Edgar Filing: BLACKROCK CALIFORNIA 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 811-10331

Name of Fund: BlackRock California Municipal Income Trust (BFZ)

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock California 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: 07/31/2014

Date of reporting period: 01/31/2014

Item 1 – Report to Stockholders

JANUARY 31, 2014

SEMI-ANNUAL REPORT (UNAUDITED)

BlackRock California Municipal Income Trust (BFZ)

BlackRock Florida Municipal 2020 Term Trust (BFO)

BlackRock Municipal Income Investment Trust (BBF)

BlackRock Municipal Target Term Trust (BTT)

BlackRock New Jersey Municipal Income Trust (BNJ)

BlackRock New York Municipal Income Trust (BNY)

Not FDIC Insured • May Lose Value • No Bank Guarantee

Table of Contents

					Page
Dear Shareholder					3
Semi-Annual Report:
Municipal Market Overview					4
The Benefits and Risks of Leveraging					5
Derivative Financial Instruments					5
Trust Summaries					6
Financial Statements:
Schedules of Investments					18
Statements of Assets and Liabilities					44
Statements of Operations					45
Statements of Changes in Net Assets					46
Statements of Cash Flows					48
Financial Highlights					49
Notes to Financial Statements					55
Officers and Trustees					66
Additional Information					67

SEMI-ANNUAL REPORT

JANUARY 31, 2014


Dear Shareholder

One year ago, US financial markets were improving despite a sluggish global economy, as loose monetary policy beckoned investors to take on more risk in their portfolios. Slow but positive growth in the US was sufficient to support corporate earnings, while uncomfortably high unemployment reinforced expectations that the Federal Reserve would continue its aggressive monetary stimulus programs. International markets were not as fruitful in the earlier part of the year given uneven growth rates and more direct exposure to macro risks such as the resurgence of political instability in Italy, the banking crisis in Cyprus and a generally poor outlook for European economies. Additionally, emerging markets significantly lagged the rest of the world due to slowing growth and structural imbalances.

Global financial markets were rattled in May when Fed Chairman Bernanke mentioned the possibility of reducing (or “tapering”) the central bank’s asset purchase programs—comments that were widely misinterpreted as signaling an end to the Fed’s zero-interest-rate policy. US Treasury yields rose sharply, triggering a steep sell-off across fixed income markets. (Bond prices move in the opposite direction of yields.) Equity prices also suffered as investors feared the implications of a potential end of a program that had greatly supported the markets. Markets rebounded in late June, however, when the Fed’s tone turned more dovish, and improving economic indicators and better corporate earnings helped extend gains through most of the summer.

The fall was a surprisingly positive period for most asset classes after the Fed defied market expectations with its decision to delay tapering. Higher volatility returned in late September when the US Treasury Department warned that the national debt would soon breach its statutory maximum. The ensuing political brinksmanship led to a partial government shutdown, roiling global financial markets through the first half of October, but equities and other so-called “risk assets” resumed their rally when politicians engineered a compromise to reopen the government and extend the debt ceiling, at least temporarily.

The remainder of 2013 was generally positive for stock markets in the developed world, although investors continued to grapple with uncertainty about when and how much the Fed would scale back on stimulus. When the long-awaited taper announcement ultimately came in mid-December, the Fed reduced the amount of its monthly asset purchases but at the same time extended its time horizon for maintaining low short-term interest rates. Markets reacted positively, as this move signaled the Fed’s perception of real improvement in the economy and investors were finally relieved from the tenacious anxiety that had gripped them for quite some time.

Investors’ risk appetite diminished in the new year. Heightened volatility in emerging markets and mixed US economic data caused global equities to weaken in January while bond markets found renewed strength. While tighter global liquidity was an ongoing headwind for developing countries, financial troubles in Argentina and Turkey launched a sharp sell-off in a number of emerging market currencies. Unexpectedly poor economic data out of China added to the turmoil. In the US, most indicators continued to signal a strengthening economy; however, stagnant wage growth raised concerns about the sustainability of the overall positive momentum. US stocks underperformed other developed equity markets as a number of disappointing corporate earnings reports prompted investors to take advantage of lower valuations abroad.

While accommodative monetary policy was the main driver behind positive market performance over the period, it was also the primary cause of volatility and uncertainty. Developed market stocks were the strongest performers for the six- and 12-month periods ended January 31. In contrast, emerging markets were weighed down by uneven growth, high debt levels and severe currency weakness. Rising interest rates pressured US Treasury bonds and other high-quality fixed income sectors, including tax-exempt municipals and investment grade corporate bonds. High yield bonds, to the contrary, benefited from income-oriented investors’ search for yield in the low-rate environment. Short-term interest rates remained near zero, keeping yields on money market securities near historical lows.

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

Sincerely,

Rob Kapito
President, BlackRock Advisors, LLC

“ While accommodative monetary policy was the main driver behind positive market performance over the period, it was also the primary cause of volatility and uncertainty.”

Rob Kapito

President, BlackRock Advisors, LLC

Total Returns as of January 31, 2014

	6-month			12-month
US large cap equities (S&P 500^® Index)		6.85	%		21.52	%
US small cap equities (Russell 2000^® Index)		8.88			27.03
International equities (MSCI Europe, Australasia, Far East Index)		7.51			11.93
Emerging market equities (MSCI Emerging Markets Index)		(0.33	)		(10.17	)
3-month Treasury bill (BofA Merrill Lynch 3-Month US Treasury Bill Index)		0.03			0.08
US Treasury securities (BofA Merrill Lynch 10-Year US Treasury Index)		0.77			(2.97	)
US investment grade bonds (Barclays US Aggregate Bond Index)		1.78			0.12
Tax-exempt municipal bonds (S&P Municipal Bond Index)		3.13			(1.10	)
US high yield bonds (Barclays US Corporate High Yield 2% Issuer Capped Index)		4.70			6.76

Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

THIS PAGE NOT PART OF YOUR FUND REPORT


Municipal Market Overview

For the Reporting Period Ended January 31, 2014

Municipal Market Conditions

In the earlier months of 2013, municipal bond supply was met with robust demand as investors were starved for yield in the low-rate, low-return environment and seeking tax-exempt investments in light of higher US tax rates that became effective at the turn of the year. Investors moved into municipal bond mutual funds, favoring long-duration and high-yield funds as they tend to provide higher levels of income.

However, market conditions turned less favorable in May when the US Federal Reserve initially mentioned the eventual reduction of its bond-buying stimulus program (which ultimately took effect in January 2014). Further signals from the Fed alluding to a retrenchment of asset purchases led to rising interest rates and waning municipal bond performance in June. (Bond prices fall as rates rise.) Municipal bond mutual funds saw strong outflows in the last six months of 2013, before investors again sought the relative safety of the asset class in the New Year. For the 12-month period ended January 31, 2014, net outflows were approximately $62.8 billion (based on data from the Investment Company Institute).

High levels of interest rate volatility resulted in a sharp curtailment of tax-exempt issuance in May through the end of the period. However, from a historical perspective, total new issuance for the 12 months ended January 31, 2014 remained relatively strong at $322 billion (but meaningfully lower than the $389 billion issued in the prior 12-month period). A significant portion of new supply during this period was attributable to refinancing activity (roughly 40%) as issuers took advantage of lower interest rates to reduce their borrowing costs. Total new supply was also supported by recent activity in the taxable market, where taxable municipal issuance was up approximately 15% year-over-year.

S&P Municipal Bond Index

Total Returns as of January 31, 2014

6 months: 3.13%

12 months: (1.10)%

A Closer Look at Yields

From January 31, 2013 to January 31, 2014, muni yields increased by 99 basis points (“bps”) from 2.86% to 3.85% on AAA-rated 30-year municipal bonds, while increasing 71 bps from 1.82% to 2.53% on 10-year bonds and rising another 31 bps from 0.79% to 1.10% on 5-year issues (as measured by Thomson Municipal Market Data). Overall, the municipal yield curve remained relatively steep over the 12-month period as the spread between 2- and 30-year maturities widened by 103 bps and the spread between 2- and 10-year maturities widened by 75 bps.

During the same time period, US Treasury rates rose by 43 bps on 30-year and 66 bps on 10-year bonds, while moving up 61 bps in 5-years. Accordingly, tax-exempt municipal bonds underperformed Treasuries on the long end of the yield curve as investors sought to reduce interest rate risk later in the period. On the short end of the curve, the outperformance of municipal bonds versus Treasuries was driven largely by a supply/demand imbalance within the municipal market and a rotation from long-duration assets (which are more sensitive to interest rate movements) into short- and intermediate-duration investments (which are less sensitive to interest rate movements). Additionally, municipal bonds benefited from the increased appeal of tax-exempt investing in the new higher tax rate environment. The asset class is known for its lower relative volatility and preservation of principal with an emphasis on income as tax rates rise. The municipal market continues to be an attractive avenue for investors seeking yield in today’s environment, particularly as the recent correction has restored value in the market and placed yields at levels not obtainable since early 2011. However, opportunities have not been as broad-based as in 2011 and 2012, warranting a more tactical approach going forward.

Financial Conditions of Municipal Issuers Continue to Improve

Following an extended period of nation-wide austerity and de-leveraging as states sought to balance their budgets, 14 consecutive quarters of positive revenue growth coupled with the elimination of more than 750,000 jobs in recent years have put state and local governments in a better financial position. Many local municipalities, however, continue to face increased health care and pension costs passed down from the state level. BlackRock maintains the view that municipal bond defaults will be minimal and remain in the periphery, and that the overall market is fundamentally sound. We continue to recognize that careful credit research, appropriate structure and security selection remain imperative amid uncertainty in this tepid economic environment.

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. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

SEMI-ANNUAL REPORT

JANUARY 31, 2014


The Benefits and Risks of Leveraging

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

To obtain leverage, the Trusts issue Auction Market Preferred Shares (“AMPS”), Variable Rate Demand Preferred Shares (“VRDP Shares”), Variable Rate Muni Term Preferred Shares (“VMTP Shares”) or Remarketable Variable Rate Muni Term Preferred Shares (“RVMTP Shares”) (collectively, “Preferred Shares”). Preferred Shares pay dividends at prevailing short-term interest rates, and the Trusts invest the proceeds in long-term municipal bonds. In general, the concept of leveraging is based on the premise that the financing cost of assets to be obtained from leverage, which will be based on short-term interest rates, will normally be lower than the income earned by each Trust on its longer-term portfolio investments. To the extent that the total assets of each Trust (including the assets obtained from leverage) are invested in higher-yielding portfolio investments, each Trust’s shareholders will 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. However, in order to benefit shareholders, the yield curve must be positively sloped; that is, short-term interest rates must be lower than long-term interest rates. If the yield curve becomes negatively sloped, meaning short-term interest rates exceed long-term interest rates, income to shareholders will be lower than if the Trusts had not used leverage.

To illustrate these concepts, assume a Trust’s Common Shares capitalization is $100 million and it issues Preferred Shares for an additional $50 million, creating a total value of $150 million available for investment in long-term municipal bonds. If prevailing short-term interest rates are 3% and long-term interest rates are 6%, the yield curve has a strongly positive slope. In this case, the Trust pays dividends on the $50 million of Preferred Shares based on the lower short-term interest rates. At the same time, the securities purchased by the Trust with assets received from Preferred Shares issuance earn income based on long-term interest rates. In this case, the dividends paid to holders of Preferred Shares (“Preferred Shareholders”) are significantly lower than the income earned on the Trust’s long-term investments, and therefore the holders of Common Shares (“Common Shareholders”) are the beneficiaries of the incremental net income.

If short-term interest rates rise, narrowing the differential between short-term and long-term interest rates, the incremental net income pickup will be reduced or eliminated completely. Furthermore, if prevailing short-term interest rates rise above long-term interest rates, the yield curve has a negative slope. In this case, the Trust pays higher short-term interest rates whereas the Trust’s total portfolio earns income based on lower long-term interest rates.

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 redemption value of the Trusts’ Preferred Shares does not fluctuate in relation to interest rates. As a result, changes in interest rates can influence the Trusts’ NAVs positively or negatively in addition to the impact on Trust performance from leverage from Preferred Shares discussed above.

The Trusts may also leverage their assets through the use of tender option bond trusts (“TOBs”), as described in Note 3 of the Notes to Financial Statements. TOB investments generally will provide the Trusts with economic benefits in periods of declining short-term interest rates, but expose the Trusts to risks during periods of rising short-term interest rates similar to those associated with Preferred Shares issued by the Trusts, as described above. Additionally, fluctuations in the market value of municipal bonds deposited into the TOB trust may adversely affect each Trust’s NAV per share.

The use of leverage may enhance opportunities for increased income to the Trusts and Common Shareholders, but as described above, it also creates risks as short- or long-term interest rates fluctuate. Leverage also will generally cause greater changes in the Trusts’ NAVs, market prices and dividend rates than comparable portfolios without leverage. If the income derived from securities purchased with assets received from leverage exceeds the cost of leverage, the Trusts’ net income will be greater than if leverage had not been used. Conversely, if the income from the securities purchased is not sufficient to cover the cost of leverage, each Trust’s net income will be less than if leverage had not been used, and therefore the amount available for distribution to Common Shareholders will be reduced. 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 a Trust to incur losses. The use of leverage may limit each Trust’s ability to invest in certain types of securities or use certain types of hedging strategies, such as in the case of certain restrictions imposed by rating agencies that rate the Preferred Shares issued by the Trusts. Each Trust will incur expenses in connection with the use of leverage, all of which are borne by Common Shareholders and may reduce income to the Common Shares.

Under the Investment Company Act of 1940, as amended (the “1940 Act”), the Trusts are permitted to issue senior securities in the form of equity securities (e.g., Preferred Shares) up to 50% of their total managed assets (each Trust’s total assets less its total accrued liabilities). In addition, each Trust voluntarily limits its economic leverage to 50% of its total managed assets for Trusts with AMPS or 45% for Trusts with VRDP Shares, VMTP Shares or RVMTP Shares. As of January 31, 2014, the Trusts had economic leverage from Preferred Shares and/or TOBs as a percentage of their total managed assets as follows:

	Percent of Economic Leverage
BFZ	40	%
BFO	4	%
BBF	40	%
BTT	40	%
BNJ	40	%
BNY	40	%

Derivative Financial Instruments

The Trusts may invest in various derivative financial instruments, including financial futures contracts and options, as specified in Note 4 of the Notes to Financial Statements, which may constitute forms of economic leverage. Such derivative financial instruments are used to obtain exposure to a security, index and/or market without owning or taking physical custody of securities or to hedge market and/or interest rate risks. Derivative financial instruments 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 derivative financial instrument. The Trusts’ ability to use a derivative financial instrument successfully depends on the investment advisor’s ability to predict pertinent market movements accurately, which cannot be assured. The use of derivative financial instruments may result in losses greater than if they had not been used, may require a Trust to sell or purchase portfolio investments at inopportune times or for distressed values, may limit the amount of appreciation a Trust can realize on an investment, may result in lower dividends paid to shareholders and/or may cause a Trust to hold an investment that it might otherwise sell. The Trusts’ investments in these instruments are discussed in detail in the Notes to Financial Statements.

SEMI-ANNUAL REPORT

JANUARY 31, 2014


Trust Summary as of January 31, 2014	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 US federal income and California income taxes. The Trust seeks to achieve its investment objective by investing primarily in municipal obligations exempt from federal income taxes (except that the interest may be subject to the federal alternative minimum tax) and California income taxes. The Trust invests, under normal market conditions, at least 80% of its assets in municipal obligations that are investment grade quality. The Trust may invest directly in such securities or synthetically through the use of derivatives.

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

Performance

•

For the six-month period ended January 31, 2014, the Trust returned 8.73% based on market price and 7.62% based on NAV. For the same period, the closed-end Lipper California Municipal Debt Funds category posted an average return of 8.06% based on market price and 6.82% based on NAV. All returns reflect reinvestment of dividends. The Trust’s discount to NAV, which narrowed during the period, accounts for the difference between performance based on price and performance based on NAV. The following discussion relates to performance based on NAV.

•

The Trust’s exposure to bonds with longer maturities, which tend to have higher durations (greater sensitivity to interest rate movements), contributed positively to performance as tax-exempt rates declined during the period. (Bond prices rise when rates fall.) Security selection had a positive impact on returns as the Trust’s holdings of high-quality school district issues performed well due to continued improvement in the State of California’s finances. Holdings of securities in the education and utilities sectors also added to results. Leverage on the Trust’s assets achieved through the use of tender option bonds amplified the positive effect of falling rates on performance.

•

While the Trust’s cash reserves were generally maintained at a minimal level, to the extent reserves were held, the cash holdings added little in the form of additional yield and provided no price appreciation in a generally positive period for the municipal market.

Trust Information

Symbol on New York Stock Exchange (“NYSE”)				BFZ
Initial Offering Date				July 27, 2001
Yield on Closing Market Price as of January 31, 2014 ($14.33)¹				6.51%
Tax Equivalent Yield²				13.27%
Current Monthly Distribution per Common Share³				$0.0777
Current Annualized Distribution per Common Share³				$0.9324
Economic Leverage as of January 31, 2014⁴				40%

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

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

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

⁴

Represents VMTP Shares and TOBs as a percentage of total managed assets, which is the total assets of the Trust, including any assets attributable to VMTP Shares and TOBs, 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.

SEMI-ANNUAL REPORT

JANUARY 31, 2014


	BlackRock California Municipal Income Trust

Market Price and Net Asset Value Per Share Summary

	1/31/14		7/31/13		Change			High		Low
Market Price	$	14.33	$	13.63		5.14	%	$	14.66	$	13.02
Net Asset Value	$	15.09	$	14.50		4.07	%	$	15.10	$	13.94

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

Overview of the Trust’s Long-Term Investments

Sector Allocation	1/31/14			7/31/13
County/City/Special District/School District		35	%		35	%
Utilities		28			29
Health		11			11
Education		10			10
Transportation		9			9
State		6			5
Housing		1			1

Credit Quality Allocation¹	1/31/14			7/31/13
AAA/Aaa		9	%		9	%
AA/Aa		72			72
A		19			19

Using the higher of Standard & Poor’s (“S&P”) or Moody’s Investors Service (“Moody’s”) ratings.


Call/Maturity Schedule²
Calendar Year Ended December 31,

2014	1	%
2015	3
2016	5
2017	10
2018	20

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

SEMI-ANNUAL REPORT

JANUARY 31, 2014


Trust Summary as of January 31, 2014	BlackRock Florida Municipal 2020 Term Trust

Trust Overview

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

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

Performance

•

For the six-month period ended January 31, 2014, the Trust returned 2.00% based on market price and 2.01% based on NAV. For the same period, the closed-end Lipper Other States Municipal Debt Funds category posted an average return of 3.25% based on market price and 4.82% based on NAV. All returns reflect reinvestment of dividends. The Trust’s discount to NAV, which widened during the period, accounts for the difference between performance based on price and performance based on NAV. The following discussion relates to performance based on NAV.

•

The Trust’s duration exposure (sensitivity to interest rate movements) contributed positively to performance as tax-exempt municipal rates declined during the period. (Bond prices rise when rates fall.) The Trust also benefited from income generated from coupon payments on its portfolio of Florida tax-exempt municipal bonds.

•

The Trust’s credit exposure had a negative impact on results due to a position in a distressed credit within the development district sector, which experienced a material price decline during the period.

Trust Information

Symbol on NYSE				BFO
Initial Offering Date				September 30, 2003
Termination Date (on or about)				December 31, 2020
Yield on Closing Market Price as of January 31, 2014 ($15.11)¹				3.99%
Tax Equivalent Yield²				7.05%
Current Monthly Distribution per Common Share³				$0.05025
Current Annualized Distribution per Common Share³				$0.60300
Economic Leverage as of January 31, 2014⁴				4%

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

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

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

⁴

Represents AMPS and TOBs as a percentage of total managed assets, which is the total assets of the Trust, including any assets attributable to AMPS and TOBs, 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.

SEMI-ANNUAL REPORT

JANUARY 31, 2014


	BlackRock Florida Municipal 2020 Term Trust

Market Price and Net Asset Value Per Share Summary

	1/31/14		7/31/13		Change			High		Low
Market Price	$	15.11	$	15.12		(0.07	)%	$	15.58	$	14.88
Net Asset Value	$	15.30	$	15.31		(0.07	)%	$	15.38	$	15.04

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

Overview of the Trust’s Long-Term Investments

Sector Allocation	1/31/14			7/31/13
County/City/Special District/School District		32	%		30	%
Transportation		20			17
Health		15			13
State		14			12
Utilities		9			20
Corporate		4			4
Education		4			2
Housing		2			2

Credit Quality Allocation¹	1/31/14			7/31/13
AAA/Aaa		2	%		2	%
AA/Aa		43			49
A		36			31
BBB/Baa		10			8
Not Rated²		9			10

Using the higher of S&P’s or Moody’s ratings.

The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of January 31, 2014 and July 31, 2013, the market value of these securities was $1,780,972, representing 2%, and $3,035,830, representing 3%, respectively, of the Trust’s long-term investments.


Call/Maturity Schedule³
Calendar Year Ended December 31,

2014	11	%
2015	—
2016	—
2017	15
2018	11

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

SEMI-ANNUAL REPORT

JANUARY 31, 2014


Trust Summary as of January 31, 2014	BlackRock Municipal Income Investment Trust

Trust Overview

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

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

Performance

•

For the six-month period ended January 31, 2014, the Trust returned 8.96% based on market price and 6.16% based on NAV. For the same period, the closed-end Lipper General & Insured Municipal Debt Funds (Leveraged) category posted an average return of 7.76% based on market price and 5.69% based on NAV. All returns reflect reinvestment of dividends. The Trust’s discount to NAV, which narrowed during the period, accounts for the difference between performance based on price and performance based on NAV. The following discussion relates to performance based on NAV.

•

The Trust benefited from its holdings in the State of California. The continued improvement in the State’s economy was the catalyst for the price appreciation in these bonds. Additionally, as the municipal yield curve flattened during the period (i.e., rates on longer-dated bonds fell more than rates on shorter-dated securities), the Trust’s longer-dated holdings in health care, education and transportation experienced the strongest price appreciation. (Bond prices rise when rates fall.)

•

The Trust’s exposure to Puerto Rico government-related credits, although limited, was a detractor from results as credit spreads on these bonds widened materially during the period due to investors’ lack of confidence and a weak local economy. The Trust’s positions in Puerto Rico government-related securities were eliminated by the end of the period.

Trust Information

Symbol on NYSE				BBF
Initial Offering Date				July 27, 2001
Yield on Closing Market Price as of January 31, 2014 ($13.13)¹				6.61%
Tax Equivalent Yield²				11.68%
Current Monthly Distribution per Common Share³				$0.072375
Current Annualized Distribution per Common Share³				$0.868500
Economic Leverage as of January 31, 2014⁴				40%

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

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

⁴

Represents VRDP Shares and TOBs as a percentage of total managed assets, which is the total assets of the Trust, including any assets attributable to VRDP Shares and TOBs, 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.

SEMI-ANNUAL REPORT

JANUARY 31, 2014


	BlackRock Municipal Income Investment Trust

Market Price and Net Asset Value Per Share Summary

	1/31/14		7/31/13		Change			High		Low
Market Price	$	13.13	$	12.47		5.29	%	$	13.19	$	11.89
Net Asset Value	$	14.25	$	13.89		2.59	%	$	14.27	$	13.26

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

Overview of the Trust’s Long-Term Investments

Sector Allocation	1/31/14			7/31/13
County/City/Special District/School District		26	%		26	%
Transportation		20			14
Utilities		16			19
Health		15			16
Education		10			10
State		10			11
Tobacco		1			2
Corporate		1			1
Housing		1			1

Credit Quality Allocation¹	1/31/14			7/31/13
AAA/Aaa		10	%		10	%
AA/Aa		54			57
A		31			28
BBB/Baa		3			4
BB/Ba		1			—
Not Rated		1			1	²

Using the higher of S&P’s or Moody’s ratings.

The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of July 31, 2013, the market value of these securities was $240,299, representing less than 1% of the Trust’s long-term investments.


Call/Maturity Schedule³
Calendar Year Ended December 31,

2014	—
2015	—
2016	—
2017	—
2018	1	%

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

SEMI-ANNUAL REPORT

JANUARY 31, 2014


Trust Summary as of January 31, 2014	BlackRock Municipal Target Term Trust

Trust Overview

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

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

Performance

•

For the six-month period ended January 31, 2014, the Trust returned 4.47% based on market price and 9.68% based on NAV. For the same period, the closed-end Lipper General & Insured Municipal Debt Funds (Leveraged) category posted an average return of 7.76% based on market price and 5.69% based on NAV. All returns reflect reinvestment of dividends. The Trust’s discount to NAV, which widened during the period, accounts for the difference between performance based on price and performance based on NAV. The following discussion relates to performance based on NAV.

•

The Trust’s duration exposure (sensitivity to interest rate movements) contributed positively to performance as tax-exempt municipal rates declined during the period. (Bond prices rise when rates fall.) Also having a positive impact was exposure to bonds in the 15- to 22-year range of the yield curve, where rates declined most during the period.

•

Trust Information

Symbol on NYSE				BTT
Initial Offering Date				August 30, 2012
Termination Date (on or about)				December 31, 2030
Current Distribution Rate on Closing Market Price as of January 31, 2014 ($18.64)¹				6.04%
Tax Equivalent Rate²				10.67%
Current Monthly Distribution per Common Share³				$0.09375
Current Annualized Distribution per Common Share³				$1.12500
Economic Leverage as of January 31, 2014⁴				40%

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. Past performance does not guarantee future results.

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

⁴

Represents RVMTP Shares and TOBs as a percentage of total managed assets, which is the total assets of the Trust, including any assets attributable to RVMTP Shares and TOBs, 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.

SEMI-ANNUAL REPORT

JANUARY 31, 2014


	BlackRock Municipal Target Term Trust

Market Price and Net Asset Value Per Share Summary

	1/31/14		7/31/13		Change			High		Low
Market Price	$	18.64	$	18.42		1.19	%	$	18.83	$	16.47
Net Asset Value	$	19.92	$	18.75		6.24	%	$	20.04	$	17.45

Market Price and Net Asset Value History Since Inception

Commencement of operations.

Overview of the Trust’s Long-Term Investments

Sector Allocation	1/31/14			7/31/13
Transportation		19	%		22	%
Health		17			17
County/City/Special District/School District		13			12
Education		13			13
Corporate		10			9
Housing		9			9
State		9			7
Utilities		8			9
Tobacco		2			2

Credit Quality Allocation²	1/31/14			7/31/13
AAA/Aaa		3	%		3	%
AA/Aa		31			32
A		44			43
BBB/Baa		11			11
BB/Ba		3			3
B		2			3
Not Rated³		6			5

Using the higher of S&P’s or Moody’s ratings.

The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of January 31, 2014 and July 31, 2013, the market value of these securities was $454,825, representing less than 1%, and $38,601,602, representing 2%, respectively, of the Trust’s long-term investments.


Call/Maturity Schedule⁴
Calendar Year Ended December 31,

2014	2	%
2015	—
2016	—
2017	2
2018	1

⁴

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

SEMI-ANNUAL REPORT

JANUARY 31, 2014


Trust Summary as of January 31, 2014	BlackRock New Jersey Municipal Income Trust

Trust Overview

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

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

Performance

•

For the six-month period ended January 31, 2014, the Trust returned 2.76% based on market price and 6.61% based on NAV. For the same period, the closed-end Lipper New Jersey Municipal Debt Funds category posted an average return of 4.50% based on market price and 6.00% based on NAV. All returns reflect reinvestment of dividends. The Trust’s discount to NAV, which widened during the period, accounts for the difference between performance based on price and performance based on NAV. The following discussion relates to performance based on NAV.

•

As the municipal yield curve flattened during the period (i.e., rates on longer-dated bonds fell more than rates on shorter-dated securities), the Trust’s longer-dated holdings in tax development districts, health care, education and transportation experienced the strongest price appreciation. (Bond prices rise when rates fall.)

•

Trust Information

Symbol on NYSE				BNJ
Initial Offering Date				July 27, 2001
Yield on Closing Market Price as of January 31, 2014 ($13.58)¹				6.64%
Tax Equivalent Yield²				12.89%
Current Monthly Distribution per Common Share³				$0.0751
Current Annualized Distribution per Common Share³				$0.9012
Economic Leverage as of January 31, 2014⁴				40%

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

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

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

⁴

SEMI-ANNUAL REPORT

JANUARY 31, 2014


	BlackRock New Jersey Municipal Income Trust

Market Price and Net Asset Value Per Share Summary

	1/31/14		7/31/13		Change			High		Low
Market Price	$	13.58	$	13.67		(0.66	)%	$	13.76	$	12.74
Net Asset Value	$	14.80	$	14.36		3.06	%	$	14.83	$	13.77

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

Overview of the Trust’s Long-Term Investments

Sector Allocation	1/31/14			7/31/13
Transportation		31	%		25	%
State		20			26
County/City/Special District/School District		14			13
Education		12			12
Health		10			11
Housing		7			7
Corporate		6			6

Credit Quality Allocation¹	1/31/14			7/31/13
AAA/Aaa		3	%		2	%
AA/Aa		37			35
A		37			40
BBB/Baa		8			9
BB/Ba		5			5
B		3			3
Not Rated²		7			6

Using the higher of S&P’s or Moody’s ratings.

The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of January 31, 2014 and July 31, 2013, the market value of these securities was $10,297,902, representing 6%, and $8,401,509, representing 4%, respectively, of the Trust’s long-term investments.


Call/Maturity Schedule³
Calendar Year Ended December 31,

2014	13	%
2015	—
2016	1
2017	3
2018	13

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

SEMI-ANNUAL REPORT

JANUARY 31, 2014


Trust Summary as of January 31, 2014	BlackRock New York Municipal Income Trust

Trust Overview

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

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

Performance

•

For the six-month period ended January 31, 2014, the Trust returned 2.88% based on market price and 6.04% based on NAV. For the same period, the closed-end Lipper New York Municipal Debt Funds category posted an average return of 5.26% based on market price and 4.89% based on NAV. All returns reflect reinvestment of dividends. The Trust’s discount to NAV, which widened during the period, accounts for the difference between performance based on price and performance based on NAV. The following discussion relates to performance based on NAV.

•

Tax-exempt rates declined over the course of the period, with longer-duration (higher sensitivity to interest rate movements) and longer-dated bonds tending to provide the largest returns. (Bond prices rise when rates fall.) In this environment, the Trust’s holdings in health care, education and transportation were positive contributors to performance as these were the best performing sectors. Exposure to lower-coupon and zero-coupon bonds also benefited returns as they had strong price performance due to their relatively long durations for their respective maturities. The Trust’s significant exposure to high-quality issues had a positive impact on results as the market’s strongest performance during the period was concentrated in high-quality issues. Additionally, the Trust benefited from income generated from coupon payments on its municipal bond holdings. The use of leverage allowed the Trust to maximize its income.

•

Trust Information

Symbol on NYSE				BNY
Initial Offering Date				July 27, 2001
Yield on Closing Market Price as of January 31, 2014 ($13.11)¹				6.32%
Tax Equivalent Yield²				12.81%
Current Monthly Distribution per Common Share³				$0.069
Current Annualized Distribution per Common Share³				$0.828
Economic Leverage as of January 31, 2014⁴				40%

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

Tax equivalent yield assumes the maximum marginal federal and state tax rate of 50.67%, which includes the 3.8% Medicare tax. Actual tax rates will vary based on income, exemptions and deductions. Lower taxes will result in lower tax equivalent yields.

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

⁴

SEMI-ANNUAL REPORT

JANUARY 31, 2014


	BlackRock New York Municipal Income Trust

Market Price and Net Asset Value Per Share Summary

	1/31/14		7/31/13		Change			High		Low
Market Price	$	13.11	$	13.16		(0.38	)%	$	13.53	$	12.17
Net Asset Value	$	13.83	$	13.47		2.67	%	$	13.89	$	12.75

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

Overview of the Trust’s Long-Term Investments

Sector Allocation	1/31/14			7/31/13
County/City/Special District/School District		23	%		23	%
Education		20			16
Utilities		14			11
Transportation		14			14
Health		10			10
Corporate		9			10
Housing		6			7
State		4			9

Credit Quality Allocation¹	1/31/14			7/31/13
AAA/Aaa		16	%		13	%
AA/Aa		33			34
A		36			35
BBB/Baa		6			8
BB/Ba		4			3
Not Rated²		5			7

Using the higher of S&P’s or Moody’s ratings.

The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of January 31, 2014 and July 31, 2013, the market value of these securities was $2,595,200, representing less than 1%, and $2,500,000, representing 1%, respectively, of the Trust’s long-term investments.


Call/Maturity Schedule³
Calendar Year Ended December 31,

2014	10	%
2015	6
2016	4
2017	12
2018	3

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

SEMI-ANNUAL REPORT

JANUARY 31, 2014


Schedule of Investments January 31, 2014 (Unaudited)	BlackRock California Municipal Income Trust (BFZ) (Percentages shown are based on Net Assets)

Municipal Bonds	Par (000)		Value
California — 101.9%
Corporate — 0.7%
City of Chula Vista California, Refunding RB, San Diego Gas & Electric:
Series A, 5.88%, 2/15/34	$	680	$	763,845
Series D, 5.88%, 1/01/34		2,500		2,808,250
				3,572,095
County/City/Special District/School District — 36.8%
Alum Rock Union Elementary School District, GO, Election of 2012, Series A, 6.00%, 8/01/39		1,300		1,520,636
Butte-Glenn Community College District, GO, Election of 2002, Series C, 5.50%, 8/01/30		8,425		9,408,703
Centinela Valley Union High School District, GO, Refunding, Election of 2008, Series B, 5.75%, 8/01/33		1,250		1,433,188
Cerritos Community College District, GO, Election of 2004, Series C, 5.25%, 8/01/31		3,000		3,319,350
City of San Jose California Hotel Tax, RB, Convention Center Expansion & Renovation Project:
6.13%, 5/01/31		500		570,310
6.50%, 5/01/36		1,210		1,396,183
6.50%, 5/01/42		2,225		2,552,297
County of Kern California, COP, Capital Improvements Projects, Series A (AGC), 6.00%, 8/01/35		2,000		2,262,920
County of Orange California Water District, COP, Refunding, 5.25%, 8/15/34		2,000		2,213,900
County of San Joaquin California Transportation Authority, Refunding RB, Series A Limited Tax, Measure K:
6.00%, 3/01/36		2,880		3,377,722
5.50%, 3/01/41		5,265		5,764,754
County of Santa Clara California Financing Authority, Refunding LRB, Series L, 5.25%, 5/15/36		20,000		21,993,200
Evergreen Elementary School District, GO, Election of 2006, Series B (AGC), 5.13%, 8/01/33		2,500		2,708,225
Folsom Cordova Unified School District School Facilities Improvement District No. 4, GO, Series A (a):
5.00%, 10/01/34		2,500		2,657,425
5.00%, 10/01/38		4,235		4,446,708
Grossmont Healthcare District, GO, Election of 2006, Series B:
6.00%, 7/15/34		3,235		3,722,676
6.13%, 7/15/40		2,000		2,288,580
Kern Community College District, GO, Safety Repair & Improvements, Series C, 5.25%, 11/01/32		125		139,970
Long Beach Unified School District California, GO, Refunding, Election of 2008, Series A, 5.75%, 8/01/33		4,135		4,714,768
Municipal Bonds	Par (000)		Value
California (continued)
County/City/Special District/School District (concluded)
Los Alamitos Unified School District California, GO, School Facilities Improvement District No. 1, 5.50%, 8/01/33	$	6,300	$	7,051,527
Los Angeles Municipal Improvement Corp., Refunding RB, Real Property, Series B (AGC), 5.50%, 4/01/30		5,065		5,662,873
Modesto Irrigation District, COP, Capital Improvements, Series A:
5.75%, 10/01/29		3,000		3,322,320
5.75%, 10/01/34		180		196,668
Oak Grove School District California, GO, Election of 2008, Series A, 5.50%, 8/01/33		6,000		6,746,220
Pico Rivera Public Financing Authority, RB, 5.75%, 9/01/39		2,000		2,164,160
Pittsburg Unified School District, GO, Election of 2006, Series B (AGM), 5.50%, 8/01/34		2,000		2,210,860
Sacramento Area Flood Control Agency, Special Assessment Bonds, Consolidated Capital Assessment District, 5.25%, 10/01/32		4,865		5,433,718
San Diego Community College District California, GO, Election of 2002:
5.25%, 8/01/33		1,500		1,683,825
(AGM), 5.00%, 8/01/32		6,000		6,506,580
San Diego Regional Building Authority, RB, County Operations Center & Annex, Series A, 5.38%, 2/01/36		5,500		6,086,575
San Jose California Financing Authority, Refunding LRB, Series A:
Civic Center Project, 5.00%, 6/01/32		3,375		3,608,415
Convention Center Expansion & Renovation Project, 5.00%, 6/01/39		9,340		9,750,026
San Leandro California Unified School District, GO, Election of 2010, Series A, 5.75%, 8/01/41		3,060		3,364,531
Santa Ana Unified School District, GO, Election of 2008, Series A:
5.50%, 8/01/30		6,455		7,170,020
5.13%, 8/01/33		10,000		10,832,900
Snowline Joint Unified School District, COP, Refunding, Refining Project (AGC), 5.75%, 9/01/38		2,250		2,531,768
Torrance Unified School District California, GO, Election of 2008, Measure Z, 6.00%, 8/01/33		4,000		4,558,960
Tustin Unified School District, GO, Election of 2008, Series B, 5.25%, 8/01/31		3,445		3,810,962
West Contra Costa California Unified School District, GO, Series A:
Election of 2010 (AGM), 5.25%, 8/01/32		4,925		5,370,466
Election of 2012, 5.50%, 8/01/39		2,500		2,715,700
				177,270,589

To simplify the listings of portfolio holdings in the Schedules of Investments, the names and descriptions of many of the securities have been abbreviated according to the following list:
ACA	American Capital Access Corp.	GARB	General Airport Revenue Bonds
AGC	Assured Guarantee Corp.	GO	General Obligation Bonds
AGM	Assured Guaranty Municipal Corp.	HDA	Housing Development Authority
AMBAC	American Municipal Bond Assurance Corp.	HFA	Housing Finance Agency
AMT	Alternative Minimum Tax (subject to)	IDA	Industrial Development Authority
ARB	Airport Revenue Bonds	IDB	Industrial Development Board
BARB	Building Aid Revenue Bonds	ISD	Independent School District
BHAC	Berkshire Hathaway Assurance Corp.	LRB	Lease Revenue Bonds
CAB	Capital Appreciation Bonds	M/F	Multi-Family
CIFG	CDC IXIS Financial Guaranty	MRB	Mortgage Revenue Bonds
COP	Certificates of Participation	NPFGC	National Public Finance Guarantee Corp.
EDA	Economic Development Authority	PILOT	Payment in Lieu of Taxes
EDC	Economic Development Corp.	RB	Revenue Bonds
ERB	Education Revenue Bonds	S/F	Single-Family
FHA	Federal Housing Administration	SONYMA	State of New York Mortgage Agency

Municipal Bonds	Par (000)		Value
California (continued)
Education — 5.3%
California Educational Facilities Authority, Refunding RB, San Francisco University, 6.13%, 10/01/36	$	6,280	$	7,279,587
California Municipal Finance Authority, RB, Emerson College, 5.75%, 1/01/33		2,500		2,763,925
University of California, RB, Series O, 5.38%, 5/15/34		490		545,821
University of California, Refunding RB, Limited Project, Series G, 5.00%, 5/15/37		14,000		14,978,600
				25,567,933
Health — 17.9%
ABAG Finance Authority for Nonprofit Corps., Refunding RB, Sharp Healthcare:
6.38%, 8/01/14 (b)		3,095		3,190,697
6.25%, 8/01/39		4,960		5,594,731
Series A, 6.00%, 8/01/30		2,300		2,633,983
California Health Facilities Financing Authority, RB:
Adventist Health System West, Series A, 5.75%, 9/01/39		6,695		7,394,427
Catholic Healthcare West, Series J, 5.63%, 7/01/32		9,750		10,005,060
Children’s Hospital, Series A, 5.25%, 11/01/41		9,165		9,524,818
St. Joseph Health System, Series A, 5.75%, 7/01/39		325		364,195
Sutter Health, Series A, 5.25%, 11/15/46		5,695		5,755,139
Sutter Health, Series B, 6.00%, 8/15/42		6,015		6,913,882
California Health Facilities Financing Authority, Refunding RB:
Catholic Healthcare West, Series A, 6.00%, 7/01/29		1,000		1,124,450
Catholic Healthcare West, Series A, 6.00%, 7/01/34		4,470		4,967,958
Catholic Healthcare West, Series A, 6.00%, 7/01/39		5,550		6,068,592
Providence Health, 6.50%, 10/01/38		4,100		4,728,571
California Statewide Communities Development Authority, RB:
John Muir Health, Series A, 5.13%, 7/01/39		1,500		1,540,935
Kaiser Permanente, Series B, 5.25%, 3/01/45		2,000		2,014,000
California Statewide Communities Development Authority, Refunding RB:
Catholic Healthcare West, Series B, 5.50%, 7/01/30		2,940		3,196,397
Catholic Healthcare West, Series E, 5.50%, 7/01/31		5,065		5,484,382
Trinity Health Credit Group Composite Issue, 5.00%, 12/01/41		4,000		4,101,360
Washington Township Health Care District, GO, Series B, 5.50%, 8/01/38		1,250		1,382,363
				85,985,940
State — 10.1%
California State Public Works Board, LRB:
Department of Corrections and Rehabilitation, Series F, 5.25%, 9/01/33		3,335		3,592,429
Department of Education, Riverside Campus Project, Series B, 6.50%, 4/01/34		9,000		10,396,710
Various Capital Projects, Series A, 5.00%, 4/01/37		3,165		3,278,529
Various Capital Projects, Series I, 5.50%, 11/01/33		4,940		5,567,084
Various Capital Projects, Sub-Series I-1, 6.38%, 11/01/34		5,025		5,818,397
State of California, GO, Various Purposes:
6.00%, 3/01/33		2,000		2,339,800
6.50%, 4/01/33		2,500		3,000,550
6.00%, 4/01/38		12,745		14,620,936
				48,614,435
Transportation — 14.2%
Bay Area Toll Authority, RB, San Francisco Bay Area Toll Bridge, Series C-1, 0.94%, 4/01/45 (c)		7,000		6,918,030
City & County of San Francisco California Airports Commission, ARB, Series E, 6.00%, 5/01/39		6,750		7,775,055
City & County of San Francisco California Airports Commission, Refunding ARB, 2nd Series A, AMT, 5.25%, 5/01/33		1,440		1,530,965
Municipal Bonds	Par (000)		Value
California (concluded)
Transportation (concluded)
City of Los Angeles California Department of Airports, ARB, Los Angeles International Airport, Senior Series A, AMT, 5.00%, 5/15/38	$	2,550	$	2,659,522
City of Los Angeles California Department of Airports, Refunding RB, Los Angeles International Airport:
Senior, Series A, 5.00%, 5/15/40		3,750		3,933,075
Series A, 5.00%, 5/15/34		6,650		7,125,674
Sub-Series C, 5.25%, 5/15/38		1,950		2,083,634
City of San Jose California, Refunding ARB, Series A-1, AMT:
5.75%, 3/01/34		2,870		3,098,337
6.25%, 3/01/34		2,650		2,983,502
County of Orange California, ARB, Series B, 5.75%, 7/01/34		8,000		8,798,080
County of Sacramento California, ARB:
PFC/Grant, Sub-Series D, 6.00%, 7/01/35		3,000		3,370,290
Senior Series B, 5.75%, 7/01/39		1,850		2,061,770
Senior Series B, AMT (AGM), 5.25%, 7/01/33		3,000		3,120,780
County of San Diego California Regional Airport Authority, Refunding ARB, Sub-Series A, 5.00%, 7/01/40		2,890		2,953,493
County of San Diego California Regional Transportation Commission, Refunding RB, Series A, 5.00%, 4/01/42		500		534,515
County of San Joaquin California Transportation Authority, Refunding RB, Limited Tax Measure K, Series A, 5.25%, 3/01/31		250		273,455
Los Angeles Harbor Department, RB, Series B, 5.25%, 8/01/34		5,580		6,209,759
Port of Oakland California, Refunding RB, Series P, AMT, 5.00%, 5/01/29		2,500		2,648,800
				68,078,736
Utilities — 16.9%
Anaheim Public Financing Authority, RB, Electric System Distribution Facilities, Series A, 5.38%, 10/01/36		7,690		8,580,886
California Infrastructure & Economic Development Bank, RB, California Independent System Operator, Series A, 6.25%, 2/01/15 (b)		4,500		4,772,385
Calleguas-Las Virgenes Public Financing Authority California, RB, Calleguas Municipal Water District Project, Series A (NPFGC), 5.13%, 7/01/32		4,000		4,259,240
City of Chula Vista California, Refunding RB, San Diego Gas & Electric, Series D, 5.88%, 1/01/34		6,530		7,335,149
City of Los Angeles California Wastewater System, Refunding RB:
Series A, 5.00%, 6/01/39		2,000		2,146,960
Sub-Series A, 5.00%, 6/01/34		7,500		8,207,400
City of Petaluma California Wastewater, Refunding RB, 6.00%, 5/01/36		5,625		6,433,088
County of Los Angeles California Public Works Financing Authority, Refunding LRB, Multiple Capital Projects II, 5.00%, 8/01/42		2,000		2,057,180
Cucamonga Valley Water District, Refunding RB, Series A (AGM), 5.25%, 9/01/31		4,270		4,851,958
Dublin-San Ramon Services District, Refunding RB, 6.00%, 8/01/41		2,425		2,846,053
Los Angeles Department of Water & Power, RB:
Power System, Sub-Series A-1, 5.25%, 7/01/38		9,000		9,741,510
Series A, 5.38%, 7/01/34		3,250		3,605,030
Los Angeles Department of Water & Power, Refunding RB, Series A, 5.25%, 7/01/39		4,000		4,316,920
San Diego Public Facilities Financing Authority, Refunding RB, Senior Series A, 5.25%, 5/15/34		11,020		12,018,743
				81,172,502
Total Municipal Bonds in California				490,262,230

Municipal Bonds	Par (000)		Value
Multi-State — 1.7%
Housing — 1.7%
Centerline Equity Issuer Trust (d)(e):
Series A-4-1, 5.75%, 4/30/15	$	500	$	527,560
Series A-4-2, 6.00%, 4/30/19		1,000		1,158,290
Series B-2, 7.20%, 10/31/14		3,500		3,653,790
Series B-3-1, 6.00%, 4/30/15		1,500		1,583,010
Series B-3-2, 6.30%, 5/15/19		1,000		1,171,310
				8,093,960
Total Municipal Bonds in Multi-State				8,093,960
Total Municipal Bonds — 103.6%				498,356,190

Municipal Bonds Transferred to Tender Option Bond Trusts (f)
California — 62.3%
County/City/Special District/School District — 21.6%
El Dorado Union High School District, GO, Election of 2008, 5.00%, 8/01/35		5,020		5,252,175
Los Angeles Community College District California, GO:
Election of 2001, Series A (AGM), 5.00%, 8/01/32		8,000		8,571,680
Election of 2003, Series F-1, 5.00%, 8/01/33		5,000		5,362,800
Election of 2008, Series C, 5.25%, 8/01/39 (g)		12,900		14,233,924
Los Angeles Community College District California, GO, Refunding, Election of 2008, Series A, 6.00%, 8/01/33		20,131		23,318,011
Los Angeles Unified School District California, GO, Series I, 5.00%, 1/01/34		5,000		5,402,000
Mount San Antonio Community College District California, GO, Election of 2001, Series C (AGM), 5.00%, 9/01/31 (b)		10,770		12,049,691
San Bernardino Community College District California, GO, Election of 2002, Series C (AGM), 5.00%, 8/01/31		2,000		2,130,540
San Diego Community College District California, GO, Election of 2002, 5.25%, 8/01/33		10,484		11,769,240
San Jose Unified School District Santa Clara County California, GO, Election of 2002, Series D, 5.00%, 8/01/32		14,625		15,670,091
				103,760,152
Education — 10.6%
California Educational Facilities Authority, RB, University of Southern California, Series B, 5.25%, 10/01/39 (g)		10,395		11,372,858
County of San Mateo California Community College District, GO, Election of 2005, Series B, 5.00%, 9/01/31		8,630		9,209,504
Grossmont Union High School District, GO, Election of 2004, 5.00%, 8/01/33		13,095		13,772,528
University of California, RB:
Limited Project, Series D (AGM), 5.00%, 5/15/41		2,600		2,714,972
Series O, 5.75%, 5/15/34		12,300		13,989,733
				51,059,595

Municipal Bonds Transferred to Tender Option Bond Trusts (f)	Par (000)		Value
California (concluded)
Utilities — 30.1%
California State Department of Water Resources, Refunding RB, Central Valley Project, Series AE, 5.00%, 12/01/29	$	7,000	$	7,843,640
City & County of San Francisco California Public Utilities Commission, RB, Water System Improvement Project, Sub-Series A, 5.00%, 11/01/37		12,698		13,536,416
City & County of San Francisco California Public Utilities Commission, Refunding RB, Senior Series A, 5.00%, 11/01/35		10,625		11,243,558
City of Napa California Water System, RB, (AMBAC), 5.00%, 5/01/35		3,000		3,104,280
County of Orange California Sanitation District, COP, Series B (AGM), 5.00%, 2/01/37		14,700		15,767,808
County of Orange California Water District, COP, Refunding, 5.00%, 8/15/39		10,480		11,187,714
County of San Diego California Water Authority, COP, Refunding, Series A (AGM), 5.00%, 5/01/33		14,290		15,413,909
East Bay Municipal Utility District, RB, Sub-Series A (NPFGC), 5.00%, 6/01/35		3,000		3,128,670
Eastern Municipal Water District, COP, Series H, 5.00%, 7/01/33		18,002		19,087,088
Los Angeles Department of Water & Power, RB, Power System:
Sub-Series A-1 (AMBAC), 5.00%, 7/01/37		15,998		17,075,544
Sub-Series A-2 (AGM), 5.00%, 7/01/35		2,000		2,131,560
Metropolitan Water District of Southern California, RB, Series A, 5.00%, 7/01/37		11,180		12,114,648
San Diego Public Facilities Financing Authority Sewer, Refunding RB, Senior Series A, 5.25%, 5/15/39		12,457		13,425,787
				145,060,622
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 62.3%				299,880,369
Total Long-Term Investments (Cost — $747,221,664) — 165.9%				798,236,559

Short-Term Securities		Shares
BIF California Municipal Money Fund, 0.00% (h)(i)		2,028,205		2,028,205
Total Short-Term Securities
(Cost — $2,028,205) — 0.4%				2,028,205
Total Investments (Cost — $749,249,869) — 166.3%				800,264,764
Liabilities in Excess of Other Assets — (0.5)%				(2,344,166	)
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (30.2%)				(145,513,492	)
VMTP Shares, at Liquidation Value — (35.6%)				(171,300,000	)
Net Assets Applicable to Common Shares — 100.0%			$	481,107,106


Schedule of Investments (continued)	BlackRock California Municipal Income Trust (BFZ) (Percentages shown are based on Net Assets)

	Counterparty				Value				Unrealized Appreciation
	Stifel Nicolaus & Co., Inc.				$	7,104,133			$	115,488

(b)				US 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.
(c)				Variable rate security. Rate shown is as of report date.
(d)				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.


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

(e)				Represents a beneficial interest in a trust. The collateral deposited into the trust is federally tax-exempt revenue bonds issued by various state or local governments, or their respective agencies or authorities. The security is subject to remarketing prior to its stated maturity.
(f)				Represent bonds transferred to a TOB. In exchange for which the Trust acquired residual interest certificates. These bonds serve as collateral in a financing transaction. See Note 3 of the Notes to Financial Statements for details of municipal bonds transferred to TOBs.
(g)				All or a portion of security is subject to a recourse agreement, which may require the Trust to pay the liquidity provider in the event there is a shortfall between the TOB trust certificates and proceeds received from the sale of the security contributed to the TOB trust. In the case of a shortfall, the aggregate maximum potential amount the Trust could ultimately be required to pay under the agreements, which expire from October 1, 2016 to August 1, 2018 is $14,008,480.
(h)				Represents the current yield as of report date.
(i)				Investments in issuers considered to be an affiliate of the Trust during the six months ended January 31, 2014, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

	Affiliate				Shares Held at July 31, 2013		Net Activity		Shares Held at January 31, 2014		Income
	BIF California Municipal Money Fund				1,269,184		759,021		2,028,205		—

•				For Trust compliance purposes, the Trust’s sector classifications refer to any one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment advisor. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease.
•				Fair Value Measurements — Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs to valuation techniques are categorized into a disclosure hierarchy consisting of three broad levels for financial statement purposes as follows:

•				Level 1 — unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Trust has the ability to access
•				Level 2 — other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs)
•				Level 3 — unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Trust’s own assumptions used in determining the fair value of investments and derivative financial instruments)

				The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
				Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Trust’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investment and derivative financial instrument and is not necessarily an indication of the risks associated with investing in those securities. For information about the Trust’s policy regarding valuation of investments and derivative financial instruments, please refer to Note 2 of the Notes to Financial Statements.
				The following tables summarize the Trust’s investments and derivative financial instruments categorized in the disclosure hierarchy as of January 31, 2014:

	Level 1		Level 2		Level 3	Total
Assets:
Investments:
Long-Term Investments¹		—	$	798,236,559	—	$	798,236,559
Short-Term Securities	$	2,028,205		—	—		2,028,205
Total	$	2,028,205	$	798,236,559	—	$	800,264,764

(a)				US government securities, held in escrow, are used to pay interest on this security, as well as to retire the bond in full at the date indicated, typically at a premium to par.
(b)				Issuer filed for bankruptcy and/or is in default of principal and/or interest payments.
(c)				Non-income producing security.
(d)				Zero-coupon bond.
(e)				Represent bonds transferred to a TOB. In exchange for which the Trust acquired residual interest certificates. These bonds serve as collateral in a financing transaction. See Note 3 of the Notes to Financial Statements for details of municipal bonds transferred to TOBs.
(f)				Investments in issuers considered to be an affiliate of the Trust during the six months ended January 31, 2014, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

	Affiliate				Shares Held at July 31, 2013		Net Activity		Shares Held at January 31, 2014		Income
	FFI Institutional Tax-Exempt Fund				2,293,772		(642,653)		1,651,119		$643

				The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
				Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Trust’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments is based on the pricing transparency of the investment and is not necessarily an indication of the risks associated with investing in those securities. For information about the Trust’s policy regarding valuation of investments, please refer to Note 2 of the Notes to Financial Statements.
				The following table summarizes the Trust’s investments categorized in the disclosure hierarchy as of January 31, 2014:

				The carrying amount for certain of the Trust’s liabilities approximates fair value for financial statement purposes. As of January 31, 2014, TOB Trust Certificates of $(240,000) is categorized as Level 2 within the disclosure hierarchy.
				There were no transfers between levels during the six months ended January 31, 2014.

(e)				Represents the current yield as of report date.
•				Financial futures contracts outstanding as of January 31, 2014 were as follows:

Options Purchased	Value
(Cost — $1,034,475) — 0.0%	$	203,125
Total Investments Before Options Written (Cost — $2,482,467,726) — 163.9%		2,302,580,936

Options Written	Value
(Premiums Received — $1,809,269) — (0.5)%	$	(7,007,813	)
Total Investments, Net of Options Written — 163.4%		2,295,573,123
Other Assets Less Liabilities — 3.1%		43,118,718
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (13.1%)		(184,165,079	)
RVMTP Shares, at Liquidation Value — (53.4%)		(750,000,000	)
Net Assets Applicable to Common Shares — 100.0%	$	1,404,526,762

(g)				Represents the current yield as of report date.
•				Exchange-traded options purchased as of January 31, 2014 were as follows:

Description	Put/ Call	Strike Price	Expiration Date	Contracts	Market Value
10-Year US Treasury Note	Put	$120.50	2/21/14	6,500	$	101,562
10-Year US Treasury Note	Put	$121.50	2/21/14	6,500		101,563
Total					$	203,125


Schedule of Investments (concluded)	BlackRock Municipal Target Term Trust (BTT)

	²	Derivative financial instruments are financial futures contracts, which are valued at the unrealized appreciation/depreciation on the instrument.

January 31, 2014 (Unaudited)	BlackRock California Municipal Income Trust (BFZ)			BlackRock Florida Municipal 2020 Term Trust (BFO)			BlackRock Municipal Income Investment Trust (BBF)			BlackRock Municipal Target Term Trust (BTT)			BlackRock New Jersey Municipal Income Trust (BNJ)			BlackRock New York Municipal Income Trust (BNY)

Assets
Investments at value — unaffiliated¹	$	798,236,559		$	86,138,676		$	157,188,844		$	2,299,475,787		$	184,880,738		$	292,217,872
Investments at value — affiliated²		2,028,205			1,651,119			995,416			3,105,149			2,786,506			3,260,209
Cash		—			—			—			439,123			—			—
Cash pledged for financial futures contracts		506,000			—			134,000			—			160,000			250,000
Cash pledged as collateral for written options		—			—			—			23,464,000			—			—
Interest receivable		11,652,272			1,015,616			2,002,189			25,491,943			1,748,796			3,539,760
Investments sold receivable		3,805,053			20,256			20,256			1,064,464			836,739			—
Deferred offering costs		91,964			—			146,984			840,729			56,717			67,061
Prepaid expenses		31,336			8,313			59,194			55,778			15,702			19,325
Total assets		816,351,389			88,833,980			160,546,883			2,353,936,973			190,485,198			299,354,227

Accrued Liabilities
TOB trust payable		6,250,000			—			500,000			—			—			—
Investments purchased payable		9,072,457			—			629			—			—			—
Income dividends payable — Common Shares		2,476,617			279,497			485,240			6,609,897			575,009			891,085
Options written at value³		—			—			—			7,007,813			—			—
Investment advisory fees payable		391,793			37,505			80,625			781,288			95,275			150,272
Variation margin payable on financial futures contracts		89,062			—			25,827			359,610			30,874			43,343
Officer’s and Trustees’ fees payable		74,252			9,364			17,657			23,593			20,392			31,981
Interest expense and fees payable		27,723			12,143			5,769			45,105			3,470			3,210
Offering costs payable		—			—			—			286,782			—			—
Other accrued expenses payable		76,610			41,031			36,201			176,149			53,718			74,601
Total accrued liabilities		18,458,514			379,540			1,151,948			15,290,237			778,738			1,194,492

Other Liabilities
TOB trust certificates		145,485,769			240,000			29,682,276			184,119,974			17,301,282			25,045,449
RVMTP Shares, at liquidation value of $100,000 per share^4,5		—			—			—			750,000,000			—			—
VMTP Shares, at liquidation value of $100,000 per share^4,5		171,300,000			—			—			—			59,100,000			94,500,000
VRDP Shares, at liquidation value of $100,000 per share^4,5		—			—			34,200,000			—			—			—
Total other liabilities		316,785,769			240,000			63,882,276			934,119,974			76,401,282			119,545,449
Total liabilities		335,244,283			619,540			65,034,224			949,410,211			77,180,020			120,739,941

AMPS at Redemption Value
$25,000 per share liquidation preference, plus unpaid dividends^4,5		—			3,125,049			—			—			—			—
Net Assets Applicable to Common Shareholders	$	481,107,106		$	85,089,391		$	95,512,659		$	1,404,526,762		$	113,305,178		$	178,614,286

Net Assets Applicable to Common Shareholders Consist of
Paid-in capital^6,7,8	$	447,224,603		$	80,158,463		$	95,072,265		$	1,673,075,256		$	108,797,748		$	183,199,654
Undistributed (distributions in excess of) net investment income		4,963,425			2,953,500			618,326			(5,835,624	)		1,658,894			3,060,717
Accumulated net realized loss		(21,680,598	)		(742,418	)		(10,957,670	)		(77,627,536	)		(2,925,309	)		(11,039,843	)
Net unrealized appreciation/depreciation		50,599,676			2,719,846			10,779,738			(185,085,334	)		5,773,845			3,393,758
Net Assets Applicable to Common Shareholders	$	481,107,106		$	85,089,391		$	95,512,659		$	1,404,526,762		$	113,305,178		$	178,614,286
Net asset value per Common Share	$	15.09		$	15.30		$	14.25		$	19.92		$	14.80		$	13.83
¹ Investments at cost — unaffiliated	$	747,221,664		$	83,418,830		$	146,362,851		$	2,479,362,577		$	179,051,652		$	288,527,748
² Investments at cost — affiliated	$	2,028,205		$	1,651,119		$	995,416		$	3,105,149		$	2,786,506		$	3,260,209
³ Premiums received		—			—			—		$	1,809,269			—			—
⁴ Preferred Shares outstanding, par value $ 0.001 per share		1,713			125			342			150			591			945
⁵ Preferred Shares authorized		unlimited			unlimited			unlimited			unlimited			unlimited			unlimited
⁶ Par value per Common Share	$	0.001		$	0.001		$	0.001		$	0.001		$	0.001		$	0.001
⁷ Common Shares outstanding		31,874,095			5,562,128			6,704,527			70,505,571			7,656,577			12,914,274
⁸ Common Shares authorized		unlimited			unlimited			unlimited			unlimited			unlimited			unlimited

Six Months Ended January 31, 2014 (Unaudited)	BlackRock California Municipal Income Trust (BFZ)			BlackRock Florida Municipal 2020 Term Trust (BFO)			BlackRock Municipal Income Investment Trust (BBF)			BlackRock Municipal Target Term Trust (BTT)			BlackRock New Jersey Municipal Income Trust (BNJ)			BlackRock New York Municipal Income Trust (BNY)

Investment Income
Interest	$	18,016,336		$	1,667,501		$	3,775,577		$	48,212,151		$	4,429,016		$	6,890,815
Income — affiliated		—			643			465			1,140			13			1,032
Total income		18,016,336			1,668,144			3,776,042			48,213,291			4,429,029			6,891,847

Expenses
Investment advisory		2,302,536			243,105			475,299			4,552,912			561,820			886,769
Professional		46,257			27,205			26,544			92,488			29,296			33,517
Accounting services		15,768			8,306			12,620			118,617			14,753			2,948
Liquidity fees		—			—			160,231			—			—			—
Transfer agent		17,577			12,545			9,601			72,534			10,381			13,472
Officer and Directors		28,924			4,612			5,484			67,860			6,400			10,284
Custodian		17,403			4,603			6,828			42,392			6,637			9,595
Registration		880			733			733			39,494			739			747
Printing		2,918			2,731			1,477			18,507			3,549			4,251
Remarketing fees on Preferred Shares		—			7,170			17,480			—			—			—
Miscellaneous		48,837			20,181			31,386			68,189			32,953			41,610
Total expenses excluding interest expense, fees and amortization of offering costs		2,481,100			331,191			747,683			5,072,993			666,528			1,003,193
Interest expense, fees and amortization of offering costs¹		1,428,067			607			142,737			3,603,917			409,797			617,061
Total expenses		3,909,167			331,798			890,420			8,676,910			1,076,325			1,620,254
Less fees waived by Manager		(1,113	)		(354	)		(312	)		(752	)		(2,842	)		(2,042	)
Total expenses after fees waived		3,908,054			331,444			890,108			8,676,158			1,073,483			1,618,212
Net investment income		14,108,282			1,336,700			2,885,934			39,537,133			3,355,546			5,273,635

Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		(416,491	)		(7,692	)		(2,313,042	)		(24,326,903	)		(1,678,533	)		(4,977,891	)
Financial futures contracts		29,670			—			49,985			224,155			59,631			140,166
		(386,821	)		(7,692	)		(2,263,057	)		(24,102,748	)		(1,618,902	)		(4,837,725	)
Net change in unrealized appreciation/depreciation on:
Investments		20,387,146			369,353			4,702,596			112,114,948			5,124,038			9,844,982
Financial futures contracts		(415,219	)		—			(46,255	)		—			(55,241	)		(296,366	)
Options written		—			—			—			(5,198,544	)		—			—
		19,971,927			369,353			4,656,341			106,916,404			5,068,797			9,548,616
Total realized and unrealized gain		19,585,106			361,661			2,393,284			82,813,656			3,449,895			4,710,891

Dividends and Distributions to AMPS Shareholders From
Net investment income		—			(6,746	)		—			—			—			—
Net Increase in Net Assets Applicable to Common Shareholders Resulting from Operations	$	33,693,388		$	1,691,615		$	5,279,218		$	122,350,789		$	6,805,441		$	9,984,526

	BlackRock California Municipal Income Trust (BFZ)						BlackRock Florida Municipal 2020 Term Trust (BFO)
Increase (Decrease) in Net Assets Applicable to Common Shareholders:	Six Months Ended January 31, 2014 (Unaudited)			Year Ended July 31, 2013			Six Months Ended January 31, 2014 (Unaudited)			Year Ended July 31, 2013

Operations
Net investment income	$	14,108,282		$	28,429,898		$	1,336,700		$	3,765,338
Net realized gain (loss)		(386,821	)		2,411,035			(7,692	)		74,831
Net change in unrealized appreciation/depreciation		19,971,927			(59,039,937	)		369,353			(3,636,735	)
Dividends to AMPS Shareholders from net investment income		—			—			(6,746	)		(77,727	)
Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations		33,693,388			(28,199,004	)		1,691,615			125,707

Dividends to Common Shareholders From
Net investment income		(14,859,703	)		(29,708,677	)¹		(1,740,946	)		(4,238,341	)¹

Capital Share Transactions
Reinvestment of common dividends		—			603,432			—			—

Net Assets Applicable to Common Shareholders
Total increase (decrease) in net assets applicable to Common Shareholders		18,833,685			(57,304,249	)		(49,331	)		(4,112,634	)
Beginning of period		462,273,421			519,577,670			85,138,722			89,251,356
End of period	$	481,107,106		$	462,273,421		$	85,089,391		$	85,138,722
Undistributed net investment income, end of period	$	4,963,425		$	5,714,846		$	2,953,500		$	3,364,492

	BlackRock Municipal Income Investment Trust (BBF)						BlackRock Municipal Target Term Trust (BTT)
Increase (Decrease) in Net Assets Applicable to Common Shareholders:	Six Months Ended January 31, 2014 (Unaudited)			Year Ended July 31, 2013			Six Months Ended January 31, 2014 (Unaudited)			Period August 30, 2012² to July 31, 2013

Operations
Net investment income	$	2,885,934		$	5,731,148		$	39,537,133		$	55,675,510
Net realized gain (loss)		(2,263,057	)		788,098			(24,102,748	)		(53,519,716	)
Net change in unrealized appreciation/depreciation		4,656,341			(14,231,581	)		106,916,404			(292,001,738	)
Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations		5,279,218			(7,712,335	)		122,350,789			(289,845,944	)

Dividends and Distributions to Common Shareholders From
Net investment income		(2,911,441	)		(5,822,394	)¹		(39,659,384	)		(61,454,151	)¹
Return of capital		—			—			—			(7,606,056	)¹
Decrease in net assets resulting from dividends and distributions to Common Shareholders		(2,911,441	)		(5,822,394	)		(39,659,384	)		(69,060,207	)

Capital Share Transactions
Net proceeds from the issuance of shares		—			—			—			1,477,804,008
Net proceeds from the underwriter’s over allotment option exercised		—			—			—			202,937,500
Reinvestment of common dividends		—			52,510			—			—
Net increase in net assets derived from capital share transaction		—			52,510			—			1,680,741,508

Net Assets Applicable to Common Shareholders
Total increase (decrease) in net assets applicable to Common Shareholders		2,367,777			(13,482,219	)		82,691,405			1,321,835,357
Beginning of period		93,144,882			106,627,101			1,321,835,357			—
End of period	$	95,512,659		$	93,144,882		$	1,404,526,762		$	1,321,835,357
Undistributed (distributions in excess of) net investment income, end of period	$	618,326		$	643,833		$	(5,835,624	)	$	(5,713,373	)

	BlackRock New Jersey Municipal Income Trust (BNJ)						BlackRock New York Municipal Income Trust (BNY)
Increase (Decrease) in Net Assets Applicable to Common Shareholders:	Six Months Ended January 31, 2014 (Unaudited)			Year Ended July 31, 2013			Six Months Ended January 31, 2014 (Unaudited)			Year Ended July 31, 2013

Operations
Net investment income	$	3,355,546		$	6,744,653		$	5,273,635		$	11,286,518
Net realized gain (loss)		(1,618,902	)		1,157,320			(4,837,725	)		521,461
Net change in unrealized appreciation/depreciation		5,068,797			(14,524,962	)		9,548,616			(27,196,710	)
Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations		6,805,441			(6,622,989	)		9,984,526			(15,388,731	)

Dividends to Common Shareholders From
Net investment income		(3,450,054	)		(7,215,408	)¹		(5,346,512	)		(11,222,319	)¹

Capital Share Transactions
Reinvestment of common dividends		—			291,605			—			567,300

Net Assets Applicable to Common Shareholders
Total increase (decrease) in net assets applicable to Common Shareholders		3,355,387			(13,546,792	)		4,638,014			(26,043,750	)
Beginning of period		109,949,791			123,496,583			173,976,272			200,020,022
End of period	$	113,305,178		$	109,949,791		$	178,614,286		$	173,976,272
Undistributed net investment income, end of period	$	1,658,894		$	1,753,402		$	3,060,717		$	3,133,594

Six Months Ended January 31, 2014 (Unaudited)	BlackRock California Municipal Income Trust (BFZ)			BlackRock Municipal Income Investment Trust (BBF)			BlackRock Municipal Target Term Trust (BTT)			BlackRock New Jersey Municipal Income Trust (BNJ)			BlackRock New York Municipal Income Trust (BNY)

Cash Provided by (Used for) Operating Activities
Net increase in net assets resulting from operations, excluding dividends to AMPS Shareholders	$	33,693,388		$	5,279,218		$	122,350,789		$	6,805,441		$	9,984,526
Adjustments to reconcile net decrease in net assets resulting from operations to net cash provided by (used for) operating activities:
(Increase) decrease in interest receivable		90,219			(24,387	)		364,646			166,497			163,840
(Increase) in cash pledged for financial futures contracts		(506,000	)		(134,000	)		(23,464,000	)		(160,000	)		(250,000	)
(Increase) in prepaid expenses		(19,936	)		(16,799	)		(44,718	)		(11,601	)		(12,435	)
(Decrease) in investment advisory fees payable		(5,310	)		(3,206	)		(35,964	)		(271	)		(6,612	)
Increase (decrease) in interest expense and fees payable		(51,565	)		(8,406	)		(51,633	)		46,306			(8,194	)
(Decrease) in other accrued expenses payable		(37,143	)		(20,895	)		(54,688	)		(7,620	)		(32,557	)
Increase in variation margin payable on financial futures contracts		89,062			25,827			359,610			30,874			43,343
Increase in Officer’s and Trustees’ fees payable		6,043			936			2,548			1,013			1,786
Net realized loss on investments		416,491			2,313,042			24,326,903			1,678,533			4,977,891
Net unrealized loss on investments		(20,387,146	)		(4,702,596	)		(106,916,404	)		(5,124,038	)		(9,844,982	)
Amortization of premium and accretion of discount on investments		1,359,596			205,411			1,115,829			131,025			350,328
Amortization of deferred offering costs		37,383			13,258			11,425			24,004			27,879
Premiums received from options written		—			—			1,809,269			—			—
Proceeds from sales of long-term investments		85,208,407			31,151,327			139,325,377			17,063,626			49,317,728
Purchases of long-term investments		(77,349,931	)		(29,964,579	)		(79,236,373	)		(18,631,140	)		(43,018,670	)
Net proceeds from sales (purchases) of short-term securities		(759,021	)		3,715,287			52,040,164			2,032,390			4,217,494
Cash provided by (used for) operating activities		21,784,537			7,829,438			131,902,780			4,045,039			15,911,365

Cash Provided by (Used for) Financing Activities
Cash payments for TOB trust certificates		(6,920,421	)		(4,914,142	)		(91,560,000	)		(591,052	)		(11,510,272	)
Cash dividends paid to Common Shareholders		(14,859,703	)		(2,911,441	)		(39,659,384	)		(3,450,054	)		(5,346,512	)
Cash payments for offering costs		—			—			(208,650	)		—			—
Increase (decrease) in bank overdraft		(4,413	)		(3,855	)		(35,623	)		(3,933	)		—
Cash provided by (used for) financing activities		(21,784,537	)		(7,829,438	)		(131,463,657	)		(4,045,039	)		(16,856,784	)

Cash
Net change in cash		—			—			439,123			—			(945,419	)
Cash at beginning of period		—			—			—			—			945,419
Cash at end of period		—			—		$	439,123			—			—

Cash Flow Information
Cash paid during the period for interest and fees	$	1,442,249		$	177,248		$	3,644,125		$	339,487		$	597,376

	Six Months Ended January 31, 2014 (Unaudited)			Year Ended July 31,
				2013			2012			2011			2010			2009

Per Share Operating Performance
Net asset value, beginning of period	$	14.50		$	16.32		$	13.88		$	14.28		$	12.71		$	13.98
Net investment income¹		0.44			0.89			0.95			0.98			1.00			1.03
Net realized and unrealized gain (loss)		0.62			(1.78	)		2.42			(0.45	)		1.50			(1.35	)
Dividends to AMPS shareholders from net investment income		—			—			(0.01	)		(0.02	)		(0.02	)		(0.12	)
Net increase (decrease) from investment operations		1.06			(0.89	)		3.36			0.51			2.48			(0.44	)
Dividends to Common Shareholders from net investment income		(0.47	)		(0.93	)²		(0.92	)²		(0.91	)²		(0.91	)²		(0.83	)²
Net asset value, end of period	$	15.09		$	14.50		$	16.32		$	13.88		$	14.28		$	12.71
Market price, end of period	$	14.33		$	13.63		$	16.64		$	13.16		$	14.21		$	12.40

Total Investment Return Applicable to Common Shareholders³
Based on net asset value		7.62%	⁴		(5.81)%			24.98%			4.05%			20.15%			(2.36)%
Based on market price		8.73%	⁴		(13.17)%			34.40%			(0.86)%			22.55%			(4.81)%

Ratios to Average Net Assets Applicable to Common Shareholders
Total expenses		1.67%	⁵		1.63%			1.49%	⁶		1.46%	⁶		1.36%	⁶		1.54%	⁶
Total expenses after fees waived and paid indirectly		1.67%	⁵		1.63%			1.46%	⁶		1.39%	⁶		1.27%	⁶		1.35%	⁶
Total expenses after fees waived and paid indirectly and excluding interest expense and fees and amortization of offering costs⁷		1.06%	⁵		1.01%			1.07%	^6,8		1.12%	⁶		1.04%	⁶		1.08%	⁶
Net investment income		6.04%	⁵		5.49%			6.28%	⁶		7.19%	⁶		6.94%	⁶		8.27%	⁶
Dividends to AMPS shareholders		—			—			0.05%			0.15%			0.15%			1.00%
Net investment income to Common Shareholders		6.04%	⁵		5.49%			6.23%			7.04%			6.79%			7.27%

Supplemental Data
Net assets applicable to Common Shareholders, end of period (000)	$	481,107		$	462,273		$	519,578		$	441,745		$	454,299		$	192,551
AMPS outstanding at $25,000 liquidation preference, end of period (000)		—			—			—		$	171,325		$	171,325		$	71,000
VMTP Shares outstanding at $100,000 liquidation value, end of period (000)	$	171,300		$	171,300		$	171,300			—			—			—
Portfolio turnover		11%			22%			30%			36%			47%			58%
Asset coverage per AMPS at $25,000 liquidation preference, end of period		—			—			—		$	89,460		$	91,293		$	92,801
Asset coverage per VMTP Shares at $100,000 liquidation value, end of period	$	380,856		$	369,862		$	403,314			—			—			—

	Six Months Ended January 31, 2014 (Unaudited)			Period August 30, 2012¹ to July 31, 2013

Per Share Operating Performance
Net asset value, beginning of period	$	18.75		$	23.88	²
Net investment income³		0.56			0.80
Net realized and unrealized gain (loss)		1.17			(4.95	)
Net increase (decrease) from investment operations		1.73			(4.15	)
Dividends and distributions from:
Net investment income		(0.56	)⁴		(0.87	)⁵
Return of capital		—			(0.11	)⁵
Total dividends and distributions		(0.56	)		(0.98	)
Net asset value, end of period	$	19.92		$	18.75
Market price, end of period	$	18.64		$	18.42

Total Investment Return Applicable to Common Shareholders⁶
Based on net asset value⁷		9.68%			(18.00)%
Based on market price⁷		4.47%			(23.05)%

Ratios to Average Net Assets Applicable to Common Shareholders
Total expenses⁸		1.31%			0.99%
Total expenses after fees waived and paid indirectly⁸		1.31%			0.99%
Total expenses after fees waived and paid indirectly and excluding interest expense, fees and amortization of offering costs^8,9		0.76%			0.64%
Net investment income to Common Shareholders⁸		5.96%			3.78%

Supplemental Data
Net assets applicable to Common Shareholders, end of period (000)	$	1,404,527		$	1,321,835
RVMTP Shares outstanding at $5,000,000 liquidation value, end of period (000)	$	750,000		$	750,000
Portfolio turnover		3%			39%
Asset coverage per RVMTP Shares at $5,000,000 liquidation value, end of period	$	14,363,512		$	13,812,236

	Underlying Municipal Bonds Transferred to TOBs		Liability for TOB Trust Certificates		Range of Interest Rates
BFZ	$	299,880,369	$	145,485,769	0.04% – 0.14%
BFO	$	375,537	$	240,000	0.10%
BBF	$	54,904,780	$	29,682,276	0.04% – 0.29%
BTT	$	358,000,408	$	184,119,974	0.04% – 0.11%
BNJ	$	29,495,465	$	17,301,282	0.04% – 0.29%
BNY	$	44,208,990	$	25,045,449	0.04% – 0.25%