided higher income and stronger price performance.

•

Positions in bonds with shorter and intermediate maturities, which lagged those with longer-dated maturities, also detracted from performance.


12		2018 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS


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

Market Price and Net Asset Value Per Share Summary


	07/31/18		07/31/17		Change			High		Low
Market Price	$	13.37	$	15.27		(12.44	)%	$	15.43	$	12.75
Net Asset Value		13.87		14.48		(4.21	)		14.58		13.79

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

LOGO

Overview of the Trust’s Total Investments*

SECTOR ALLOCATION


Sector	07/31/18			07/31/17
County/City/Special District/School District		22	%		23	%
Transportation		19			21
Health		16			15
Utilities		13			14
State		9			9
Education		9			10
Tobacco		7			5
Housing		3			1
Corporate		2			2

CALL/MATURITY SCHEDULE^(c)


Calendar Year Ended December 31,
2018	9	%
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	07/31/18			07/31/17
AAA/Aaa		7	%		9	%
AA/Aa		43			49
A		17			16
BBB/Baa		16			14
BB/Ba		4			3
B		3			3
N/R^(b)		10			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 July 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 July 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 July 31, 2018 ($12.53)^(a)		4.26%
Tax Equivalent Yield^(b)		8.46%
Current Monthly Distribution per Common Share^(c)		$0.0445
Current Annualized Distribution per Common Share^(c)		$0.5340
Economic Leverage as of July 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 12 months ended July 31, 2018 were as follows:


	Returns Based On
	Market Price			NAV
BNY^(a)(b)		(14.61	)%		1.13	%
Lipper New York Municipal Debt Funds^(c)		(5.96	)		0.65

^(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 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 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 Trust already had positions, thereby limiting the opportunity set. New York’s overall economic trends continued to improve, albeit at a rate slightly below that 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.

•

Given that bond prices declined somewhat, the Trust’s return was primarily derived from income. The Trust’s use of leverage, while amplifying the impact of weak price performance, provided additional income and was therefore a net contributor. However, the cost of leverage increased due to rising short-term rates.

•

The Trust sought to manage interest rate risk using U.S. Treasury futures. Since Treasury yields rose (as prices fell), this aspect of the Trust’s positioning had a positive impact on returns.

•

Investments in lower-rated bonds (those rated A and below), which outpaced higher-quality issues, contributed positively. From a sector perspective, the Trust’s allocation to education and transportation issues made the largest contributions.

•

The Trust’s positions in bonds with two- to five-year maturities hurt performance, as this area lagged the rest of the market. This allocation is largely comprised of advance-refunded bonds that the Trust purchased in a higher-yield environment.


14		2018 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS


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

Market Price and Net Asset Value Per Share Summary


	07/31/18		07/31/17		Change			High		Low
Market Price	$	12.53	$	15.37		(18.48	)%	$	15.50	$	12.49
Net Asset Value		14.52		15.04		(3.46	)		15.20		14.37

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

LOGO

Overview of the Trust’s Total Investments*

SECTOR ALLOCATION


Sector	07/31/18			07/31/17
County/City/Special District/School District		22	%		20	%
Transportation		21			23
Education		19			20
State		11			10
Utilities		11			12
Health		8			9
Corporate		3			2
Tobacco		3			2
Housing		2			2

CALL/MATURITY SCHEDULE^(c)


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

^(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	07/31/18			07/31/17
AAA/Aaa		17	%		16	%
AA/Aa		35			40
A		30			28
BBB/Baa		7			6
BB/Ba		2			1
B		1			1
N/R^(b)		8			8

^(a)

^(b)


TRUST SUMMARY			15

Schedule of Investments

July 31, 2018

BlackRock California Municipal Income Trust (BFZ)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Municipal Bonds — 97.6%

California — 96.0%
County/City/Special District/School District — 23.3%
Butte-Glenn Community College District, GO, Election of 2002, Series C, 5.50%, 08/01/19^(a)	$	7,425	$	7,732,246
California Municipal Finance Authority, ARB, Senior Lien-Linxs APM Project, AMT, 5.00%, 12/31/43		3,500		3,920,805
City of San Jose California Hotel Tax, RB, Convention Center Expansion & Renovation Project:
6.13%, 05/01/31		500		554,990
6.50%, 05/01/36		1,210		1,355,140
6.50%, 05/01/42		2,225		2,491,889
County of Kern California, COP, Capital Improvements Projects, Series A (AGC), 6.00%, 02/01/19^(a)		2,000		2,047,340
County of Los Angeles Metropolitan Transportation Authority, Refunding RB, Series A, 5.00%, 07/01/38		4,815		5,624,739
County of Riverside California Public Financing Authority, RB, Capital Facilities Project, 5.25%, 11/01/45		8,990		10,380,573
County of San Joaquin California Transportation Authority, Refunding RB, Limited Tax, Measure K, Series A^(a):
5.50%, 03/01/21		5,270		5,791,677
6.00%, 03/01/21		2,880		3,201,379
Evergreen Elementary School District, GO, Election of 2006, Series B (AGC), 5.13%, 08/01/33		2,500		2,586,075
Los Angeles Unified School District, GO, Election of 2008, Series B-1, 5.25%, 07/01/42		12,500		14,904,500
Modesto Irrigation District, COP, Capital Improvements, Series A, 5.75%, 10/01/29		3,035		3,117,977
Oak Grove School District, GO, Election of 2008, Series A, 5.50%, 08/01/33		1,315		1,367,140
Pico Rivera Public Financing Authority, RB, 5.75%, 09/01/19^(a)		2,000		2,092,720
Sacramento Area Flood Control Agency, Refunding, Consolidated Capital Assessment District, 5.00%, 10/01/41		8,000		9,138,160
San Jose California Financing Authority, Refunding LRB, Civic Center Project, Series A, 5.00%, 06/01/32		3,375		3,789,247
San Leandro California Unified School District, GO, Election of 2010, Series A, 5.75%, 08/01/41		3,060		3,387,512
Santa Clarita Public Finance Authority, RB, Streetlights Acquisition And Retrofit Program, Series A, 5.00%, 09/01/43		3,205		3,667,289
Santa Monica Public Financing Authority, RB, Downtown Fire Station Project, 5.00%, 07/01/42		1,250		1,438,963
Torrance Unified School District California, GO, Election of 2008, Measure Z, 6.00%, 08/01/19^(a)		4,000		4,185,240
Tustin California School District, GO, Election of 2008, Series B, 5.25%, 08/01/21^(a)		3,445		3,814,752
Washington Township Health Care District, GO, Election of 2004, Series B, 5.50%, 08/01/38		1,625		1,891,012
West Contra Costa California Unified School District, GO:
Election of 2010, Series A (AGM), 5.25%, 08/01/21^(a)		4,460		4,938,692
Election of 2012, Series A, 5.50%, 08/01/39		2,500		2,874,350
Series D, 4.00%, 08/01/41		3,475		3,626,475

				109,920,882
Education — 11.8%
California Educational Facilities Authority, Refunding RB, San Francisco University:
6.13%, 10/01/21^(a)		3,075		3,494,369
6.13%, 10/01/36		3,205		3,617,740
California Municipal Finance Authority, RB, Emerson College, 5.75%, 01/01/22^(a)		2,500		2,834,400


Security	Par (000)		Value
Education (continued)
California Municipal Finance Authority, Refunding RB, Emerson College, Series B:
5.00%, 01/01/34	$	695	$	789,318
5.00%, 01/01/36		750		846,600
5.00%, 01/01/37		630		708,983
5.00%, 01/01/42		1,000		1,119,390
California State University, Refunding RB, Systemwide, Series A:
5.00%, 11/01/33		5,640		6,571,108
5.00%, 11/01/39		8,420		9,895,773
5.00%, 11/01/42		5,300		6,109,999
5.00%, 11/01/43^(b)		5,000		5,861,900
University of California, Refunding RB:
Limited Project, Series O, 5.00%, 05/15/40		3,500		4,067,105
Limited Project, Series O, 5.00%, 05/15/43		4,180		4,834,337
Series AR, 5.00%, 05/15/38		4,250		4,880,658

				55,631,680
Health — 10.9%
ABAG Finance Authority for Nonprofit Corps., Refunding RB, Sharp Healthcare, Series B, 6.25%, 08/01/19^(a)		4,975		5,217,681
California Health Facilities Financing Authority, RB:
Adventist Health System West, Series A, 5.75%, 09/01/19^(a)		6,710		7,017,385
Cedars Sinai Medical Center, Series A, 5.00%, 08/15/34		5,475		6,340,597
Children’s Hospital, Series A, 5.25%, 11/01/41		8,500		9,369,720
Sutter Health, Series B, 6.00%, 08/15/20^(a)		6,015		6,560,861
California Health Facilities Financing Authority, Refunding RB, Series A:
Catholic Healthcare West, 6.00%, 07/01/19^(a)		5,550		5,786,153
Dignity Health, 6.00%, 07/01/19^(a)		4,520		4,712,326
Sutter Health, 5.00%, 11/15/37		2,000		2,302,760
California Statewide Communities Development Authority, Refunding RB, Trinity Health Credit Group Composite Issue, 5.00%, 12/01/41		4,000		4,396,880

				51,704,363
State — 12.2%
Orange County Community Facilities District, Special Tax Bonds, Village of Esencia, Series A, 5.25%, 08/15/45		2,500		2,759,250
State of California, GO, Refunding, Various Purposes:
5.00%, 09/01/35		10,115		11,753,731
5.00%, 11/01/37		4,690		5,496,117
State of California, GO, Various Purposes:
6.00%, 04/01/19^(a)		4,245		4,378,972
6.00%, 04/01/38		7,755		7,978,732
State of California Public Works Board, LRB:
Department of Education, Riverside Campus Project, Series B, 6.50%, 04/01/19^(a)		9,000		9,313,650
Various Capital Projects, Series I, 5.50%, 11/01/33		4,940		5,703,773
Various Capital Projects, Sub-Series I-1, 6.38%, 11/01/19^(a)		5,025		5,336,751
State of California Public Works Board, RB, Department of Corrections & Rehabilitation, Series F, 5.25%, 09/01/33		4,335		4,933,664

				57,654,640
Tobacco — 5.2%
County of California Tobacco Securitization Agency, Refunding RB, Asset-Backed, Merced County, Series A, 5.25%, 06/01/45		1,135		1,143,206
Golden State Tobacco Securitization Corp., Refunding RB, Series A-1, 5.00%, 06/01/47		17,470		17,933,829
Tobacco Securitization Authority of Northern California, Refunding RB, Asset-Backed Bonds, Series A-1, 5.38%, 06/01/38		2,000		2,010,760


16		2018 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

July 31, 2018

BlackRock California Municipal Income Trust (BFZ)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Tobacco (continued)
Tobacco Securitization Authority of Southern California, Refunding RB, Tobacco Settlement, Asset-Backed, Senior Series A-1:
5.00%, 06/01/37	$	2,500	$	2,513,450
5.13%, 06/01/46		885		889,761

				24,491,006
Transportation — 18.9%
City & County of San Francisco California Airports Commission, ARB, Second Series E:
6.00%, 05/01/19^(a)		520		538,143
6.00%, 05/01/39		6,230		6,439,764
City of Los Angeles California Department of Airports, ARB, AMT:
Sub-Series A, 5.00%, 05/15/42		3,325		3,736,735
Los Angeles International Airport, Sub-Series B, 5.00%, 05/15/34		3,425		3,859,324
Subordinate, Los Angeles International Airport, Series B, 5.00%, 05/15/31		100		113,717
Subordinate, Los Angeles International Airport, Series B, 5.00%, 05/15/41		4,000		4,454,640
Subordinate, Los Angeles International Airport, Series B, 5.00%, 05/15/46		6,400		7,104,256
City of Los Angeles California Department of Airports, RB, AMT, Series C, 5.00%, 05/15/44^(b)		3,215		3,626,359
City of Los Angeles California Department of Airports, Refunding ARB, Los Angeles International Airport, Senior, Series A:
5.00%, 05/15/34		6,650		6,824,696
5.00%, 05/15/40		4,760		5,026,417
City of San Jose California, Refunding ARB, Norman Y Mineta San Jose International Airport SJC, AMT:
Series A, 5.00%, 03/01/41		3,850		4,323,281
Series A-1, 5.75%, 03/01/34		3,875		4,214,101
Series A-1, 6.25%, 03/01/34		2,650		2,941,023
County of Sacramento California Airport System Revenue, Refunding RB, Series B, 5.00%, 07/01/38		1,500		1,752,780
County of Sacramento California Airport System Revenue, Refunding ARB, Senior Series A, 5.00%, 07/01/41		12,500		14,192,625
County of Sacramento California Airport System Revenue, Refunding RB, AMT, Series C, 5.00%, 07/01/36		6,395		7,371,964
County of San Diego Regional Airport Authority, ARB, Subordinate, Series B, AMT:
5.00%, 07/01/37		1,000		1,128,680
5.00%, 07/01/42		6,360		7,141,898
Port of Los Angeles California Harbor Department, Refunding RB, Series A, AMT, 5.00%, 08/01/44		4,135		4,614,660

				89,405,063
Utilities — 13.7%
City of Chula Vista California, Refunding RB, San Diego Gas & Electric, Series D, 5.88%, 01/01/34		6,555		6,777,936
City of Los Angeles California Department of Water & Power, Refunding RB, Water System, Series A, 5.25%, 07/01/39		4,000		4,341,320
City of Los Angeles California Wastewater System, Refunding RB, Series A, 5.00%, 06/01/19^(a)		2,000		2,061,580
City of Petaluma California Wastewater Revenue, Refunding RB, 6.00%, 05/01/21^(a)		5,625		6,289,088
City of Richmond California Wastewater Revenue, Refunding RB, Series A, 5.00%, 08/01/42		1,750		2,021,215
City of San Francisco California Public Utilities Commission Water Revenue, RB, Sub-Series A, 5.00%, 11/01/37		5,000		5,467,550


Security	Par (000)		Value
Utilities (continued)
Dublin-San Ramon Services District Water Revenue, Refunding RB, 6.00%, 02/01/21^(a)	$	2,425	$	2,687,700
El Dorado Irrigation District/El Dorado County Water Agency, Refunding RB, Series A (AGM), 5.25%, 03/01/39		10,000		11,351,400
Los Angeles Department of Water, Refunding RB, Series A, 5.25%, 07/01/44		3,000		3,513,150
Los Angeles Department of Water & Power System Revenue, RB, Series B, 5.00%, 07/01/38		6,000		6,873,720
Los Angeles Department of Water & Power System Revenue, Refunding RB, Series A, 5.00%, 07/01/33		8,905		10,205,219
Yorba Linda Water District, Refunding RB, Series A, 5.00%, 10/01/38		2,570		2,990,246

				64,580,124

Total Municipal Bonds in California				453,387,758


Multi-State — 0.4%
Housing — 0.4%
Centerline Equity Issuer Trust^(c):
Series A-4-2, 6.00%, 05/15/19		1,000		1,030,460
Series B-3-2, 6.30%, 05/15/19		1,000		1,032,670

Total Municipal Bonds in Multi-State				2,063,130


Puerto Rico — 1.2%
Tobacco — 1.2%
Children’s Trust Fund, Refunding RB, Tobacco Settlement Asset-Backed Bonds:
5.50%, 05/15/39		2,910		2,928,973
5.63%, 05/15/43		2,765		2,789,111

Total Municipal Bonds in Puerto Rico				5,718,084

Total Municipal Bonds — 97.6% (Cost — $446,163,520)				461,168,972


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

California — 70.5%
County/City/Special District/School District — 24.3%
Los Angeles California Unified School District, GO, Series I, 5.00%, 01/01/34		5,000		5,150,925
Los Angeles Community College District California, GO, Election of 2008, Series C, 5.25%, 08/01/20^(a)(e)		12,902		13,851,395
Los Angeles Community College District California, GO, Refunding, Go, Refunding, Election of 2008, Series A, 6.00%, 08/01/19^(a)		20,131		21,053,671
Palomar Community College Distric, GO, Election of 2006, Series C, 5.00%, 08/01/44		15,140		17,300,705
San Diego California Community College District, GO, Election of 2002, 5.25%, 08/01/19^(a)		10,484		10,883,211
San Francisco California Bay Area Rapid Transit District, GO, Election 2016, Green Bond, Series A, 5.00%, 08/01/47		10,615		12,169,352
San Joaquin California Delta Community College District, GO, Election of 2004, Series C, 5.00%, 08/01/39		14,505		16,364,523
San Jose Unified School District, GO, Series C, 4.00%, 08/01/39		6,100		6,310,450
Santa Monica Community College District, GO, Election of 2016, Series A, 5.00%, 08/01/43		10,000		11,828,800

				114,913,032
Education — 15.9%
University of California, RB:
Limited Project, Series M, 5.00%, 05/15/42		10,000		11,442,400
Series AM, 5.25%, 05/15/44		5,000		5,729,625
Series O, 5.75%, 05/15/19^(a)		12,303		12,727,166


SCHEDULES OF INVESTMENTS			17

Schedule of Investments (continued)

July 31, 2018

BlackRock California Municipal Income Trust (BFZ)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Education (continued)
University of California, Refunding RB:
Series A, 5.00%, 11/01/43	$	11,791	$	13,370,149
Series AI, 5.00%, 05/15/38		14,225		15,917,728
Series I, 5.00%, 05/15/40		14,065		15,997,794

				75,184,862
Health — 9.4%
California Health Facilities Financing Authority, RB, Sutter Health, Series A:
5.00%, 11/15/41		11,620		13,114,158
5.00%, 08/15/52		9,695		10,545,981
California Statewide Communities Development Authority, RB, Kaiser Permanente, Series A, 5.00%, 04/01/42		18,960		20,648,198

				44,308,337
State — 2.5%
University of California, Refunding RB, Series AR, 5.00%, 05/15/41		10,165		11,610,360

Transportation — 11.8%
City & County of San Francisco California Airports Commission, Refunding RB, San Francisco International Airport, Series B, AMT, 5.00%, 05/01/41		8,720		9,707,802
City of Los Angeles California Department of Airports, ARB, AMT:
Los Angeles International Airport, Sub-Series A, 5.00%, 05/15/42		22,710		25,274,757
Series D, 5.00%, 05/15/41		18,632		20,788,006

				55,770,565
Utilities — 6.6%
County of Orange California Water District, COP, Refunding, 5.00%, 08/15/19^(a)		10,480		10,872,319
Los Angeles Department of Water, Refunding RB, Series A, 5.00%, 07/01/46		6,412		7,292,477
San Diego Public Facilities Financing Authority Sewer, Refunding RB, Senior Series A, 5.25%, 05/15/19^(a)		12,460		12,841,650

				31,006,446

Total Municipal Bonds Transferred to Tender Option Bond Trusts — 70.5% (Cost — $327,312,876)				332,793,602


Total Long-Term Investments — 168.1% (Cost — $773,476,396)				793,962,574


Security	Shares		Value
Short-Term Securities — 1.3%
BlackRock Liquidity Funds, MuniCash, Institutional Class, 0.85%^(f)(g)		6,190,589	$	6,191,827

Total Short-Term Securities — 1.3% (Cost — $6,191,217)				6,191,827


Total Investments — 169.4% (Cost — $779,667,613)				800,154,401
Other Assets Less Liabilities — 0.3%				1,316,693
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (33.4)%				(157,763,871	)
VMTP Shares at Liquidation Value — (36.3)%				(171,300,000	)

Net Assets Applicable to Common Shares — 100.0%			$	472,407,223

^(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)	When-issued security.

^(c)	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.

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

^(e)	All or a portion of security is subject to a recourse agreement. The aggregate maximum potential amount the Trust could ultimately be required to pay under the agreement, which expires on May 18, 2020, is $6,798,086. See Note 4 of the Notes to Financial Statements for details.

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

^(g)	During the year ended July 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 07/31/18		Value at 07/31/18		Income		Net Realized Gain (Loss)^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds, MuniCash, Institutional Class		252,116		5,938,473		6,190,589	$	6,191,827	$	18,572	$	570	$	585

^(a)

Includes net capital gain distributions, if applicable.


18		2018 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

July 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		107		09/19/18	$	12,778	$	57,202
Long U.S. Treasury Bond		144		09/19/18		20,588		(45,674	)
5-Year U.S. Treasury Note		31		09/28/18		3,507		9,555

							$	21,083

Derivative Financial Instruments Categorized by Risk Exposure

As of year end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were 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)	$	—	$	—	$	—	$	—	$	66,757	$	—	$	66,757

Liabilities — Derivative Financial Instruments
Futures contracts
Net unrealized depreciation^(a)	$	—	$	—	$	—	$	—	$	45,674	$	—	$	45,674

^(a)

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

For the year ended July 31, 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	$	—	$	—	$	—	$	—	$	1,806,023	$	—	$	1,806,023

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	—	$	—	$	77,945	$	—	$	77,945

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — short	$	30,998,912

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


SCHEDULES OF INVESTMENTS			19

Schedule of Investments (continued)

July 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)	$	—		$	793,962,574	$	—	$	793,962,574
Short-Term Securities		6,191,827			—		—		6,191,827

	$	6,191,827		$	793,962,574	$	—	$	800,154,401

Derivative Financial Instruments^(b)
Assets:
Interest rate contracts	$	66,757		$	—	$	—	$	66,757
Liabilities:
Interest rate contracts		(45,674	)		—		—		(45,674	)

	$	21,083		$	—	$	—	$	21,083

^(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	$	—	$	(157,125,868	)	$	—	$	(157,125,868	)
VMTP Shares at Liquidation Value		—		(171,300,000	)		—		(171,300,000	)

	$	—	$	(328,425,868	)	$	—	$	(328,425,868	)

During the year ended July 31, 2018, there were no transfers between levels.

See notes to financial statements.


20		2018 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments

July 31, 2018

BlackRock Florida Municipal 2020 Term Trust (BFO)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Municipal Bonds — 93.7%

Florida — 93.2%
Corporate — 6.7%
Citizens Property Insurance Corp., RB, Senior Secured, Series A-1, 5.00%, 06/01/20	$	3,140	$	3,322,999
County of Palm Beach Florida Solid Waste Authority, Refunding RB, 5.00%, 10/01/20		2,000		2,138,260

				5,461,259
County/City/Special District/School District — 18.8%
City of Jacksonville Florida, RB, Series B, 5.00%, 10/01/20		760		812,881
City of Jacksonville Florida, Refunding RB:
Better Jacksonville Sales Tax, 5.00%, 10/01/20		4,000		4,274,760
Brooks Rehabilitation Project, 5.00%, 11/01/20		400		426,684
County of Broward Florida School Board, COP, Refunding, Series A, 5.00%, 07/01/20		2,000		2,121,000
Florida State Board of Education, GO, Refunding, Capital Outlay, Series B, 5.00%, 06/01/20		485		503,576
Indian River County School Board, COP, Refunding, Series A, 5.00%, 07/01/20		1,000		1,060,500
Miami-Dade County School Board Foundation, Inc., COP, Refunding, Series A, 5.00%, 05/01/20		1,250		1,318,912
Palm Beach County School District, COP, Refunding Series B, 5.00%, 08/01/20		3,000		3,188,730
Stevens Plantation Florida Imports Project Dependent Special District, RB, 6.38%, 05/01/13^(a)(b)		2,425		1,697,500

				15,404,543
Education — 4.3%
City of Tampa Florida, Refunding RB, Florida Revenue The University of Tampa Project, 5.00%, 04/01/20		795		835,958
Florida Atlantic University Traffic and Parking Services Revenue, Refunding RB, Series A, 5.00%, 07/01/20		1,150		1,219,138
Florida State Higher Educational Facilities Financial Authority, Refunding RB, University of Tampa Project, Series A, 5.00%, 04/01/20		1,000		1,051,520
Volusia County School Board, COP, Refunding Series A (BAM), 5.00%, 08/01/20		350		372,019

				3,478,635
Health — 18.1%
County of Brevard Florida Health Facilities Authority, Refunding RB, 5.00%, 04/01/20		500		526,185
County of Highlands Florida Health Facilities Authority, Refunding RB, Hospital, Adventist Health, Series I, 5.00%, 11/15/20		2,155		2,245,316
County of Orange Florida Health Facilities Authority, Refunding RB, Mayflower Retirement Center, 3.50%, 06/01/19		200		203,270
County of Palm Beach Florida Health Facilities Authority, Refunding RB:
Acts Retirement-Life Communities, Inc., 4.00%, 11/15/20		2,000		2,093,480
Acts Retirement-Life Communities, Inc., 5.00%, 11/15/22		4,735		5,208,500
Bethesda Healthcare System Project, Series A (AGM), 5.00%, 07/01/20^(c)		1,285		1,366,006
Halifax Hospital Medical Center, Refunding RB, 5.00%, 06/01/20		590		621,536
Miami Beach Health Facilities Authority, Refunding RB, 5.00%, 11/15/20		150		159,344
South Miami Health Facilities Authority, Refunding RB, Baptist Health South Florida Obligated Group, 5.00%, 08/15/20		2,250		2,391,907

				14,815,544


Security	Par (000)		Value
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	$	75	$	75,472
County of Manatee Florida HFA, RB, S/F Housing, Series A, AMT (Ginnie Mae, Fannie Mae & Freddie Mac), 5.90%, 09/01/40		90		91,289

				166,761
State — 9.8%
Florida Municipal Loan Council, RB, Series D (AGM):
5.00%, 10/01/19		1,050		1,089,869
4.00%, 10/01/20		1,105		1,152,747
4.00%, 10/01/21		500		528,765
Florida Municipal Loan Council, Refunding RB:
CAB, Series A (NPFGC), 0.00%, 04/01/20^(d)		1,500		1,417,890
Series B-2 (AGM), 4.00%, 10/01/20		655		680,892
State of Florida Department of Environmental Protection, Refunding RB, Series A, 5.00%, 07/01/20		3,000		3,183,840

				8,054,003
Transportation — 14.6%
City of Jacksonville Florida Port Authority, Refunding RB, AMT, 4.00%, 11/01/20		865		891,434
County of Broward Florida Fuel System, RB, Lauderdale Fuel Facilities, Series A (AGM), AMT, 5.00%, 04/01/20		160		168,460
County of Broward Florida Port Facilities, Refunding RB, Series B, AMT, 5.00%, 09/01/20		2,500		2,654,700
County of Hillsborough Aviation Authority, Refunding ARB, Tampa International Airport, Series A, 5.00%, 10/01/18		3,400		3,420,502
County of Miami-Dade Florida, Refunding RB, Series A, AMT, 5.00%, 10/01/20		1,375		1,466,424
County of Miami-Dade Florida Expressway Authority, Refunding RB, Toll System, Series A, 5.00%, 07/01/20		1,500		1,590,750
County of Miami-Dade Florida Transit System Sales Surtax, Refunding RB, 5.00%, 07/01/20		550		583,275
Greater Orlando Aviation Authority, Refunding RB, Series C, 5.00%, 10/01/20		1,130		1,207,371

				11,982,916
Utilities — 20.7%
City of Fort Lauderdale Florida Water & Sewer Revenue, Refunding RB, 5.00%, 09/01/20		2,970		3,171,990
City of Gainesville Florida Utilities System Revenue, VRDN, Refunding RB, Series B, 1.50%, 10/01/42^(f)		3,500		3,500,000
City of Miami Beach Florida, RB, 5.00%, 09/01/20		250		265,890
City of North Miami Florida Beach Water Revenue, RB, 5.00%, 08/01/20		1,200		1,275,492
County of Miami-Dade Florida Water & Sewer System, Refunding RB, Series B (AGM), 5.25%, 10/01/19		4,000		4,172,800
Florida Governmental Utility Authority, RB, Golden Gate Utility System (AGM), 5.00%, 07/01/19^(c)		510		525,948
Florida Governmental Utility Authority, Refunding RB (AGM):
4.00%, 10/01/20		500		521,605
Lehigh Utility, 5.00%, 10/01/20		635		675,964
Florida Municipal Power Agency, RB, 5.00%, 10/01/20		500		533,355
Orlando Utilities Commission, VRDN, RB, Series 2, 1.60%, 10/01/33^(f)		1,700		1,700,000
Town of Davie Florida, Refunding RB, Nova Southeastern University Project, Series B, 5.00%, 04/01/20		530		557,666

				16,900,710

Total Municipal Bonds in Florida				76,264,371


SCHEDULES OF INVESTMENTS			21

Schedule of Investments (continued)

July 31, 2018

BlackRock Florida Municipal 2020 Term Trust (BFO)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Guam — 0.5%
Utilities — 0.5%
Guam Government Waterworks Authority, RB, 5.25%, 07/01/20	$	100	$	105,736
Guam Power Authority, Refunding RB, Series A (AGM), 5.00%, 10/01/20		310		329,592

Total Municipal Bonds in Guam				435,328

Total Municipal Bonds — 93.7% (Cost — $76,276,168)				76,699,699


	Shares
Short-Term Securities — 5.3%
BlackRock Liquidity Funds, MuniCash, Institutional Class, 0.85%^(g)(h)		4,311,666		4,312,529

Total Short-Term Securities — 5.3% (Cost — $4,312,092)				4,312,529


Total Investments — 99.0% (Cost — $80,588,260)				81,012,228
Other Assets Less Liabilities — 1.0%				796,980

Net Assets Applicable to Common Shares — 100.0%			$	81,809,208

^(a)	Non-income producing security.

^(b)	Issuer filed for bankruptcy and/or is in default.

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

^(d)	Zero-coupon bond.

^(e)	Variable or floating rate security, which interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.

^(f)	Variable rate security. Rate as of period end and maturity is the date the principal owed can be recovered through demand.

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

^(h)	During the year ended July 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 07/31/18		Value at 07/31/18		Income		Net Realized Gain (Loss)^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds, MuniCash, Institutional Class		2,171,482		2,140,184		4,311,666	$	4,312,529	$	20,584	$	433	$	(113	)

^(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, 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)	$	—	$	76,699,699	$	—	$	76,699,699
Short-Term Securities		4,312,529		—		—		4,312,529

	$	4,312,529	$	76,699,699	$	—	$	81,012,228

^(a)

See above Schedule of Investments for values in each sector.

During the year ended July 31, 2018, there were no transfers between levels.

See notes to financial statements.


22		2018 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments

July 31, 2018

BlackRock Municipal 2030 Target Term Trust (BTT)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Municipal Bonds — 131.9%

Alabama — 2.3%
Alabama Federal Aid Highway Finance Authority, RB, Series A:
5.00%, 09/01/33	$	3,985	$	4,673,090
5.00%, 09/01/34		3,500		4,095,175
Alabama Special Care Facilities Financing Authority-Birmingham, Refunding RB, Children’s Hospital of Albama, 5.00%, 06/01/30		10,000		11,233,100
Birmingham-Jefferson Civic Center Authority, Special Tax Bonds, Series A^(a):
5.00%, 07/01/31		1,100		1,270,885
5.00%, 07/01/32		1,150		1,323,374
5.00%, 07/01/33		1,600		1,833,904
County of Jefferson Alabama Sewer Revenue, Refunding RB, CAB, Senior Lien-Warrants, Series B (AGM)^(b):
0.00%, 10/01/31		7,375		3,898,499
0.00%, 10/01/32		6,295		3,083,480
0.00%, 10/01/33		1,275		584,358
Homewood Educational Building Authority, Refunding RB, Educational Facilities, Samford University, Series A:
5.00%, 12/01/33		1,010		1,134,796
5.00%, 12/01/34		1,380		1,540,452
University of South Alabama, Refunding RB, AGM:
5.00%, 11/01/29		1,105		1,274,960
5.00%, 11/01/30		2,000		2,299,700

				38,245,773
Alaska — 0.1%
Northern Tobacco Securitization Corp., Refunding RB, Tobacco Settlement, Asset-Backed, Series A, 4.63%, 06/01/23		1,360		1,361,686

Arizona — 2.2%
Arizona Health Facilities Authority, Refunding RB, Phoenix Children’s Hospital:
Series A, 5.00%, 02/01/34		6,340		6,740,688
Series B, 5.00%, 02/01/33		1,810		1,912,030
City of Phoenix Arizona IDA, RB, Facility:
Candeo Schools, Inc. Project, 6.00%, 07/01/23		430		466,206
Eagle College Preparatory Project, Series A, 4.50%, 07/01/22		400		411,256
Eagle College Preparatory Project, Series A, 5.00%, 07/01/33		1,000		1,021,320
Legacy Traditional Schools Project, Series A, 5.75%, 07/01/24^(c)		750		806,707
City of Phoenix Arizona IDA, Refunding RB, Downtown Phoenix Student Housing, Series A:
5.00%, 07/01/29		175		198,709
5.00%, 07/01/31		175		196,980
County of Maricopa IDA, Refunding RB, Banner Health, Series A, 5.00%, 01/01/31		16,280		18,815,936
County of Pima Arizona IDA, Refunding RB, Tucson Electric Power Co. Project, Series A, 4.00%, 09/01/29		6,000		6,275,820

				36,845,652
California — 11.5%
Alameda Corridor Transportation Authority, Refunding RB, CAB, Sub-Lien, Series A (AMBAC), 0.00%, 10/01/30^(b)		10,530		6,411,928
Azusa Unified School District, GO, Refunding, (AGM), 4.00%, 08/01/31		4,825		5,183,594
California Health Facilities Financing Authority, RB, Sutter Health, Series A:
5.00%, 11/15/32		1,600		1,878,864
5.00%, 11/15/33		1,855		2,166,770


Security	Par (000)		Value
California (continued)
California Health Facilities Financing Authority, Refunding RB, Sutter Health, Series A, 5.00%, 11/15/32	$	1,700	$	1,996,293
California Municipal Finance Authority, RB:
Biola University, 4.00%, 10/01/33		2,500		2,568,025
Senior, S/F Housing, Caritas Affordable Housing, Inc. Project, Series A, 5.00%, 08/15/30		1,000		1,101,080
California Municipal Finance Authority, Refunding RB, Eisenhower Medical Center, Series A:
5.00%, 07/01/30		1,200		1,352,448
5.00%, 07/01/31		1,050		1,179,087
California Pollution Control Financing Authority, RB, Poseidon Resources (Channel Side) LP Desalination Project, AMT, 5.00%, 07/01/30^(c)		13,845		14,838,794
California Statewide Communities Development Authority, RB, Eskaton Properties, Inc., 5.25%, 11/15/34		2,500		2,705,700
City of Long Beach California Harbor Revenue, RB, AMT, Series A:
5.00%, 05/15/31		1,200		1,390,128
5.00%, 05/15/32		1,800		2,076,156
5.00%, 05/15/33		675		775,751
5.00%, 05/15/34		1,650		1,890,801
City of San Jose California, Refunding ARB, Norman Y Mineta San Jose International Airport SJC, Series A, AMT:
5.00%, 03/01/30		500		575,555
5.00%, 03/01/31		1,500		1,720,545
5.00%, 03/01/32		1,000		1,142,970
5.00%, 03/01/33		975		1,111,247
5.00%, 03/01/34		1,250		1,420,637
5.00%, 03/01/35		2,000		2,266,600
County of San Diego Regional Airport Authority, ARB, AMT, Sub-Series B, 5.00%, 07/01/33		1,000		1,142,780
El Camino Community College District, GO, CAB, Election of 2002, Series C^(b):
0.00%, 08/01/30		9,090		6,314,459
0.00%, 08/01/31		12,465		8,314,404
0.00%, 08/01/32		17,435		11,133,817
Golden State Tobacco Securitization Corp., Refunding RB, Series A-1, 5.00%, 06/01/29		14,500		16,601,340
Los Angeles California Unified School District, GO, Election of 2008, Series A, 4.00%, 07/01/33		3,000		3,189,870
Los Angeles Regional Airports Improvement Corp., Refunding RB, LAXFuel Corp., Los Angeles International, AMT, 5.00%, 01/01/32		4,110		4,348,709
M-S-R Energy Authority, RB, Series C, 6.13%, 11/01/29		2,500		3,100,400
Monterey Peninsula Community College District, GO, Refunding, CAB^(b):
0.00%, 08/01/30		3,500		2,368,940
0.00%, 08/01/31		5,940		3,817,816
Oakland Unified School District/Alameda County, GO, Refunding, 5.00%, 08/01/30		1,800		2,127,222
Oakland Unified School District/Alameda County, GO, Refunding Series C, 5.00%, 08/01/30		1,300		1,553,474
Poway Unified School District, GO, Election of 2008, Series A^(b):
0.00%, 08/01/30		10,000		6,768,400
0.00%, 08/01/32		12,500		7,659,375
Riverside Public Financing Authority, Tax Allocation Bonds, University Corridor/Sycamore Canyon Merged Redevelopment Project, Series C (NPFGC), 4.50%, 08/01/30		10,000		10,019,500


SCHEDULES OF INVESTMENTS			23

Schedule of Investments (continued)

July 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	$	11,329,448
4.00%, 08/01/32		12,010		12,723,754
State of California, GO, Refunding:
5.00%, 08/01/30		10,000		11,940,900
Various Purpose, 4.00%, 09/01/34		10,000		10,660,900
Washington Township Health Care District, Refunding RB, Series B, 3.00%, 07/01/28		1,000		970,660

				191,839,141
Colorado — 2.2%
Central Platte Valley Metropolitan District, GO, Series A:
5.13%, 12/01/29		700		774,200
5.50%, 12/01/29		750		843,270
City of Lakewood Colorado Plaza Metropolitan District No. 1, Refunding, Tax Allocation Bonds^(c):
4.00%, 12/01/23		1,000		1,029,220
4.10%, 12/01/24		5,080		5,209,540
4.20%, 12/01/25		5,280		5,388,768
4.50%, 12/01/30		4,305		4,357,134
Colorado Health Facilities Authority, Refunding RB:
Covenant Retirement Communities, Series A, 4.50%, 12/01/33		4,595		4,647,475
Covenant Retirement Communities, Series A, 5.00%, 12/01/33		3,000		3,202,860
NCMC, Inc. Project, 4.00%, 05/15/30		2,860		3,020,503
Copperleaf Metropolitan District No. 2, GO, Refunding, 5.25%, 12/01/30		500		523,840
Park Creek Metropolitan District, Refunding, Tax Allocation Bonds, Senior Limited Property, Series A:
5.00%, 12/01/27		1,500		1,722,630
5.00%, 12/01/28		1,500		1,721,550
5.00%, 12/01/30		1,350		1,540,741
5.00%, 12/01/31		1,500		1,708,740
Tallyns Reach Metropolitan District No. 3, GO, Refunding, 5.00%, 12/01/33		503		531,108

				36,221,579
Connecticut — 1.3%
State of Connecticut, GO:
Series A, 5.00%, 04/15/33		7,000		7,826,630
Series D, 4.00%, 08/15/29		11,500		11,981,505
State of Connecticut Health & Educational Facilities Authority, RB, Sacred Heart University Issue, Series I-1:
5.00%, 07/01/31		400		457,444
5.00%, 07/01/35		400		451,472

				20,717,051
Delaware — 0.3%
County of Kent Delaware, RB, CHF-Dover, LLC-Delaware State University Project, Series A:
4.00%, 07/01/22		230		241,992
4.00%, 07/01/23		570		601,994
5.00%, 07/01/24		705		782,078
5.00%, 07/01/25		805		899,507
5.00%, 07/01/26		850		951,158
5.00%, 07/01/27		890		999,417
5.00%, 07/01/28		935		1,045,835

				5,521,981
District of Columbia — 0.5%
District of Columbia, Refunding RB, Kipp Charter School, Series A, 6.00%, 07/01/23^(d)		1,700		2,012,341


Security	Par (000)		Value
District of Columbia (continued)
Metropolitan Washington Airports Authority, Refunding RB, AMT:
5.00%, 10/01/32	$	2,750	$	3,161,565
5.00%, 10/01/33		1,270		1,452,435
5.00%, 10/01/34		2,000		2,280,480

				8,906,821
Florida — 9.1%
City of Lakeland Florida, Refunding RB, Lakeland Regional Health System, 5.00%, 11/15/30		3,750		4,272,863
City of Tampa Florida, Refunding RB, H. Lee Moffitt Cancer Center Project, Series A, 4.00%, 09/01/33		10,000		10,330,600
County of Alachua Florida Health Facilities Authority, RB, East Ridge Retirement Village, Inc. Project, 6.00%, 11/15/29		5,000		5,319,050
County of Broward Florida, ARB, AMT:
5.00%, 10/01/30		2,290		2,640,599
5.00%, 10/01/31		2,000		2,295,880
5.00%, 10/01/33		2,000		2,278,780
5.00%, 10/01/34		1,500		1,705,260
County of Broward Florida, RB, Fort Lauderdale Fuel Facilities, Series A, AMT (AGM):
5.00%, 04/01/30		600		650,208
5.00%, 04/01/33		740		798,586
County of Martin Florida IDA, Refunding RB, Indiantown Cogeneration, L.P. Project, AMT, 4.20%, 12/15/25^(c)		5,250		5,335,785
County of Miami-Dade Florida, Refunding RB, Series B, 4.00%, 04/01/32		6,690		7,023,095
County of Miami-Dade Florida School Board, COP, Refunding, Series A, 5.00%, 05/01/32		9,000		10,123,110
County of Orange Florida Tourist Development Tax Revenue, Refunding RB:
5.00%, 10/01/30		11,470		13,936,738
4.00%, 10/01/31		16,485		17,461,901
County of Palm Beach Florida Health Facilities Authority, Refunding RB, Acts Retirement-Life Communities, Inc. Obligated Group, 5.00%, 11/15/32		19,790		21,998,366
County of St. Johns Florida Water & Sewer Revenue, Refunding RB, CAB, Series B^(b):
0.00%, 06/01/30		2,000		1,367,400
0.00%, 06/01/31		1,295		848,769
0.00%, 06/01/32		2,495		1,567,309
Double Branch Community Development District, Refunding, Special Assessment Bonds, Senior Lien, Series A-1, 4.13%, 05/01/31		1,200		1,230,900
Greater Orlando Aviation Authority, Refunding RB, Jet Blue Airways Corp. Project, AMT, 5.00%, 11/15/26		2,000		2,142,880
Jacksonville Florida Port Authority, Refunding RB, AMT:
4.50%, 11/01/30		2,895		3,031,499
4.50%, 11/01/31		3,200		3,349,568
4.50%, 11/01/32		2,300		2,403,799
Miami Beach Health Facilities Authority, Refunding RB, Mont Sinai Medical Center, 5.00%, 11/15/30		1,000		1,083,930
Reedy Creek Improvement District, GO, Series A, 5.25%, 06/01/30		3,825		4,356,751
Village Community Development District No. 10, Special Assessment Bonds, Sumter County:
4.50%, 05/01/23		2,000		2,123,000
5.00%, 05/01/32		5,475		5,988,226
Village Community Development District No. 5, Refunding, Special Assessment Bonds, Sumter County:
Phase I, 3.50%, 05/01/28		1,955		1,970,269
Phase I, 3.50%, 05/01/28		3,685		3,713,780
Phase II, 4.00%, 05/01/33		1,135		1,153,637
Phase II, 4.00%, 05/01/34		2,355		2,394,705


24		2018 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

July 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	$	5,895	$	6,047,268

				150,944,511
Illinois — 13.2%
Chicago Board of Education, GO, Refunding Dedicated Revenues:
Series C, 5.00%, 12/01/30		7,025		7,377,233
Series F, 5.00%, 12/01/22		4,760		4,982,006
Chicago Midway International Airport, Refunding ARB, 2nd Lien, Series A, AMT, 5.00%, 01/01/33		5,000		5,436,200
Chicago Transit Authority, Refunding RB:
Section 5307, Urbanized Area Formula Funds, 5.00%, 06/01/26		2,000		2,266,780
Section 5337, State of Good Repair Formula Funds, 5.00%, 06/01/26		1,000		1,137,120
City of Chicago Illinois, GO, Project, Series A, 5.00%, 01/01/33		10,000		10,258,000
City of Chicago Illinois, RB, Wastewater Transmission, 2nd Lien:
4.00%, 01/01/31		10,375		10,447,210
4.00%, 01/01/32		10,790		10,841,037
4.00%, 01/01/33		11,220		11,255,231
4.00%, 01/01/35		9,135		9,149,159
City of Chicago Illinois, Refunding ARB, O’Hare International Airport Passenger Facility Charge, Series B, AMT, 4.00%, 01/01/27		5,000		5,172,500
City of Chicago Illinois Motor Fuel Tax Revenue, Refunding RB (AGM), 5.00%, 01/01/30		730		784,677
City of Chicago O’Hare International Airport, Refunding GARB, Senior Lien, Series B, 5.00%, 01/01/33		6,000		6,772,080
City of St. Charles Illinois, GO, Refunding, Corporate Purpose:
4.00%, 12/01/30		1,620		1,704,127
4.00%, 12/01/31		1,715		1,801,196
Counties of Kane McHenry Cook & De Kalb Unit School District No. 300, GO, Refunding, Series A, 5.00%, 01/01/30		6,350		7,222,236
County of Cook Illinois, GO, Refunding, Series C, 4.00%, 11/15/29		19,750		20,513,930
Illinois Finance Authority, Refunding RB:
DePaul University, Series A, 5.00%, 10/01/30		1,000		1,141,500
DePaul University, Series A, 4.00%, 10/01/31		1,000		1,040,250
DePaul University, Series A, 4.00%, 10/01/32		1,000		1,036,640
Lutheran Home & Services Obligated Group, 5.00%, 05/15/22		3,185		3,319,375
Lutheran Home & Services Obligated Group, 5.50%, 05/15/27		4,350		4,620,831
Lutheran Home & Services Obligated Group, 5.50%, 05/15/30		4,900		5,164,355
Presence Health Network, Series C, 5.00%, 02/15/30		12,000		13,893,360
Rush University Medical Center, Series A, 5.00%, 11/15/31		8,415		9,402,669
Rush University Medical Center, Series A, 5.00%, 11/15/32		2,075		2,310,492
Rush University Medical Center, Series A, 5.00%, 11/15/33		2,125		2,359,302
The Peoples Gas Light & Coke Company Project, 4.00%, 02/01/33		11,000		11,272,470
The University of Chicago Medical Centre, Series B, 5.00%, 08/15/30		3,205		3,653,444
Illinois State Toll Highway Authority, Refunding RB, Senior, Series A, 4.00%, 12/01/31		20,000		20,886,800


Security	Par (000)		Value
Illinois (continued)
Metropolitan Pier & Exposition Authority, Refunding RB, McCormick Place Expansion Project:
5.00%, 12/15/28	$	1,200	$	1,333,560
5.00%, 12/15/30		1,385		1,526,408
Winnebago & Boone Counties School District No. 205 Rockford, GO:
4.00%, 02/01/29		9,080		9,397,437
4.00%, 02/01/30		9,835		10,042,125

				219,521,740
Indiana — 3.2%
City of Valparaiso Indiana, RB, Exempt Facilities, Pratt Paper LLC Project, AMT, 5.88%, 01/01/24		1,650		1,832,160
City of Whiting Indiana, RB, BP Products North America, Inc. Project, AMT, 5.00%, 03/01/46^(e)		8,500		9,414,175
Indiana Finance Authority, Refunding RB:
Community Health Network Project, Series A, 4.00%, 05/01/35		22,565		23,004,115
Earlham College Project, 5.00%, 10/01/32		11,255		11,537,163
VRDN, Indiana University Health Obligated Group (Wells Fargo Bank NA), 1.35%, 12/01/31^(k)		4,500		4,500,000
Northern Indiana Commuter Transportation District, RB:
5.00%, 07/01/32		1,000		1,127,170
5.00%, 07/01/33		1,400		1,571,794

				52,986,577
Iowa — 0.9%
Iowa Finance Authority, Refunding RB, Midwestern Disaster Area, Iowa Fertilizer Co. Project:
5.50%, 12/01/22		60		60,492
5.25%, 12/01/25		14,345		15,318,021

				15,378,513
Kansas — 0.1%
Wyandotte County-Kansas City Unified Government Utility System Revenue, RB, Series A, 5.00%, 09/01/33		1,370		1,538,935

Kentucky — 0.6%
Countyof Louisville/Jefferson Metropolitan Government, Refunding RB, Norton Healthcare, Inc., Series A, 5.00%, 10/01/32		7,300		8,237,174
Kentucky Public Transportation Infrastructure Authority, RB, CAB, 1st Tier-DownTown Crossing Project:
Series B, 0.00%, 07/01/30^(b)		1,230		721,666
Convertible Series C, 6.40%, 07/01/33^(f)		1,500		1,419,900

				10,378,740
Louisiana — 3.0%
City of Ruston Louisiana, RB (AGM):
5.00%, 06/01/29		1,060		1,202,178
5.00%, 06/01/30		1,000		1,131,900
5.00%, 06/01/31		1,020		1,151,519
5.00%, 06/01/32		1,225		1,378,419
Louisiana Public Facilities Authority, Refunding RB:
5.00%, 05/15/29		1,235		1,393,426
5.00%, 05/15/30		990		1,114,087
3.00%, 05/15/31		2,225		2,119,891
5.00%, 05/15/32		1,485		1,658,106
5.00%, 05/15/33		2,175		2,420,644
Entergy Louisiana, Series B, 3.50%, 06/01/30		5,990		6,030,013
Louisiana Stadium & Exposition District, Refunding RB, Senior, Series A, 5.00%, 07/01/30		3,000		3,352,080
Port New Orleans Board of Commissioners, Refunding RB, Series B, AMT:
5.00%, 04/01/31		300		323,211
5.00%, 04/01/32		1,000		1,073,330
5.00%, 04/01/33		1,575		1,684,872


SCHEDULES OF INVESTMENTS			25

Schedule of Investments (continued)

July 31, 2018

BlackRock Municipal 2030 Target Term Trust (BTT)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Louisiana (continued)
State of Louisiana, GO, Series A, 4.00%, 05/15/30	$	6,540	$	6,853,135
Terrebonne Levee & Conservation District, RB, Sales Tax, 5.00%, 07/01/29		1,925		2,142,429
Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, Series A:
5.25%, 05/15/31		3,425		3,656,804
5.25%, 05/15/32		4,375		4,739,306
5.25%, 05/15/33		4,750		5,108,435
5.25%, 05/15/35		1,500		1,615,560

				50,149,345
Maryland — 1.8%
City of Baltimore Maryland, Refunding RB, Convention Center Hotel, 5.00%, 09/01/31		1,250		1,421,837
County of Anne Arundel Maryland Consolidated, Special Taxing District, Special Tax Bonds, Villages At Two Rivers Project:
4.20%, 07/01/24		700		698,530
4.90%, 07/01/30		1,315		1,327,716
County of Howard Maryland Housing Commission, RB, Woodfield Oxford Square Apartments, 5.00%, 12/01/33		1,765		2,007,246
Maryland EDC, RB, Purple Line Light Rail Project, Series D, AMT, 5.00%, 03/31/30		1,325		1,491,009
Maryland EDC, Refunding RB, CNX Marine Terminals, Inc., 5.75%, 09/01/25		3,225		3,359,386
Maryland Health & Higher Educational Facilities Authority, Refunding RB:
Charlestown Community, Series A, 5.00%, 01/01/31		2,865		3,212,324
Charlestown Community, Series A, 5.00%, 01/01/32		3,010		3,365,993
Charlestown Community, Series A, 5.00%, 01/01/33		3,165		3,527,646
LifeBridge Health Issue, 5.00%, 07/01/31		1,000		1,146,960
LifeBridge Health Issue, 5.00%, 07/01/32		500		571,390
Lifebridge Health Issue, 5.00%, 07/01/33		385		434,538
LifeBridge Health Issue, 5.00%, 07/01/33		1,000		1,138,610
LifeBridge Health Issue, 5.00%, 07/01/34		775		879,850
Meritus Medical Center, 5.00%, 07/01/29		2,200		2,439,492
Meritus Medical Center, 5.00%, 07/01/31		1,400		1,542,380
Meritus Medical Center, 5.00%, 07/01/33		1,200		1,314,288

				29,879,195
Massachusetts — 1.4%
Massachusetts Development Finance Agency, RB, Emmanuel College Issue, Series A, 5.00%, 01/01/33		1,070		1,188,545
Massachusetts Development Finance Agency, Refunding RB, Series A:
Emmanuel College Issue, 5.00%, 10/01/31		3,635		4,043,683
Emmanuel College Issue, 5.00%, 10/01/33		1,285		1,419,822
5.00%, 01/01/32		2,020		2,274,985
5.00%, 01/01/33		1,500		1,682,925
5.00%, 01/01/34		2,085		2,333,928
5.00%, 01/01/35		2,000		2,230,280
Massachusetts Educational Financing Authority, Refunding RB, Series K, AMT, 5.25%, 07/01/29		6,820		7,268,211

				22,442,379
Michigan — 1.5%
Michigan Finance Authority, Refunding RB:
MidMichigan Health, 5.00%, 06/01/33		2,750		3,049,860
Oakwood Obligation Group, 5.00%, 08/15/30		2,105		2,328,383


Security	Par (000)		Value
Michigan (continued)
Michigan State Hospital Finance Authority, Refunding RB, Trinity Health Credit Group, Series C, 4.00%, 12/01/32	$	8,195	$	8,444,210
Michigan State Housing Development Authority, RB, M/F Housing, Series A, 3.55%, 10/01/33		1,825		1,820,693
Saginaw Valley State University, Refunding RB, Series A:
5.00%, 07/01/31		2,070		2,336,347
5.00%, 07/01/32		1,430		1,608,664
State of Michigan, Refunding RB, GAN, 5.00%, 03/15/27		3,750		4,425,000

				24,013,157
Minnesota — 0.3%
Sartell-St Stephen Independent School District No. 748, GO, Series B^(b):
0.00%, 02/01/30		3,915		2,642,469
0.00%, 02/01/31		2,190		1,414,893
0.00%, 02/01/32		1,450		898,304

				4,955,666
Mississippi — 1.3%
Mississippi Development Bank, Refunding RB, Municipal Energy Agency of Mississippi, Series A (AGM):
5.00%, 03/01/30		2,280		2,573,892
5.00%, 03/01/31		1,595		1,794,853
5.00%, 03/01/32		2,000		2,243,440
5.00%, 03/01/33		1,275		1,425,629
State of Mississippi, RB, Series E, 5.00%, 10/15/33		12,225		13,638,332

				21,676,146
Missouri — 0.7%
City of St. Louis Missouri IDA, Refunding RB, Ballpark Village Development Project, Series A, 3.88%, 11/15/29		1,105		1,123,387
Missouri State Health & Educational Facilities Authority, Refunding RB:
CoxHealth, Series A, 4.00%, 11/15/33		2,010		2,074,702
St. Louis College of Pharmacy, 5.00%, 05/01/30		3,000		3,302,580
The Children’s Mercy Hospital, 5.00%, 05/15/31		1,175		1,324,002
The Children’s Mercy Hospital, 4.00%, 05/15/32		1,680		1,747,217
The Children’s Mercy Hospital, 4.00%, 05/15/33		2,000		2,073,080

				11,644,968
Nebraska — 1.1%
Central Plains Nebraska Energy Project, RB:
Energy Project No. 3, 5.00%, 09/01/27		5,000		5,467,700
Gas Project No. 3, 5.00%, 09/01/32		4,500		4,920,930
Public Power Generation Agency, Refunding RB, Whelan Energy Center Unit 2, Series A, 5.00%, 01/01/32		7,630		8,623,121

				19,011,751
Nevada — 0.0%
Nevada Department of Business & Industry, RB, Series A, 5.00%, 07/15/27^(c)		335		353,281

New Hampshire — 0.3%
New Hampshire State Turnpike System, RB, Series C, 4.00%, 08/01/33		4,350		4,502,728

New Jersey — 17.8%
Casino Reinvestment Development Authority, Refunding RB:
5.00%, 11/01/21		2,465		2,653,572
5.00%, 11/01/22		1,890		2,053,750
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		1,616,985


26		2018 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

July 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	$	13,292,298
Continental Airlines, Inc. Project, Series A, AMT, 5.63%, 11/15/30		1,740		1,968,027
Continental Airlines, Inc. Project, Series B, AMT, 5.63%, 11/15/30		1,315		1,487,331
Foundation Academy Charter School Project, Series A, 4.00%, 07/01/29		350		353,000
Private Activity Bond, The Goethals Bridge Replacement Project, AMT, 5.00%, 01/01/28		4,705		5,164,490
Series DDD, 5.00%, 06/15/35		2,000		2,182,340
State Government Buildings Project, Series A, 5.00%, 06/15/32		4,500		4,981,995
State Government Buildings Project, Series C, 5.00%, 06/15/32		3,600		3,985,596
New Jersey EDA, Refunding RB:
Cigarette Tax, 5.00%, 06/15/23		13,000		14,041,430
Cigarette Tax, 5.00%, 06/15/26		10,610		11,311,427
Cigarette Tax, 4.25%, 06/15/27		16,500		16,979,820
Continental Airlines, Inc. Project, AMT, 5.75%, 09/15/27		6,200		6,840,646
Provident Group — Montclaire Properties LLC (AGM), 5.00%, 06/01/30		1,500		1,706,205
Provident Group — Montclaire Properties LLC (AGM), 5.00%, 06/01/31		1,750		1,980,510
Provident Group — Montclaire Properties LLC (AGM), 4.00%, 06/01/32		2,125		2,191,980
Provident Group-Monteclair Properites LLC (AGM), 5.00%, 06/01/28		1,000		1,147,420
Series BBB, 5.50%, 06/15/29		10,000		11,471,000
Sub-Series A, 4.00%, 07/01/32		9,855		9,884,072
New Jersey EDA, Refunding, Special Assessment Bonds, Kapkowski Road Landfill Project, 5.75%, 04/01/31		5,000		5,549,450
New Jersey Health Care Facilities Financing Authority, Refunding RB:
Princeton HealthCare System, 5.00%, 07/01/29		2,900		3,376,847
Princeton HealthCare System, 5.00%, 07/01/30		2,400		2,785,344
RWJ Barnabas Health Obligated Group, Series A, 5.00%, 07/01/30		11,245		12,921,067
St. Joseph Health System, 5.00%, 07/01/28		1,500		1,656,495
St. Joseph Health System, 5.00%, 07/01/29		1,250		1,374,963
St. Joseph Health System Obligated Group Issue, 5.00%, 07/01/30		1,100		1,205,996
New Jersey Higher Education Student Assistance Authority, RB, Senior Student Loan, AMT:
Series 1A, 5.00%, 12/01/23		3,475		3,863,748
Series 1A, 5.00%, 12/01/24		6,000		6,734,760
Series 1A, 5.00%, 12/01/25		5,500		6,211,095
Series 1A, 5.00%, 12/01/26		2,250		2,522,047
Series A, 4.00%, 12/01/32		2,500		2,544,700
Series A, 4.00%, 12/01/33		2,000		2,034,120
Series A, 4.00%, 12/01/34		1,000		1,017,060
Series A, 4.00%, 12/01/35		1,000		1,014,600
New Jersey Housing & Mortgage Finance Agency, Refunding RB, S/F Housing, Series BB, AMT, 3.80%, 10/01/32		13,230		13,172,053
New Jersey Transportation Trust Fund Authority, RB:
Federal Highway Reimbursement Revenue Notes, Series A, 5.00%, 06/15/31		2,250		2,255,130
Federal Highway Reimbursement Revenue Notes, Series A-2, 5.00%, 06/15/30		5,000		5,011,400
Transportation Program, Series AA, 5.25%, 06/15/27		4,225		4,722,029


Security	Par (000)		Value
New Jersey (continued)
Transportation Program, Series AA, 5.25%, 06/15/28	$	4,500	$	5,008,905
Transportation System, CAB, Series A, 0.00%, 12/15/28^(b)		31,000		20,454,730
Transportation System, Series AA, 4.00%, 06/15/30		13,315		13,514,991
Transportation System, Series C, 5.25%, 06/15/32		10,000		10,937,200
Transportation System, Series D, 5.00%, 06/15/32		5,000		5,389,150
New Jersey Transportation Trust Fund Authority, Refunding RB, Federal Highway Reimbursement Revenue Notes, 5.00%, 06/15/30		6,600		7,328,310
Newark Housing Authority, Refunding RB, Newark Redevelopment Project (NPFGC), 5.25%, 01/01/27		5,000		5,750,700
South Jersey Transportation Authority, Refunding RB, Transportation System, Series A:
5.00%, 11/01/33		500		547,310
5.00%, 11/01/34		500		545,250
Tobacco Settlement Financing Corp., Refunding RB, Series A:
5.00%, 06/01/30		16,740		19,157,256
5.00%, 06/01/32		5,620		6,380,892
Township of Irvington New Jersey, GO, Refunding, Series A (AGM):
5.00%, 07/15/30		2,000		2,230,400
5.00%, 07/15/31		1,450		1,613,690

				296,125,582
New Mexico — 1.0%
New Mexico Educational Assistance Foundation, RB, Education Loan, AMT:
Series A-1, 3.75%, 09/01/31		6,250		6,335,625
Series A-2, 3.80%, 11/01/32		5,850		5,922,949
Series A-2, 3.80%, 09/01/33		5,000		5,050,400

				17,308,974
New York — 3.1%
Build NYC Resource Corp., Refunding RB, Pratt Paper, Inc. Project, AMT, 4.50%, 01/01/25^(c)		900		982,602
County of Nassau New York, GOL, Series A (AGM):
5.00%, 04/01/34		4,165		4,809,992
5.00%, 04/01/35		4,385		5,048,275
New York City Housing Development Corp., VRDN, RB, M/F Housing, Series C-4, 1.33%, 05/01/57^(k)		14,000		14,000,000
New York City Transitional Finance Authority Future Tax Secured Revenue, RB, Series A-2, 5.00%, 08/01/33		9,780		11,345,778
New York Transportation Development Corp., RB, LaGuardia Airport Terminal B Redevelopment Project, Series A, AMT:
4.00%, 07/01/32		5,500		5,613,190
4.00%, 07/01/33		6,000		6,107,460
New York Transportation Development Corp., Refunding ARB, American Airlines, Inc., AMT, 5.00%, 08/01/31		3,465		3,626,746

				51,534,043
North Carolina — 0.4%
North Carolina Medical Care Commission, Refunding RB, Mission Health Combined Group:
4.00%, 10/01/31		1,250		1,284,162
5.00%, 10/01/32		3,700		3,832,682
4.00%, 10/01/33		1,500		1,539,915

				6,656,759
Ohio — 1.1%
County of Butler Ohio, Refunding RB, UC Health:
5.00%, 11/15/30		1,225		1,408,309
5.00%, 11/15/31		2,500		2,861,075
5.00%, 11/15/32		2,200		2,506,372


SCHEDULES OF INVESTMENTS			27

Schedule of Investments (continued)

July 31, 2018

BlackRock Municipal 2030 Target Term Trust (BTT)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Ohio (continued)
County of Franklin Ohio, RB, Health Care Facilities Improvement, OPRS Communities, Series A:
5.25%, 07/01/28	$	500	$	508,420
5.63%, 07/01/32		1,000		1,019,550
County of Hamilton Ohio Sales Tax Revenue, Refunding RB, Series A, 5.00%, 12/01/30		4,500		5,209,155
Ohio Air Quality Development Authority, Refunding RB, AMT, 3.95%, 11/01/32^(e)(g)(h)		1,500		832,500
State of Ohio, RB, Portsmouth Bypass Project, AMT (AGM):
5.00%, 12/31/29		1,625		1,807,162
5.00%, 12/31/30		2,400		2,661,168

				18,813,711
Oklahoma — 0.8%
Norman Regional Hospital Authority, Refunding RB:
5.00%, 09/01/27		2,100		2,388,036
5.00%, 09/01/28		2,000		2,265,160
5.00%, 09/01/29		2,150		2,425,221
5.00%, 09/01/30		5,130		5,767,249

				12,845,666
Oregon — 0.5%
Oregon Health & Science University, Refunding RB, Series B, 5.00%, 07/01/35		7,390		8,412,998

Pennsylvania — 22.0%
Allentown Neighborhood Improvement Zone Development Authority, RB, City Center Project^(c):
5.00%, 05/01/23		640		687,706
5.00%, 05/01/28		835		933,254
Allentown Neighborhood Improvement Zone Development Authority, Refunding RB, Series A:
5.00%, 05/01/27		6,750		7,153,447
5.00%, 05/01/28		5,000		5,280,800
5.00%, 05/01/29		3,745		3,944,534
5.00%, 05/01/30		5,300		5,567,120
Chester County Health & Education Facilities Authority, Refunding RB, Series A:
Main Line Health System, 5.00%, 10/01/31		1,350		1,564,880
Main Line Health System, 5.00%, 10/01/32		1,450		1,675,765
Main Line Health System, 5.00%, 10/01/33		2,300		2,648,174
Simpson Senior Services Project, 5.00%, 12/01/30		2,180		2,255,537
City of Philadelphia Pennsylvania, GO, Refunding:
(AGM), 5.00%, 08/01/30		9,235		10,626,992
Series A, 5.00%, 08/01/30		4,500		5,121,360
Commonwealth Financing Authority, RB, Tobacco Master Settlement Payment:
5.00%, 06/01/30		3,500		3,980,165
5.00%, 06/01/32		6,000		6,764,160
Commonwealth of Pennsylvania, GO, Refunding, , 1st Series, 4.00%, 01/01/30		7,000		7,331,030
County of Beaver Pennsylvania IDA, Refunding RB, First Energy Nuclear Energy Project^(e):
Series A, 4.00%, 01/01/35		9,765		5,419,575
Series B, 3.50%, 12/01/35^(g)(h)		890		493,950
County of Berks IDA, Refunding RB, Tower Health Project:
5.00%, 11/01/29		2,000		2,272,380
5.00%, 11/01/30		2,000		2,263,860
5.00%, 11/01/34		2,500		2,793,950
5.00%, 11/01/35		3,325		3,704,815
County of Bucks Pennsylvania IDA, VRDN, Refunding RB, Grand View Hospital, Series A, 1.45%, 07/01/34^(k)		10,385		10,385,000


Security	Par (000)		Value
Pennsylvania (continued)
County of Cumberland Pennsylvania Municipal Authority, Refunding RB:
Asbury Pennsylvania Obligated Group, 5.00%, 01/01/22	$	615	$	648,677
Asbury Pennsylvania Obligated Group, 5.25%, 01/01/27		1,275		1,327,823
Asbury Pennsylvania Obligated Group, 5.25%, 01/01/32		3,350		3,451,002
Diakon Lutheran Social Ministries Project, 5.00%, 01/01/29		1,300		1,430,715
Diakon Lutheran Social Ministries Project, 5.00%, 01/01/30		2,675		2,934,234
Diakon Lutheran Social Ministries Project, 5.00%, 01/01/32		1,510		1,662,948
County of Dauphin General Authority, Refunding RB, Pinnacle Health System Project, Series A, 4.00%, 06/01/31		2,275		2,355,399
County of Delaware Authority, Refunding RB, Cabrini University:
5.00%, 07/01/26		1,180		1,302,248
5.00%, 07/01/28		800		882,168
5.00%, 07/01/29		1,365		1,497,569
5.00%, 07/01/30		1,435		1,568,670
County of Delaware Pennsylvania Authority, Refunding RB, Villanova University:
4.00%, 12/01/30		1,000		1,058,810
4.00%, 12/01/31		1,000		1,056,560
County of Lancaster Hospital Authority, Refunding RB, University of Pennsylvania Health System Obligation, Series A, 3.00%, 08/15/30		2,535		2,462,398
County of Montgomery Higher Education & Health Authority, Refunding RB, Thomas Jefferson University:
5.00%, 09/01/31		1,750		2,017,908
5.00%, 09/01/32		1,315		1,507,779
County of Montgomery Pennsylvania IDA, Refunding RB:
Acts Retirement-Life Communities, Inc. Obligated Group, 5.00%, 11/15/26		2,500		2,696,175
Acts Retirement-Life Communities, Inc. Obligated Group, 5.00%, 11/15/33		15,015		16,667,701
Albert Einstein Healthcare Network, Series A, 5.25%, 01/15/29		3,250		3,542,597
Albert Einstein Healthcare Network, Series A, 5.25%, 01/15/30		6,185		6,723,342
Whitemarsh Continuing Care Retirement Community Project, 5.00%, 01/01/30		2,000		2,026,180
County of Northampton Pennsylvania General Purpose Authority, RB, St. Luke’s Hospital of Bethlehem, Series A, 5.00%, 08/15/33		12,660		13,590,130
County of Northampton Pennsylvania General Purpose Authority, Refunding RB, Lafayette College, 5.00%, 11/01/34		4,000		4,624,200
County of Westmoreland Municipal Authority, Refunding RB (BAM):
5.00%, 08/15/27		1,500		1,721,790
5.00%, 08/15/30		4,000		4,625,600
5.00%, 08/15/31		17,010		19,597,731
5.00%, 08/15/32		17,945		20,598,707
Geisinger Authority, Refunding RB, Geisinger Health System, Series A-2:
5.00%, 02/15/32		4,000		4,582,280
5.00%, 02/15/34		1,750		1,992,060


28		2018 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

July 31, 2018

BlackRock Municipal 2030 Target Term Trust (BTT)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Pennsylvania (continued)
Pennsylvania Economic Development Financing Authority, RB:
PA Bridges Finco LP, AMT, 5.00%, 12/31/34	$	16,500	$	18,113,205
Pennsylvania Bridge Finco LP, 5.00%, 12/31/29		5,000		5,565,350
Pennsylvania Rapid Bridge Replacement Project, AMT, 5.00%, 12/31/30		13,100		14,533,271
Pennsylvania Economic Development Financing Authority, Refunding RB, University of Pittsburgh Medical Center:
5.00%, 03/15/30		5,250		6,017,812
5.00%, 03/15/31		4,500		5,140,665
Pennsylvania Higher Educational Facilities Authority, RB:
Series AT-1, 5.00%, 06/15/30		7,910		9,005,377
Shippensburg University Student Services, 5.00%, 10/01/30		5,250		5,510,872
Pennsylvania Higher Educational Facilities Authority, Refunding RB:
Drexel University, 5.00%, 05/01/30		425		481,155
Drexel University, 5.00%, 05/01/31		1,000		1,128,450
Drexel University, 5.00%, 05/01/32		1,750		1,968,383
Drexel University, 5.00%, 05/01/33		3,320		3,722,185
Drexel University, 5.00%, 05/01/35		1,000		1,115,330
La Salle University, 4.00%, 05/01/32		3,000		2,956,140
Pennsylvania Housing Finance Agency, Refunding RB, Series 125-A, AMT, 3.40%, 10/01/32		9,000		8,801,370
Pennsylvania Turnpike Commission, RB, Sub-Series B-1:
5.00%, 06/01/31		3,000		3,368,250
5.00%, 06/01/32		4,075		4,561,962
5.00%, 06/01/33		4,000		4,461,880
Pennsylvania Turnpike Commission, Refunding RB:
Motor License Fund, Enhanced Turnpike, 5.00%, 12/01/30		5,000		5,676,850
Subordinate, Series B-2 (AGM), 5.00%, 06/01/34		5,000		5,658,600
Turnpike Subordinate Revenue, Second Series, 5.00%, 12/01/32		1,000		1,121,020
Turnpike Subordinate Revenue, Second Series, 5.00%, 12/01/33		1,815		2,026,974
Turnpike Subordinate Revenue, Second Series, 5.00%, 12/01/34		1,500		1,668,885
Turnpike Subordinate Revenue, Second Series, 5.00%, 12/01/35		2,005		2,224,006
Philadelphia Gas Works Co., Refunding RB, General Ordinance, Series 14-T, 5.00%, 10/01/30		425		483,816
State Public School Building Authority, RB, School District of Philadelphia Project:
5.00%, 04/01/27		4,130		4,426,286
5.00%, 04/01/28		8,000		8,548,080
5.00%, 04/01/29		6,000		6,391,740
5.00%, 04/01/30		5,500		5,841,440
Township of East Hempfield Pennsylvania IDA, RB, Student Services, Inc. Student Housing Project:
5.00%, 07/01/30		1,280		1,365,350
5.00%, 07/01/30		825		890,918
Wayne County Hospital & Health Facilities Authority, RB, Wayne Memorial Hospital Project, Series A:
5.00%, 07/01/31		355		407,767
4.00%, 07/01/33		440		453,988

				366,659,232
Rhode Island — 1.6%
Rhode Island Health & Educational Building Corp., RB, Hospital Financing, LifeSpan Obligation, 5.00%, 05/15/30		1,500		1,659,645


Security	Par (000)		Value
Rhode Island (continued)
Rhode Island Housing & Mortgage Finance Corp., RB, S/F Housing, Homeownership Opportunity Bonds, Series 68-B, 3.00%, 10/01/31	$	13,500	$	12,986,055
Tobacco Settlement Financing Corp., Refunding RB, Series A:
5.00%, 06/01/28		2,750		3,063,940
5.00%, 06/01/29		4,500		4,978,710
5.00%, 06/01/30		4,215		4,636,289

				27,324,639
South Carolina — 0.1%
South Carolina Jobs EDA, Refunding RB, The Lutheran Homes of South Carolina, Inc., 5.00%, 05/01/28		2,000		2,090,860

Tennessee — 0.5%
Chattanooga-Hamilton County Hospital Authority, Refunding RB, Erlanger Health System, Series A, 5.00%, 10/01/31		6,210		6,750,891
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		1,469,208
County of Memphis-Shelby Industrial Development Board, Refunding, Tax Allocation Bonds, Graceland Project, Series A, 4.75%, 07/01/27		605		639,189

				8,859,288
Texas — 17.6%
Central Texas Regional Mobility Authority, RB, Senior Lien, Series A:
5.00%, 01/01/30		1,600		1,779,424
5.00%, 01/01/31		1,175		1,302,911
5.00%, 01/01/33		1,500		1,653,525
Central Texas Turnpike System, Refunding RB, Series C:
5.00%, 08/15/32		12,500		13,654,250
5.00%, 08/15/33		14,000		15,252,720
City of Houston Texas, Refunding RB, Series B-2, AMT, 5.00%, 07/15/20		5,970		6,278,350
City of Houston Texas Airport System, Refunding ARB, United Airlines, Inc. Terminal E Project, AMT, 5.00%, 07/01/29		2,665		2,881,238
City of Houston Texas Airport System Revenue, Refunding RB, Series D, 5.00%, 07/01/33^(a)		7,000		8,160,040
City of Houston Texas Combined Utility System Revenue, Refunding RB, First Lien, Series B:
5.25%, 11/15/33		10,000		11,784,000
5.00%, 11/15/34		19,815		22,765,255
Clifton Higher Education Finance Corp., RB, Idea Public Schools, 6.00%, 08/15/33		1,650		1,854,320
Clifton Higher Education Finance Corp., Refunding RB, Series A:
Idea Public Schools (PSF- GTD), 4.00%, 08/15/31		1,250		1,329,475
Idea Public Schools (PSF- GTD), 4.00%, 08/15/33		1,200		1,263,192
Uplift Education, 3.10%, 12/01/22		775		776,852
Uplift Education, 3.95%, 12/01/32		1,800		1,804,194
County of Harris Texas, Refunding RB, Toll Road, Senior Lien, Series C, 4.00%, 08/15/33		12,325		12,871,244
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		549,270
6.38%, 01/01/33		460		515,435


SCHEDULES OF INVESTMENTS			29

Schedule of Investments (continued)

July 31, 2018

BlackRock Municipal 2030 Target Term Trust (BTT)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Texas (continued)
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	$	1,135,453
YMCA of the Greater Houston Area, 5.00%, 06/01/28		1,150		1,227,050
YMCA of the Greater Houston Area, 5.00%, 06/01/33		3,000		3,170,910
County of Matagorda Texas Navigation District No. 1, Refunding RB:
Series A (AMBAC), 4.40%, 05/01/30		31,120		33,026,100
Series B (AMBAC), AMT, 4.55%, 05/01/30		10,000		10,704,800
Series B-2, 4.00%, 06/01/30		12,995		13,351,193
County of Midland Texas Fresh Water Supply District No. 1, RB, CAB, City of Midland Project, Series A^(b):
0.00%, 09/15/31		6,235		3,916,016
0.00%, 09/15/32		15,135		9,022,276
County of Tarrant Texas Cultural Education Facilities Finance Corp., RB, Baylor Health Care System Project, Series A:
4.00%, 11/15/31		5,500		5,701,025
4.00%, 11/15/32		15,420		15,941,967
County of Tarrant Texas Cultural Education Facilities Finance Corp., Refunding RB, Trinity Terrace Project, Series A-1, 5.00%, 10/01/29		1,000		1,084,200
Leander ISD, GO, CAB, Refunding, Series D (PSF-GTD)^(b):
0.00%, 08/15/31		1,200		735,744
0.00%, 08/15/32		2,000		1,164,720
0.00%, 08/15/33		4,485		2,481,864
New Hope Cultural Education Facilities Corp., RB, Series A:
Station 1 LLC Texas A&M University Project, 5.00%, 04/01/29		2,290		2,478,444
Stephenville LLC Tarleton State University Project, 5.38%, 04/01/28		1,150		1,254,915
Stephenville LLC Tarleton State University Project, 5.00%, 04/01/29		725		785,828
New Hope Cultural Education Facilities Corp., Refunding RB, 1st Mortgage, Morningside Ministries Project, 6.25%, 01/01/33		1,600		1,767,424
New Hope Cultural Education Facilities Finance Corp., RB, Jubilee Academic Center Project, Series A^(c):
3.63%, 08/15/22		295		292,973
4.25%, 08/15/27		450		450,756
North Texas Tollway Authority, Refunding RB, 1st Tier, Series A, 5.00%, 01/01/35		5,750		6,526,192
Red River Health Facilities Development Corp., RB, Wichita Falls Retirement Foundation Project:
4.70%, 01/01/22		520		537,207
5.50%, 01/01/32		1,000		1,045,760
Socorro Independent School District, GO, Refunding Series B, 4.00%, 08/15/34		3,000		3,208,890
Texas Municipal Gas Acquisition & Supply Corp. III, RB, Natural Gas Utility Improvements:
5.00%, 12/15/30		13,000		14,056,900
5.00%, 12/15/31		25,000		26,990,000
Texas Public Finance Authority, Refunding RB, Midwestern State University:
4.00%, 12/01/29		2,000		2,125,160
4.00%, 12/01/30		2,000		2,111,620
4.00%, 12/01/31		1,650		1,738,391


Security	Par (000)		Value
Texas (continued)
Texas Transportation Commission State Highway Fund, Refunding RB, 1st Tier:
5.00%, 10/01/22	$	5,000	$	5,598,400
Series A, 5.00%, 04/01/22		5,000		5,538,450
University of Texas System, Refunding RB, Financing System, Series C, 5.00%, 08/15/20		7,410		7,897,282

				293,543,605
Vermont — 0.2%
Vermont EDA, Refunding, MRB, Wake Robin Corp. Project, 5.40%, 05/01/33		2,400		2,538,816

Virginia — 0.8%
County of Fairfax Virginia EDA, RB, Vinson Hall LLC, Series A, 5.00%, 12/01/32		2,000		2,143,640
County of Hanover Virginia EDA, Refunding RB, Covenant Woods, Series A:
4.50%, 07/01/30		3,000		3,073,410
4.50%, 07/01/32		1,100		1,122,110
Dulles Town Center Community Development Authority, Refunding, Special Assessment, Dulles Town Center Project, 4.25%, 03/01/26		500		500,315
Virginia College Building Authority, RB, Green Bonds, Marymount University Project, Series B, 5.25%, 07/01/30^(c)		2,000		2,177,340
Virginia Small Business Financing Authority, RB, Senior Lien, Express Lanes LLC, AMT, 5.00%, 07/01/34		3,940		4,182,862

				13,199,677
Washington — 3.7%
Grant & Douglas Counties School District No. 144-101 Quincy, GO, 4.00%, 12/01/34		7,475		7,875,436
Greater Wenatchee Regional Events Center Public Facilities District, Refunding RB, Series A:
3.50%, 09/01/18		1,025		1,025,318
5.00%, 09/01/27		1,000		1,025,530
5.25%, 09/01/32		1,850		1,891,440
Port of Seattle Washington, Refunding RB, Intermediate Lien, AMT, Series C:
5.00%, 05/01/33		6,695		7,591,393
5.00%, 05/01/34		6,000		6,783,840
Port of Seattle Washington Industrial Development Corp., Refunding RB, Special Facilities, Delta Airline, Inc. Project, AMT, 5.00%, 04/01/30		5,000		5,427,500
State of Washington, GO, Various Purpose, Series A, 5.00%, 08/01/33		11,925		13,875,214
Washington Biomedical Research Properties 3.2, RB, Series A:
5.00%, 01/01/31		1,000		1,145,510
5.00%, 01/01/32		1,140		1,302,017
Washington Health Care Facilities Authority, Refunding RB, MultiCare Health System, Series B, 5.00%, 08/15/35		9,485		10,895,325
Washington State Housing Finance Commission, Refunding RB, Emerald Heights Project:
5.00%, 07/01/28		1,000		1,090,240
5.00%, 07/01/33		1,100		1,185,712

				61,114,475
West Virginia — 0.2%
West Virginia Hospital Finance Authority, RB, West Virginia University Health System, Series A:
5.00%, 06/01/31		1,950		2,213,250
5.00%, 06/01/33		1,100		1,239,491

				3,452,741


30		2018 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

July 31, 2018

BlackRock Municipal 2030 Target Term Trust (BTT)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Wisconsin — 1.6%
Public Finance Authority, Refunding RB, AMT:
National Gypsum Co., 5.25%, 04/01/30	$	6,690	$	7,136,357
Waste Management, Inc. Project, 2.63%, 11/01/25		3,000		2,911,860
Wisconsin Airport Facilities, Senior Obligated Group, Series B, 5.25%, 07/01/28		2,250		2,422,642
Wisconsin Health & Educational Facilities Authority, Refunding RB, Marquette University, 4.00%, 10/01/32		4,520		4,672,234
Wisconsin Housing & Economic Development Authority, Refunding RB, S/F Housing, Series D, 3.00%, 09/01/32		9,000		8,677,980

				25,821,073

Total Municipal Bonds — 131.9% (Cost — $2,179,192,365)				2,195,339,455


Municipal Bonds Transferred to Tender Option Bond Trusts⁽ⁱ⁾
Colorado — 5.0%
City & County of Denver Colorado, Refunding ARB, Department of Aviation, Series A, AMT^(j):
4.25%, 11/15/29		33,820		35,601,739
4.25%, 11/15/30		35,210		37,064,969
4.25%, 11/15/31		8,085		8,510,942
4.25%, 11/15/32		2,230		2,347,483

				83,525,133
Florida — 5.8%
County of Broward Florida, ARB, Series Q-1^(j):
4.00%, 10/01/29		17,200		17,787,466
4.00%, 10/01/30		18,095		18,713,034
4.00%, 10/01/31		18,820		19,462,797
4.00%, 10/01/32		19,575		20,243,584
4.00%, 10/01/33		20,355		21,050,224

				97,257,105
Iowa — 2.6%
Iowa State Board of Regents, RB, University of Iowa Hospitals & Clinics:
4.00%, 09/01/28		3,375		3,521,679
4.00%, 09/01/29		6,524		6,808,580
4.00%, 09/01/30		6,324		6,599,888
4.00%, 09/01/31		8,649		9,025,933
4.00%, 09/01/32		7,749		8,086,819
4.00%, 09/01/33		9,374		9,782,442

				43,825,341
Nevada — 1.1%
Clark County Nevada, 4.00%, 11/01/34		17,710		18,637,261

Pennsylvania — 2.8%
Commonwealth of Pennsylvania, GO, 1st Series, 5.00%, 03/01/32^(j)		20,000		22,873,599
Lehigh County Pennsylvania General Purpose Hospital, 4.00%, 07/01/33		22,285