Edgar Filing: BLACKROCK MUNICIPAL INCOME TRUST

BLACKROCK 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: 811-10339

Name of Fund: BlackRock Municipal Income Trust (BFK)

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Municipal Income Trust, 55 East 52^ndStreet, New York, NY 10055

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

Date of fiscal year end: 04/30/2019

Date of reporting period: 10/31/2018

Item 1 – Report to Stockholders

OCTOBER 31, 2018


SEMI-ANNUAL REPORT (UNAUDITED)

BlackRock Investment Quality Municipal Trust, Inc. (BKN)

BlackRock Long-Term Municipal Advantage Trust (BTA)

BlackRock Municipal 2020 Term Trust (BKK)

BlackRock Municipal Income Trust (BFK)

BlackRock Strategic Municipal Trust (BSD)

Not FDIC Insured • May Lose Value • No Bank Guarantee

The Markets in Review

Dear Shareholder,

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

In international markets, the rising value of the U.S. dollar limited U.S. investors’ returns for the reporting period. When the U.S. dollar appreciates relative to foreign currencies, the value of international investments declines in U.S. dollar terms. Volatility rose in emerging market stocks, which are relatively sensitive to changes in the U.S. dollar. U.S.-China trade relations and debt concerns adversely affected the Chinese stock market, while Turkey and Argentina became embroiled in currency crises, largely due to hyperinflation in both countries. An economic slowdown in Europe led to negative performance for European equities.

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

In response to rising growth and inflation, the U.S. Federal Reserve (the “Fed”) increased short-term interest rates four times during the reporting period. The Fed also continued to reduce its balance sheet during the reporting period, gradually reversing the unprecedented stimulus measures it enacted after the financial crisis. We believe the Fed is likely to continue to raise interest rates in the coming year. By our estimation, the Fed’s neutral interest rate, or the theoretical rate that is neither stimulative nor restrictive to the economy, is approximately 3.0%. With that perspective, the Fed’s current policy is still mildly stimulative to the U.S. economy, which leaves room for further Fed rate hikes to arrive at monetary policy that is a neutral factor for economic growth.

The U.S. economy continued to gain momentum despite the Fed’s modest reduction of economic stimulus; unemployment declined to 3.7%, the lowest rate of unemployment in almost 50 years. The number of job openings reached a record high of more than 7 million, which exceeded the total number of unemployed workers. Strong economic performance has justified the Fed’s somewhat faster pace of rate hikes, as several inflation measures and investors’ expectations for inflation have already surpassed the Fed’s target of 2.0% per year.

While markets have recently focused on the risk of rising long-term interest rates, we continue to believe the primary risk to economic expansion is trade protectionism that could lead to slower global trade and unintended consequences for the globalized supply chain. So far, U.S. tariffs have only had a modest negative impact on economic growth, but the fear of an escalating trade war has stifled market optimism somewhat, leading to higher volatility in risk assets. The outcome of trade negotiations between the United States and China is likely to influence the global growth trajectory and set the tone for free trade in many other nations. Easing of tensions could lead to greater upside for markets, while additional tariffs could adversely affect investor sentiment.

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

Sincerely,

LOGO

Rob Kapito

President, BlackRock Advisors, LLC

LOGO

Rob Kapito

President, BlackRock Advisors, LLC


Total Returns as of October 31, 2018
	6-month	12-month
U.S. large cap equities (S&P 500^® Index)	3.40%	7.35%
U.S. small cap equities (Russell 2000^® Index)	(1.37)	1.85
International equities (MSCI Europe, Australasia, Far East Index)	(9.92)	(6.85)
Emerging market equities (MSCI Emerging Markets Index)	(16.53)	(12.52)
3-month Treasury bills (ICE BofAML 3-Month U.S. Treasury Bill Index)	0.99	1.68
U.S. Treasury securities (ICE BofAML 10-Year U.S. Treasury Index)	(0.60)	(4.37)
U.S. investment grade bonds (Bloomberg Barclays U.S. Aggregate Bond Index)	(0.19)	(2.05)
Tax-exempt municipal bonds (S&P Municipal Bond Index)	0.45	(0.31)
U.S. high yield bonds (Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index)	1.14	0.98
Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.


2		THIS PAGE IS NOT PART OF YOUR FUND REPORT

Table of Contents


	Page
The Markets in Review		2
Semi-Annual Report:
Municipal Market Overview		4
The Benefits and Risks of Leveraging		5
Derivative Financial Instruments		5
Trust Summaries		6
Financial Statements:
Schedules of Investments		16
Statements of Assets and Liabilities		50
Statements of Operations		51
Statements of Changes in Net Assets		52
Statements of Cash Flows		55
Financial Highlights		56
Notes to Financial Statements		61
Disclosure of Investment Advisory Agreement		71
Trustee and Officer Information		75
Additional Information		76
Glossary of Terms Used in this Report		78


			3

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

Municipal Market Conditions

Municipal bonds experienced negative total returns during the period alongside fixed income broadly, as interest rates moved higher on the back of continued Fed policy normalization, fiscal stimulus, strong economic growth, and increased U.S. Treasury issuance. At the same time, demand for the asset class remained firm. Investors favored the tax-exempt income, diversification, quality, and value of municipal bonds, particularly given that tax reform ultimately lowered the top individual tax rate just 2.6% while eliminating deductions. During the 12 months ended October 31, 2018, municipal bond funds experienced net inflows of approximately $12.8 billion (based on data from the Investment Company Institute).

For the same 12-month period, total new issuance was moderate from a historical perspective at $366 billion (slightly above the $363 billion issued in the prior 12-month period), but displayed significant month-to-month volatility. Notably, issuance in December posted the highest monthly total on record at $56 billion, as issuers rushed deals to market ahead of the expected elimination of the tax-exemption for advanced refunding bonds and possibly private activity bonds (PABs). Ultimately, the final version of the Tax Cuts and Jobs Act left PABs unchanged, though the elimination of advanced refundings has suppressed supply in 2018, providing a powerful technical tailwind.

S&P Municipal Bond Index

Total Returns as of October 31, 2018

6 months: 0.45%

12 months: (0.31)%

A Closer Look at Yields

LOGO

From October 31, 2017 to October 31, 2018, yields on AAA-rated 30-year municipal bonds increased by 55 basis points (“bps”) from 2.83% to 3.38%, while 10-year rates increased by 72 bps from 2.01% to 2.73% and 5-year rates increased by 88 bps from 1.42% to 2.30% (as measured by Thomson Municipal Market Data). The municipal yield curve bear flattened over the 12-month period with the spread between 2- and 30-year maturities flattening by 43 bps, however remained a significant 78 bps steeper than the corresponding U.S. Treasury curve.

During the same time period, on a relative basis, tax-exempt municipal bonds strongly outperformed U.S. Treasuries with the greatest outperformance experienced in the front and intermediate portions of the yield curve. The relative positive performance of municipal bonds was driven largely by a supply/demand imbalance within the municipal market as investors sought income, incremental yield, and tax shelter in an environment where opportunities became increasingly scarce. The asset class is known for its lower relative volatility and preservation of principal with an emphasis on income as tax rates rise.

Financial Conditions of Municipal Issuers

The majority of municipal credits remain strong, despite well-publicized problems among a few issuers. Four of the five states with the largest amount of debt outstanding — California, New York, Texas and Florida — continue to exhibit improved credit fundamentals. However, several states with the largest unfunded pension liabilities are faced with elevated borrowing costs and difficult budgetary decisions. Across the country on the local level, property values support credit stability. Standard & Poor’s recent decision to remove its “negative” outlook on New Mexico underscores the improvement in state finances as it was the only remaining state with the designation. Revenue bonds continue to drive performance as investors continue to seek higher yield bonds in the tobacco sector. BlackRock maintains the view that municipal bond defaults will remain minimal and in the periphery while the overall market is fundamentally sound. We continue to advocate careful credit research and believe that a thoughtful approach to structure and security selection remains imperative amid uncertainty in a modestly improving economic environment.

The opinions expressed are those of BlackRock as of October 31, 2018, and are subject to change at any time due to changes in market or economic conditions. The comments should not be construed as a recommendation of any individual holdings or market sectors. Investing involves risk including loss of principal. Bond values fluctuate in price so the value of your investment can go down depending on market conditions. Fixed income risks include interest-rate and credit risk. Typically, when interest rates rise, there is a corresponding decline in bond values. Credit risk refers to the possibility that the bond issuer will not be able to make principal and interest payments. There may be less information on the financial condition of municipal issuers than for public corporations. The market for municipal bonds may be less liquid than for taxable bonds. Some investors may be subject to Alternative Minimum Tax (“AMT”). Capital gains distributions, if any, are taxable.

The Standard & Poor’s Municipal Bond Index, a broad, market value-weighted index, seeks to measure the performance of the U.S. municipal bond market. All bonds in the index are exempt from U.S. federal income taxes or subject to the AMT. Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. It is not possible to invest directly in an index.


4		2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

The Benefits and Risks of Leveraging

The Trusts may utilize leverage to seek to enhance the distribution rate on, and net asset value (“NAV”) of, their common shares (“Common Shares”). However, there is no guarantee that these objectives can be achieved in all interest rate environments.

In general, the concept of leveraging is based on the premise that the financing cost of leverage, which is based on short-term interest rates, is normally lower than the income earned by a Trust on its longer-term portfolio investments purchased with the proceeds from leverage. To the extent that the total assets of the Trusts (including the assets obtained from leverage) are invested in higher-yielding portfolio investments, the Trusts’ shareholders benefit from the incremental net income. The interest earned on securities purchased with the proceeds from leverage is paid to shareholders in the form of dividends, and the value of these portfolio holdings is reflected in the per share NAV.

To illustrate these concepts, assume a Trust’s Common Shares capitalization is $100 million and it utilizes leverage for an additional $30 million, creating a total value of $130 million available for investment in longer-term income securities. If prevailing short-term interest rates are 3% and longer-term interest rates are 6%, the yield curve has a strongly positive slope. In this case, a Trust’s financing costs on the $30 million of proceeds obtained from leverage are based on the lower short-term interest rates. At the same time, the securities purchased by a Trust with the proceeds from leverage earn income based on longer-term interest rates. In this case, a Trust’s financing cost of leverage is significantly lower than the income earned on a Trust’s longer-term investments acquired from such leverage proceeds, and therefore the holders of Common Shares (“Common Shareholders”) are the beneficiaries of the incremental net income.

However, in order to benefit Common Shareholders, the return on assets purchased with leverage proceeds must exceed the ongoing costs associated with the leverage. If interest and other costs of leverage exceed the Trusts’ return on assets purchased with leverage proceeds, income to shareholders is lower than if the Trusts had not used leverage. Furthermore, the value of the Trusts’ portfolio investments generally varies inversely with the direction of long-term interest rates, although other factors can influence the value of portfolio investments. In contrast, the value of the Trusts’ obligations under their respective leverage arrangements generally does not fluctuate in relation to interest rates. As a result, changes in interest rates can influence the Trusts’ NAVs positively or negatively. Changes in the future direction of interest rates are very difficult to predict accurately, and there is no assurance that the Trusts’ intended leveraging strategy will be successful.

The use of leverage also generally causes greater changes in each Trust’s NAV, market price and dividend rates than comparable portfolios without leverage. In a declining market, leverage is likely to cause a greater decline in the NAV and market price of a Trust’s Common Shares than if the Trust were not leveraged. In addition, each Trust may be required to sell portfolio securities at inopportune times or at distressed values in order to comply with regulatory requirements applicable to the use of leverage or as required by the terms of leverage instruments, which may cause the Trust to incur losses. The use of leverage may limit a Trust’s ability to invest in certain types of securities or use certain types of hedging strategies. Each Trust incurs expenses in connection with the use of leverage, all of which are borne by Common Shareholders and may reduce income to the Common Shares. Moreover, to the extent the calculation of the Trusts’ investment advisory fees includes assets purchased with the proceeds of leverage, the investment advisory fees payable to the Trusts’ investment adviser will be higher than if the Trusts did not use leverage.

To obtain leverage, each Trust has issued Variable Rate Demand Preferred Shares (“VRDP Shares”) or Variable Rate Muni Term Preferred Shares (“VMTP Shares”) (collectively, “Preferred Shares”) and/or leveraged its assets through the use of tender option bond trusts (“TOB Trusts”) as described in the Notes to Financial Statements.

Under the Investment Company Act of 1940, as amended (the “1940 Act”), each Trust is permitted to issue debt up to 33¹⁄₃% of its total managed assets or equity securities (e.g., Preferred Shares) up to 50% of its total managed assets. A Trust may voluntarily elect to limit its leverage to less than the maximum amount permitted under the 1940 Act. In addition, a Trust may also be subject to certain asset coverage, leverage or portfolio composition requirements imposed by the Preferred Shares’ governing instruments or by agencies rating the Preferred Shares, which may be more stringent than those imposed by the 1940 Act.

If a Trust segregates or designates on its books and records cash or liquid assets having a value not less than the value of a Trust’s obligations under the TOB Trust (including accrued interest), then the TOB Trust is not considered a senior security and is not subject to the foregoing limitations and requirements imposed by the 1940 Act.

Derivative Financial Instruments

The Trusts may invest in various derivative financial instruments. These instruments are used to obtain exposure to a security, commodity, index, market, and/or other assets without owning or taking physical custody of securities, commodities and/or other referenced assets or to manage market, equity, credit, interest rate, foreign currency exchange rate, commodity and/or other risks. Derivative financial instruments may give rise to a form of economic leverage and involve risks, including the imperfect correlation between the value of a derivative financial instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity of the instrument. The Trusts’ successful use of a derivative financial instrument depends on the investment adviser’s ability to predict pertinent market movements accurately, which cannot be assured. The use of these instruments may result in losses greater than if they had not been used, may limit the amount of appreciation a Trust can realize on an investment and/or may result in lower distributions paid to shareholders. The Trusts’ investments in these instruments, if any, are discussed in detail in the Notes to Financial Statements.


THE BENEFITS AND RISKS OF LEVERAGING			5


Trust Summary as of October 31, 2018		BlackRock Investment Quality Municipal Trust, Inc.

Investment Objective

BlackRock Investment Quality Municipal Trust, Inc.’s (BKN) (the “Trust”) investment objective is to provide high current income exempt from regular U.S. federal income tax consistent with the preservation of capital. The Trust seeks to achieve its investment objective by investing at least 80% of its assets in municipal obligations that pay interest that is exempt from U.S. federal income taxes (except that the interest may be subject to the U.S. federal alternative minimum tax). Under normal market conditions, the Trust invests at least 80% of its assets in securities rated investment grade at the time of investment. The Trust may invest up to 20% of its assets in unrated securities that are deemed by the investment adviser to be of comparable 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.

Trust Information


Symbol on New York Stock Exchange (“NYSE”)		BKN
Initial Offering Date		February 19, 1993
Yield on Closing Market Price as of October 31, 2018 ($13.02)^(a)		5.25%
Tax Equivalent Yield^(b)		8.87%
Current Monthly Distribution per Common Share^(c)		$0.0570
Current Annualized Distribution per Common Share^(c)		$0.6840
Economic Leverage as of October 31, 2018^(d)		40%

^(a)

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

^(b)

Tax equivalent yield assumes the maximum marginal U.S. federal tax rate of 40.8%, which includes the 3.8% Medicare tax. Actual tax rates will vary based on income, exemptions and deductions. Lower taxes will result in lower tax equivalent yields.

^(c)

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

^(d)

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

Performance

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


	Returns Based On
	Market Price			NAV
BKN^(a)(b)		(1.63	)%		(0.30	)%
Lipper General & Insured Municipal Debt Funds (Leveraged)^(c)		(3.47	)		(0.13	)

^(a)

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

^(b)

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

^(c)

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

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

Past performance is not indicative of future results.

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

Municipal bonds experienced lackluster returns in the past six months, with price weakness outweighing the contribution from income. After trading sideways through the summer, tax-exempt issues fell sharply in September and October. During this time, investors reacted to commentary from Fed Chairman Jerome Powell indicating that future monetary policy tightening could be more aggressive than the markets had anticipated. Supply and demand factors also had an adverse effect on returns in the latter part of the period, with mutual fund outflows occurring at the same time as a wave of new issuance was hitting the market.

Positions in lower-rated bonds performed well amid investors’ ongoing preference for higher-yielding issues. Conversely, holdings in investment-grade issues produced weaker returns.

The use of leverage, while providing additional income, was a net detractor since it amplified the impact of falling prices.

Holdings in longer-term bonds detracted as their weak price performance outweighed the benefit of added income. An allocation to low-coupon and zero-coupon bonds, which have a higher sensitivity to interest rates, also hurt performance.

Although yields rose during the period, reinvestment had an adverse effect on the Trust’s income since the proceeds of higher-yielding bonds that matured or were called needed to be reinvested at lower prevailing rates.

The Trust sought to manage interest rate risk using U.S. Treasury futures. Given that Treasury yields rose, as prices fell, this aspect of the Trust’s positioning had a positive effect on returns by offsetting the weakness in prices.

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


6		2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS


Trust Summary as of October 31, 2018 (continued)		BlackRock Investment Quality Municipal Trust, Inc.

Market Price and Net Asset Value Per Share Summary


	10/31/18		04/30/18		Change			High		Low
Market Price	$	13.02	$	13.57		(4.05	)%	$	14.45	$	12.72
Net Asset Value		14.84		15.26		(2.75	)		15.52		14.84

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

LOGO

Overview of the Trust’s Total Investments*

SECTOR ALLOCATION


Sector	10/31/18			04/30/18
Education		16	%		15	%
Health		16			20
County/City/Special District/School District		15			14
Transportation		13			15
Utilities		11			8
State		10			9
Financing & Development		—			4
Corporate		7			6
Tobacco		5			5
Medical		2			—
Housing		5			1
Public Services		—			3

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

CALL/MATURITY SCHEDULE^(c)


Calendar Year Ended December 31,
2018	3	%
2019	5
2020	7
2021	10
2022	11

^(c)

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

Excludes short-term securities.

CREDIT QUALITY ALLOCATION^(a)


Credit Rating	10/31/18			04/30/18
AAA/Aaa		5	%		4	%
AA/Aa		37			35
A		26			27
BBB/Baa		18			16
BB/Ba		3			3
B		5			3
N/R^(b)		6			12

^(a)

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

^(b)


TRUST SUMMARY			7


Trust Summary as of October 31, 2018		BlackRock Long-Term Municipal Advantage Trust

Investment Objective

BlackRock Long-Term Municipal Advantage Trust’s (BTA) (the “Trust”) investment objective is to provide current income exempt from regular U.S. federal income tax. The Trust seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its assets in municipal obligations and derivative instruments with exposure to such municipal obligations, in each case that are expected to pay interest or income that is exempt from U.S. federal income tax (except that the interest may be subject to the U.S. federal alternative minimum tax). The Trust invests, under normal market conditions, primarily in long-term municipal bonds with a maturity of more than ten years at the time of investment and, under normal market conditions, the Trust’s municipal bond portfolio will have a dollar-weighted average maturity of greater than 10 years. The Trust may invest directly in such securities or synthetically through the use of derivatives.

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

Trust Information


Symbol on NYSE		BTA
Initial Offering Date		February 28, 2006
Yield on Closing Market Price as of October 31, 2018 ($10.58)^(a)		6.18%
Tax Equivalent Yield^(b)		10.44%
Current Monthly Distribution per Common Share^(c)		$0.0545
Current Annualized Distribution per Common Share^(c)		$0.6540
Economic Leverage as of October 31, 2018^(d)		41%

^(a)

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

^(b)

^(c)

The monthly distribution per Common Share, declared on December 3, 2018, was decreased to $0.0505 per share. The yield on closing market price, current monthly distribution per Common Share and current annualized distribution per Common Share do not reflect the new distribution rate. The new distribution rate is not constant and is subject to change in the future.

^(d)

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

Performance

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


	Returns Based On
	Market Price			NAV
BTA^(a)(b)		(2.75	)%		0.18	%
Lipper General & Insured Municipal Debt Funds (Leveraged)^(c)		(3.47	)		(0.13	)

^(a)

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

^(b)

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

^(c)

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

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

Past performance is not indicative of future results.

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

The Trust’s positions in lower-duration bonds, including pre-refunded securities, were strong performers due do their defensive nature and lower sensitivity to interest-rate movements.

Positions in BBB rated issues and select non-investment-grade bonds, which outperformed higher quality securities, aided results. Holdings in Illinois issues were particularly strong performers. Economic tailwinds helped improve the state’s credit fundamentals by boosting income and sales tax revenues. This trend, coupled with a limited supply of high-yielding, tax-exempt bonds, led to outperformance for Illinois. Non-investment-grade positions in the tobacco sector were also additive.

The Trust’s yield curve positioning, which featured concentrations in longer-dated maturities, had an adverse effect on performance. The curve steepened over the period as yields on long-term debt rose more than those with shorter maturities. (Prices and yields move in opposite directions.)

Positions in lower-coupon bonds, which typically underperform when rates are rising, detracted from results. Investments in the housing sector were notable detractors in this area.

At the sector level, an allocation to education issues was a key detractor.


8		2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS


Trust Summary as of October 31, 2018 (continued)		BlackRock Long-Term Municipal Advantage Trust

The use of leverage, while providing additional income, was a net detractor since it amplified the impact of falling prices.

Market Price and Net Asset Value Per Share Summary


	10/31/18		04/30/18		Change			High		Low
Market Price	$	10.58	$	11.20		(5.54	)%	$	11.81	$	10.50
Net Asset Value		11.95		12.28		(2.69	)		12.44		11.95

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

LOGO

Overview of the Trust’s Total Investments*

SECTOR ALLOCATION


Sector	10/31/18			04/30/18
Health		19	%		17	%
Transportation		14			14
County/City/Special District/School District		14			15
Utilities		12			11
Education		11			12
State		10			10
Tobacco		10			11
Corporate		5			6
Housing		5			4

CALL/MATURITY SCHEDULE^(c)


Calendar Year Ended December 31,
2018	7	%
2019	14
2020	11
2021	16
2022	5

^(c)

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

Excludes short-term securities.

CREDIT QUALITY ALLOCATION^(a)


Credit Rating	10/31/18			04/30/18
AAA/Aaa		5	%		5	%
AA/Aa		38			36
A		14			11
BBB/Baa		18			19
BB/Ba		9			7
B		11			6
N/R^(b)		5			16

^(a)

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

^(b)

The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of October 31, 2018 and April 30, 2018, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 1% and 1%, respectively, of the Trust’s total investments.


TRUST SUMMARY			9


Trust Summary as of October 31, 2018		BlackRock Municipal 2020 Term Trust

Investment Objective

BlackRock Municipal 2020 Term Trust’s (BKK) (the “Trust”) investment objectives are to provide current income exempt from regular U.S. federal income tax and to return $15 per Common Share (the initial public offering price per Common Share) to holders of Common Shares on or about December 31, 2020. The Trust seeks to achieve its investment objectives by investing, under normal market conditions, at least 80% of its managed assets in municipal bonds that pay interest that is exempt from U.S. federal income taxes (except that the interest may be subject to the U.S. federal alternative minimum tax). The Trust invests, under normal market conditions, at least 80% of its managed assets in municipal bonds that are investment grade, or if unrated, deemed to be of comparable quality by the investment adviser, 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 will achieve its investment objectives, including its objective of returning $15.00 per Common Share.

On June 6, 2018, the Board of Trustees approved a change of the Trust’s fiscal year end from April 30 to December 31. The change is effective December 31, 2018.

Trust Information


Symbol on NYSE		BKK
Initial Offering Date		September 30, 2003
Termination Date (on or about)		December 31, 2020
Yield on Closing Market Price as of October 31, 2018 ($14.77)^(a)		2.58%
Tax Equivalent Yield^(b)		4.36%
Current Monthly Distribution per Common Share^(c)		$0.0318
Current Annualized Distribution per Common Share^(c)		$0.3816
Economic Leverage as of October 31, 2018^(d)		—%

^(a)

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

^(b)

^(c)

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

^(d)

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

Performance

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


	Returns Based On
	Market Price			NAV
BKK^(a)(b)		(1.23	)%		0.38	%
Lipper Intermediate Municipal Debt Funds^(c)		(1.05	)		0.37

^(a)

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

^(b)

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

^(c)

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

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

Past performance is not indicative of future results.

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

The Trust produced a narrow gain at net asset value. Its return was largely derived from income, since prices on short-term bonds — the area in which the Trust primarily invests — fell slightly.

Since the Trust is scheduled to terminate on or about December 31, 2020, its holdings consist of short-term securities with lower sensitivity to changes in prevailing yields. The portfolio’s short maturity profile therefore helped cushion the impact of weak performance for the overall municipal market.

The premium amortization that occurred as the Trust’s holdings in short-term bonds approached their call and maturity dates detracted from results. (When a bond’s price trades at a premium over its face value, the difference is amortized over time. A premium occurs when the price of the bond has increased due to a decline in interest rates.)

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


10		2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS


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

Market Price and Net Asset Value Per Share Summary


	10/31/18		04/30/18		Change			High		Low
Market Price	$	14.77	$	15.16		(2.57	)%	$	15.19	$	14.71
Net Asset Value		15.08		15.23		(0.98	)		15.28		15.08

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

LOGO

Overview of the Trust’s Total Investments*

SECTOR ALLOCATION


Sector	10/31/18			04/30/18
Utilities		22	%		20	%
Transportation		18			17
State		14			15
Health		13			13
Education		11			11
County/City/Special District/School District		11			13
Corporate		4			4
Tobacco		4			4
Housing		3			3

CALL/MATURITY SCHEDULE^(c)


Calendar Year Ended December 31,
2018	2	%
2019	21
2020	61
2021	6
2022	7

^(c)

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

Excludes money market funds.

CREDIT QUALITY ALLOCATION^(a)


Credit Rating	10/31/18			04/30/18
AAA/Aaa		8	%		6	%
AA/Aa		28			28
A		32			32
BBB/Baa		18			20
BB/Ba		5			5
N/R^(b)		9			9

^(a)

^(b)


TRUST SUMMARY			11


Trust Summary as of October 31, 2018		BlackRock Municipal Income Trust

Investment Objective

BlackRock Municipal Income Trust’s (BFK) (the “Trust”) investment objective is to provide current income exempt from regular U.S. federal income tax. The Trust seeks to achieve its investment objective by investing primarily in municipal bonds that pay interest that is exempt from U.S. federal income taxes (except that the interest may be subject to the U.S. federal alternative minimum tax). The Trust invests, under normal market conditions, at least 80% of its assets in municipal bonds that are investment grade, or if unrated, deemed to be of comparable quality by the investment adviser, at the time of investment. The Trust may invest directly in such securities or synthetically through the use of derivatives.

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

Trust Information


Symbol on NYSE		BFK
Initial Offering Date		July 27, 2001
Yield on Closing Market Price as of October 31, 2018 ($12.19)^(a)		5.76%
Tax Equivalent Yield^(b)		9.73%
Current Monthly Distribution per Common Share^(c)		$0.0585
Current Annualized Distribution per Common Share^(c)		$0.7020
Economic Leverage as of October 31, 2018^(d)		39%

^(a)

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

^(b)

^(c)

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

^(d)

Performance

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


	Returns Based On
	Market Price			NAV
BFK^(a)(b)		(1.97	)%		0.28	%
Lipper General & Insured Municipal Debt Funds (Leveraged)^(c)		(3.47	)		(0.13	)

^(a)

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

^(b)

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

^(c)

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

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

Past performance is not indicative of future results.

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

Municipal bonds experienced lackluster returns in the past six months, with price weakness outweighing the contribution from income. After trading sideways through the summer months, tax-exempt issues fell sharply in September and October. During this time, investors reacted to commentary from Fed Chairman Jerome Powell indicating that future monetary policy tightening could be more aggressive than the markets had anticipated. Supply and demand factors also had an adverse effect on returns in the latter part of the period, with mutual fund outflows occurring at the same time as a wave of new issuance was hitting the market.

The Trust’s yield curve positioning made the largest contribution to performance. Positions in high-quality, short-dated, pre-refunded bonds performed relatively well and held their value better than longer-dated holdings. The latter experienced larger price declines amid a steepening yield curve in which rates on intermediate- and long-term issues rose at a faster pace than those of short-term securities. (Prices and yields move in opposite directions.)

Positions in lower-quality issues continued to benefit results, as investor risk appetites remained robust for much of the reporting period. Holdings in lower-rated investment-grade bonds and high-yield issues outperformed due to the combination of their higher income and stronger price performance. However, these bonds lagged late in the period once investor sentiment began to deteriorate.

The use of leverage, while providing additional income, was a net detractor since it amplified the impact of falling prices.

At the sector level, positions in tobacco, state tax-backed and local tax-backed issues all contributed to results. Investments in project finance, transportation and corporate-related debt added value, as well. An allocation to the education sector was a slight detractor.


12		2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS


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

Market Price and Net Asset Value Per Share Summary


	10/31/18		04/30/18		Change			High		Low
Market Price	$	12.19	$	12.78		(4.62	)%	$	13.39	$	12.08
Net Asset Value		13.64		13.98		(2.43	)		14.12		13.64

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

LOGO

Overview of the Trust’s Total Investments*

SECTOR ALLOCATION


Sector	10/31/18			04/30/18
Transportation		21	%		22	%
Health		16			13
Utilities		16			15
State		12			14
County/City/Special District/School District		12			13
Tobacco		9			8
Corporate		7			7
Education		6			7
Housing		1			1

CALL/MATURITY SCHEDULE^(c)


Calendar Year Ended December 31,
2018	4	%
2019	15
2020	13
2021	14
2022	9

^(c)

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

Excludes short-term securities.

CREDIT QUALITY ALLOCATION^(a)


Credit Rating	10/31/18			04/30/18
AAA/Aaa		5	%		6	%
AA/Aa		36			40
A		21			18
BBB/Baa		25			22
BB/Ba		5			5
B		4			4
N/R^(b)		4			5

^(a)

^(b)


TRUST SUMMARY			13


Trust Summary as of October 31, 2018		BlackRock Strategic Municipal Trust

Investment Objective

BlackRock Strategic Municipal Trust’s (BSD) (the “Trust”) investment objectives are to provide current income that is exempt from regular U.S. federal income tax and to invest in municipal bonds that over time will perform better than the broader municipal bond market. The Trust seeks to achieve its investment objectives by investing, under normal market conditions, at least 80% of its assets in investments exempt from U.S. federal income taxes (except that the interest may be subject to the U.S. federal alternative minimum tax). The Trust invests at least 80% of its assets in securities that are investment grade, or if unrated, deemed to be of comparable quality by the investment adviser, at the time of investment and, under normal market conditions, primarily invests in municipal bonds with long-term maturities in order to maintain a weighted average maturity of 15 years or more, but the dollar-weighted average maturity of obligations held by the Trust may be shortened, depending on market conditions. 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 objectives will be achieved.

Trust Information


Symbol on NYSE		BSD
Initial Offering Date		August 25, 1999
Yield on Closing Market Price as of October 31, 2018 ($11.61)^(a)		5.89%
Tax Equivalent Yield^(b)		9.95%
Current Monthly Distribution per Common Share^(c)		$0.0570
Current Annualized Distribution per Common Share^(c)		$0.6840
Economic Leverage as of October 31, 2018^(d)		41%

^(a)

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

^(b)

^(c)

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

^(d)

Performance

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


	Returns Based On
	Market Price			NAV
BSD^(a)(b)		(5.67	)%		(0.02	)%
Lipper General & Insured Municipal Debt Funds (Leveraged)^(c)		(3.47	)		(0.13	)

^(a)

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

^(b)

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

^(c)

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

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

Past performance is not indicative of future results.

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

The Trust’s positions in lower-duration bonds, including pre-refunded securities, were strong performers due do their defensive nature and lower sensitivity to interest-rate movements.

Positions in BBB rated issues, which outperformed higher quality securities, aided results. Holdings in the transportation sector, as well as in Illinois and New Jersey issues, were particularly strong performers. Economic tailwinds helped improve the credit fundamentals of both states by boosting income and sales tax revenues. This trend, coupled with a limited supply of high-yielding, tax-exempt bonds, led to outperformance for these issuers.

The use of leverage, while providing additional income, was a net detractor since it amplified the impact of falling prices.

Positions in lower-coupon bonds, which typically underperform when rates are rising, detracted from results. Investments in the housing sector were notable detractors in this area.


14		2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS


Trust Summary as of October 31, 2018 (continued)		BlackRock Strategic Municipal Trust

At the sector level, an allocation to education issues was a key detractor.

Leverage also hurt performance given the negative price performance in the broader market. In addition, rising costs (which are based on short-term rates) reduced the income benefits of leverage.

Market Price and Net Asset Value Per Share Summary


	10/31/18		04/30/18		Change			High		Low
Market Price	$	11.61	$	12.65		(8.22	)%	$	12.80	$	11.58
Net Asset Value		13.58		13.96		(2.72	)		14.12		13.58

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

LOGO

Overview of the Trust’s Total Investments*

SECTOR ALLOCATION


Sector	10/31/18			04/30/18
Transportation		21	%		22	%
Health		18			16
County/City/Special District/School District		13			15
Utilities		12			12
State		10			10
Corporate		8			8
Education		7			8
Tobacco		7			7
Housing		4			2

CALL/MATURITY SCHEDULE^(c)


Calendar Year Ended December 31,
2018	2	%
2019	15
2020	11
2021	13
2022	9

^(c)

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

Excludes short-term securities.

CREDIT QUALITY ALLOCATION^(a)


Credit Rating	10/31/18			04/30/18
AAA/Aaa		3	%		4	%
AA/Aa		37			37
A		20			17
BBB/Baa		22			24
BB/Ba		6			6
B		4			4
N/R^(b)		8			8

^(a)

^(b)


TRUST SUMMARY			15

Schedule of Investments (unaudited)

October 31, 2018

BlackRock Investment Quality Municipal Trust, Inc. (BKN)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Municipal Bonds — 138.5%

Alabama — 0.6%
Opelika Utilities Board, Refunding RB, 4.00%, 06/01/41	$	1,540	$	1,535,411

Arizona — 6.6%
Arizona Health Facilities Authority, Refunding RB, Phoenix Children’s Hospital, Series A, 5.00%, 02/01/42		3,300		3,450,513
City of Phoenix Arizona IDA, Refunding RB, Basis Schools, Inc. Projects, 5.00%, 07/01/45^(a)		455		453,640
County of Pinal Arizona Electric District No.3, Refunding RB:
4.75%, 07/01/21^(b)		680		725,519
4.75%, 07/01/31		3,070		3,218,496
Salt Verde Financial Corp., RB, Senior:
5.00%, 12/01/32		1,035		1,173,069
5.00%, 12/01/37		4,585		5,199,298
University Medical Center Corp., RB, 6.50%, 07/01/19^(b)		750		771,870
University Medical Center Corp., Refunding RB, 6.00%, 07/01/21^(b)		1,600		1,752,064

				16,744,469
Arkansas — 2.0%
City of Benton Arkansas, RB, 4.00%, 06/01/39		755		765,162
City of Fort Smith Arkansas Water & Sewer Revenue, Refunding RB, 4.00%, 10/01/40		1,250		1,252,213
City of Little Rock Arkansas, RB, 4.00%, 07/01/41		2,645		2,648,862
County of Pulaski Arkansas Public Facilities Board, RB, 5.00%, 12/01/42		465		493,732

				5,159,969
California — 20.7%
California Health Facilities Financing Authority, RB, Sutter Health, Series B, 5.88%, 08/15/20^(b)		2,300		2,461,414
California Infrastructure & Economic Development Bank, Refunding RB, Academy Motion Picture Arts and Sciences, Series A, 4.00%, 11/01/45		3,330		3,349,480
California Statewide Communities Development Authority, Refunding RB, John Muir Health, Series A, 4.00%, 12/01/53		725		704,976
Carlsbad California Unified School District, GO, Election of 2006, Series B, 0.00%, 05/01/34^(c)		1,500		1,727,265
City of San Jose California, Refunding ARB, Norman Y Mineta San Jose International Airport SJC, AMT:
Series A (BAM), 4.00%, 03/01/42		2,460		2,405,068
Series A-1, 5.75%, 03/01/34		3,000		3,209,430
Golden State Tobacco Securitization Corp., Refunding RB, Series A-1:
3.50%, 06/01/36		1,275		1,249,398
5.25%, 06/01/47		830		834,532
Hartnell Community College District California, GO, CAB, Election of 2002, Series D, 0.00%, 08/01/34^(c)		2,475		2,551,725
Norwalk-La Mirada Unified School District, GO, Refunding, CAB, Election of 2002, Series E (AGC), 0.00%, 08/01/38^(d)		12,000		5,014,200
Palomar Community College District, GO, CAB, Election of 2006, Series B:
0.00%, 08/01/30^(d)		2,270		1,520,605
0.00%, 08/01/33^(d)		4,250		1,741,140
0.00%, 08/01/39^(c)		4,000		3,760,360
San Diego Community College District, GO, CAB, Election of 2002, 0.00%, 08/01/33^(c)		4,200		4,860,450
State of California, GO, Refunding, Various Purposes:
5.00%, 02/01/38		2,000		2,161,620
4.00%, 10/01/44		2,520		2,569,165


Security	Par (000)		Value
California (continued)
State of California, GO, Various Purposes:
6.50%, 04/01/19^(b)	$	1,570	$	1,601,573
5.75%, 04/01/31		3,000		3,046,560
6.00%, 03/01/33		2,270		2,391,944
6.50%, 04/01/33		1,330		1,354,512
5.50%, 03/01/40		3,650		3,807,461
Tobacco Securitization Authority of Southern California, Refunding RB, Tobacco Settlement, Asset-Backed, Senior Series A-1, 5.13%, 06/01/46		495		496,228

				52,819,106
Colorado — 0.4%
City & County of Denver Colorado, COP, Colorado Convention Center Expansion Project, Series A, 4.00%, 06/01/48		1,005		996,357

Connecticut — 0.8%
Connecticut Housing Finance Authority, Refunding RB:
M/F Housing, Sub-Series E-1 (Ginnie Mae, Fannie Mae & Freddie Mac), 4.00%, 05/15/36^(e)		585		581,350
S/F Housing, Sub-Series B-1, 4.00%, 05/15/45		400		389,768
Connecticut State Health & Educational Facility Authority, Refunding RB, Lawrence & Memorial Hospital, Series F, 5.00%, 07/01/21^(b)		950		1,015,882

				1,987,000
Delaware — 0.7%
County of Sussex Delaware, RB, NRG Energy, Inc., Indian River Power LLC Project, 6.00%, 10/01/40		1,800		1,903,644

District of Columbia — 0.3%
District of Columbia Housing Finance Agency, RB, M/F Housing, Series B-2 (FHA), 4.10%, 09/01/39		780		764,954

Florida — 7.5%
Capital Trust Agency Inc., RB, M/F Housing, The Gardens Apartment Project, Series A, 4.75%, 07/01/40		1,000		986,620
Country of Miami-Dade FL Water & Sewer System Revenue, Refunding RB, System-Series A, 4.00%, 10/01/44		2,500		2,476,025
County of Miami-Dade Florida, RB:
CAB, Subordinate Special Obligation, 0.00%, 10/01/32^(d)		5,000		2,808,000
CAB, Subordinate Special Obligation, 0.00%, 10/01/33^(d)		15,375		8,187,649
Series B, AMT, 6.00%, 10/01/32		3,000		3,374,700
County of Orange Florida Health Facilities Authority, Refunding RB, Mayflower Retirement Center, 5.00%, 06/01/32		200		206,338
Greater Orlando Aviation Authority, RB, Priority Subordinated, Sub-Series A, AMT, 5.00%, 10/01/52		1,130		1,206,998

				19,246,330
Hawaii — 1.3%
State of Hawaii Department of Budget & Finance, Refunding RB:
Hawaiian Electric Co., Inc. AMT, 4.00%, 03/01/37		2,770		2,618,093
Special Purpose, Senior Living, Kahala Nui, 5.25%, 11/15/37		600		647,400

				3,265,493
Idaho — 1.3%
Idaho Health Facilities Authority, RB, St. Lukes Health System Project, Series A, 5.00%, 03/01/39		3,000		3,200,430


16		2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

October 31, 2018

BlackRock Investment Quality Municipal Trust, Inc. (BKN)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Illinois — 9.4%
Chicago Board of Education, GO, Series C, Refunding Dedicated Revenues:
Series H, 5.00%, 12/01/36	$	375	$	377,981
Project, 5.25%, 12/01/35		1,235		1,257,440
Chicago Board of Education, GO, Refunding, , 5.00%, 12/01/34		370		374,292
Chicago Board of Education, GO, Dedicated Revenues:
Series D, 5.00%, 12/01/26		675		697,167
Series F, 5.00%, 12/01/22		505		523,821
Chicago Public Building Commission, RB, Series A (NPFGC), 7.00%, 01/01/20^(f)		5,000		5,158,250
City of Chicago Illinois, Refunding ARB, O’Hare International Airport Passenger Facility Charge, Series B, AMT, 4.00%, 01/01/29		2,400		2,409,096
City of Chicago Illinois Midway International Airport, Refunding GARB, 2nd Lien, Series A, AMT, 5.00%, 01/01/41		1,735		1,838,371
City of Chicago Illinois Transit Authority, RB, Sales Tax Receipts, 5.25%, 12/01/40		1,000		1,050,060
Illinois Finance Authority, Refunding RB:
OSF Healthcare System, 6.00%, 05/15/39		300		312,243
Roosevelt University Project, 6.50%, 10/01/19^(b)		1500		1,559,820
Illinois Housing Development Authority, RB, S/F Housing, 4.13%, 10/01/38		1,040		1,045,211
Railsplitter Tobacco Settlement Authority, RB, 6.00%, 06/01/21^(b)		1,700		1,856,689
State of Illinois, GO:
5.00%, 02/01/39		1,000		1,005,880
Series A, 5.00%, 04/01/38		200		202,518
Series C, 5.00%, 11/01/29		2,655		2,716,809
Series D, 5.00%, 11/01/28		1,585		1,632,455

				24,018,103
Indiana — 0.2%
County of Allen Indiana, RB, StoryPoint Fort Wayne Project, Series A-1^(a):
6.63%, 01/15/34		300		314,346
6.75%, 01/15/43		245		256,255

				570,601
Iowa — 1.0%
Iowa Finance Authority, RB, Lifespace Communities, Series A, 5.00%, 05/15/43		380		389,546
Iowa Finance Authority, Refunding RB, Iowa Fertilizer Co. Project, Series B, 5.25%, 12/01/50^(g)		2,050		2,176,936

				2,566,482
Kansas — 3.4%
City of Lenexa Kansas, Refunding RB, Lakeview Village, Inc., Series A, 5.00%, 05/15/39		840		861,773
County of Seward Kansas Unified School District No. 480 Liberal, GO, Refunding:
5.00%, 09/01/22^(b)		4,915		5,398,783
5.00%, 09/01/39		1,085		1,179,319
Kansas Development Finance Authority, Refunding RB, Sisters Leavenworth:
5.00%, 01/01/20^(b)		1,005		1,037,954
5.00%, 01/01/28		150		154,568

				8,632,397
Kentucky — 6.8%
County of Boyle Kentucky, Refunding RB, Centre College of Kentucky, 5.00%, 06/01/37		4,000		4,297,000
Kentucky Economic Development Finance Authority, RB, Catholic Health Initiatives, Series A, 5.38%, 01/01/40		3,400		3,590,842


Security	Par (000)		Value
Kentucky (continued)
Kentucky Economic Development Finance Authority, Refunding RB, Norton Healthcare, Inc., Series B (NPFGC), 0.00%, 10/01/23^(d)	$	8,500	$	7,240,640
Kentucky Public Transportation Infrastructure Authority, RB, Downtown Crossing Project, Convertible CAB, 1st Tier, Series C^(c):
0.00%, 07/01/34		1,000		923,060
0.00%, 07/01/39		1,395		1,276,620

				17,328,162
Louisiana — 1.7%
City of Alexandria Louisiana Utilities, RB, 5.00%, 05/01/39		1,790		1,939,966
Louisiana Local Government Environmental Facilities & Community Development Authority, RB, Westlake Chemical Corp. Project, Series A-1, 6.50%, 11/01/35		1,565		1,677,978
Louisiana Public Facilities Authority, RB, Belle Chasse Educational Foundation Project, 6.50%, 05/01/31		600		626,892

				4,244,836
Maine — 1.0%
Maine State Housing Authority, RB:
M/F Housing, Series E, 4.15%, 11/15/38^(e)		1,065		1,068,973
M/F Housing, Series E, 4.25%, 11/15/43^(e)		955		957,120
S/F Housing, Series C, 3.95%, 11/15/43		505		487,067

				2,513,160
Maryland — 0.5%
County of Anne Arundel Maryland Consolidated, RB, Special Taxing District, Villages at Two Rivers Project:
5.13%, 07/01/36		260		258,339
5.25%, 07/01/44		260		256,763
Maryland Community Development Administration, Refunding RB, S/F Housing, Series A, 4.10%, 09/01/38^(e)		875		869,085

				1,384,187
Massachusetts — 1.9%
Massachusetts Development Finance Agency, RB, Emerson College Issue, Series A:
5.00%, 01/01/47		1,010		1,058,187
5.25%, 01/01/42		900		961,479
Massachusetts Development Finance Agency, Refunding RB:
International Charter School, 5.00%, 04/15/40		600		622,068
Suffolk University, 4.00%, 07/01/39		1,375		1,295,442
Massachusetts Housing Finance Agency, RB, M/F Housing, Series A:
3.80%, 12/01/43		190		179,974
3.85%, 06/01/46		50		46,923
Massachusetts Housing Finance Agency, Refunding RB, S/F Housing, Series 175, 4.10%, 12/01/45		610		606,157

				4,770,230
Michigan — 2.2%
Michigan Finance Authority, RB, Detroit Water & Sewage Disposal System, Senior Lien, Series 2014 C-2, AMT, 5.00%, 07/01/44		360		377,266
Michigan State Hospital Finance Authority, Refunding RB, Trinity Health Credit Group, Series C, 4.00%, 12/01/32		4,150		4,220,550
State of Michigan Housing Development Authority, RB, S/F Housing, Series C, 4.13%, 12/01/38^(e)		1,110		1,111,221

				5,709,037
Minnesota — 2.5%
City of Maple Grove Minnesota, Refunding RB, Maple Grove Hospital, Corp., 4.00%, 05/01/37		1,405		1,365,576
City of Minneapolis Minnesota, Refunding RB, Fairview Health Services, Series B (AGC), 6.50%, 11/15/38		1,905		1,908,200


SCHEDULES OF INVESTMENTS			17

Schedule of Investments (unaudited) (continued)

October 31, 2018

BlackRock Investment Quality Municipal Trust, Inc. (BKN)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Minnesota (continued)
Housing & Redevelopment Authority of The City of Saint Paul Minnesota, RB, Great River School Project, Series A, 5.50%, 07/01/52^(a)	$	305	$	304,976
Minneapolis-St. Paul Metropolitan Airports Commission, Refunding ARB, Sub Series D, AMT, 5.00%, 01/01/41		460		496,400
Minnesota Higher Education Facilities Authority, RB:
Augsburg College, Series B, 4.25%, 05/01/40		1,740		1,666,589
College of St. Benedict, Series 8-K, 4.00%, 03/01/43		615		580,209

				6,321,950
Mississippi — 2.1%
County of Warren Mississippi, RB, Gulf Opportunity Zone Bonds, International Paper Co. Project, Series A, 5.38%, 12/01/35		600		648,600
Mississippi Development Bank, RB, Special Obligation:
CAB, Hinds Community College District (AGM), 5.00%, 04/01/21^(b)		1,910		2,038,276
County of Jackson Limited Tax Note (AGC), 5.50%, 07/01/32		2,655		2,714,286

				5,401,162
Missouri — 3.1%
Missouri Development Finance Board, RB, Annual Appropriation Sewer System, Series B, 5.00%, 11/01/41		1,350		1,431,621
Missouri State Health & Educational Facilities Authority, RB:
A.T. Still University of Health Sciences:
5.25%, 10/01/31		500		535,775
4.25%, 10/01/32		480		490,882
5.00%, 10/01/39		750		805,973
Heartland Regional Medical Center, 4.13%, 02/15/43		700		710,178
University of Central Missouri, Series C-2, 5.00%, 10/01/34		1,500		1,634,655
Missouri State Health & Educational Facilities Authority, Refunding RB, Kansas City University of Medicine and Biosciences, Series A:
5.00%, 06/01/42		860		929,049
5.00%, 06/01/47		1,230		1,324,107

				7,862,240
Nebraska — 1.9%
Central Plains Nebraska Energy Project, RB, Gas Project No. 3, 5.00%, 09/01/42		900		967,005
County of Douglas Nebraska Hospital Authority No. 3, Refunding RB, Health Facilities Nebraska Methodist Health System, 5.00%, 11/01/45		600		640,836
Nebraska Public Power District, Refunding RB, Series A:
5.00%, 01/01/32		2,535		2,707,405
4.00%, 01/01/44		600		594,330

				4,909,576
Nevada — 0.7%
County of Clark Nevada, Refunding ARB, Department of Aviation, Subordinate Lien, Series A-2, 4.25%, 07/01/36		1,500		1,540,965
Nevada Department of Business & Industry, RB, Series A, 5.00%, 07/15/37^(a)		125		125,485

				1,666,450
New Hampshire — 0.3%
New Hampshire Business Finance Authority, Refunding RB, Resource Recovery, Covanta Project^(a):
Series B, 4.63%, 11/01/42		505		488,992
Series C, AMT, 4.88%, 11/01/42		220		214,680

				703,672


Security	Par (000)		Value
New Jersey — 9.1%
County of Middlesex New Jersey Improvement Authority, RB, Heldrich Center Hotel, Sub-Series B, 6.25%, 01/01/37^(h)(i)	$	1,510	$	15,855
New Jersey EDA, RB:
Continental Airlines, Inc. Project, AMT:
5.25%, 09/15/29		1,335		1,430,559
Series B, 5.63%, 11/15/30		990		1,098,841
Goethals Bridge Replacement Project (AGM), AMT, 5.13%, 07/01/42		300		320,058
S/F Housing, State House Project, Series B, 4.50%, 06/15/40		1,930		1,895,858
School Facilities Construction Bonds, Series DDD, 5.00%, 06/15/42		160		165,194
New Jersey EDA, Refunding RB, Sub-Series A, 4.00%, 07/01/32		250		241,545
New Jersey Health Care Facilities Financing Authority, Refunding RB, Series A:
RWJ Barnabas Health Obligated Group, 4.00%, 07/01/43		2,955		2,956,803
St. Barnabas Health Care System, 4.63%, 07/01/21^(b)		770		817,209
5.63%, 07/01/21^(b)		2,560		2,782,797
5.00%, 07/01/25		500		541,300
New Jersey State Turnpike Authority, RB, Series E, 5.00%, 01/01/45		1,820		1,958,593
New Jersey Transportation Trust Fund Authority, RB:
CAB, Transportation System, Series A, 0.00%, 12/15/35^(d)		1,600		698,560
Transportation Program:
Series AA, 5.00%, 06/15/38		290		299,877
Series AA, 5.00%, 06/15/45		1,350		1,390,540
Series AA, 5.00%, 06/15/46		600		617,670
Series A, 5.50%, 06/15/41		500		521,870
Series A, 5.00%, 06/15/42		395		403,627
Series B, 5.50%, 06/15/31		2,000		2,104,320
New Jersey Transportation Trust Fund Authority, Refunding RB, Transportation System, Series A, 5.00%, 12/15/36		240		251,448
Tobacco Settlement Financing Corp., Refunding RB:
Series A, 5.00%, 06/01/46		1,180		1,218,043
Series A, 5.25%, 06/01/46		305		322,388
Sub-Series B, 5.00%, 06/01/46		1,180		1,195,198

				23,248,153
New Mexico — 1.3%
New Mexico Hospital Equipment Loan Council, Refunding RB, Presbyterian Healthcare Services, 5.00%, 08/01/44		680		734,006
New Mexico Mortgage Finance Authority, RB, S/F Housing, Mortgage Program, Class I, Fannie Mae & Freddie Mac):
Series B (Ginnie Mae, 3.90%, 07/01/48		1,085		1,042,500
Series C (Ginnie Mae, 3.88%, 07/01/43		1,655		1,597,489

				3,373,995
New York — 5.8%
City of New York Industrial Development Agency, RB, PILOT (AMBAC), 5.00%, 01/01/39		1,100		1,114,509
City of New York Housing Development Corp., Refunding RB, Sustainable Neighborhood Bonds, Series A, 4.15%, 11/01/38^(e)		1,650		1,628,022
City of New York Industrial Development Agency, RB, PILOT, Queens Baseball Stadium (AGC), 6.50%, 01/01/46		300		302,109
Counties of New York Tobacco Trust IV, Refunding RB, Settlement Pass-Through Turbo, Series A, 6.25%, 06/01/41^(a)		1,400		1,440,572


18		2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

October 31, 2018

BlackRock Investment Quality Municipal Trust, Inc. (BKN)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
New York (continued)
Counties of New York Tobacco Trust VI, Refunding RB, Settlement Pass-Through Turbo, Series C, 4.00%, 06/01/51	$	1,000	$	883,820
Erie Tobacco Asset Securitization Corp., Refunding RB, Asset-Backed, Series A, 5.00%, 06/01/45		1,825		1,755,376
Long Island Power Authority, Refunding RB, Electric System, Series A, 5.75%, 04/01/19^(b)		2,475		2,514,971
New York Liberty Development Corp., Refunding RB:
2nd Priority, Bank of America Tower at One Bryant Park Project, Class 3, 6.38%, 07/15/49		1,250		1,298,800
3 World Trade Center Project, Class 2, 5.15%, 11/15/34^(a)		640		659,719
New York Transportation Development Corp., Refunding ARB, American Airlines, Inc., AMT, 5.00%, 08/01/31		1,905		1,965,998
Westchester Tobacco Asset Securitization, Refunding RB, Tobacco Settlement Bonds, Sub-Series C, 5.13%, 06/01/51		1,160		1,176,437

				14,740,333
North Dakota — 0.3%
County of Burleigh North Dakota, Refunding RB, St. Alexius Medical Center Project, Series A, 5.00%, 07/01/21^(b)		720		769,932

Ohio — 3.1%
Buckeye Tobacco Settlement Financing Authority, RB, Asset-Backed, Senior Turbo Term, Series A-2:
5.75%, 06/01/34		415		399,608
5.88%, 06/01/47		225		218,473
City of Dayton Ohio Airport Revenue, Refunding ARB, James M. Cox Dayton International Airport, Series A (AGM), AMT, 4.00%, 12/01/32		3,000		3,009,870
County of Butler Port Authority, RB, Series A-1^(a):
Storypoint Fairfield Project:
6.25%, 01/15/34		500		511,850
6.38%, 01/15/43		275		281,036
County of Ohio Housing Finance Agency, RB, S/F Housing, Series A (Ginnie Mae, Fannie Mae & Freddie Mac), 4.00%, 09/01/48		250		243,605
State of Ohio, Refunding RB, University Hospitals Health System, Series A, 5.00%, 01/15/41		3,010		3,134,403

				7,798,845
Oklahoma — 1.4%
City of Oklahoma Turnpike Authority, RB, Series A, 4.00%, 01/01/48		420		413,578
Oklahoma City Public Property Authority, Refunding RB:
5.00%, 10/01/36		800		883,960
5.00%, 10/01/39		280		308,294
Oklahoma Development Finance Authority, RB:
OU Medicine Project, Series B, 5.50%, 08/15/52		680		730,510
Provident Oklahoma Education Resources, Inc., Cross Village Student Housing Project, Series A, 5.25%, 08/01/57		1,315		1,210,011

				3,546,353
Oregon — 1.7%
Clackamas Community College District, GO, Convertible Deferred Interest Bonds, Series A, 0.00%, 06/15/38^(c)		135		137,233
Oregon Health & Science University, RB, Series A, 4.00%, 07/01/37		725		737,195
State of Oregon Housing & Community Services Department, RB, S/F Housing, Mortgage Program, Series C, 3.95%, 07/01/43		875		857,377


Security	Par (000)		Value
Oregon (continued)
State of Oregon State Facilities Authority, Refunding RB, University of Portland Project, Series A, 5.00%, 04/01/45	$	2,485	$	2,701,866

				4,433,671
Pennsylvania — 10.1%
Commonwealth Financing Authority, RB, Tobacco Master Settlement Payment (AGM), 4.00%, 06/01/39		2,785		2,731,277
County of Allegheny Pennsylvania IDA, Refunding RB, U.S. Steel Corp. Project, 6.55%, 12/01/27		2,535		2,602,127
County of Montgomery Higher Education & Health Authority, Refunding RB, Thomas Jefferson University, Series A, 4.00%, 09/01/49		715		680,866
Delaware River Port Authority, RB:
4.50%, 01/01/32		3,000		3,146,250
Series D (AGM), 5.00%, 01/01/40		3,640		3,737,697
Mckeesport Area School District, GO, CAB, Refunding (NPFGC), 0.00%, 10/01/31^(d)(f)		500		327,645
Pennsylvania Economic Development Financing Authority, RB, Pennsylvania Rapid Bridge Replacement, 5.00%, 12/31/38		1,000		1,049,220
Pennsylvania Economic Development Financing Authority, Refunding RB, National Gypsum Co., AMT, 5.50%, 11/01/44		810		837,111
Pennsylvania Housing Finance Agency, RB, S/F Housing, Series 127-B, 3.88%, 10/01/38		670		653,163
Pennsylvania Turnpike Commission, RB, Sub-Series A-1, 5.00%, 12/01/41		2,735		2,884,851
Pottsville Hospital Authority, Refunding RB, Lehigh Valley Health Network, Series B, 5.00%, 07/01/45		2,000		2,138,020
School District of Philadelphia, Refunding, GOL, Series F, 5.00%, 09/01/37		800		857,736
State Public School Building Authority, Refunding RB, The School District of Philadelphia Project, Series A, 5.00%, 06/01/34		3,825		4,133,371

				25,779,334
Puerto Rico — 1.1%
Children’s Trust Fund, Refunding RB, Tobacco Settlement Asset-Backed Bonds:
5.50%, 05/15/39		1,470		1,490,874
5.63%, 05/15/43		1,395		1,413,986

				2,904,860
Rhode Island — 4.1%
Rhode Island Health & Educational Building Corp., RB, Series A, 4.00%, 09/15/42		985		959,804
Rhode Island Health & Educational Building Corp., Refunding RB, Series A (AGM), 3.75%, 05/15/32		1,845		1,806,568
Rhode Island Student Loan Authority, Refunding RB, Senior-Series A, AMT, 3.50%, 12/01/34		595		570,813
State of Rhode Island, COP, School for the Deaf Project, Series C (AGC), 5.38%, 04/01/19^(b)		1,330		1,349,272
Tobacco Settlement Financing Corp., Refunding RB:
Series A, 5.00%, 06/01/40		1,000		1,040,300
Series B, 4.50%, 06/01/45		2,725		2,687,477
Series B, 5.00%, 06/01/50		2,000		2,050,620

				10,464,854
South Carolina — 2.1%
State of South Carolina Public Service Authority, RB, Series E:
5.00%, 12/01/48		2,125		2,197,059
5.50%, 12/01/53		3,105		3,274,750

				5,471,809


SCHEDULES OF INVESTMENTS			19

Schedule of Investments (unaudited) (continued)

October 31, 2018

BlackRock Investment Quality Municipal Trust, Inc. (BKN)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Tennessee — 3.8%
Chattanooga Health Educational & Housing Facility Board, RB, Catholic Health Initiatives, Series A, 5.25%, 01/01/40	$	2,945	$	3,096,285
County of Chattanooga-Hamilton Tennessee Hospital Authority, Refunding RB, Series A, 5.00%, 10/01/44		875		912,686
County of Knox Tennessee Health Educational & Housing Facility Board, RB, University Health System, Inc., 4.00%, 09/01/40		1,285		1,179,424
County of Memphis-Shelby Tennessee Sports Authority, Inc., Refunding RB, Memphis Arena Project, Series A:
5.25%, 11/01/27		1,135		1,169,300
5.38%, 11/01/28		1,000		1,031,950
County of Nashville & Davidson Metropolitan Government Health & Educational Facilities Board, RB, Vanderbilt University Medical Center, Series A, 5.00%, 07/01/40		1,075		1,147,487
Johnson City Health & Educational Facilities Board, RB, Mountain States Health, Series A, 5.00%, 08/15/42		1,200		1,247,688

				9,784,820
Texas — 7.8%
County of Harris Texas-Houston Sports Authority, Refunding RB, CAB, Senior Lien, Series A (NPFGC) (AGM), 0.00%, 11/15/38^(d)		5,000		1,858,800
County of Matagorda Texas Navigation District No. 1, Refunding RB, Central Power & Light Co., Project, Series A, 6.30%, 11/01/29		2,200		2,300,452
County of Midland Texas Fresh Water Supply District No. 1, RB, CAB, City of Midland Project, Series A, 0.00%, 09/15/38^(d)		16,780		6,989,541
Leander ISD, GO, Refunding CAB, Series D (PSF-GTD)^(d):
0.00%, 08/15/24^(b)		550		282,656
0.00%, 08/15/35		5,450		2,717,479
North Texas Tollway Authority, Refunding RB, 4.25%, 01/01/49^(e)		930		912,888
Red River Texas Education Financing Corp., RB, Texas Christian University Project, 5.25%, 03/15/38		1,140		1,248,676
Texas Department of Housing & Community Affairs, RB, S/F Housing Mortgage, Series A (Ginnie Mae), 4.25%, 09/01/43		300		301,302
Texas Private Activity Bond Surface Transportation Corp., RB, Senior Lien, LBJ Infrastructure Group LLC, 7.00%, 06/30/40		3,000		3,193,890

				19,805,684
Utah — 0.6%
Utah Housing Corp., RB, ClassI III , Series D-2 (FHA), 4.00%, 01/01/36		515		516,648
Utah State Charter School Finance Authority, Refunding RB:
Mountainville Academy, 4.00%, 04/15/42		600		583,068
The Freedom Academy Foundation Project, 5.25%, 06/15/37^(a)		205		200,228
The Freedom Academy Foundation Project, 5.38%, 06/15/48^(a)		260		250,481

				1,550,425
Vermont — 0.3%
Vermont Student Assistance Corp., RB, AMT, Series A, 4.25%, 06/15/32		690		693,747

Virginia — 1.6%
Ballston Quarter Community Development Authority, Tax Allocation Bonds, Series A, 5.38%, 03/01/36		780		797,542
Tobacco Settlement Financing Corp., Refunding RB, Senior Series B-1, 5.00%, 06/01/47		1,030		1,009,081


Security	Par (000)		Value
Virginia (continued)
Virginia Small Business Financing Authority, RB, AMT:
Covanta Project, 5.00%, 01/01/48^(a)(g)	$	745	$	755,773
Senior Lien, Elizabeth River Crossings OpCo LLC Project, 6.00%, 01/01/37		1,440		1,566,835

				4,129,231
Washington — 0.3%
Port of Seattle Washington, RB, Series A, AMT, 5.00%, 05/01/43		625		670,112

West Virginia — 1.2%
West Virginia Hospital Finance Authority, RB, Improvement West Virginia University Health System Obligated Group, Series A, 4.00%, 06/01/51		3,455		3,139,144

Wisconsin — 1.9%
Public Finance Authority, Refunding RB, National Gypsum Co., AMT, 4.00%, 08/01/35		435		406,177
Wisconsin Health & Educational Facilities Authority, Refunding RB, Ascension Senior Credit Group, 4.00%, 11/15/36		2,900		2,922,504
WPPI Energy Power Supply Systems, Refunding RB, Series A, 5.00%, 07/01/37		1,330		1,457,387

				4,786,068

Total Municipal Bonds — 138.5% (Cost — $337,194,688)				353,316,778


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

California — 0.5%
Los Angeles California Unified School District, GO, Election of 2008, Series B-1, 5.25%, 07/01/42^(k)		1,182		1,356,702

Colorado — 0.8%
City & County of Denver Colorado Airport System Revenue, Refunding ARB, Subordinate System, Series A, AMT, 5.25%, 12/01/48^(k)		1,769		1,965,090

Connecticut — 1.6%
State of Connecticut Health & Educational Facility Authority, Refunding RB, Trinity Health Credit Group, 5.00%, 12/01/45		3,902		4,228,766

Florida — 0.9%
County of Pinellas Florida School Board, COP, Master Lease Program, Series A, 5.00%, 07/01/41		2,120		2,314,383

Louisiana — 0.5%
County of St. Louisiana Gasoline & Fuels Tax Revenue, Refunding RB, First Lien, Series A, 4.00%, 05/01/41		1,200		1,204,776

Maryland — 1.2%
State of Maryland Stadium Authority, RB, Construction and Revitalization Program, 5.00%, 05/01/42		2,760		3,047,454

Massachusetts — 1.3%
Commonwealth of Massachusetts, GO, Series A, 5.00%, 01/01/46		3,018		3,335,276

Michigan — 0.8%
State of Michigan Housing Development Authority, RB, M/F Housing, Series A, 4.05%, 10/01/48		2,143		2,095,575

Minnesota — 2.1%
State of Minnesota, RB, Series A, 5.00%, 06/01/38		5,000		5,432,051

Nevada — 1.0%
County of Clark Nevada, GOL, Stadium Improvement, Series A, 5.00%, 06/01/38		2,311		2,588,972


20		2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

October 31, 2018

BlackRock Investment Quality Municipal Trust, Inc. (BKN)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
New Jersey — 1.8%
New Jersey State Turnpike Authority, Refunding RB, Series G, 4.00%, 01/01/43	$	1,606	$	1,593,557
New Jersey Transportation Trust Fund Authority, RB, Transportation System, Series B, 5.25%, 06/15/36^(k)		2,861		2,978,256

				4,571,813
New York — 9.5%
City of New York, GO, Refunding Fiscal 2015, Series B, 4.00%, 08/01/32		1,600		1,652,016
City of New York Municipal Water Finance Authority, Refunding RB, Water & Sewer System, 2nd General Resolution, Series FF-2, 5.50%, 06/15/40		810		825,576
City of New York Transitional Finance Authority, BARB, Series S-1, 4.00%, 07/15/42^(k)		2,145		2,122,199
City of New York Water & Sewer System, Refunding RB, 2nd General Resolution, Fiscal 2013:
Series BB, 4.00%, 06/15/47		6,000		5,939,180
Series CC, 5.00%, 06/15/47		4,000		4,378,931
Hudson Yards Infrastructure Corp., RB, Senior-Fiscal 2012:
5.75%, 02/15/21^(b)(k)		1,083		1,165,347
5.75%, 02/15/47^(k)		666		716,886
New York Liberty Development Corp., ARB, 1 World Trade Center Port Authority Consolidated Bonds, 5.25%, 12/15/43		4,500		4,850,484
State of New York Thruway Authority, Refunding RB, Transportation, Personal Income Tax, Series A, 5.00%, 03/15/31		2,360		2,528,062

				24,178,681
Ohio — 0.7%
Northeast Ohio Regional Sewer District, Refunding RB, 4.00%, 11/15/49^(k)		1,800		1,771,638

Pennsylvania — 1.3%
Commonwealth of Pennsylvania, GO, 1st Series, 4.00%, 03/01/36^(k)		2,399		2,392,744
Philadelphia Authority for Industrial Development, RB, Childrens Hospital of Philadelphia Project, Series A, 4.00%, 07/01/44		914		914,491

				3,307,235
Rhode Island — 0.4%
Rhode Island Housing & Mortgage Finance Corp., Refunding RB, S/F Housing, Home Ownership Opportunity Bonds, Series 69-B (Ginnie Mae, Fannie Mae & Freddie Mac), 3.95%, 10/01/43		1,100		1,086,211

Texas — 4.2%
Aldine Independent School District, GO, Refunding(PSF-GTD), 5.00%, 02/15/42		2,609		2,878,309
City of Houston Texas Community College, GO, Limited Tax, 4.00%, 02/15/43		2,160		2,143,296
City of San Antonio Texas Electric and Gas Systems, RB, Junior Lien, 5.00%, 02/01/43		2,380		2,551,378
Howe Independent School District, GO, School Building (PSF-GTD), 4.00%, 08/15/43		1,680		1,656,502
San Antonio Public Facilities Corp., Refunding RB, Convention Center Refinancing And Expansion Project, 4.00%, 09/15/42		1,409		1,412,671

				10,642,156


Security	Par (000)		Value
Washington — 0.9%
Washington Health Care Facilities Authority, Refunding RB, Multicare Health System, Series B, 4.13%, 08/15/43	$	2,213	$	2,197,939

Total Municipal Bonds Transferred to Tender Option Bond Trusts — 29.5% (Cost — $75,985,879)				75,324,718

Total Long-Term Investments — 168.0% (Cost — $413,180,567)				428,641,496

Short-Term Securities — 1.1%
BlackRock Liquidity Funds, MuniCash, Institutional Class, 1.45%^(l)(m)		2,714,899		2,715,171

Total Short-Term Securities — 1.1% (Cost — $2,715,171)				2,715,171


Total Investments — 169.1% (Cost — $415,895,738)				431,356,667
Liabilities in Excess of Other Assets — (0.9)%				(2,449,349	)
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (18.8)%				(47,892,780	)
VMTP Shares at Liquidation Value — (49.4)%				(125,900,000	)

Net Assets Applicable to Common Shares — 100.0%			$	255,114,538

^(a)	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.

^(b)	U.S. Government securities, held in escrow, are used to pay interest on this security, as well as to retire the bond in full at the date indicated, typically at a premium to par.

^(c)	Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate as of period end.

^(d)	Zero-coupon bond.

^(e)	When-issued security.

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

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

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

⁽ⁱ⁾	Non-income producing security.

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

^(k)

All or a portion of security is subject to a recourse agreement. The aggregate maximum potential amount the Trust could ultimately be required to pay under the agreements, which expire between February 15, 2019 to June 1, 2026 is $9,553,900. See Note 4 of the Notes to Financial Statements for details.

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


SCHEDULES OF INVESTMENTS			21

Schedule of Investments (unaudited) (continued)

October 31, 2018

BlackRock Investment Quality Municipal Trust, Inc. (BKN)

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


Affiliate	Shares Held at 04/30/18		Net Activity		Shares Held at 10/31/18		Value at 10/31/18		Income		Net Realized Gain (Loss)^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds, MuniCash, Institutional Class		—		2,714,899		2,714,899	$	2,715,171	$	8,063	$	296	$	—

^(a)

Includes net capital gain distributions, if applicable.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Short Contracts:
10-Year U.S. Treasury Note		9		12/19/18	$	1,066	$	9,487
Long U.S. Treasury Bond		86		12/19/18		11,879		278,410
5-Year U.S. Treasury Note		19		12/31/18		2,135		5,171

							$	293,068

Derivative Financial Instruments Categorized by Risk Exposure

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


	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Net unrealized appreciation^(a)	$	—	$	—	$	—	$	—	$	293,068	$	—	$	293,068

^(a)

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

For the period ended October 31, 2018, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—	$	—	$	—	$	338,690	$	—	$	338,690

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	—	$	—	$	294,671	$	—	$	294,671

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — short	$	18,934,590


22		2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

October 31, 2018

BlackRock Investment Quality Municipal Trust, Inc. (BKN)

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments and derivative financial instruments. For information about the Trust’s policy regarding valuation of investments and derivative financial instruments, refer to the Notes to Financial Statements.

The following tables summarize the Trust’s investments and derivative financial instruments categorized in the disclosure hierarchy:


	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Long-Term Investments^(a)	$	—	$	428,641,496	$	—	$	428,641,496
Short-Term Securities		2,715,171		—		—		2,715,171

	$	2,715,171	$	428,641,496	$	—	$	431,356,667

Derivative Financial Instruments^(b)
Assets:
Interest rate contracts	$	293,068	$	—	$	—	$	293,068

^(a)

See above Schedule of Investments for values in each state or political subdivision.

^(b)

Derivative financial instruments are futures contracts which are valued at the unrealized appreciation (depreciation) on the instrument.

The Trust may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of period end, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:


	Level 1		Level 2			Level 3		Total
Liabilities:
TOB Trust Certificates	$	—	$	(47,675,573	)	$	—	$	(47,675,573	)
VMTP Shares at Liquidation Value		—		(125,900,000	)		—		(125,900,000	)

	$	—	$	(173,575,573	)	$	—	$	(173,575,573	)

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

See notes to financial statements


SCHEDULES OF INVESTMENTS			23

Schedule of Investments (unaudited)

October 31, 2018

BlackRock Long-Term Municipal Advantage Trust (BTA)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Municipal Bonds — 133.6%

Alabama — 1.2%
County of Jefferson Alabama Sewer Revenue, Refunding RB, Sub-Lien, Series D, 6.00%, 10/01/42	$	1,655	$	1,868,594

Alaska — 0.6%
Northern Tobacco Securitization Corp., Refunding RB, Tobacco Settlement, Asset-Backed, Series A, 5.00%, 06/01/46		1,045		1,015,531

Arizona — 3.2%
Arizona IDA, Refunding RB, Series A^(a):
Basis Schools, Inc. Projects, 5.13%, 07/01/37		360		364,871
5.38%, 07/01/50		925		939,143
Odyssey Preparatory Academy Project, 5.50%, 07/01/52		725		680,724
City of Phoenix Arizona IDA, RB, Series A:
Facility, Eagle College Preparatory Project, 5.00%, 07/01/33		870		877,760
Legacy Traditional Schools Projects, 5.00%, 07/01/46^(a)		1,255		1,257,284
City of Phoenix Arizona IDA, Refunding RB, Basis Schools, Inc. Projects, Series A^(a):
5.00%, 07/01/35		125		126,049
5.00%, 07/01/46		135		134,390
Salt Verde Financial Corp., RB, Senior, 5.00%, 12/01/37		725		822,136

				5,202,357
California — 10.6%
California Health Facilities Financing Authority, RB:
St. Joseph Health System, Series A, 5.75%, 07/01/39		385		394,694
Sutter Health, Series B, 6.00%, 08/15/20^(b)		1,040		1,115,265
California Health Facilities Financing Authority, Refunding RB, Catholic Healthcare West, Series A, 6.00%, 07/01/19^(b)		680		699,251
California Municipal Finance Authority, RB, Senior, Caritas Affordable Housing, Inc. Projects, S/F Housing, Series A:
5.25%, 08/15/39		70		75,337
5.25%, 08/15/49		175		187,402
City & County of San Francisco California Redevelopment Agency, Tax Allocation Bonds, Mission Bay South Redevelopment Project, Series D, 0.00%, 08/01/31^(a)(c)		1,265		671,538
City of Los Angeles California Department of Airports, Refunding ARB, Los Angeles International Airport, Series A:
Senior, 5.00%, 05/15/40		2,045		2,119,356
5.25%, 05/15/39		270		274,290
City of Stockton California Public Financing Authority, RB, Delta Water Supply Project, Series A, 6.25%, 10/01/38		165		191,123
County of California Tobacco Securitization Agency, Refunding RB, Golden Gate Tobacco Funding Corp., Series A, 5.00%, 06/01/47		140		137,430
County of Los Angeles California Tobacco Securitization Agency, RB, Asset-Backed, Los Angeles County Securitization Corp.^(d):
5.70%, 06/01/46		1,000		1,000,750
5.60%, 06/01/36		2,000		2,002,660
Golden State Tobacco Securitization Corp., Refunding RB, Series A-1, 5.25%, 06/01/47		535		537,921
San Marcos Unified School District, GO, CAB, SAN, Election of 2010, Series B, 0.00%, 08/01/38^(c)		3,725		1,655,241
State of California, GO, Various Purposes:
6.50%, 04/01/19^(b)		1,085		1,106,819
6.50%, 04/01/33		915		931,864
State of California Public Works Board, LRB, Various Capital Projects:
Series I, 5.00%, 11/01/38		355		387,032
Sub-Series I-1, 6.38%, 11/01/19^(b)		400		418,372


Security	Par (000)		Value
California (continued)
Tobacco Securitization Authority of Southern California, Refunding RB, Tobacco Settlement, Asset-Backed, Senior Series A-1:
5.00%, 06/01/37	$	2,150	$	2,155,332
5.13%, 06/01/46		1,005		1,007,492

				17,069,169
Colorado — 4.5%
Centerra Metropolitan District No. 1, Tax Allocation Bonds, 5.00%, 12/01/47^(a)		275		274,145
Colorado Health Facilities Authority, Refunding RB, Series A:
Sisters of Charity of Leavenworth Health System, 5.00%, 01/01/40		3,940		4,043,898
Sunny Vista Living Center Project, 6.13%, 12/01/45^(a)		160		165,411
Denver Convention Center Hotel Authority, Refunding RB, 5.00%, 12/01/40		1,550		1,627,670
Table Mountain Metropolitan District, GO, Series A, 5.25%, 12/01/45		1,000		1,022,920

				7,134,044
Connecticut — 0.9%
Connecticut Housing Finance Authority, Refunding RB, S/F Housing, Sub-Series B-1, 4.00%, 05/15/45		515		501,826
Mohegan Tribe of Indians of Connecticut, Refunding RB, Public Improvement, Priority Distribution, Series C, 6.25%, 02/01/30^(a)		860		932,756

				1,434,582
Delaware — 1.9%
County of Sussex Delaware, RB, NRG Energy, Inc., Indian River Power LLC Project, 6.00%, 10/01/40		750		793,185
State of Delaware EDA, RB, Exempt Facilities, Indian River Power LLC Project, 5.38%, 10/01/45		2,240		2,323,776

				3,116,961
District of Columbia — 1.4%
District of Columbia, Refunding RB, Kipp Charter School, Series A, 6.00%, 07/01/23^(b)		260		301,306
District of Columbia, Tax Allocation Bonds, City Market at O Street Project, 5.13%, 06/01/41		750		791,377
Metropolitan Washington Airports Authority, Refunding RB, Dulles Toll Road, 1st Senior Lien, Series A:
5.00%, 10/01/39		170		173,657
5.25%, 10/01/44		1,000		1,023,480

				2,289,820
Florida — 5.4%
Capital Region Community Development District, Refunding, Special Assessment, Capital Improvement:
Revenue Bond, Series A-1, 5.13%, 05/01/39		210		203,272
Series A-2, 4.60%, 05/01/31		515		503,134
Capital Trust Agency, Inc., RB, University Bridge LLC Student Housing Project, Series A, 5.25%, 12/01/58^(a)		910		880,198
County of Miami-Dade Florida Water & Sewer System Revenue, RB, Water & Sewer System, 5.00%, 10/01/20^(b)		1,950		2,055,124
Florida Development Finance Corp., RB, Solid Waste Disposal Facility, Waste Pro USA, Inc. Project, AMT, 5.00%, 08/01/29^(a)(e)		740		758,219
Lakewood Ranch Stewardship District Special Assessment Bonds, Village of Lakewood Ranch Sector Projects:
4.00%, 05/01/21		100		100,632
4.25%, 05/01/26		100		99,556
5.13%, 05/01/46		400		393,336
Mid-Bay Florida Bridge Authority, RB, Springing Lien, Series A, 7.25%, 10/01/21^(b)		1,080		1,225,552


24		2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

October 31, 2018

BlackRock Long-Term Municipal Advantage Trust (BTA)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Florida (continued)
Tolomato Community Development District, Refunding, Special Assessment Bonds^(d):
Convertible CAB, Series A3, 6.61%, 05/01/40	$	225	$	218,736
Convertible CAB, Series A4, 6.61%, 05/01/40		120		97,554
Series 2015-2, 6.61%, 05/01/40		310		203,134
Tolomato Community Development District^(f)(g):
Series 1, 6.61%, 05/01/40^(d)		505		402,202
Series 1, 6.65%, 05/01/40		15		14,293
Series 3, 6.61%, 05/01/40		340		3
Series 3, 6.65%, 05/01/40		275		3
Trout Creek Community Development District, Special Assessment Bonds:
5.50%, 05/01/49		570		562,527
5.00%, 05/01/28		160		158,333
Village Community Development District No.10, Special Assessment Bonds, 5.13%, 05/01/43		790		851,604

				8,727,412
Georgia — 0.2%
County of Gainesville Georgia & Hall Hospital Authority, Refunding RB, Northeast Georgia Health System, Inc. Project, Series A (GTD), 5.50%, 08/15/54		240		267,864
County of Georgia Housing & Finance Authority, RB, S/F Housing, Series A, 4.00%, 12/01/48		10		9,794

				277,658
Guam — 0.0%
Territory of Guam, GO, Series A, 6.00%, 11/15/19		45		45,562

Idaho — 0.4%
Idaho Health Facilities Authority, Refunding RB, St. Luke’s Health System Project, Series A, 4.00%, 03/01/43		45		42,454
State of Idaho Building Authority, RB, Department of Health And Welfare Project, 4.00%, 09/01/48^(h)		650		637,299

				679,753
Illinois — 12.4%
Chicago Board of Education, GO, Dedicated Revenues:
Series H, 5.00%, 12/01/36		935		942,433
Project, Series C, 5.25%, 12/01/35		795		809,445
Chicago Board of Education, GO, Refunding, Series C:
5.00%, 12/01/27		415		429,060
5.00%, 12/01/34		940		950,904
Chicago Board of Education, GO, Refunding Series F, 5.00%, 12/01/22		325		337,113
City of Chicago Illinois, GO, Refunding, Series A:
6.00%, 01/01/38		595		660,093
Project, 5.25%, 01/01/32		1,090		1,136,914
City of Chicago Illinois O’Hare International Airport, GARB, 3rd Lien, Series A:
5.75%, 01/01/21^(b)		2,100		2,258,004
5.75%, 01/01/39		400		423,900
City of Chicago Illinois Transit Authority, RB, Sales Tax Receipts, 5.25%, 12/01/40		360		378,022
County of Cook Illinois Community College District No. 508, GO, City College of Chicago, 5.50%, 12/01/38		350		363,790
Illinois Finance Authority, RB, Advocate Health Care Network, Series C^(b):
5.38%, 04/01/19		870		882,241
5.38%, 04/01/19		975		988,718
Illinois Finance Authority, Refunding RB:
Central Dupage Health, Series B, 5.50%, 11/01/19^(b)		550		568,579
Presence Health Network, Series C, 5.00%, 02/15/41		1,500		1,627,950
Metropolitan Pier & Exposition Authority, RB, McCormick Place Expansion Project, Series A, 5.50%, 06/15/53		200		211,060


Security	Par (000)		Value
Illinois (continued)
Metropolitan Pier & Exposition Authority, Refunding RB:
McCormick Place Expansion Project, Series B (AGM), 5.00%, 06/15/50	$	1,790	$	1,835,824
McCormick Place Expansion Project, Series B-2, 5.00%, 06/15/50		1,400		1,400,574
McCormik Place Expansion Project, Series B, 5.00%, 06/15/52		225		230,812
State of Illinois, GO:
5.00%, 05/01/27		500		514,015
5.00%, 01/01/28		1,005		1,032,326
5.00%, 03/01/37		755		763,713
Series A, 5.00%, 01/01/33		555		563,064
University of Illinois, RB, Auxiliary Facilities System, Series A, 5.00%, 04/01/44		475		505,509

				19,814,063
Indiana — 6.4%
City of Valparaiso Indiana, RB, Exempt Facilities, Pratt Paper LLC Project, AMT:
6.75%, 01/01/34		365		416,870
7.00%, 01/01/44		885		1,015,697
City of Vincennes Indiana, Refunding RB, Southwest Indiana Regional Youth Village Project, 6.25%, 01/01/29^(a)		1,095		1,113,702
County of Allen Indiana, RB, StoryPoint Fort Wayne Project, Series A-1^(a):
6.63%, 01/15/34		135		141,456
6.75%, 01/15/43		200		209,188
6.88%, 01/15/52		560		586,880
Indiana Finance Authority, RB, Series A:
CWA Authority Project, 1st Lien, 5.25%, 10/01/38		1,285		1,373,588
Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.00%, 07/01/44		160		167,501
Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.00%, 07/01/48		520		543,020
Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.25%, 01/01/51		2,190		2,306,245
Sisters of St. Francis Health Services, 5.25%, 11/01/19^(b)		290		299,086
Indiana Finance Authority, Refunding RB, Parkview Health System, Series A:
5.75%, 05/01/19^(b)		500		509,355
5.75%, 05/01/31		100		101,896
Indiana Municipal Power Agency, RB, Series B, 6.00%, 01/01/19^(b)		350		352,380
Indianapolis Local Public Improvement Bond Bank, RB, Series A, 5.00%, 01/15/40		445		483,546
Town of Chesterton Indiana, RB, StoryPoint Chesterton Project, Series A-1, 6.38%, 01/15/51^(a)		560		569,397

				10,189,807
Iowa — 1.2%
Iowa Finance Authority, Refunding RB, Iowa Fertilizer Co. Project:
Series B, 5.25%, 12/01/50^(e)		825		876,084
Midwestern Disaster Area, 5.50%, 12/01/22		5		5,009
Midwestern Disaster Area, 5.25%, 12/01/25		660		697,257
Iowa Student Loan Liquidity Corp., Refunding RB, Student Loan, Senior Series A-1, AMT, 5.15%, 12/01/22		360		370,487

				1,948,837
Kentucky — 0.6%
Kentucky Economic Development Finance Authority, RB, Catholic Health Initiatives, Series A, 5.25%, 01/01/45		460		483,630
Kentucky Public Transportation Infrastructure Authority, RB, Downtown Crossing Project, Convertible CAB, 1st Tier, Series C, 6.75%, 07/01/43^(d)		565		517,088

				1,000,718


SCHEDULES OF INVESTMENTS			25

Schedule of Investments (unaudited) (continued)

October 31, 2018

BlackRock Long-Term Municipal Advantage Trust (BTA)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Louisiana — 2.3%
Louisiana Local Government Environmental Facilities & Community Development Authority, RB, Westlake Chemical Corp. Project, Series A-1, 6.50%, 11/01/35	$	1,135	$	1,216,936
Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, Series A:
5.50%, 05/15/30		350		363,570
5.25%, 05/15/31		300		315,987
5.25%, 05/15/32		380		405,057
5.25%, 05/15/33		415		439,377
5.25%, 05/15/35		945		1,000,093

				3,741,020
Maine — 0.6%
Maine Health & Higher Educational Facilities Authority, RB, Maine General Medical Center, 6.75%, 07/01/41		970		1,028,889

Maryland — 1.1%
Maryland EDC, RB, Transportation Facilities Project, Series A, 5.75%, 06/01/20^(b)		970		1,025,047
Maryland EDC, Refunding RB, CNX Marine Terminals, Inc., 5.75%, 09/01/25		645		665,963

				1,691,010
Massachusetts — 4.7%
Massachusetts Development Finance Agency, RB:
Emerson College Issue, Series A, 5.00%, 01/01/47		860		901,031
Boston Medical Center, Series D, 5.00%, 07/01/44		1,000		1,044,250
North Hill Communities Issue, Series A, 6.50%, 11/15/23^(a)(b)		1,000		1,186,600
UMass Boston Student Housing Project, 5.00%, 10/01/48		945		978,037
Massachusetts Development Finance Agency, Refunding RB, Emmanuel College Issue, Series A, 5.00%, 10/01/35		500		530,830
Massachusetts HFA, Refunding RB, Series A, AMT, 4.45%, 12/01/42		645		654,533
Massachusetts Housing Finance Agency, Refunding RB, Series A, AMT, 4.50%, 12/01/47		2,135		2,166,513

				7,461,794
Michigan — 1.6%
City of Detroit Michigan Sewage Disposal System, Refunding RB, Senior Lien, Series A, 5.25%, 07/01/39		1,970		2,085,403
Michigan Finance Authority, Refunding RB, Detroit Water & Sewage Department Project, Senior Lien, Series C-1, 5.00%, 07/01/44		410		433,415

				2,518,818
Minnesota — 2.2%
City of Brooklyn Park Minnesota, RB, Athlos Leadership Academy Project, Series A, 5.75%, 07/01/46		180		181,071
City of Minneapolis, Refunding RB, Fairview Health Servises, Series A, 4.00%, 11/15/48		80		76,362
Duluth Economic Development Authority, Refunding RB, Essentia Health Obligated Group, Series A^(h):
4.25%, 02/15/48		1,940		1,852,273
5.25%, 02/15/58		655		690,888
Housing & Redevelopment Authority of The City of State Paul Minnesota, Refunding RB, Hmong College Academy Project, Series A, 5.50%, 09/01/36		690		709,375

				3,509,969
Missouri — 0.6%
Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Refunding RB, Combined Lien, Series A, 5.00%, 10/01/44		85		92,115


Security	Par (000)		Value
Missouri (continued)
City of St. Louis Missouri IDA, Refunding RB, BallPark Village Development Project, Series A:
4.38%, 11/15/35	$	330	$	331,218
4.75%, 11/15/47		365		367,175
State of Missouri Health & Educational Facilities Authority, Refunding RB, St. Louis College of Pharmacy Project, 5.50%, 05/01/43		115		120,876

				911,384
Nebraska — 0.2%
Central Plains Nebraska Energy Project, RB, Gas Project No. 3, 5.25%, 09/01/37		285		308,780

New Jersey — 7.3%
Casino Reinvestment Development Authority, Refunding RB:
5.25%, 11/01/39		475		500,945
5.25%, 11/01/44		1,160		1,220,216
County of Essex New Jersey Improvement Authority, RB, AMT, 5.25%, 07/01/45^(a)		505		506,555
New Jersey Economic Development Authority, RB, State House project, Series B (BAM), 4.13%, 06/15/39		130		127,954
New Jersey EDA, ARB, Continental Airlines, Inc. Project, 5.13%, 09/15/23		1,410		1,503,116
New Jersey EDA, Refunding RB, Series BBB, 5.50%, 06/15/31		1,225		1,345,025
New Jersey EDA, Refunding, Special Assessment Bonds, Kapkowski Road Landfill Project, 5.75%, 04/01/31		785		848,373
New Jersey Transportation Trust Fund Authority, RB:
Transportation Program, Series AA, 5.00%, 06/15/45		585		602,568
Transportation System, Series B, 5.25%, 06/15/36		845		879,738
New Jersey Transportation Trust Fund Authority, Refunding RB, Transportation System, Series A, 5.00%, 12/15/35		965		1,016,666
Tobacco Settlement Financing Corp., Refunding RB:
Series A, 5.00%, 06/01/36		530		570,073
Series A, 5.00%, 06/01/46		1,700		1,754,808
Series A, 5.25%, 06/01/46		440		465,084
Sub-Series B, 5.00%, 06/01/46		420		425,410

				11,766,531
New York — 29.5%
City of New York Housing Development Corp., Refunding RB, Sustainable Neighborhood Bonds, Series A, 4.15%, 11/01/38^(h)		2,390		2,358,165
City of New York Water & Sewer System, Refunding RB, 2nd General Resolution, Series HH, 5.00%, 06/15/31		2,830		3,007,498
Counties of New York Tobacco Trust IV, Refunding RB, Settlement Pass-Through Turbo, Series A:
6.25%, 06/01/41^(a)		900		926,082
5.00%, 06/01/42		1,505		1,448,487
5.00%, 06/01/45		555		529,858
Counties of New York Tobacco Trust VI, Refunding RB, Tobacco Settlement Pass-Through, Series A-2B, 5.00%, 06/01/51		1,000		1,021,470
County of Dutchess New York Industrial Development Agency, Refunding RB, Bard College Civic Facility, Series A-1, 5.00%, 08/01/46		730		686,200
Erie Tobacco Asset Securitization Corp., Refunding RB, Asset-Backed, Series A, 5.00%, 06/01/45		910		875,283
Hudson Yards Infrastructure Corp., RB, Senior, Fiscal 2012:
5.75%, 02/15/21^(b)		4,030		4,358,405
5.75%, 02/15/47		2,480		2,653,898
Metropolitan Transportation Authority, RB, Series B:
5.25%, 11/15/38		1,125		1,237,545
5.25%, 11/15/39		400		439,804


26		2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

October 31, 2018

BlackRock Long-Term Municipal Advantage Trust (BTA)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
New York (continued)
New York Liberty Development Corp., RB, World Trade Center Port Authority Consolidated, 5.25%, 12/15/43	$	6,140	$	6,626,226
New York Liberty Development Corp., Refunding RB:
2nd Priority, Bank of America Tower at One Bryant Park Project, Class 3, 6.38%, 07/15/49		420		436,397
3 World Trade Center Project, Class 1, 5.00%, 11/15/44^(a)		2,355		2,411,591
3 World Trade Center Project, Class 2, 5.15%, 11/15/34^(a)		160		164,930
3 World Trade Center Project, Class 2, 5.38%, 11/15/40^(a)		395		406,771
4 World Trade Center Project, 5.75%, 11/15/51		2,220		2,420,155
New York Transportation Development Corp., ARB, LaGuardia Airport Terminal B Redevelopment Project, Series A, AMT, 5.25%, 01/01/50		1,000		1,052,380
Port Authority of New York & New Jersey, ARB, Special Project, JFK International Air Terminal LLC Project, Series 8, 6.00%, 12/01/42		730		781,618
State of New York Dormitory Authority, RB, Series B, 5.75%, 03/15/19^(b)		11,250		11,412,900
State of New York Dormitory Authority, Refunding RB, Orange Regional Medical Center, 5.00%, 12/01/33^(a)		455		491,532
Westchester New York Tobacco Asset Securitization, Refunding RB, Tobacco Settlement Bonds, Sub-Series C, 4.00%, 06/01/42		1,700		1,577,209

				47,324,404
North Carolina — 0.5%
North Carolina Medical Care Commission, RB, Health Care Facilities, Duke University Health System, Series A, 5.00%, 06/01/19^(b)		480		488,655
North Carolina Medical Care Commission, Refunding RB, 1st Mortgage, Retirement Facilities Whitestone Project, Series A, 7.75%, 03/01/21^(b)		260		291,522

				780,177
North Dakota — 0.1%
County of Cass North Dakota, Refunding RB, Essentia Health Obligated Group, Series B, 4.25%, 02/15/43^(h)		230		221,545

Ohio — 4.8%
Buckeye Tobacco Settlement Financing Authority, RB, Asset-Backed, Senior Turbo Term, Series A-2:
5.75%, 06/01/34		2,295		2,209,878
5.88%, 06/01/47		1,100		1,068,089
County of Allen Ohio Hospital Facilities Revenue, Refunding RB, Catholic Healthcare Partners, Series A, 5.25%, 06/01/20^(b)		2,650		2,773,570
County of Ohio Housing Finance Agency, RB, S/F Housing, Series A (Ginnie Mae, Fannie Mae & Freddie Mac), 4.00%, 09/01/48		355		345,919
State of Ohio, RB, Portsmouth Bypass Project, AMT, 5.00%, 06/30/53		1,220		1,274,693

				7,672,149
Oklahoma — 3.2%
Oklahoma Development Finance Authority, RB:
OU Medicine Project, Series B, 5.00%, 08/15/38		1,450		1,520,833
OU Medicine Project, Series B, 5.25%, 08/15/43		1,305		1,385,949
Provident Oklahoma Education Resources, Inc., Cross Village Student Housing Project, Series A, 5.25%, 08/01/57		1,290		1,187,006
Tulsa County Industrial Authority, Refunding RB, Montereau, Inc. Project, 5.25%, 11/15/45		925		993,792

				5,087,580


Security	Par (000)		Value
Oregon — 0.2%
County of Clackamas Oregon School District No. 12 North Clackamas, GO, CAB, Series A, 0.00%, 06/15/38^(c)	$	625	$	271,894

Pennsylvania — 2.4%
Allentown Neighborhood Improvement Zone Development Authority, RB, City Center Project, 5.00%, 05/01/42^(a)		470		488,123
City of Philadelphia Pennsylvania Hospitals & Higher Education Facilities Authority, RB, Temple University Health System, Series A, 5.63%, 07/01/42		300		315,192
County of Montgomery Higher Education & Health Authority, Refunding RB, Thomas Jefferson University, Series A, 4.00%, 09/01/49		155		147,600
Pennsylvania Economic Development Financing Authority, RB, Pennsylvania Rapid Bridge Replacement, 5.00%, 12/31/38		465		487,887
Pennsylvania Economic Development Financing Authority, Refunding RB, National Gypsum Co., AMT, 5.50%, 11/01/44		720		744,099
Pennsylvania Housing Finance Agency, RB, S/F Housing Mortgage, Series 123-B, 4.00%, 10/01/42		1,190		1,157,775
Pennsylvania Turnpike Commission, RB, Series A, 5.00%, 12/01/44		520		557,076

				3,897,752
Puerto Rico — 1.2%
Children’s Trust Fund, Refunding RB, Tobacco Settlement Asset-Backed Bonds, 5.63%, 05/15/43		1,860		1,885,315

Rhode Island — 2.7%
Rhode Island Student Loan Authority, Refunding RB, Senior-Series A, AMT, 3.50%, 12/01/34		655		628,374
Tobacco Settlement Financing Corp., Refunding RB:
Series A, 5.00%, 06/01/40		420		436,926
Series B, 4.50%, 06/01/45		1,875		1,849,181
Series B, 5.00%, 06/01/50		1,360		1,394,422

				4,308,903
South Carolina — 2.2%
State of South Carolina Public Service Authority, RB:
Santee Cooper, Series A, 5.50%, 12/01/54		1,840		1,949,388
Series E, 5.00%, 12/01/48		420		434,242
Series E, 5.50%, 12/01/53		750		791,003
State of South Carolina Public Service Authority, Refunding RB, Series E, 5.25%, 12/01/55		400		423,220

				3,597,853
Tennessee — 0.7%
County of Memphis-Shelby Tennessee Industrial Development Board, Refunding, Tax Allocation Bonds, Senior Tax Increment, Graceland Project, Series A:
5.50%, 07/01/37		490		515,108
5.63%, 01/01/46		570		593,541

				1,108,649
Texas — 8.1%
Central Texas Regional Mobility Authority, Refunding RB, Senior Lien, 6.25%, 01/01/21^(b)		730		790,181
County of Harris Texas Cultural Education Facilities Finance Corp., RB, 1st Mortgage, Brazos Presbyterian Homes, Inc. Project, Series B, 7.00%, 01/01/23^(b)		210		247,141
County of Matagorda Texas Navigation District No. 1, Refunding RB, Central Power & Light Co., Project, Series A, 6.30%, 11/01/29		700		731,962
County of Midland Texas Fresh Water Supply District No. 1, RB, CAB, City of Midland Projects, Series A, 0.00%, 09/15/37^(c)		5,200		2,288,520


SCHEDULES OF INVESTMENTS			27

Schedule of Investments (unaudited) (continued)

October 31, 2018

BlackRock Long-Term Municipal Advantage Trust (BTA)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Texas (continued)
County of Tarrant Texas Cultural Education Facilities Finance Corp., RB, Scott & White Healthcare^(b):
6.00%, 08/15/20	$	105	$	111,947
6.00%, 08/15/20		1,285		1,371,185
Harris County-Houston Sports Authority, Refunding RB, CAB, Series A (AGM) (NPFGC), 0.00%, 11/15/34^(c)		3,000		1,469,880
Mission Economic Development Corp., Refunding RB, Senior Lien, Natural Gasoline Project, AMT, 4.63%, 10/01/31^(a)(h)		430		428,534
Mission Texas Economic Development Corp., RB, Senior Lien, Natural Gasoline Project, Series B, AMT, 5.75%, 10/01/31^(a)		875		901,469
New Hope Cultural Education Facilities Finance Corp., RB, Legacy Midtown Park Project, Series A, 5.50%, 07/01/54		125		120,091
Newark Higher Education Finance Corp., RB, Series A^(a):
5.50%, 08/15/35		135		140,012
5.75%, 08/15/45		275		285,920
North Texas Tollway Authority, Refunding RB^(h):
4.25%, 01/01/49		2,125		2,085,900
5.00%, 01/01/50		430		462,607
Texas Private Activity Bond Surface Transportation Corp., RB, Senior Lien:
Blueridge Transportation Group, AMT, 5.00%, 12/31/55		1,025		1,066,215
LBJ Infrastructure Group LLC, 7.00%, 06/30/40		500		532,315

				13,033,879
Utah — 1.2%
City of Riverton Utah, RB, IHC Health Services, Inc., 5.00%, 08/15/19^(b)		1,815		1,858,215

Virginia — 2.9%
Ballston Quarter Community Development Authority, Tax Allocation Bonds, Series A:
5.00%, 03/01/26		260		264,340
5.13%, 03/01/31		510		519,481
Tobacco Settlement Financing Corp., Refunding RB, Senior Series B-1, 5.00%, 06/01/47		1,025		1,004,182
Virginia College Building Authority, RB, Marymount University Project, Series B, 5.00%, 07/01/45^(a)		240		244,063
Virginia HDA, RB, Rental Housing, Series F, 5.00%, 04/01/45		1,000		1,018,140
Virginia Small Business Financing Authority, RB, Senior Lien, Elizabeth River Crossings OpCo LLC Project, AMT, 6.00%, 01/01/37		1,540		1,675,643

				4,725,849
Washington — 0.9%
Port of Seattle Washington, RB, Intermediate Lien, Series C, AMT, 5.00%, 04/01/40		350		374,727
Washington Health Care Facilities Authority, RB, Catholic Health Initiatives, Series A, 5.75%, 01/01/45		1,020		1,103,222

				1,477,949
Wisconsin — 1.5%
Public Finance Authority, RB, Series A:
Alabama Proton Therapy Center, 6.25%, 10/01/31^(a)		290		275,935
Alabama Proton Therapy Center, 7.00%, 10/01/47^(a)		290		276,547
5.00%, 12/01/45		825		836,748
5.15%, 12/01/50		555		564,524
Public Finance Authority, Refunding RB, Celanese Project^(a):
Series C, AMT, 4.30%, 11/01/30		200		202,688
Series D, 4.05%, 11/01/30		200		198,312

				2,354,754

Total Municipal Bonds — 133.6% (Cost — $207,649,214)				214,359,930


Security	Par (000)		Value
Municipal Bonds Transferred to Tender Option Bond Trusts⁽ⁱ⁾

California — 3.2%
Bay Area Toll Authority, Refunding RB, San Francisco Bay Area, Series F-1, 5.63%, 04/01/19^(b)	$	1,090	$	1,108,129
City of Los Angeles California Department of Airports, ARB, Los Angeles International Airport, Series B, AMT, 5.00%, 05/15/46		2,700		2,912,396
Sacramento Area Flood Control Agency, Refunding, Consolidated Capital Assessment District No. 2 Bonds, 5.00%, 10/01/47		495		544,334
San Diego California Community College District, GO, Election of 2002, 5.25%, 08/01/19^(b)		553		567,729

				5,132,588
Colorado — 0.5%
Colorado Health Facilities Authority, Refunding RB, Catholic Health Initiatives, Series A, 5.50%, 07/01/34^(j)		740		756,114

Georgia — 0.6%
County of Dalton Whitfield Joint Development Authority, RB, Hamilton Health Care System Obligation, 4.00%, 08/15/48		1,025		1,002,233

Idaho — 1.3%
Idaho State Building Authority, RB, State Office Campus Project, Series A, 4.00%, 09/01/48		2,120		2,101,651

Illinois — 2.6%
Illinois Finance Authority, RB, The Carle Foundation, Series A (AGM), 6.00%, 08/15/41		2,340		2,529,715
State of Illinois Toll Highway Authority, RB, Series C, 5.00%, 01/01/38		1,498		1,621,753

				4,151,468
Iowa — 1.1%
Iowa Finance Authority, Refunding RB, UnityPoint Health, Series E, 4.00%, 08/15/46		1,815		1,713,045

Massachusetts — 4.7%
Massachusetts School Building Authority, RB, Senior, Series B, 5.00%, 10/15/41		7,112		7,539,643

New Hampshire — 0.4%
New Hampshire Health & Education Facilities Authority, RB, Dartmouth College, 5.25%, 06/01/19^(b)(j)		660		672,389

New York — 1.1%
City of New York Municipal Water Finance Authority, Refunding RB, Water & Sewer System, 2nd General Resolution, Series FF-2, 5.50%, 06/15/40		495		504,519
Port Authority of New York & New Jersey, Refunding ARB, 194th Series, 5.25%, 10/15/55		1,215		1,341,935

				1,846,454
North Carolina — 1.6%
North Carolina Capital Facilities Finance Agency, Refunding RB, Duke University Project, Series B, 5.00%, 10/01/55		1,180		1,298,289
North Carolina Housing Finance Agency, RB, S/F Housing, Series 39-B (Ginnie Mae, Fannie Mae & Freddie Mac), 4.00%, 01/01/48		1,232		1,211,197

				2,509,486
Ohio — 2.9%
State of Ohio, Refunding RB, Cleveland Clinic Health System Obligated Group, Series A, 5.50%, 01/01/19^(b)		4,634		4,660,891

Pennsylvania — 1.2%
Pennsylvania Turnpike Commission, RB, Sub-Series A, 5.50%, 12/01/42		1,680		1,880,642


28		2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

October 31, 2018

BlackRock Long-Term Municipal Advantage Trust (BTA)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Rhode Island — 1.5%
Rhode Island Health & Educational Building Corp., RB, Series A, 4.00%, 09/15/47	$	2,447	$	2,357,969

Texas — 9.5%
City of San Antonio Texas Electric and Gas Systems, RB, Junior Lien, 5.00%, 02/01/43		11,000		11,792,083
County of Harris Texas, RB, Toll Road, Senior Lien, Series A^(j):
5.00%, 08/15/19^(b)		1,202		1,225,972
5.00%, 08/15/38		920		937,762
County of Harris Texas Metropolitan Transit Authority, Refunding RB, Series A, 5.00%, 11/01/41		1,170		1,240,861

				15,196,678
Virginia — 3.5%
Hampton Roads Transportation Accountability Commission, RB, Transportation Fund, Senior Lien, Series A, 5.50%, 07/01/57^(j)		2,224		2,562,616
Virginia Small Business Financing Authority, Refunding RB, Sentara Healthcare, 5.00%, 11/01/40		2,949		3,061,626

				5,624,242
West Virginia — 1.1%
Morgantown Utility Board, Inc., RB, Series B, 4.00%, 12/01/48^(j)		1,891		1,820,496

Wisconsin — 1.2%
Wisconsin Health & Educational Facilities Authority, Refunding RB, Froedtert & Community Health, Inc., Obligated Group, Series C, 5.25%, 04/01/19^(b)(j)		1,989		2,016,423

Total Municipal Bonds Transferred to Tender Option Bond Trusts — 38.0% (Cost — $60,322,966)				60,982,412

Total Long-Term Investments — 171.6% (Cost — $267,972,180)				275,342,342


Security	Shares		Value
Short-Term Securities — 1.2%
BlackRock Liquidity Funds, MuniCash, Institutional Class, 1.45%^(k)(l)		1,859,335	$	1,859,521

Total Short-Term Securities — 1.2% (Cost — $1,859,521)				1,859,521


Total Investments — 172.8% (Cost — $269,831,701)				277,201,863
Liabilities in Excess of Other Assets — (2.5)%				(4,031,020	)
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (23.2)%				(37,185,026	)
VRDP Shares at Liquidation Value, Net of Deferred Offering Costs — (47.1)%				(75,589,227	)

Net Assets Applicable to Common Shares — 100.0%			$	160,396,590

^(a)	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.

^(b)	U.S. Government securities, held in escrow, are used to pay interest on this security, as well as to retire the bond in full at the date indicated, typically at a premium to par.

^(c)	Zero-coupon bond.

^(d)	Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate as of period end.

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

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

^(g)	Non-income producing security.

^(h)	When-issued security.

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

^(j)

All or a portion of security is subject to a recourse agreement. The aggregate maximum potential amount the Trust could ultimately be required to pay under the agreements, which expire between December 1, 2018 to April 1, 2039, $6,074,475. See Note 4 of the Notes to Financial Statements for details.

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

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


Affiliate	Shares Held at 04/30/18		Net Activity			Shares Held at 10/31/18		Value at 10/31/18		Income		Net Realized Gain (Loss)^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds, MuniCash, Institutional Class		2,374,394		(515,059	)		1,859,335	$	1,859,521	$	4,469	$	228	$	—

^(a)

Includes net capital gain distributions, if applicable.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Short Contracts:
10-Year U.S. Treasury Note		7		12/19/18	$	829	$	5,489
Long U.S. Treasury Bond		35		12/19/18		4,834		97,140
5-Year U.S. Treasury Note		9		12/31/18		1,011		5,235

							$	107,864


SCHEDULES OF INVESTMENTS			29

Schedule of Investments (unaudited) (continued)

October 31, 2018

BlackRock Long-Term Municipal Advantage Trust (BTA)

Derivative Financial Instruments Categorized by Risk Exposure

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


	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Net unrealized appreciation^(a)	$	—	$	—	$	—	$	—	$	107,864	$	—	$	107,864

^(a)

For the period ended October 31, 2018, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—	$	—	$	—	$	145,152	$	—	$	145,152

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	—	$	—	$	87,997	$	—	$	87,997

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — short	$	8,897,754

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

Fair Value Hierarchy as of Period End

The following tables summarize the Trust’s investments and derivative financial instruments categorized in the disclosure hierarchy:


	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Long-Term Investments^(a)	$	—	$	275,342,342	$	—	$	275,342,342
Short-Term Securities		1,859,521		—		—		1,859,521

	$	1,859,521	$	275,342,342	$	—	$	277,201,863

Derivative Financial Instruments^(b)
Assets:
Interest rate contracts	$	107,864	$	—	$	—	$	107,864

^(a)

See above Schedule of Investments for values in each state or political subdivision.

^(b)

Derivative financial instruments are futures contracts which are valued at the unrealized appreciation (depreciation) on the instrument.


	Level 1		Level 2			Level 3		Total
Liabilities:
TOB Trust Certificates	$	—	$	(37,048,279	)	$	—	$	(37,048,279	)
VRDP Shares at Liquidation Value		—		(76,000,000	)		—		(76,000,000	)

	$	—	$	(113,048,279	)	$	—	$	(113,048,279	)

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


30		2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited)

October 31, 2018

BlackRock Municipal 2020 Term Trust (BKK)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Municipal Bonds — 98.1%

Alabama — 0.4%
Alabama 21st Century Authority Tobacco Settlement, Refunding RB, Series A, 5.00%, 06/01/20	$	1,000	$	1,039,910
Tuscaloosa City Board of Education, RB, 5.00%, 08/01/20		225		236,012

				1,275,922
Alaska — 2.0%
City of Valdez Alaska, Refunding RB, BP Pipelines Project:
Series B, 5.00%, 01/01/21		3,200		3,368,768
Series C, 5.00%, 01/01/21		2,500		2,631,850

				6,000,618
Arizona — 3.2%
City of Phoenix Arizona IDA, RB, Series A, 4.75%, 07/01/19^(a)		180		181,883
Phoenix Civic Improvement Corp., Refunding RB, Junior Lien, Series A:
5.00%, 07/01/19^(b)		5,585		5,698,934
5.00%, 07/01/20		1,300		1,359,761
Salt Verde Financial Corp., RB, Senior:
5.00%, 12/01/18		1,500		1,503,390
5.25%, 12/01/20		1,000		1,054,560

				9,798,528
California — 5.7%
California Health Facilities Financing Authority, RB, Sutter Health, Series B, 5.00%, 08/15/20^(b)		815		859,727
Los Angeles California Unified School District, GO, Series I, 5.00%, 07/01/20		3,750		3,826,725
Los Angeles Regional Airports Improvement Corp. Facilities Lease, Refunding RB, LAXFuel Corp., Los Angeles International Airport, AMT:
5.00%, 01/01/19		540		542,662
5.00%, 01/01/20		550		567,518
State of California, GO, Refunding, Various Purpose, 5.25%, 10/01/22		1,000		1,114,160
State of California Department of Water Resources, Refunding RB, Series L, 5.00%, 05/01/20		10,000		10,464,600

				17,375,392
Colorado — 1.3%
Adams & Arapahoe Joint School District 28J Aurora, GO, Refunding:
Series A, 5.00%, 12/01/20		690		730,372
Series B, 5.00%, 12/01/20		1,335		1,413,111
Centerra Metropolitan District No. 1, Tax Allocation Bonds, 2.70%, 12/01/19^(a)		493		493,552
Colorado Educational & Cultural Facilities Authority, Refunding RB, Peak to Peak Charter School Project:
4.00%, 08/15/19		125		126,622
4.00%, 08/15/20		150		153,876
Colorado Health Facilities Authority, Refunding RB, Evangelical Lutheran Good Samaritan Society Project:
4.00%, 12/01/19		555		565,301
4.00%, 12/01/20		580		597,284

				4,080,118
Florida — 1.9%
County of Escambia Florida, RB, Gulf Power Co. Project, 1.80%, 04/01/39^(c)		2,500		2,448,625
County of Miami-Dade Florida, Refunding RB, Series A, AMT, 5.00%, 10/01/20		1,375		1,438,291
County of Miami-Dade Florida Expressway Authority, Refunding RB, Toll System, Series A, 5.00%, 07/01/20		500		522,985


Security	Par (000)		Value
Florida (continued)
Stevens Plantation Community Development District, Special Assessment Bonds, Series B, 6.38%, 05/01/13^(d)(e)	$	2,980	$	1,482,550

				5,892,451
Georgia — 2.2%
Gainesville & Hall County Development Authority, Refunding RB, ACTS Retirement — Life Communities, Inc. Obligated Group, 5.00%, 11/15/22		6,240		6,629,002

Guam — 0.5%
Guam Government Waterworks Authority, RB, 5.25%, 07/01/20		250		259,343
Guam Power Authority, Refunding RB, Series A (AGM), 5.00%, 10/01/20		1,190		1,246,834

				1,506,177
Hawaii — 0.9%
State of Hawaii Department of Budget & Finance, Refunding RB, Special Purpose Senior Living, Kahala Nui:
5.00%, 11/15/19		1,275		1,317,623
5.00%, 11/15/20		1,440		1,525,464

				2,843,087
Illinois — 13.4%
Chicago Transit Authority, Refunding RB, 5.00%, 06/01/20		1,000		1,037,540
City of Chicago Illinois Motor Fuel Tax Revenue, Refunding RB, 5.00%, 01/01/20		1,000		1,019,670
City of Chicago Illinois Waterworks Revenue, Refunding RB, 2nd Lien (AGM):
5.00%, 11/01/18^(b)		4,040		4,040,000
5.00%, 11/01/20		960		962,410
Lake Cook-Dane & McHenry Counties Community Unit School District 220 Illinois, GO, Refunding, (AGM), 5.25%, 12/01/20		1,000		1,058,320
Metropolitan Pier & Exposition Authority, Refunding RB, CAB, McCormick, Series A (NPFGC), 0.00%, 06/15/22^(f)		13,455		11,766,263
Railsplitter Tobacco Settlement Authority, RB, 5.25%, 06/01/20		10,000		10,420,200
State of Illinois, GO, 5.00%, 07/01/20		4,055		4,176,853
State of Illinois, RB, Series B:
5.00%, 06/15/19^(b)		515		524,388
5.00%, 06/15/20		1,485		1,510,126
State of Illinois Finance Authority, Refunding RB, Presence Health Network, Series C, 5.00%, 02/15/20		4,145		4,273,578

				40,789,348
Indiana — 0.4%
Indiana Municipal Power Agency, Refunding RB, Series A, 5.00%, 01/01/21		600		634,638
Northern Indiana Commuter Transportation District, RB, 5.00%, 07/01/20		620		649,022

				1,283,660
Kansas — 1.8%
County of Wyandotte Kansas, Kansas City Unified Government, RB, Kansas International Speedway (NPFGC), 0.00%, 12/01/20^(f)		3,150		2,881,210
Kansas Development Finance Authority, Refunding RB, Adventist Health System/Sunbelt Obligated Group, Series C:
5.25%, 11/15/19^(b)		55		56,703
5.25%, 11/15/20		2,445		2,521,455

				5,459,368


SCHEDULES OF INVESTMENTS			31

Schedule of Investments (unaudited) (continued)

October 31, 2018

BlackRock Municipal 2020 Term Trust (BKK)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Kentucky — 1.6%
County of Louisville & Jefferson Kentucky, Refunding RB, Catholic Health Initiatives, Series A:
3.50%, 12/01/20	$	2,115	$	2,152,414
5.00%, 12/01/20		1,430		1,498,454
Kentucky Public Transportation Infrastructure Authority, RB, CAB, 1st Tier Downtown Crossing Project^(f):
0.00%, 07/01/19		255		250,155
0.00%, 07/01/20		1,000		949,640

				4,850,663
Louisiana — 0.1%
City of New Orleans Louisiana, Refunding RB, 5.00%, 12/01/20		400		419,892

Maryland — 1.6%
City of Baltimore Maryland, Refunding, Tax Allocation Bonds:
5.00%, 06/15/19		250		254,605
5.00%, 06/15/20		275		287,447
County of Anne Arundel Maryland Consolidated Special Taxing District, Refunding, Special Tax Bonds, The Villages of Dorchester & Farmington Village Project:
4.00%, 07/01/19		285		288,602
5.00%, 07/01/20		500		522,485
Maryland EDC., RB, Transportation Facilities Project, Series A, 5.13%, 06/01/20^(g)		730		756,046
Maryland EDC, Refunding RB, University of Maryland, College Park Projects (AGM), 4.00%, 06/01/20		640		657,389
Maryland Health & Higher Educational Facilities Authority, Refunding RB:
Charlestown Community, 5.50%, 01/01/21^(g)		1,335		1,424,045
University of Maryland, Medical System, 5.00%, 07/01/19		670		682,723

				4,873,342
Massachusetts — 2.0%
Massachusetts Bay Transportation Authority, Refunding RB, VRDN, General Transportation System, Series A-1 (Barclays Bank PLC SBPA), 1.62%, 03/01/30^(c)		5,000		5,000,000
Massachusetts Educational Financing Authority, RB, Education Loan, Issue I, AMT, 5.00%, 01/01/20		1,000		1,028,700

				6,028,700
Michigan — 4.3%
City of Royal Oak Michigan Hospital Finance Authority, Refunding RB, Series D, 2.25%, 09/01/20		1,500		1,500,510
Kalamazoo Hospital Finance Authority, Refunding RB, Bronson Methodist Hospital, 5.00%, 05/15/20		885		910,532
Lansing Board of Water & Light Utilities, RB, Series A, 3.50%, 07/01/20		1,000		1,022,420
Michigan Finance Authority, Refunding RB, Student Loan, Series 25-A, AMT:
5.00%, 11/01/19		1,940		1,985,726
5.00%, 11/01/20		1,800		1,879,254
Saginaw Valley State University, Refunding RB, General, Series A, 5.00%, 07/01/20		1,000		1,045,140
State of Michigan Building Authority, Refunding RB, Facilities Program:
Series 1-A, 5.00%, 10/15/20		325		342,427
Series 2-A, 4.00%, 10/15/20		1,205		1,246,693
State of Michigan Trunk Line Revenue, Refunding RB:
5.00%, 11/01/20		1,000		1,029,980
5.00%, 11/01/21		2,000		2,059,340

				13,022,022


Security	Par (000)		Value
Mississippi — 0.3%
Mississippi Development Bank, Refunding RB, Series A (AGM), 5.00%, 03/01/20	$	1,035	$	1,070,273

Missouri — 1.2%
City of Kansas City Missouri Airport, Refunding RB, Series A, AMT, 5.00%, 09/01/20		3,000		3,138,240
State of Missouri Health & Educational Facilities Authority, Refunding RB, CoxHealth, Series A, 5.00%, 11/15/20		500		526,700

				3,664,940
Multi-State — 1.7%
Centerline Equity Issuer Trust^(a):
Series A-4-2, 6.00%, 05/15/19		2,500		2,545,850
Series B-3-2, 6.30%, 05/15/19		2,500		2,549,525

				5,095,375
Nebraska — 1.2%
Central Plains Nebraska Energy Project, RB, Gas Project No. 3, 5.00%, 09/01/20		3,500		3,658,060

Nevada — 2.2%
County of Clark Nevada, Refunding, Special Assessment Bonds, Special Improvement District No. 142, 5.00%, 08/01/20		1,115		1,152,252
County of Clark Nevada Department of Aviation, Refunding ARB, Las Vegas McCarran International Airport, Series B:
5.00%, 07/01/19		500		509,430
5.00%, 07/01/20		1,000		1,044,800
Washoe County School District, GO, School Improvement, Series C, 5.00%, 10/01/20		3,695		3,880,674

				6,587,156
New Jersey — 8.3%
County of Atlantic New Jersey, GO, Refunding, 3.00%, 10/01/20		2,740		2,784,963
Garden State Preservation Trust, Refunding RB, Series C (AGM), 5.25%, 11/01/20		1,500		1,581,975
New Jersey EDA, RB, AMT:
Continental Airlines, Inc. Project, 4.88%, 09/15/19		355		361,120
Private Activity Bond, The Goethals Bridge Replacement Project, 5.00%, 07/01/20		250		260,408
New Jersey EDA, Refunding RB:
Cigarette Tax, 5.00%, 06/15/20		2,500		2,592,450
Provident Group Montclair (AGM), 4.00%, 06/01/20		105		107,688
School Facilities, Series GG, 5.00%, 09/01/22		2,000		2,093,460
School Facilities, Series K (AGC), 5.25%, 12/15/20		3,150		3,325,644
New Jersey Educational Facilities Authority, Refunding RB:
Seton Hall University, Series D, 5.00%, 07/01/19		1,060		1,079,917
Seton Hall University, Series D, 5.00%, 07/01/20		650		678,685
University of Medicine & Dentistry, Series B, 6.25%, 12/01/18^(g)		2,500		2,508,925
New Jersey Higher Education Student Assistance Authority, RB, Series 1A, AMT:
5.00%, 12/01/19		2,565		2,630,407
5.00%, 12/01/20		2,900		3,032,791
New Jersey Transportation Trust Fund Authority, RB, 5.00%, 06/15/20		2,000		2,075,260
New Jersey Transportation Trust Fund Authority, Refunding RB, Transportation System, Series A, 5.00%, 06/15/19		250		253,873

				25,367,566
New York — 3.4%
Brooklyn Arena Local Development Corp., Refunding RB, Barclays Center Project, Series A, 5.00%, 07/15/20		330		344,108
Build NYC Resource Corp., Refunding RB, Pratt Paper NY, Inc. Project, AMT, 3.75%, 01/01/20^(a)		305		307,669


32		2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

October 31, 2018

BlackRock Municipal 2020 Term Trust (BKK)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
New York (continued)
Chautauqua Tobacco Asset Securitization Corp., Refunding RB:
5.00%, 06/01/19	$	400	$	407,120
5.00%, 06/01/20		450		470,893
New York State Energy Research & Development Authority, Refunding RB, Electric & Gas Corp. Project, Series B, 2.00%, 02/01/29^(c)		3,000		2,976,360
New York State Thruway Authority, Refunding RB, General, Series I, 5.00%, 01/01/20		875		904,207
New York Transportation Development Corp., Refunding RB, American Airlines, Inc., AMT, 5.00%, 08/01/20		3,500		3,618,720
Port Authority of New York & New Jersey, ARB, JFK International Air Terminal LLC Project, Series 8, 5.00%, 12/01/20		1,040		1,071,377
TSASC, Inc., Refunding RB, Senior, Series A, 5.00%, 06/01/20		230		238,671

				10,339,125
North Carolina — 2.1%
North Carolina Eastern Municipal Power Agency, Refunding RB, Series B, 5.00%, 01/01/19^(b)		1,400		1,407,280
North Carolina Municipal Power Agency No. 1, Refunding RB, Series B, 5.00%, 01/01/20		5,000		5,163,950

				6,571,230
Ohio — 0.9%
State of Ohio, RB, Portsmouth Bypass Project, AMT:
5.00%, 06/30/19		945		960,234
5.00%, 12/31/19		830		852,858
5.00%, 06/30/20		1,000		1,038,070

				2,851,162
Oklahoma — 0.4%
County of Tulsa Oklahoma Industrial Authority, RB, Broken Arrow Public School, 4.00%, 09/01/22		1,100		1,164,020

Pennsylvania — 9.1%
Chester County Health & Education Facilities Authority, Refunding RB, Simpson Senior Services, Series A:
4.00%, 12/01/19		840		845,015
4.00%, 12/01/20		870		876,377
City of Philadelphia PA Airport Revenue, Refunding RB, AMT, Series B, 5.00%, 07/01/20		1,450		1,514,714
Commonwealth of Pennsylvania, GO, Refunding First Series, 5.00%, 08/15/20		1,000		1,047,670
Cumberland County Municipal Authority, Refunding RB, Diakon Lutheran Social Project, 4.00%, 01/01/20		1,000		1,015,690
Lancaster IDA, Refunding RB, Garden Spot Village Project, 5.00%, 05/01/19		1,300		1,316,536
Montgomery County IDA, Refunding RB, Albert Einstein Healthcare, Series A, 5.00%, 01/15/20		1,400		1,433,110
Pennsylvania Economic Development Financing Authority, RB, Pennsylvania Rapid Bridge Replacement Project:
5.00%, 12/31/20		3,830		4,008,057
AMT, 5.00%, 06/30/20		295		305,791
Pennsylvania Economic Development Financing Authority, Refunding RB, Amtrak Project, Series A, AMT, 4.00%, 11/01/20		2,175		2,230,462
Pennsylvania Higher Educational Facilities Authority, RB, Shippensburg University Student Services^(g):
4.00%, 10/01/19		1,165		1,177,349
4.00%, 10/01/20		1,210		1,239,415
Pennsylvania Higher Educational Facilities Authority, Refunding RB, Series A:
Drexel University, 5.00%, 05/01/20^(g)		1,480		1,541,154
Drexel University, 5.00%, 05/01/20		95		98,753


Security	Par (000)		Value
Pennsylvania (continued)
University Properties, Inc., 4.00%, 07/01/19	$	230	$	231,842
University Properties, Inc., 4.00%, 07/01/20		450		457,308
Widener University, 5.00%, 07/15/20		600		624,012
Pennsylvania Housing Finance Agency, Refunding RB, S/F Housing Mortgage, Series 115A, AMT:
2.30%, 10/01/19		460		459,581
2.55%, 04/01/20		850		850,340
2.65%, 10/01/20		865		865,796
Pennsylvania IDA, Refunding RB, Economic Development, 5.00%, 07/01/20		1,500		1,567,710
Pennsylvania Turnpike Commission, RB, Sub-Series A (AGC), 5.00%, 06/01/19^(b)		1,000		1,017,680
State Public School Building Authority, RB, Community College Allegheny County Project (AGM), 5.00%, 07/15/20		995		1,040,083
Swarthmore Borough Authority, Refunding RB, Swarthmore College Project, 5.00%, 09/15/20		350		368,634
Township of East Hempfield Pennsylvania IDA, RB, Student Services, Inc., Student Housing Project:
4.00%, 07/01/19		360		363,380
4.00%, 07/01/20		465		473,919
Westmoreland County Municipal Authority, Refunding RB, (BAM):
5.00%, 08/15/19		335		342,444
3.00%, 08/15/20		110		111,279
5.00%, 08/15/20		355		371,476

				27,795,577
Rhode Island — 3.0%
Rhode Island Commerce Corp., Refunding RB, Rhode Island Department of Transportation, Series A, 5.00%, 06/15/20		3,465		3,620,128
Rhode Island Health & Educational Building Corp., Refunding RB, Hospital Financing, LifeSpan Obligation, 5.00%, 05/15/20		1,500		1,554,315
Rhode Island Student Loan Authority, RB, Student Loan Program, Senior Series A, AMT, 5.00%, 12/01/20		3,850		4,016,782

				9,191,225
South Carolina — 0.7%
South Carolina State Ports Authority, RB, 5.00%, 07/01/20^(g)		2,000		2,092,960

Tennessee — 0.2%
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Refunding RB, Lipscomb Revenue Project, Series A:
4.00%, 10/01/19		240		243,511
5.00%, 10/01/20		325		339,713

				583,224
Texas — 15.3%
Central Texas Regional Mobility Authority, Refunding RB, Senior Lien:
5.75%, 01/01/19^(g)		605		608,799
5.75%, 01/01/19		195		196,113
5.00%, 01/01/20		620		638,519
5.75%, 01/01/20		1,140		1,183,799
Central Texas Turnpike System, RB, CAB (AMBAC)^(f):
0.00%, 08/15/21^(g)		1,825		1,707,160
Series A, 0.00%, 08/15/21		6,165		5,738,444
Central Texas Turnpike System, Refunding RB, Series A, 5.00%, 08/15/42^(c)		1,000		1,036,480
City of Houston Texas Airport System Revenue, Refunding RB:
Series B-2, AMT, 5.00%, 07/15/20		3,000		3,093,180
Subordinate Lien, Series B, 5.00%, 07/01/20		250		261,200


SCHEDULES OF INVESTMENTS			33

Schedule of Investments (unaudited) (continued)

October 31, 2018

BlackRock Municipal 2020 Term Trust (BKK)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Texas (continued)
United Airlines, Inc. Terminal E Project, AMT, 4.50%, 07/01/20	$	5,000	$	5,111,650
Love Field Airport Modernization Corp., RB, Southwest Airlines Co., Love Field Modernization Program Project, 5.00%, 11/01/20		3,715		3,897,072
Lower Colorado River Authority, Refunding RB, LCRA Transmission Corp. Project, Series B, 5.00%, 05/15/20		5,000		5,210,300
New Hope Cultural Education Facilities Corp., RB, Stephenville LLC Tarleton State University Project, Series A:
4.00%, 04/01/19		345		346,935
4.00%, 04/01/20		415		421,619
4.00%, 04/01/20		585		594,331
4.00%, 04/01/20		180		182,871
North Texas Tollway Authority, Refunding RB, Series C:
5.25%, 01/01/19^(b)		815		819,320
5.38%, 01/01/19^(b)		4,060		4,082,330
5.25%, 01/01/20		185		185,968
5.38%, 01/01/21		940		944,888
State of Texas, RB, 4.00%, 08/29/19		5,000		5,079,100
Texas Municipal Gas Acquisition & Supply Corp. III, RB, Natural Gas Utility Improvements, 5.00%, 12/15/20		5,000		5,251,050

				46,591,128
Virginia — 1.5%
City of Norfolk Virginia Water Revenue, Refunding RB, 5.00%, 11/01/20		2,000		2,112,060
Roanoke EDA, Refunding RB, Carilion Clinic Obligation Group, 5.00%, 07/01/20		1,500		1,567,710
Virginia College Building Authority, Refunding RB, Marymount University Project, Series A^(a):
5.00%, 07/01/19		425		430,810
5.00%, 07/01/20		335		345,120

				4,455,700
Washington — 2.4%
County of Snohomish Washington Everett School District No. 2, GO, Refunding, 5.00%, 12/01/20		2,625		2,776,935
Washington Health Care Facilities Authority, Refunding RB, Providence Health & Services, Series B:
5.00%, 10/01/20		250		262,755
5.00%, 10/01/42^(c)		4,000		4,295,600

				7,335,290


Security	Par (000)		Value
Wisconsin — 0.9%
State of Wisconsin, Refunding RB, General, Series A, 5.25%, 05/01/20	$	1,000	$	1,016,500
Wisconsin Health & Educational Facilities Authority, Refunding RB:
Froedtert & Community Health, Inc., Series C, 5.00%, 04/01/19^(b)		1,515		1,534,301
ThedaCare, Inc., 5.00%, 12/15/20		250		262,870

				2,813,671

Total Long-Term Investments — 98.1% (Cost — $297,064,459)				299,355,972


	Shares
Short-Term Securities — 0.4%
BlackRock Liquidity Funds, MuniCash, Institutional Class, 1.45%^(h)(i)		1,295,861		1,295,990


Total Short-Term Securities — 0.4% (Cost — $1,295,908)				1,295,990


Total Investments — 98.5% (Cost — $298,360,367)				300,651,962
Other Assets Less Liabilities — 1.5%				4,464,767

Net Assets Applicable to Common Shares — 100.0%			$	305,116,729

^(a)	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.

^(b)	U.S. Government securities, held in escrow, are used to pay interest on this security, as well as to retire the bond in full at the date indicated, typically at a premium to par.

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

^(d)	Non-income producing security.

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

^(f)	Zero-coupon bond.

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

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

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


Affiliate	Shares Held at 04/30/18		Net Activity		Shares Held at 10/31/18		Value at 10/31/18		Income		Net Realized Gain (Loss)^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds, MuniCash, Institutional Class		—		1,295,861		1,295,861	$	1,295,990	$	21,561	$	14	$	82

^(a)

Includes net capital gain distributions, if applicable.


34		2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

October 31, 2018

BlackRock Municipal 2020 Term Trust (BKK)

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments. For information about the Trust’s policy regarding valuation of investments, refer to the Notes to Financial Statements.

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


	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Long-Term Investments^(a)	$	—	$	299,355,972	$	—	$	299,355,972
Short-Term Securities		1,295,990		—		—		1,295,990

	$	1,295,990	$	299,355,972	$	—	$	300,651,962

^(a)

See above Schedule of Investments for values in each state or political subdivision.

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

See notes to financial statements.


SCHEDULES OF INVESTMENTS			35

Schedule of Investments (unaudited)

October 31, 2018

BlackRock Municipal Income Trust (BFK)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Municipal Bonds — 129.4%

Alabama — 3.2%
County of Jefferson Alabama Sewer, Refunding RB:
Senior Lien, Series A (AGM):
5.00%, 10/01/44	$	1,555	$	1,662,279
5.25%, 10/01/48		2,275		2,453,997
Sub-Lien, Series D:
6.00%, 10/01/42		5,740		6,480,804
7.00%, 10/01/51		1,765		2,083,971
Lower Alabama Gas District, RB, Series A, 5.00%, 09/01/46		2,110		2,362,989
State of Alabama Docks Department, Refunding RB, 6.00%, 10/01/20^(a)		4,080		4,376,086

				19,420,126
Arizona — 3.8%
City of Phoenix Arizona IDA, RB, Legacy Traditional Schools Projects, Series A, 5.00%, 07/01/46^(b)		3,400		3,406,188
Salt Verde Financial Corp., RB, Senior:
5.00%, 12/01/32		10,030		11,368,002
5.00%, 12/01/37		7,460		8,459,491

				23,233,681
California — 12.6%
Bay Area Toll Authority, Refunding RB, San Francisco Bay Area Toll Bridge, Series F-1, 5.63%, 04/01/19^(a)		4,445		4,517,676
California Health Facilities Financing Authority, RB, Sutter Health, Series B, 6.00%, 08/15/20^(a)		6,230		6,680,865
California Health Facilities Financing Authority, Refunding RB, St. Joseph Health System, Series A, 5.00%, 07/01/33		2,465		2,690,326
California Municipal Finance Authority, RB, Senior, Caritas Affordable Housing, Inc. Projects, S/F Housing, Series A:
5.25%, 08/15/39		290		312,110
5.25%, 08/15/49		715		765,672
California Municipal Finance Authority, Refunding RB, Community Medical Centers, Series A:
5.00%, 02/01/36		640		695,789
5.00%, 02/01/37		480		520,070
California Pollution Control Financing Authority, RB, Poseidon Resources (Channel Side) LP Desalination Project, AMT, 5.00%, 11/21/45^(b)		2,970		3,057,882
California Statewide Communities Development Authority, RB, Loma Linda University Medical Center, Series A^(b):
5.00%, 12/01/41		1,030		1,050,796
5.00%, 12/01/46		885		900,036
City of Los Angeles California Department of Airports, Refunding ARB, Los Angeles International Airport, Series A:
Senior, 5.00%, 05/15/40		11,690		12,115,048
5.25%, 05/15/39		1,560		1,584,788
City of Stockton California Public Financing Authority, RB, Delta Water Supply Project, Series A, 6.25%, 10/01/40		690		797,868
County of Riverside Transportation Commission, RB, CAB, Senior Lien, Series B^(c):
0.00%, 06/01/41		5,000		1,794,450
0.00%, 06/01/42		6,000		2,053,080
0.00%, 06/01/43		5,000		1,630,900
Golden State Tobacco Securitization Corp., Refunding RB, Series A-1, 5.25%, 06/01/47		1,965		1,975,729
San Marcos Unified School District, GO, CAB, Election of 2010, Series B^(c):
0.00%, 08/01/34		3,500		1,893,360
0.00%, 08/01/36		4,000		1,960,040


Security	Par (000)		Value
California (continued)
State of California, GO, Various Purposes:
6.50%, 04/01/19^(a)	$	11,055	$	11,277,316
6.00%, 03/01/33		4,970		5,236,988
6.50%, 04/01/33		9,355		9,527,413
State of California Public Works Board, LRB, Various Capital Projects:
Series I, 5.00%, 11/01/38		1,495		1,629,894
Sub-Series I-1, 6.38%, 11/01/19^(a)		2,315		2,421,328

				77,089,424
Colorado — 0.7%
Colorado Health Facilities Authority, Refunding RB, Catholic Health Initiative, Series A, 5.50%, 07/01/34		4,205		4,298,898

Connecticut — 0.4%
Connecticut State Health & Educational Facility Authority, RB, Ascension Health Senior Credit, Series A, 5.00%, 11/15/40		2,710		2,774,064

Delaware — 2.5%
County of Sussex Delaware, RB, NRG Energy, Inc., Indian River Power LLC Project, 6.00%, 10/01/40		2,225		2,353,116
Delaware Transportation Authority, RB, U.S. 301 Project, 5.00%, 06/01/55		2,280		2,448,902
State of Delaware EDA, RB, Exempt Facilities, Indian River Power LLC Project, 5.38%, 10/01/45		10,080		10,456,992

				15,259,010
District of Columbia — 5.1%
District of Columbia, Refunding RB:
Georgetown University, 5.00%, 04/01/35		865		956,180
Georgetown University Issue, 5.00%, 04/01/42		1,005		1,094,143
Kipp Charter School, Series A, 6.00%, 07/01/23^(a)		1,480		1,715,128
District of Columbia Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, 6.75%, 05/15/40		23,035		23,835,466
Metropolitan Washington Airports Authority, Refunding RB, Dulles Toll Road, 1st Senior Lien, Series A:
5.00%, 10/01/39		990		1,011,295
5.25%, 10/01/44		2,465		2,522,878

				31,135,090
Florida — 2.8%
County of Collier Florida Health Facilities Authority, Refunding RB, Series A, 5.00%, 05/01/45		2,620		2,744,162
County of Miami-Dade Florida Aviation, Refunding ARB, Miami International Airport, Series A-1, 5.38%, 10/01/20^(a)		2,280		2,416,663
County of Orange Florida Health Facilities Authority, Refunding RB, Mayflower Retirement Center:
5.00%, 06/01/32		600		619,014
5.00%, 06/01/36		125		128,464
5.13%, 06/01/42		1,925		1,974,684
Mid-Bay Florida Bridge Authority, RB, Springing Lien, Series A, 7.25%, 10/01/21^(a)		5,885		6,678,121
Stevens Plantation Community Development District, RB, Special Assessment, Series A, 7.10%, 05/01/35^(d)(e)		3,395		2,716,000

				17,277,108
Georgia — 2.0%
City of Atlanta Georgia Water & Wastewater Revenue, Refunding RB, 5.00%, 11/01/40		1,910		2,094,983
County of Dalton Whitfield Joint Development Authority, RB, Hamilton Health Care System Obligation, 4.00%, 08/15/48		7,225		7,064,533
County of Gainesville Georgia & Hall Hospital Authority, Refunding RB, Northeast Georgia Health System, Inc. Project, Series A (GTD), 5.50%, 08/15/54		1,010		1,127,261


36		2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

October 31, 2018

BlackRock Municipal Income Trust (BFK)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Georgia (continued)
DeKalb Georgia Private Hospital Authority, Refunding RB, Children’s Healthcare, 5.25%, 11/15/39	$	1,650	$	1,696,794

				11,983,571
Hawaii — 0.4%
State of Hawaii Harbor System, RB, Series A, 5.25%, 07/01/30		2,660		2,782,387

Idaho — 0.3%
Idaho Health Facilities Authority, RB, Trinity Health Credit Group, Series A, 5.00%, 12/01/46		1,485		1,593,034

Illinois — 19.2%
Chicago Board of Education, GO, Refunding Dedicated Revenues:
Series H, 5.00%, 12/01/36		920		927,314
Project, Series C, 5.25%, 12/01/35		2,905		2,957,784
Chicago Board of Education, GO, Refunding, Series D, 5.00%, 12/01/25		1,650		1,708,592
Chicago Board of Education, GO, Dedicated Revenues:
Series F, 5.00%, 12/01/22		1,250		1,296,588
Series G, 5.00%, 12/01/34		915		925,614
City of Chicago Illinois, GO, Project, Series A, 5.00%, 01/01/34		3,440		3,504,225
City of Chicago Illinois, GO, Refunding, Project, Series A:
5.25%, 01/01/32		6,155		6,419,911
5.00%, 01/01/34		2,500		2,568,475
City of Chicago Illinois O’Hare International Airport, GARB, 3rd Lien, Series C, 6.50%, 01/01/21^(a)		11,385		12,418,644
City of Chicago Illinois Transit Authority, RB, Sales Tax Receipts, 5.25%, 12/01/40		2,055		2,157,873
City of Chicago Illinois Waterworks, Refunding RB, 2nd Lien Project, 5.00%, 11/01/42		2,000		2,083,700
County of Cook Illinois Community College District No. 508, GO, City College of Chicago, 5.50%, 12/01/38		1,525		1,585,085
Illinois Finance Authority, RB:
Advocate Health Care Network, Series C, 5.38%, 04/01/19^(a)		5,010		5,080,491
Advocate Health Care Network, Series C, 5.38%, 04/01/19^(a)		5,620		5,699,073
Chicago LLC, University of Illinois at Chicago Project, Series A, 5.00%, 02/15/47		405		425,234
Chicago LLC, University of Illinois at Chicago Project, Series A, 5.00%, 02/15/50		205		214,479
Illinois Finance Authority, Refunding RB:
Ascension Health, Series A, 5.00%, 11/15/37		1,895		2,016,659
Central Dupage Health, Series B, 5.50%, 11/01/19^(a)		3,160		3,266,745
Metropolitan Pier & Exposition Authority, Refunding RB, McCormick Place Expansion Project:
Series B (AGM), 5.00%, 06/15/50		14,710		15,086,576
Series B-2, 5.00%, 06/15/50		3,905		3,906,601
Railsplitter Tobacco Settlement Authority, RB^(a):
5.50%, 06/01/21		885		955,543
6.00%, 06/01/21		2,245		2,451,922
State of Illinois, GO, Series A:
5.00%, 02/01/39		2,990		3,007,581
5.00%, 04/01/38		9,030		9,143,688
State of Illinois, RB, Build Illinois, Series B, 5.25%, 06/15/19^(a)		1,240		1,264,887
State of Illinois, GO, Refunding:
5.00%, 10/01/30		10,400		10,627,968
Series B, 5.00%, 10/01/28		1,965		2,030,100
State of Illinois Toll Highway Authority, RB, Series C:
Senior, 5.00%, 01/01/36		5,095		5,535,819
5.00%, 01/01/37		5,455		5,911,202


Security	Par (000)		Value
Illinois (continued)
University of Illinois, RB, Auxiliary Facilities System, Series A, 5.00%, 04/01/44	$	1,910	$	2,032,679

				117,211,052
Indiana — 3.9%
City of Valparaiso Indiana, RB, Exempt Facilities, Pratt Paper LLC Project, AMT:
6.75%, 01/01/34		1,525		1,741,718
7.00%, 01/01/44		3,680		4,223,463
Indiana Finance Authority, RB, Series A:
CWA Authority Project, 1st Lien, 5.25%, 10/01/38		6,305		6,739,667
Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.00%, 07/01/44		880		921,254
Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.00%, 07/01/48		2,905		3,033,604
Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.25%, 01/01/51		790		831,933
Sisters of St. Francis Health Services, 5.25%, 11/01/19^(a)		1,655		1,706,851
Indiana Municipal Power Agency, RB, Series B, 6.00%, 01/01/19^(a)		2,150		2,164,620
Indianapolis Local Public Improvement Bond Bank, RB, Series A, 5.00%, 01/15/40		2,490		2,705,684

				24,068,794
Iowa — 1.7%
Iowa Finance Authority, Refunding RB, Iowa Fertilizer Co. Project:
Series B, 5.25%, 12/01/50^(f)		5,515		5,856,489
Midwestern Disaster Area:
5.50%, 12/01/22		15		15,028
5.25%, 12/01/25		2,125		2,244,956
5.88%, 12/01/26^(b)		805		845,926
Iowa Student Loan Liquidity Corp., Refunding RB, Student Loan, Senior Series A-1, AMT, 5.15%, 12/01/22		1,390		1,430,491

				10,392,890
Kentucky — 1.1%
Kentucky Economic Development Finance Authority, RB, Catholic Health Initiatives, Series A, 5.25%, 01/01/45		1,915		2,013,374
Kentucky Economic Development Finance Authority, Refunding RB, Louisville Arena Authority, Inc. (AGM), 5.00%, 12/01/45		2,515		2,716,778
Kentucky Public Transportation Infrastructure Authority, RB, Downtown Crossing Project, Convertible CAB, 1st Tier, Series C, 6.75%, 07/01/43^(g)		2,325		2,127,840

				6,857,992
Louisiana — 3.4%
Louisiana Local Government Environmental Facilities & Community Development Authority, RB, Westlake Chemical Corp. Project, Series A-1, 6.50%, 11/01/35		6,535		7,006,762
Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, Series A:
5.50%, 05/15/30		1,980		2,056,765
5.25%, 05/15/31		1,690		1,780,060
5.25%, 05/15/32		2,160		2,302,430
5.25%, 05/15/33		2,345		2,482,745
5.25%, 05/15/35		4,985		5,275,626

				20,904,388
Maryland — 1.3%
Maryland EDC, RB, Transportation Facilities Project, Series A, 5.75%, 06/01/20^(a)		855		903,521
Maryland EDC, Refunding RB, CNX Marine Terminals, Inc., 5.75%, 09/01/25		1,440		1,486,800


SCHEDULES OF INVESTMENTS			37

Schedule of Investments (unaudited) (continued)

October 31, 2018

BlackRock Municipal Income Trust (BFK)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Maryland (continued)
Maryland Health & Higher Educational Facilities Authority, RB, Trinity Health Credit Group, Series 2017, 5.00%, 12/01/46	$	840	$	921,572
Maryland Health & Higher Educational Facilities Authority, Refunding RB, Charlestown Community Project, 6.25%, 01/01/21^(a)		4,295		4,649,080

				7,960,973
Massachusetts — 0.4%
Massachusetts Health & Educational Facilities Authority, Refunding RB, Partners Healthcare System, Series J1, 5.00%, 07/01/19^(a)		2,535		2,586,714

Michigan — 2.8%
City of Detroit Michigan Sewage Disposal System, Refunding RB, Senior Lien, Series A, 5.25%, 07/01/39		8,665		9,172,596
City of Lansing Michigan, RB, Board of Water & Light Utilities System, Series A, 5.50%, 07/01/41		2,870		3,088,149
Kalamazoo Hospital Finance Authority, Refunding RB, Bronson Methodist Hospital:
5.50%, 05/15/20^(a)		1,490		1,563,159
5.50%, 05/15/36		1,210		1,257,843
Michigan Finance Authority, Refunding RB, Detroit Water & Sewage Department Project, Senior Lien, Series C-1, 5.00%, 07/01/44		1,710		1,807,658

				16,889,405
Minnesota — 1.0%
Duluth Economic Development Authority, Refunding RB, Essentia Health Obligated Group, Series A^(h):
4.25%, 02/15/48		2,030		1,938,203
5.25%, 02/15/53		4,060		4,330,031

				6,268,234
Missouri — 1.4%
Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Refunding RB, Combined Lien, Series A, 5.00%, 10/01/44		495		536,432
State of Missouri Health & Educational Facilities Authority, RB, Senior Living Facilities, Lutheran Senior Services, 5.50%, 02/01/42		2,035		2,080,116
State of Missouri Health & Educational Facilities Authority, Refunding RB:
Mercy Health, Series C, 5.00%, 11/15/47		5,230		5,668,640
St. Louis College of Pharmacy Project, 5.50%, 05/01/43		480		504,528

				8,789,716
Nebraska — 1.4%
Central Plains Nebraska Energy Project, RB, Gas Project No. 3:
5.25%, 09/01/37		1,610		1,744,338
5.00%, 09/01/42		2,815		3,024,577
County of Douglas Nebraska Hospital Authority No. 2, Refunding RB, Health Facilities, Immanuel Obligation Group, 5.63%, 01/01/40		3,280		3,378,367
County of Lancaster Nebraska Hospital Authority No. 1, Refunding RB, Immanuel Obligation Group, Health Facilities, 5.63%, 01/01/40		600		617,994

				8,765,276
New Hampshire — 0.7%
New Hampshire Business Finance Authority, Refunding RB, Resource Recovery, Covanta Project^(b):
Series B, 4.63%, 11/01/42		3,055		2,958,156
Series C, AMT, 4.88%, 11/01/42		1,585		1,546,675

				4,504,831


Security	Par (000)		Value
New Jersey — 9.6%
Casino Reinvestment Development Authority, Refunding RB:
5.25%, 11/01/39	$	3,280	$	3,459,154
5.25%, 11/01/44		2,980		3,134,692
County of Essex New Jersey Improvement Authority, RB, AMT, 5.25%, 07/01/45^(b)		2,115		2,121,514
County of Middlesex New Jersey Improvement Authority, RB, Heldrich Center Hotel, Sub-Series B, 6.25%, 01/01/37^(d)(e)		3,680		38,640
New Jersey EDA, RB, AMT:
Continental Airlines, Inc. Project:
4.88%, 09/15/19		430		437,413
5.25%, 09/15/29		3,830		4,104,151
Series B, 5.63%, 11/15/30		2,035		2,258,728
Goethals Bridge Replacement Project, Private Activity Bond, 5.38%, 01/01/43		2,285		2,444,447
New Jersey EDA, Refunding ARB, Port Network Container Terminal LLC Project, AMT, 5.00%, 10/01/47		2,905		3,010,568
New Jersey EDA, Refunding RB, Special Assessment, Kapkowski Road Landfill Project, 6.50%, 04/01/28		8,000		9,107,760
New Jersey State Turnpike Authority, RB:
Series A, 5.00%, 01/01/43		3,035		3,247,268
Series E, 5.00%, 01/01/45		5,095		5,482,984
New Jersey Transportation Trust Fund Authority, RB:
Transportation Program:
Series AA, 5.00%, 06/15/44		1,320		1,358,320
Series AA, 5.00%, 06/15/44		2,445		2,509,719
Series A, 5.50%, 06/15/41		8,000		8,349,920
Series B, 5.25%, 06/15/36		4,810		5,007,739
Tobacco Settlement Financing Corp., Refunding RB:
Series A, 5.25%, 06/01/46		1,070		1,131,001
Sub-Series B, 5.00%, 06/01/46		1,515		1,534,513

				58,738,531
New York — 10.6%
City of New York Transitional Finance Authority Future Tax Secured, RB, Fiscal 2012, Sub-Series E-1, 5.00%, 02/01/42		4,805		5,084,747
Counties of New York Tobacco Trust II, RB, Settlement Pass-Through, 5.75%, 06/01/43		840		852,718
Counties of New York Tobacco Trust IV, Refunding RB, Settlement Pass-Through Turbo, Series A, 6.25%, 06/01/41^(b)		3,600		3,704,328
Counties of New York Tobacco Trust VI, Refunding RB, Tobacco Settlement Pass-Through, Series B, 5.00%, 06/01/45		9,395		9,785,456
County of Westchester New York Healthcare Corp., RB, Senior Lien, Series A, 5.00%, 11/01/44		1,688		1,758,786
Metropolitan Transportation Authority, RB, Series B:
5.25%, 11/15/38		4,640		5,104,186
5.25%, 11/15/39		1,650		1,814,191
Metropolitan Transportation Authority, Refunding RB, Series C-1, 5.25%, 11/15/56		6,550		7,154,892
New York Liberty Development Corp., Refunding RB:
2nd Priority, Bank of America Tower at One Bryant Park Project, Class 3, 6.38%, 07/15/49		2,400		2,493,696
3 World Trade Center Project^(b):
Class 1, 5.00%, 11/15/44		7,830		8,018,155
Class 2, 5.15%, 11/15/34		660		680,335
Class 2, 5.38%, 11/15/40		1,655		1,704,319
New York State Dormitory Authority, Refunding RB, Series D, 5.00%, 02/15/37		6,655		7,096,226
New York Transportation Development Corp., ARB, LaGuardia Airport Terminal B Redevelopment Project, Series A, AMT, 5.00%, 07/01/46		1,165		1,212,078


38		2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

October 31, 2018

BlackRock Municipal Income Trust (BFK)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
New York (continued)
New York Transportation Development Corp., Refunding ARB, American Airlines, Inc., AMT:
5.00%, 08/01/26	$	1,080	$	1,123,178
5.00%, 08/01/31		2,585		2,667,772
Port Authority of New York & New Jersey, ARB, Special Project, JFK International Air Terminal LLC Project, Series 8:
6.00%, 12/01/36		2,525		2,706,749
6.00%, 12/01/42		1,960		2,098,592

				65,060,404
North Carolina — 0.7%
North Carolina Medical Care Commission, RB, Health Care Facilities, Duke University Health System, Series A, 5.00%, 06/01/19^(a)		2,750		2,799,583
North Carolina Medical Care Commission, Refunding RB, 1st Mortgage, Retirement Facilities Whitestone Project, Series A, 7.75%, 03/01/21^(a)		1,130		1,267,001

				4,066,584
North Dakota — 0.3%
County of Cass North Dakota, Refunding RB, Essentia Health Obligated Group, Series B, 5.25%, 02/15/58^(h)		1,885		1,983,906

Ohio — 3.5%
Buckeye Tobacco Settlement Financing Authority, RB, Asset-Backed, Senior Turbo Term, Series A-2, 5.88%, 06/01/47		5,550		5,388,994
County of Allen Ohio Hospital Facilities Revenue, Refunding RB, Catholic Healthcare Partners, Series A, 5.25%, 06/01/20^(a)		6,125		6,410,609
County of Franklin Ohio, RB:
Health Care Facilities Improvement, OPRS Communities Obligation Group, Series A, 6.13%, 07/01/40		1,280		1,369,958
Trinity Health Credit Group, Series 2017, 5.00%, 12/01/46		800		858,200
County of Montgomery Ohio, Refunding RB, Catholic Health:
5.00%, 05/01/19^(a)		1,905		1,933,137
Series A, 5.00%, 05/01/39		3,545		3,571,694
State of Ohio, RB, Portsmouth Bypass Project, AMT, 5.00%, 06/30/53		1,585		1,656,056

				21,188,648
Oklahoma — 1.7%
City of Oklahoma Turnpike Authority, RB, Series A, 4.00%, 01/01/48		4,065		4,002,846
Oklahoma Development Finance Authority, RB, OU Medicine Project, Series B, 5.25%, 08/15/48		2,350		2,488,110
Oklahoma Turnpike Authority, RB, 2nd Series C, 4.00%, 01/01/42		3,845		3,833,311

				10,324,267
Pennsylvania — 2.4%
City of Philadelphia Pennsylvania Airport Revenue, Refunding ARB, Series B, AMT, 5.00%, 07/01/47		910		971,225
City of Philadelphia Pennsylvania Hospitals & Higher Education Facilities Authority, RB, Temple University Health System, Series A, 5.63%, 07/01/42		1,240		1,302,794
Commonwealth Financing Authority, RB, Tobacco Master Settlement Payment:
5.00%, 06/01/33		210		230,603
5.00%, 06/01/34		275		301,053


Security	Par (000)		Value
Pennsylvania (continued)
County of Montgomery Higher Education & Health Authority, Refunding RB, Thomas Jefferson University, Series A:
4.00%, 09/01/49	$	1,135	$	1,080,815
5.00%, 09/01/43		2,505		2,706,828
Pennsylvania Economic Development Financing Authority, RB:
AMT, 5.00%, 06/30/42		1,660		1,733,970
Aqua Pennsylvania, Inc. Project, Series B, 5.00%, 11/15/40		3,725		3,823,489
Pennsylvania Turnpike Commission, RB, Series A, 5.00%, 12/01/44		2,155		2,308,651

				14,459,428
Puerto Rico — 1.2%
Children’s Trust Fund, Refunding RB, Tobacco Settlement Asset-Backed Bonds:
5.50%, 05/15/39		3,690		3,742,398
5.63%, 05/15/43		3,520		3,567,907

				7,310,305
Rhode Island — 2.3%
Tobacco Settlement Financing Corp., Refunding RB:
Series A, 5.00%, 06/01/35		3,060		3,219,120
Series B, 4.50%, 06/01/45		5,175		5,103,740
Series B, 5.00%, 06/01/50		5,765		5,910,912

				14,233,772
South Carolina — 4.7%
State of South Carolina Ports Authority, ARB:
5.25%, 07/01/20^(a)		6,455		6,781,236
AMT, 5.25%, 07/01/55		2,525		2,723,213
State of South Carolina Public Service Authority, RB, Santee Cooper, Series A, 5.50%, 12/01/54		12,065		12,782,264
State of South Carolina Public Service Authority, Refunding RB, Series E, 5.25%, 12/01/55		6,140		6,496,427

				28,783,140
Tennessee — 0.7%
City of Chattanooga Health Educational & Housing Facility Board, RB, Catholic Health Initiatives, Series A, 5.25%, 01/01/45		2,660		2,796,644
County of Nashville & Davidson Metropolitan Government Health & Educational Facilities Board, RB, Vanderbilt University Medical Center, Series A, 5.00%, 07/01/40		1,350		1,441,031

				4,237,675
Texas — 15.0%
Central Texas Regional Mobility Authority, Refunding RB:
Senior Lien, 6.25%, 01/01/21^(a)		4,210		4,557,072
Sub-Lien, 5.00%, 01/01/33		700		741,160
City of Austin Texas Airport System, ARB, AMT, 5.00%, 11/15/39		385		414,002
City of Houston Texas Combined Utility System, Refunding RB, Combined 1st Lien, Series A (AGC)^(a):
6.00%, 05/15/19		15,560		15,896,874
6.00%, 05/15/19		865		883,961
County of Fort Bend Texas Industrial Development Corp., RB, NRG Energy Inc. Project, Series B, 4.75%, 11/01/42		470		477,003
County of Harris Texas Cultural Education Facilities Finance Corp., RB, 1st Mortgage, Brazos Presbyterian Homes, Inc. Project, Series B^(a):
7.00%, 01/01/23		380		447,207
7.00%, 01/01/23		500		588,430


SCHEDULES OF INVESTMENTS			39

Schedule of Investments (unaudited) (continued)

October 31, 2018

BlackRock Municipal Income Trust (BFK)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Texas (continued)
County of Harris Texas-Houston Sports Authority, Refunding RB^(c):
3rd Lien, Series A (NPFGC), 0.00%, 11/15/24^(a)	$	6,000	$	2,356,980
0.00%, 11/15/37		20,120		7,312,815
CAB, Junior Lien, Series H (NPFGC), 0.00%, 11/15/35		5,000		2,177,200
CAB, Senior Lien, Series A (NPFGC) (AGM), 0.00%, 11/15/38		12,580		4,676,741
County of Midland Texas Fresh Water Supply District No. 1, RB, CAB, City of Midland Project, Series A^(c):
0.00%, 09/15/40		9,780		3,667,011
0.00%, 09/15/41		5,420		1,924,208
County of Tarrant Texas Cultural Education Facilities Finance Corp., RB:
Christus Health, Series B, 5.00%, 07/01/48		9,025		9,601,427
Scott & White Healthcare, 6.00%, 08/15/20^(a)		7,345		7,837,629
New Hope Cultural Education Facilities Corp., RB, Collegiate Housing Tarleton State University Project, 5.00%, 04/01/35		355		370,812
San Antonio Water System, Refunding RB, Junior Lien, Series A, 5.00%, 05/15/48		5,035		5,561,107
Texas Municipal Gas Acquisition & Supply Corp. III, RB, Natural Gas Utility Improvements, 5.00%, 12/15/32		2,835		3,007,878
Texas Private Activity Bond Surface Transportation Corp., RB, Senior Lien:
LBJ Infrastructure Group LLC, 7.00%, 06/30/40		6,000		6,387,780
NTE Mobility Partners LLC, North Tarrant Express Managed Lanes Project, 6.88%, 12/31/39		5,100		5,331,285
University of Texas System, Refunding RB, Series B, 4.00%, 07/01/41		7,395		7,467,693

				91,686,275
Utah — 0.8%
City of Salt Lake Corp. Airport Revenue, ARB, Series A, AMT:
5.00%, 07/01/48		1,735		1,874,286
5.00%, 07/01/47		1,830		1,961,394
Utah State Charter School Finance Authority, RB, Ogden Preparatory Academy, Series A, 3.25%, 10/15/42		1,105		915,857

				4,751,537
Virginia — 1.9%
County of Front Royal & Warren IDA, RB, Valley Health System Obligated Group, 4.00%, 01/01/50		1,465		1,382,667
Hampton Roads Transportation Accountability Commission, RB, Transportation Fund, Senior Lien, Series A, 5.50%, 07/01/57		2,230		2,569,406
Virginia Small Business Financing Authority, RB, Senior Lien, Elizabeth River Crossings OpCo LLC Project, AMT:
5.25%, 01/01/32		3,155		3,347,613
6.00%, 01/01/37		3,790		4,123,823

				11,423,509
Washington — 1.6%
Port of Seattle Washington, ARB, Intermediate Lien, Series C, AMT, 5.00%, 05/01/42		2,980		3,206,212
Port of Seattle Washington, RB, Intermediate Lien, Series C, AMT, 5.00%, 04/01/40		1,475		1,579,208
Washington Health Care Facilities Authority, RB, Catholic Health Initiatives, Series A, 5.75%, 01/01/45		4,420		4,780,628

				9,566,048


Security	Par (000)		Value
Wisconsin — 0.3%
State of Wisconsin Health & Educational Facilities Authority, RB, Ascension Health Senior Credit Group, Series E, 5.00%, 11/15/33	$	1,640	$	1,681,656

Total Municipal Bonds — 129.4% (Cost — $764,204,622)				791,542,343


Municipal Bonds Transferred to Tender Option Bond Trusts⁽ⁱ⁾
California — 4.7%
Bay Area Toll Authority, Refunding RB, San Francisco Bay Area Toll Bridge, 4.00%, 04/01/42^(j)		6,196		6,244,483
City & County of San Francisco California Public Utilities Commission, RB, Water Revenue, Series B, 5.00%, 11/01/19^(a)		18,540		19,130,005
San Diego California Community College District, GO, Election of 2002, 5.25%, 08/01/19^(a)		3,260		3,344,995

				28,719,483
Colorado — 0.8%
City & County of Denver Colorado Airport System Revenue, Refunding ARB, Subordinate System, Series A, AMT, 5.25%, 12/01/48^(j)		4,475		4,970,260

Florida — 1.1%
County of Miami-Dade Florida, RB, Water & Sewer System, 5.00%, 10/01/20^(a)		6,629		6,986,416

Illinois — 0.4%
Illinois Finance Authority, Refunding RB, Presence Health Network, Series C, 4.00%, 02/15/41		2,805		2,696,662

Massachusetts — 3.0%
Commonwealth of Massachusetts Transportation Fund Revenue, RB, Rail Enhancement Program, Series A, 4.00%, 06/01/45		4,153		4,162,694
Massachusetts Development Finance Agency, Refunding RB, Partners Healthcare System, 5.00%, 07/01/47		9,088		9,750,443
Massachusetts School Building Authority, RB, Senior, Series B, 5.00%, 10/15/41		4,427		4,692,394

				18,605,531
New Hampshire — 0.7%
New Hampshire Health & Education Facilities Authority, RB, Dartmouth College, 5.25%, 06/01/19^(a)(j)		3,989		4,064,898

New York — 10.8%
City of New York Municipal Water Finance Authority, Refunding RB, Water & Sewer System, 2nd General Resolution, Series FF-2, 5.50%, 06/15/40		3,075		3,134,132
City of New York Water & Sewer System, Refunding RB, 2nd General Resolution, Series HH, 5.00%, 06/15/31^(j)		16,395		17,406,298
Hudson Yards Infrastructure Corp., RB, Senior-Fiscal 2012:
5.75%, 02/15/21^(a)(j)		1,938		2,084,307
5.75%, 02/15/47^(j)		1,192		1,282,202
New York Liberty Development Corp., ARB, 1 World Trade Center Port Authority Consolidated Bonds, 5.25%, 12/15/43		20,864		22,490,077
New York Liberty Development Corp., Refunding RB, 4 World Trade Center Project, 5.75%, 11/15/51^(j)		12,611		13,725,790
Port Authority of New York & New Jersey, Refunding ARB, 194th Series, 5.25%, 10/15/55		5,070		5,599,680

				65,722,486
North Carolina — 0.9%
North Carolina Capital Facilities Finance Agency, Refunding RB, Duke University Project, Series B, 5.00%, 10/01/55		4,960		5,457,215


40		2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

October 31, 2018

BlackRock Municipal Income Trust (BFK)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Pennsylvania — 0.9%
Pennsylvania Turnpike Commission, RB, Sub-Series A, 5.50%, 12/01/42	$	4,652	$	5,207,873

Rhode Island — 0.5%
Narragansett Bay Commission, Refunding RB, Wastewater System, Series A, 4.00%, 09/01/43		3,137		3,141,017

Texas — 4.6%
City of San Antonio Texas Electric and Gas Systems, RB, Junior Lien, 5.00%, 02/01/43		4,900		5,252,837
County of Harris Texas Metropolitan Transit Authority, Refunding RB, Series A, 5.00%, 11/01/41		6,650		7,052,757
Lower Colorado River Authority, Refunding RB, LCRA Transmission Services Corporation Project, 4.00%, 05/15/43		4,140		4,101,581
San Antonio Public Facilities Corp., Refunding RB, Convention Center Refinancing And Expansion Project, 4.00%, 09/15/42		5,505		5,518,505
University of Texas, Refunding RB, Financing System, Series B, 5.00%, 08/15/43		6,003		6,475,158

				28,400,838
Utah — 1.2%
City of Riverton Utah, RB, IHC Health Services, Inc., 5.00%, 08/15/19^(a)		7,153		7,323,326

Washington — 2.4%
State of Washington, GO, Various Purposes, Series E, 5.00%, 02/01/19^(a)		14,487		14,597,467

Wisconsin — 0.9%
State of Wisconsin Health & Educational Facilities Authority, Refunding RB, The Medical College of Wisconsin, Inc., 4.00%, 12/01/46		5,575		5,347,779

Total Municipal Bonds Transferred to Tender Option Bond Trusts — 32.9% (Cost — $197,130,877)				201,241,251

Total Long-Term Investments — 162.3% (Cost — $961,335,499)				992,783,594


Security	Shares		Value
Short-Term Securities — 1.6%
BlackRock Liquidity Funds, MuniCash, Institutional Class, 1.45%^(k)(l)		9,531,897	$	9,532,850


Total Short-Term Securities — 1.6% (Cost — $9,532,850)				9,532,850

Total Investments — 163.9% (Cost — $970,868,349)				1,002,316,444
Other Assets Less Liabilities — 0.6%				3,762,303
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (20.2)%				(123,712,506	)
VMTP Shares at Liquidation Value — (44.3)%				(270,800,000	)

Net Assets Applicable to Common Shares — 100.0%			$	611,566,241

^(a)	U.S. Government securities, held in escrow, are used to pay interest on this security, as well as to retire the bond in full at the date indicated, typically at a premium to par.

^(b)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(c)	Zero-coupon bond.

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

^(e)	Non-income producing security.

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

^(g)	Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate as of period end.

^(h)	When-issued security.

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

^(j)

All or a portion of security is subject to a recourse agreement. The aggregate maximum potential amount the Trust could ultimately be required to pay under the agreement, which expire between December 1, 2018 to June 1, 2026, is $30,331,074. See Note 4 of the Notes to Financial Statements for details.

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

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


Affiliate	Shares Held at 04/30/18		Net Activity		Shares Held at 10/31/18		Value at 10/31/18		Income		Net Realized Gain (Loss)^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds, MuniCash, Institutional Class		4,633,327		4,898,570		9,531,897	$	9,532,850	$	31,806	$	488	$	—

^(a)

Includes net capital gain distributions, if applicable.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Short Contracts:
10-Year U.S. Treasury Note		26		12/19/18	$	3,079	$	17,774
Long U.S. Treasury Bond		125		12/19/18		17,266		403,300
5-Year U.S. Treasury Note		42		12/31/18		4,720		14,383

							$	435,457


SCHEDULES OF INVESTMENTS			41

Schedule of Investments (unaudited) (continued)

October 31, 2018

BlackRock Municipal Income Trust (BFK)

Derivative Financial Instruments Categorized by Risk Exposure

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


	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Net unrealized appreciation^(a)	$	—	$	—	$	—	$	—	$	435,457	$	—	$	435,457

^(a)

For the period ended October 31, 2018, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—	$	—	$	—	$	615,464	$	—	$	615,464

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	—	$	—	$	392,986	$	—	$	392,986

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — short	$	36,575,938

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

Fair Value Hierarchy as of Period End

The following tables summarize the Trust’s investments and derivative financial instruments categorized in the disclosure hierarchy:


	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Long-Term Investments^(a)	$	—	$	992,783,594	$	—	$	992,783,594
Short-Term Securities		9,532,850		—		—		9,532,850

	$	9,532,850	$	992,783,594	$	—	$	1,002,316,444

Derivative Financial Instruments^(b)
Assets:
Interest rate contracts	$	435,457	$	—	$	—	$	435,457

^(a)

See above Schedule of Investments for values in each state or political subdivision.

^(b)

Derivative financial instruments are futures contracts which are valued at the unrealized appreciation (depreciation) on the instrument.

The Fund may hold assets and/or liabilities in which the fair value approximates the carrying for financial statement purposes. As of period end, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:


	Level 1		Level 2			Level 3		Total
Liabilities:
TOB Trust Certificates	$	—	$	(123,168,950	)	$	—	$	(123,168,950	)
VMTP Shares at Liquidation Value		—		(270,800,000	)		—		(270,800,000	)

	$	—	$	(393,968,950	)	$	—	$	(393,968,950	)

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

See notes to financial statements.


42		2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited)

October 31, 2018

BlackRock Strategic Municipal Trust (BSD)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Municipal Bonds — 126.9%

Alabama — 2.0%
County of Jefferson Alabama Sewer, Refunding RB, Sub-Lien, Series D, 7.00%, 10/01/51	$	1,115	$	1,316,503
State of Alabama Docks Department, Refunding RB, 6.00%, 10/01/20^(a)		655		702,533

				2,019,036
Alaska — 0.1%
Northern Tobacco Securitization Corp., Refunding RB, Tobacco Settlement, Asset-Backed, Series A, 4.63%, 06/01/23		90		90,017

Arizona — 1.1%
Salt Verde Financial Corp., RB, Senior, 5.00%, 12/01/37		1,000		1,133,980

California — 11.4%
Bay Area Toll Authority, Refunding RB, San Francisco Bay Area Toll Bridge, Series F-1, 5.63%, 04/01/19^(a)		720		731,772
California Health Facilities Financing Authority, RB, Sutter Health, Series B, 6.00%, 08/15/20^(a)		1,010		1,083,094
California Health Facilities Financing Authority, Refunding RB, St. Joseph Health System, Series A, 5.00%, 07/01/33		400		436,564
California Municipal Finance Authority, RB, Senior, Caritas Affordable Housing, Inc. Projects, S/F Housing, Series A:
5.25%, 08/15/39		45		48,431
5.25%, 08/15/49		115		123,150
California Pollution Control Financing Authority, RB, Poseidon Resources (Channel Side) LP Desalination Project, AMT, 5.00%, 11/21/45^(b)		475		489,055
California School Finance Authority, RB, Alliance For College-Ready Public School Projects, Series A, 5.00%, 07/01/51^(b)		500		515,970
City of Los Angeles California Department of Airports, Refunding ARB, Los Angeles International Airport, Series A:
Senior, 5.00%, 05/15/40		1,875		1,943,175
5.25%, 05/15/39		250		253,973
City of Stockton California Public Financing Authority, RB, Delta Water Supply Project, Series A, 6.25%, 10/01/38		110		127,415
County of California Tobacco Securitization Agency, Refunding RB, Golden Gate Tobacco Funding Corp., Series A, 5.00%, 06/01/36		350		347,560
Golden State Tobacco Securitization Corp., Refunding RB, Series A-1, 5.25%, 06/01/47		330		331,802
State of California, GO, Various Purposes:
6.50%, 04/01/19^(a)		350		357,038
6.00%, 03/01/33		800		842,976
6.50%, 04/01/33		300		305,529
State of California Public Works Board, LRB, Various Capital Projects:
Series I, 5.00%, 11/01/38		240		261,655
Sub-Series I-1, 6.38%, 11/01/19^(a)		375		392,224
State of California Public Works Board, RB, Department of Corrections & Rehabilitation, Series F, 5.25%, 09/01/33		915		1,014,717
Tobacco Securitization Authority of Southern California, Refunding RB, Tobacco Settlement, Asset-Backed, Senior Series A-1:
5.00%, 06/01/37		1,110		1,112,753
5.13%, 06/01/46		590		591,463

				11,310,316
Colorado — 2.4%
Colorado Health Facilities Authority, Refunding RB, Catholic Health Initiative, Series A, 5.50%, 07/01/34		680		695,184
Denver Convention Center Hotel Authority, Refunding RB, 5.00%, 12/01/40		1,325		1,391,396


Security	Par (000)		Value
Colorado (continued)
Regional Transportation District, COP, Refunding, Series A, 5.38%, 06/01/31	$	320	$	334,266

				2,420,846
Connecticut — 0.9%
Connecticut Housing Finance Authority, Refunding RB, S/F Housing, Sub-Series B-1, 4.00%, 05/15/45		930		906,211

Delaware — 2.1%
County of Sussex Delaware, RB, NRG Energy, Inc., Indian River Power LLC Project, 6.00%, 10/01/40		820		867,216
State of Delaware EDA, RB, Exempt Facilities, Indian River Power LLC Project, 5.38%, 10/01/45		1,210		1,255,254

				2,122,470
District of Columbia — 2.5%
District of Columbia, Tax Allocation Bonds, City Market at O Street Project, 5.13%, 06/01/41		690		728,067
District of Columbia Housing Finance Agency, RB, M/F Housing, Series B-2 (FHA), 4.10%, 09/01/39		525		514,873
Metropolitan Washington Airports Authority, Refunding RB, Dulles Toll Road, 1st Senior Lien, Series A:
5.00%, 10/01/39		160		163,442
5.25%, 10/01/44		1,000		1,023,480

				2,429,862
Florida — 1.9%
Mid-Bay Florida Bridge Authority, RB, Springing Lien, Series A, 7.25%, 10/01/21^(a)		950		1,078,031
Village Community Development District No.10, Special Assessment Bonds, 5.13%, 05/01/43		715		770,756

				1,848,787
Georgia — 0.5%
County of Gainesville Georgia & Hall Hospital Authority, Refunding RB, Northeast Georgia Health System, Inc. Project, Series A (GTD), 5.50%, 08/15/54		160		178,576
County of Georgia Housing & Finance Authority, RB, S/F Housing, Series A, 4.00%, 12/01/48		70		68,557
DeKalb Georgia Private Hospital Authority, Refunding RB, Children’s Healthcare, 5.25%, 11/15/39		265		272,516

				519,649
Hawaii — 0.4%
State of Hawaii Harbor System, RB, Series A, 5.25%, 07/01/30		425		444,554

Idaho — 0.4%
Idaho Health Facilities Authority, Refunding RB, St. Luke’s Health System Project, Series A, 4.00%, 03/01/43		50		47,171
State of Idaho Building Authority, RB, Department of Health And Welfare Project, 4.00%, 09/01/48^(c)		395		387,282

				434,453
Illinois — 20.9%
Chicago Board of Education, GO:
Project, Series C, 5.25%, 12/01/35		490		498,903
Refunding Dedicated Revenues, Series D, 5.00%, 12/01/27		280		289,486
Series D, 5.00%, 12/01/31		150		153,068
Series F, 5.00%, 12/01/22		205		212,640
Series G, 5.00%, 12/01/44		150		150,212
City of Chicago Illinois, GO, Project, Series A, 5.00%, 01/01/34		550		560,268
City of Chicago Illinois, GO, Refunding, Project, Series A, 5.25%, 01/01/32		1,000		1,043,040


SCHEDULES OF INVESTMENTS			43

Schedule of Investments (unaudited) (continued)

October 31, 2018

BlackRock Strategic Municipal Trust (BSD)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Illinois (continued)
City of Chicago Illinois O’Hare International Airport, GARB, 3rd Lien:
5.63%, 01/01/21^(a)	$	645	$	691,840
5.63%, 01/01/35		155		163,857
Series A, 5.75%, 01/01/21^(a)		1,260		1,354,802
Series A, 5.75%, 01/01/39		240		254,340
Series C, 6.50%, 01/01/21^(a)		1,855		2,023,415
City of Chicago Illinois Transit Authority, RB, Sales Tax Receipts, 5.25%, 12/01/40		330		346,520
City of Chicago Illinois Waterworks, Refunding RB, 2nd Lien Project, 5.00%, 11/01/42		500		520,925
County of Cook Illinois Community College District No. 508, GO, City College of Chicago, 5.50%, 12/01/38		245		254,653
Illinois Finance Authority, Refunding RB:
Ascension Health, Series A, 5.00%, 11/15/37		305		324,581
Central Dupage Health, Series B, 5.50%, 11/01/19^(a)		2,500		2,584,450
Presence Health Network, Series C, 5.00%, 02/15/41		1,600		1,736,480
Metropolitan Pier & Exposition Authority, Refunding RB, McCormick Place Expansion Project:
CAB, Series B (AGM), 0.00%, 06/15/44^(d)		2,980		849,330
Series B (AGM), 5.00%, 06/15/50		1,280		1,312,768
Series B-2, 5.00%, 06/15/50		795		795,326
Railsplitter Tobacco Settlement Authority, RB^(a):
5.50%, 06/01/21		175		188,949
6.00%, 06/01/21		940		1,026,640
State of Illinois, GO:
5.00%, 03/01/37		455		460,251
Series A, 5.00%, 04/01/35		1,000		1,017,370
Series A, 5.00%, 04/01/38		1,135		1,149,290
State of Illinois, RB, Build Illinois, Series B, 5.25%, 06/15/19^(a)		200		204,014
State of Illinois, GO, Refunding Series B, 5.00%, 10/01/27		225		233,512
University of Illinois, RB, Auxiliary Facilities System, Series A, 5.00%, 04/01/44		310		329,911

				20,730,841
Indiana — 4.8%
City of Valparaiso Indiana, RB, Exempt Facilities, Pratt Paper LLC Project, AMT:
6.75%, 01/01/34		245		279,817
7.00%, 01/01/44		1,090		1,250,971
Indiana Finance Authority, RB, Series A:
CWA Authority Project, 1st Lien, 5.25%, 10/01/38		1,020		1,090,319
Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.00%, 07/01/44		140		146,563
5.00%, 07/01/48		465		485,586
5.25%, 01/01/51		125		131,635
Sisters of St. Francis Health Services, 5.25%, 11/01/19^(a)		270		278,459
Indiana Finance Authority, Refunding RB, Marquette Project, 4.75%, 03/01/32		350		353,738
Indiana Municipal Power Agency, RB, Series B, 6.00%, 01/01/19^(a)		350		352,380
Indianapolis Local Public Improvement Bond Bank, RB, Series A, 5.00%, 01/15/40		400		434,648

				4,804,116
Iowa — 1.5%
Iowa Finance Authority, Refunding RB, Iowa Fertilizer Co. Project:
Series B, 5.25%, 12/01/50^(e)		890		945,109
Midwestern Disaster Area, 5.25%, 12/01/25		145		153,185
Midwestern Disaster Area, 5.88%, 12/01/26^(b)		130		136,609
Iowa Student Loan Liquidity Corp., Refunding RB, Student Loan, Senior Series A-1, AMT, 5.15%, 12/01/22		220		226,409

				1,461,312


Security	Par (000)		Value
Kentucky — 4.8%
Kentucky Economic Development Finance Authority, RB, Catholic Health Initiatives, Series A, 5.25%, 01/01/45	$	325	$	341,695
Kentucky Economic Development Finance Authority, Refunding RB, Norton Healthcare, Inc., Series B (NPFGC), 0.00%, 10/01/24^(d)		5,000		4,096,200
Kentucky Public Transportation Infrastructure Authority, RB, Downtown Crossing Project, Convertible CAB, 1st Tier, Series C, 0.00%, 07/01/43^(d)(f)		375		343,200

				4,781,095
Louisiana — 2.7%
Louisiana Local Government Environmental Facilities & Community Development Authority, RB, Westlake Chemical Corp. Project, Series A-1, 6.50%, 11/01/35		1,055		1,131,161
Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, Series A:
5.50%, 05/15/30		320		332,406
5.25%, 05/15/31		270		284,388
5.25%, 05/15/32		345		367,749
5.25%, 05/15/33		375		397,028
5.25%, 05/15/35		160		169,328

				2,682,060
Maryland — 1.6%
Maryland EDC, RB, Transportation Facilities Project, Series A, 5.75%, 06/01/20^(a)		135		142,661
Maryland EDC, Refunding RB, CNX Marine Terminals, Inc., 5.75%, 09/01/25		645		665,962
Maryland Health & Higher Educational Facilities Authority, Refunding RB, Charlestown Community Project, 6.25%, 01/01/21^(a)		690		746,884

				1,555,507
Massachusetts — 2.6%
Massachusetts Development Finance Agency, RB:
Emerson College Issue, Series A, 5.00%, 01/01/47		540		565,763
UMass Boston Student Housing Project, 5.00%, 10/01/48		600		620,976
Massachusetts Housing Finance Agency, Refunding RB, Series A, AMT, 4.50%, 12/01/47		1,350		1,369,926

				2,556,665
Michigan — 3.3%
City of Detroit Michigan Sewage Disposal System, Refunding RB, Senior Lien, Series A, 5.25%, 07/01/39		1,925		2,037,767
City of Lansing Michigan, RB, Board of Water & Light Utilities System, Series A, 5.50%, 07/01/41		465		500,345
Kalamazoo Hospital Finance Authority, Refunding RB, Bronson Methodist Hospital:
5.50%, 05/15/20^(a)		240		251,784
5.50%, 05/15/36		195		202,710
Michigan Finance Authority, Refunding RB, Detroit Water & Sewage Department Project, Senior Lien, Series C-1, 5.00%, 07/01/44		275		290,705

				3,283,311
Minnesota — 1.9%
City of Minneapolis Minnesota, Refunding RB, Fairview Health Services, Series A, 4.00%, 11/15/48		310		295,904
Duluth Economic Development Authority, Refunding RB, Essentia Health Obligated Group, Series A^(c):
4.25%, 02/15/48		1,190		1,136,188
5.25%, 02/15/58		400		421,916

				1,854,008


44		2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

October 31, 2018

BlackRock Strategic Municipal Trust (BSD)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Missouri — 1.0%
Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Refunding RB, Combined Lien, Series A, 5.00%, 10/01/44	$	80	$	86,696
County of St. Louis Missouri IDA, Refunding RB, Friendship Village St. Louis Obligated Group, 5.00%, 09/01/37		500		505,300
State of Missouri Health & Educational Facilities Authority, RB, Senior Living Facilities, Lutheran Senior Services, 5.50%, 02/01/42		330		337,316
State of Missouri Health & Educational Facilities Authority, Refunding RB, St. Louis College of Pharmacy Project, 5.50%, 05/01/43		80		84,088

				1,013,400
Nebraska — 1.5%
Central Plains Nebraska Energy Project, RB, Gas Project No. 3:
5.25%, 09/01/37		260		281,694
5.00%, 09/01/42		455		488,875
County of Douglas Nebraska Hospital Authority No. 2, Refunding RB, Health Facilities, Immanuel Obligation Group, 5.63%, 01/01/40		720		741,593

				1,512,162
New Hampshire — 0.8%
New Hampshire Business Finance Authority, Refunding RB, Resource Recovery, Covanta Project^(b):
Series B, 4.63%, 11/01/42		490		474,467
Series C, AMT, 4.88%, 11/01/42		285		278,109

				752,576
New Jersey — 11.6%
Casino Reinvestment Development Authority, Refunding RB:
5.25%, 11/01/39		320		337,478
5.25%, 11/01/44		610		641,665
County of Essex New Jersey Improvement Authority, RB, AMT, 5.25%, 07/01/45^(b)		340		341,047
County of Middlesex New Jersey Improvement Authority, RB, Heldrich Center Hotel, Sub-Series B, 6.25%, 01/01/37^(g)(h)		645		6,773
New Jersey EDA, ARB, Continental Airlines, Inc. Project, 5.13%, 09/15/23		1,090		1,161,984
New Jersey EDA, RB:
Continental Airlines, Inc. Project, AMT, 5.25%, 09/15/29		145		155,379
Goethals Bridge Replacement Project, AMT, Private Activity Bond, 5.38%, 01/01/43		500		534,890
State House Project, Series B (BAM), 4.13%, 06/15/39		235		231,301
New Jersey EDA, Refunding RB, Series BBB, 5.50%, 06/15/31		775		850,934
New Jersey EDA, Refunding, Special Assessment Bonds, Kapkowski Road Landfill Project, 5.75%, 04/01/31		705		761,915
New Jersey Health Care Facilities Financing Authority, RB, Inspira Health Obligated Group, 4.00%, 07/01/47		650		628,420
New Jersey State Turnpike Authority, RB:
Series A, 5.00%, 01/01/43		605		647,314
Series E, 5.25%, 01/01/19^(a)		605		608,279
New Jersey Transportation Trust Fund Authority, RB:
Federal Highway Reimbursement Revenue Notes, Series A, 5.00%, 06/15/28		500		549,060
Transportation Program, Series AA, 5.00%, 06/15/45		415		427,462
Transportation System, Series A, 5.50%, 06/15/41		575		600,151
Transportation System, Series B, 5.25%, 06/15/36		790		822,477
Rutgers - The State University of New Jersey, Refunding RB, Series L, 5.00%, 05/01/43		165		179,584
Tobacco Settlement Financing Corp., Refunding RB:
Series A, 5.00%, 06/01/36		330		354,951
Series A, 5.00%, 06/01/46		1,065		1,099,336


Security	Par (000)		Value
New Jersey (continued)
Series A, 5.25%, 06/01/46	$	275	$	290,678
Sub-Series B, 5.00%, 06/01/46		265		268,413

				11,499,491
New York — 8.7%
City of New York Housing Development Corp., Refunding RB, Sustainable Neighborhood Bonds, Series A, 4.15%, 11/01/38^(c)		1,465		1,445,486
City of New York Transitional Finance Authority Future Tax Secured, RB, Fiscal 2012, Sub-Series E-1, 5.00%, 02/01/42		770		814,829
Counties of Buffalo & Erie New York Industrial Land Development Corp., Refunding RB, The Charter School for Applied Technologies Project, Series A, 5.00%, 06/01/35		500		529,885
Counties of New York Tobacco Trust IV, Refunding RB, Settlement Pass-Through Turbo, Series A, 6.25%, 06/01/41^(b)		600		617,388
County of Westchester New York Healthcare Corp., RB, Senior Lien, Series A, 5.00%, 11/01/44		276		287,447
Metropolitan Transportation Authority, RB, Series B, 5.25%, 11/15/38		750		825,030
Metropolitan Transportation Authority, Refunding RB, Series C-1, 5.25%, 11/15/56		40		43,694
New York Liberty Development Corp., Refunding RB:
2nd Priority, Bank of America Tower at One Bryant Park Project, Class 3, 6.38%, 07/15/49		385		400,030
3 World Trade Center Project, Class 1, 5.00%, 11/15/44^(b)		1,365		1,397,801
3 World Trade Center Project, Class 2, 5.15%, 11/15/34^(b)		105		108,235
3 World Trade Center Project, Class 2, 5.38%, 11/15/40^(b)		265		272,897
New York Transportation Development Corp., ARB, LaGuardia Airport Terminal B Redevelopment Project, Series A, AMT, 5.25%, 01/01/50		1,000		1,052,380
Port Authority of New York & New Jersey, ARB, Special Project, JFK International Air Terminal LLC Project, Series 8:
6.00%, 12/01/36		410		439,512
6.00%, 12/01/42		395		422,931

				8,657,545
North Carolina — 0.7%
North Carolina Medical Care Commission, RB, Health Care Facilities, Duke University Health System, Series A, 5.00%, 06/01/19^(a)		440		447,933
North Carolina Medical Care Commission, Refunding RB, 1st Mortgage, Retirement Facilities Whitestone Project, Series A, 7.75%, 03/01/21^(a)		185		207,430

				655,363
North Dakota — 0.1%
County of Cass North Dakota, Refunding RB, Essentia Health Obligated Group, Series B, 4.25%, 02/15/43^(c)		145		139,670

Ohio — 1.5%
Buckeye Tobacco Settlement Financing Authority, RB, Asset-Backed, Senior Turbo Term, Series A-2, 5.88%, 06/01/47		140		135,938
County of Franklin Ohio, RB, Health Care Facilities Improvement, OPRS Communities Obligation Group, Series A, 6.13%, 07/01/40		210		224,759
County of Montgomery Ohio, Refunding RB, Catholic Health:
5.00%, 05/01/19^(a)		310		314,579
Series A, 5.00%, 05/01/39		575		579,330
Ohio Housing Finance Agency, RB, S/F Housing, Series A (Ginnie Mae, Fannie Mae & Freddie Mac), 4.00%, 09/01/48		220		214,372

				1,468,978


SCHEDULES OF INVESTMENTS			45

Schedule of Investments (unaudited) (continued)

October 31, 2018

BlackRock Strategic Municipal Trust (BSD)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Oklahoma — 1.8%
Oklahoma Development Finance Authority, RB:
OU Medicine Project, Series B, 5.25%, 08/15/48	$	390	$	412,920
Provident Oklahoma Education Resources, Inc., Cross Village Student Housing Project, Series A, 5.25%, 08/01/57		765		703,922
Tulsa County Industrial Authority, Refunding RB, Montereau, Inc. Project, 5.25%, 11/15/45		585		628,507

				1,745,349
Oregon — 0.9%
County of Clackamas Oregon School District No. 12 North Clackamas, GO, CAB, Series A, 0.00%, 06/15/38^(d)		395		171,837
State of Oregon Facilities Authority, RB, Student Housing, CHF-Ashland, Southern Oregon University Project (AGM), 5.00%, 07/01/44		715		759,637

				931,474
Pennsylvania — 2.7%
City of Philadelphia Pennsylvania Hospitals & Higher Education Facilities Authority, RB, Temple University Health System, Series A, 5.63%, 07/01/42		200		210,128
County of Montgomery Higher Education & Health Authority, Refunding RB, Thomas Jefferson University, Series A, 4.00%, 09/01/49		275		261,872
Pennsylvania Economic Development Financing Authority, RB:
AMT, 5.00%, 06/30/42		650		678,964
Aqua Pennsylvania, Inc. Project, Series B, 5.00%, 11/15/40		600		615,864
Pennsylvania Economic Development Financing Authority, Refunding RB, National Gypsum Co., AMT, 5.50%, 11/01/44		480		496,066
Pennsylvania Turnpike Commission, RB, Series A, 5.00%, 12/01/44		345		369,598

				2,632,492
Puerto Rico — 1.2%
Children’s Trust Fund, Refunding RB, Tobacco Settlement Asset-Backed Bonds:
5.50%, 05/15/39		255		258,621
5.63%, 05/15/43		920		932,521

				1,191,142
Rhode Island — 2.9%
Rhode Island Student Loan Authority, Refunding RB, Senior-Series A, AMT, 3.50%, 12/01/34		410		393,333
Tobacco Settlement Financing Corp., Refunding RB, Series B:
4.50%, 06/01/45		830		818,571
5.00%, 06/01/50		1,580		1,619,990

				2,831,894
South Carolina — 4.0%
State of South Carolina Ports Authority, ARB:
5.25%, 07/01/20^(a)		1,040		1,092,562
AMT, 5.25%, 07/01/55		405		436,792
State of South Carolina Public Service Authority, RB:
Santee Cooper, Series A, 5.50%, 12/01/54		1,235		1,308,421
Series E, 5.50%, 12/01/53		500		527,335
State of South Carolina Public Service Authority, Refunding RB, Series E, 5.25%, 12/01/55		540		571,347

				3,936,457
Tennessee — 0.5%
City of Chattanooga Health Educational & Housing Facility Board, RB, Catholic Health Initiatives, Series A, 5.25%, 01/01/45		430		452,089


Security	Par (000)		Value
Texas — 13.0%
Central Texas Regional Mobility Authority, Refunding RB:
Senior Lien, 6.25%, 01/01/21^(a)	$	680	$	736,059
Sub-Lien, 5.00%, 01/01/33		115		121,762
City of Houston Texas Airport System, Refunding ARB, United Airlines, Inc. Terminal E Project, AMT, 5.00%, 07/01/29		135		143,462
City of Houston Texas Combined Utility System, Refunding RB, Combined 1st Lien, Series A (AGC)^(a):
6.00%, 05/15/19		2,585		2,640,965
6.00%, 05/15/19		145		148,178
Clifton Higher Education Finance Corp., RB, Idea Public Schools, 6.00%, 08/15/43		230		250,571
County of Harris Texas Cultural Education Facilities Finance Corp., RB, 1st Mortgage, Brazos Presbyterian Homes, Inc. Project, Series B, 7.00%, 01/01/23^(a)		145		170,645
County of Harris Texas-Houston Sports Authority, Refunding RB, CAB, Senior Lien, Series A (NPFGC) (AGM), 0.00%, 11/15/38^(d)		4,750		1,765,860
County of Midland Texas Fresh Water Supply District No. 1, RB, CAB, City of Midland Projects, Series A, 0.00%, 09/15/37^(d)		4,485		1,973,849
County of Tarrant Texas Cultural Education Facilities Finance Corp., RB, Scott & White Healthcare^(a):
6.00%, 08/15/20		95		101,285
6.00%, 08/15/20		1,175		1,253,807
La Vernia Higher Education Finance Corp., RB, Kipp, Inc., Series A, 6.38%, 08/15/19^(a)		500		516,240
North Texas Tollway Authority, RB, CAB, Special Project System, Series B, 0.00%, 09/01/31^(a)(d)		640		267,885
North Texas Tollway Authority, Refunding RB^(c):
4.25%, 01/01/49		1,305		1,280,988
5.00%, 01/01/50		265		285,095
Texas Private Activity Bond Surface Transportation Corp., RB, Senior Lien:
Blueridge Transportation Group, AMT, 5.00%, 12/31/55		450		468,095
LBJ Infrastructure Group LLC, 7.00%, 06/30/40		500		532,315
NTE Mobility Partners LLC, North Tarrant Express Managed Lanes Project, 6.88%, 12/31/39		275		287,471

				12,944,532
Virginia — 2.2%
Ballston Quarter Community Development Authority, Tax Allocation Bonds, Series A:
5.00%, 03/01/26		165		167,754
5.13%, 03/01/31		320		325,949
Virginia Small Business Financing Authority, RB, Senior Lien, Elizabeth River Crossings OpCo LLC Project, AMT:
5.25%, 01/01/32		250		265,262
6.00%, 01/01/37		1,320		1,436,266

				2,195,231
Washington — 1.0%
Port of Seattle Washington, RB, Intermediate Lien, Series C, AMT, 5.00%, 04/01/40		235		251,603
Washington Health Care Facilities Authority, RB, Catholic Health Initiatives, Series A, 5.75%, 01/01/45		715		773,337

				1,024,940
Wyoming — 1.0%
County of Sweetwater Wyoming, Refunding RB, Idaho Power Co. Project, Remarketing, 5.25%, 07/15/26		975		997,873

Total Municipal Bonds — 126.9% (Cost — $120,605,064)				125,971,754


46		2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

October 31, 2018

BlackRock Strategic Municipal Trust (BSD)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Municipal Bonds Transferred to Tender Option Bond Trusts⁽ⁱ⁾ — 43.2%
California — 8.2%
City & County of San Francisco California Public Utilities Commission, RB, Water Revenue, Series B, 5.00%, 11/01/19^(a)	$	2,970	$	3,064,515
City of Los Angeles California Department of Airports, ARB, Los Angeles International Airport, Series B, AMT, 5.00%, 05/15/46		2,000		2,157,330
Sacramento Area Flood Control Agency, Refunding, Consolidated Capital Assessment District No. 2, Series A, 5.00%, 10/01/43		2,160		2,381,767
San Diego California Community College District, GO, Election of 2002, 5.25%, 08/01/19^(a)		553		567,729

				8,171,341
Colorado — 1.2%
County of Adams Colorado, COP, Refunding, 4.00%, 12/01/45		1,180		1,166,489

Georgia — 1.0%
County of Dalton Whitfield Joint Development Authority, RB, Hamilton Health Care System Obligation, 4.00%, 08/15/48		1,025		1,002,233

Idaho — 1.3%
Idaho State Building Authority, RB, State Office Campus Project, Series A, 4.00%, 09/01/48		1,330		1,318,489

Illinois — 2.2%
State of Illinois Toll Highway Authority, RB, Series C, 5.00%, 01/01/38		1,997		2,161,335

Iowa — 1.1%
Iowa Finance Authority, Refunding RB, UnityPoint Health, Series E, 4.00%, 08/15/46		1,125		1,061,805

Massachusetts — 0.8%
Massachusetts School Building Authority, RB, Senior, Series B, 5.00%, 10/15/41		720		763,508

New Hampshire — 0.7%
New Hampshire Health & Education Facilities Authority, RB, Dartmouth College, 5.25%, 06/01/19^(a)^(j)		645		657,107

New York — 7.9%
City of New York Municipal Water Finance Authority, Refunding RB, Water & Sewer System, 2nd General Resolution, Series FF-2, 5.50%, 06/15/40		510		519,807
Hudson Yards Infrastructure Corp., RB, Senior-Fiscal 2012^(j):
5.75%, 02/15/21^(a)		310		332,956
5.75%, 02/15/47		190		204,825
New York Liberty Development Corp., ARB, 1 World Trade Center Port Authority Consolidated Bonds, 5.25%, 12/15/43		3,375		3,637,863
New York Liberty Development Corp., Refunding RB, 4 World Trade Center Project, 5.75%, 11/15/51^(j)		2,030		2,209,624
Port Authority of New York & New Jersey, Refunding ARB, 194th Series, 5.25%, 10/15/55		810		894,623

				7,799,698
North Carolina — 1.6%
North Carolina Capital Facilities Finance Agency, Refunding RB, Duke University Project, Series B, 5.00%, 10/01/55		800		880,196
North Carolina Housing Finance Agency, RB, S/F Housing, Series 39-B (Ginnie Mae, Fannie Mae & Freddie Mac), 4.00%, 01/01/48		761		748,063

				1,628,259


Security	Par (000)		Value
Pennsylvania — 4.1%
County of Westmoreland Pennsylvania Municipal Authority, Refunding RB, (BAM), 5.00%, 08/15/38	$	1,034	$	1,117,900
Pennsylvania Turnpike Commission, RB, Sub-Series A, 5.50%, 12/01/42		1,379		1,543,895
Pennsylvania Turnpike Commission, Refunding RB, Sub Series B-2 (AGM), 5.00%, 06/01/35		1,280		1,395,450

				4,057,245
Rhode Island — 1.5%
Rhode Island Health & Educational Building Corp., RB, Series A, 4.00%, 09/15/47		1,532		1,475,539

Texas — 5.3%
City of San Antonio Texas Electric and Gas Systems, RB, Junior Lien, 5.00%, 02/01/43		780		836,166
County of Harris Texas, RB, Toll Road, Senior Lien, Series A^(j):
5.00%, 08/15/19^(a)		1,214		1,237,538
5.00%, 08/15/38		928		946,609
County of Harris Texas Metropolitan Transit Authority, Refunding RB, Series A, 5.00%, 11/01/41		1,080		1,145,410
University of Texas, Refunding RB, Financing System, Series B, 5.00%, 08/15/43		975		1,052,213

				5,217,936
Utah — 1.2%
City of Riverton Utah, RB, IHC Health Services, Inc., 5.00%, 08/15/19^(a)		1,155		1,182,172

Virginia — 1.6%
Hampton Roads Transportation Accountability Commission, RB, Transportation Fund, Senior Lien, Series A, 5.50%, 07/01/57^(j)		1,413		1,627,608

Washington — 2.4%
State of Washington, GO, Various Purposes, Series E, 5.00%, 02/01/19^(a)		2,400		2,417,800

West Virginia — 1.1%
Morgantown Utility Board, Inc., RB, Series B, 4.00%, 12/01/48^(j)		1,161		1,117,342

Total Municipal Bonds Transferred to Tender Option Bond Trusts — 43.2% (Cost — $42,593,438)				42,825,906

Total Long-Term Investments — 170.1% (Cost — $163,198,502)				168,797,660


	Shares
Short-Term Securities — 0.9%
BlackRock Liquidity Funds, MuniCash, Institutional Class, 1.45%^(k)(l)		931,229		931,322

Total Short-Term Securities — 0.9% (Cost — $931,322)				931,322


Total Investments — 171.0% (Cost — $164,129,824)				169,728,982
Liabilities in Excess of Other Assets — (1.9)%				(1,909,043	)
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (25.9)%				(25,679,241	)
VMTP Shares, at Liquidation Value — (43.2)%				(42,900,000	)

Net Assets Applicable to Common Shares — 100.0%			$	99,240,698

^(a)	U.S. Government securities, held in escrow, are used to pay interest on this security, as well as to retire the bond in full at the date indicated, typically at a premium to par.


SCHEDULES OF INVESTMENTS			47

Schedule of Investments (unaudited) (continued)

October 31, 2018

BlackRock Strategic Municipal Trust (BSD)

(Percentages shown are based on Net Assets)

^(b)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(c)	When-issued security.

^(d)	Zero-coupon bond.

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

^(f)	Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate as of period end.

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

^(h)	Non-income producing security.

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

^(j)

All or a portion of security is subject to a recourse agreement. The aggregate maximum potential amount the Trust could ultimately be required to pay under the agreements, which expire between December 1, 2018 to February, 15, 2031, is $5,050,331. See Note 4 of the Notes to Financial Statements for details.

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

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


Affiliate	Shares Held at 04/30/18		Net Activity			Shares Held at 10/31/18		Value at 10/31/18		Income		Net Realized Gain (Loss)^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds, MuniCash, Institutional Class		2,080,792		(1,149,563	)		931,229	$	931,322	$	3,318	$	163	$	—

^(a)

Includes net capital gain distributions, if applicable.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Short Contracts:
10-Year U.S. Treasury Note		5		12/19/18	$	592	$	3,789
Long U.S. Treasury Bond		23		12/19/18		3,177		63,118
5-Year U.S. Treasury Note		7		12/31/18		787		2,712

							$	69,619

Derivative Financial Instruments Categorized by Risk Exposure

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


	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Net unrealized appreciation^(a)	$	—	$	—	$	—	$	—	$	69,619	$	—	$	69,619

^(a)

For the period ended October 31, 2018, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—	$	—	$	—	$	104,578	$	—	$	104,578

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	—	$	—	$	55,176	$	—	$	55,176


48		2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

October 31, 2018

BlackRock Strategic Municipal Trust (BSD)

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — short	$	5,981,871

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

Fair Value Hierarchy as of Period End

The following tables summarize the Trust’s investments and derivative financial instruments categorized in the disclosure hierarchy:


	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Long-Term Investments^(a)	$	—	$	168,797,660	$	—	$	168,797,660
Short-Term Securities		931,322		—		—		931,322

	$	931,322	$	168,797,660	$	—	$	169,728,982

Derivative Financial Instruments^(b)
Assets:
Interest rate contracts	$	69,619	$	—	$	—	$	69,619

^(a)

See above Schedule of Investments for values in each state or political subdivision.

^(b)

Derivative financial instruments are futures contracts which are valued at the unrealized appreciation (depreciation) on the instrument.


	Level 1		Level 2			Level 3		Total
Liabilities:
TOB Trust Certificates	$	—	$	(25,565,803	)	$	—	$	(25,565,803	)
VMTP Shares at Liquidation Value		—		(42,900,000	)		—		(42,900,000	)

	$	—	$	(68,465,803	)	$	—	$	(68,465,803	)

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


SCHEDULES OF INVESTMENTS			49

Statements of Assets and Liabilities (unaudited)

October 31, 2018


	BKN		BTA		BKK		BFK		BSD

ASSETS
Investments at value — unaffiliated^(a)	$	428,641,496	$	275,342,342	$	299,355,972	$	992,783,594	$	168,797,660
Investments at value — affiliated^(b)		2,715,171		1,859,521		1,295,990		9,532,850		931,322
Cash		41,102		54,535		—		63,422		33,743
Cash pledged for futures contracts		223,050		95,600		—		346,800		63,600
Receivables:
Interest — unaffiliated		5,332,325		3,893,770		4,294,702		15,025,647		2,435,337
Investments sold		393,828		2,261,375		1,160,000		31,417		1,646,334
Variation margin on futures contracts		74,437		31,719		—		115,782		21,216
Dividends — affiliated		1,417		1,086		2,792		9,785		386
Prepaid expenses		17,455		8,338		11,112		19,594		2,100

Total assets		437,440,281		283,548,286		306,120,568		1,017,928,891		173,931,698


ACCRUED LIABILITIES
Payables:
Investments purchased		7,154,423		9,379,143		—		8,264,929		5,491,497
Income dividend — Common Shares		979,594		731,512		643,525		2,622,633		416,557
Investment advisory fees		127,836		137,067		129,774		512,796		85,875
Trustees’ and Officer’s fees		62,255		20,266		43,798		231,160		14,746
Administration fees		54,812		—		—		—		—
Interest expense and fees		217,207		136,747		—		543,556		113,438
Other accrued expenses		154,043		109,455		186,742		218,626		103,084

Total accrued liabilities		8,750,170		10,514,190		1,003,839		12,393,700		6,225,197


OTHER LIABILITIES
TOB Trust Certificates		47,675,573		37,048,279		—		123,168,950		25,565,803
VRDP Shares, at liquidation value of $100,000 per share, net of deferred offering costs^(c)(d)(e)		—		75,589,227		—		—		—
VMTP Shares, at liquidation value of $100,000 per share^(c)(d)(e)		125,900,000		—		—		270,800,000		42,900,000

Total other liabilities		173,575,573		112,637,506		—		393,968,950		68,465,803

Total liabilities		182,325,743		123,151,696		1,003,839		406,362,650		74,691,000


NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS	$	255,114,538	$	160,396,590	$	305,116,729	$	611,566,241	$	99,240,698


NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS CONSIST OF
Paid-in capital^(e)(f)(g)	$	238,727,657	$	157,211,617	$	296,398,576	$	590,887,916	$	97,219,801
Accumulated earnings		16,386,881		3,184,973		8,718,153		20,678,325		2,020,897

Net Assets	$	255,114,538	$	160,396,590	$	305,116,729	$	611,566,241	$	99,240,698


Net asset value, offering and redemption price per share	$	14.84	$	11.95	$	15.08	$	13.64	$	13.58


^(a) Investments at cost — unaffiliated	$	413,180,567	$	267,972,180	$	297,064,459	$	961,335,499	$	163,198,502
^(b) Investments at cost — affiliated	$	2,715,171	$	1,859,521	$	1,295,908	$	9,532,850	$	931,322
^(c) Preferred Shares outstanding		1,259		760		—		2,708		429
^(d) Preferred Shares authorized		5,862		unlimited		—		unlimited		unlimited
^(e) Par value per Preferred Share and Common Share	$	0.01	$	0.001	$	—	$	0.001	$	0.001
^(f) Common Shares outstanding		17,185,859		13,422,247		20,236,628		44,831,340		7,308,025
^(g) Common Shares authorized		199,994,138		unlimited		unlimited		unlimited		unlimited

See notes to financial statements.


50		2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Operations (unaudited)

Six Months Ended October 31, 2018


	BKN			BTA			BKK			BFK			BSD

INVESTMENT INCOME
Interest — unaffiliated	$	9,364,047		$	6,403,704		$	5,068,258		$	22,937,656		$	3,912,907
Dividends — affiliated		8,063			4,469			21,561			31,806			3,318

Total investment income		9,372,110			6,408,173			5,089,819			22,969,462			3,916,225


EXPENSES
Investment advisory		761,658			831,576			775,969			3,079,595			517,290
Administration		326,425			—			—			—			—
Professional		33,298			32,022			45,943			57,645			28,891
Accounting services		33,898			13,815			27,229			41,432			16,852
Transfer agent		17,453			11,378			36,056			25,726			10,664
Trustees and Officer		9,025			6,768			10,002			16,392			4,036
Custodian		7,957			10,284			2,697			7,657			5,632
Printing		4,911			4,461			7,217			6,753			4,105
Registration		4,785			4,785			4,785			8,835			4,788
Remarketing fees on Preferred Shares		—			3,831			—			—			—
Liquidity fees		—			3,903			—			—			—
Rating agency		21,606			14,308			7,291			21,627			21,593
Miscellaneous		14,016			4,638			33,066			13,546			2,023

Total expenses excluding interest expense, fees and amortization of offering costs		1,235,032			941,769			950,255			3,279,208			615,874
Interest expense, fees and amortization of offering costs^(a)		1,954,201			1,229,660			—			4,400,120			767,137

Total expenses		3,189,233			2,171,429			950,255			7,679,328			1,383,011
Less fees waived and/or reimbursed by the Manager		(534	)		(282	)		(1,548	)		(43,341	)		(232	)

Total expenses after fees waived and/or reimbursed		3,188,699			2,171,147			948,707			7,635,987			1,382,779

Net investment income		6,183,411			4,237,026			4,141,112			15,333,475			2,533,446


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(49,263	)		132,519			(38,328	)		(630,273	)		102,027
Investments — affiliated		296			228			14			488			163
Futures contracts		338,690			145,152			—			615,464			104,578

		289,723			277,899			(38,314	)		(14,321	)		206,768

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(7,973,366	)		(4,604,151	)		(2,967,925	)		(15,014,473	)		(3,050,212	)
Investments — affiliated		—			—			82			—			—
Futures contracts		294,671			87,997			—			392,986			55,176

		(7,678,695	)		(4,516,154	)		(2,967,843	)		(14,621,487	)		(2,995,036	)

Net realized and unrealized loss		(7,388,972	)		(4,238,255	)		(3,006,157	)		(14,635,808	)		(2,788,268	)

NET INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS RESULTING FROM OPERATIONS	$	(1,205,561	)	$	(1,229	)	$	1,134,955		$	697,667		$	(254,822	)

^(a)	Related to TOB Trusts, VRDP Shares and/or VMTP Shares.

See notes to financial statements.


FINANCIAL STATEMENTS			51

Statements of Changes in Net Assets


	BKN						BTA
	Six Months Ended 10/31/18 (unaudited)			Year Ended 04/30/18			Six Months Ended 10/31/18 (unaudited)			Year Ended 04/30/18

INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS

OPERATIONS
Net investment income	$	6,183,411		$	12,540,448		$	4,237,026		$	8,740,663
Net realized gain		289,723			652,261			277,899			2,033,381
Net change in unrealized appreciation (depreciation)		(7,678,695	)		(275,170	)		(4,516,154	)		(1,943,520	)

Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations		(1,205,561	)		12,917,539			(1,229	)		8,830,524


DISTRIBUTIONS TO COMMON SHAREHOLDERS^(a)(b)
Decrease in net assets resulting from distributions to Common Shareholders		(5,877,564	)		(15,270,632	)		(4,389,075	)		(8,789,035	)


NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS^(b)
Total increase (decrease) in net assets applicable to Common Shareholders		(7,083,125	)		(2,353,093	)		(4,390,304	)		41,489
Beginning of period		262,197,663			264,550,756			164,786,894			164,745,405

End of period	$	255,114,538		$	262,197,663		$	160,396,590		$	164,786,894

^(a)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(b)	Prior year distribution character information and undistributed net investment income has been modified or removed to conform with current year Regulation S-X presentation changes. Refer to Note 11 for this prior year information.

See notes to financial statements.


52		2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets (continued)


	BKK						BFK
	Six Months Ended 10/31/18 (unaudited)			Year Ended 04/30/18			Six Months Ended 10/31/18 (unaudited)			Year Ended 04/30/18

INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS

OPERATIONS
Net investment income	$	4,141,112		$	8,824,400		$	15,333,475		$	32,555,863
Net realized gain (loss)		(38,314	)		(1,118,558	)		(14,321	)		1,003,472
Net change in unrealized appreciation (depreciation)		(2,967,843	)		(5,373,942	)		(14,621,487	)		(10,808,470	)
Distributions to AMPS Shareholders:
Net investment income		—			(70,385	)		—			—
Net realized gain		—			(348	)		—			—

Net increase in net assets applicable to Common Shareholders resulting from operations		1,134,955			2,261,167			697,667			22,750,865


DISTRIBUTIONS TO COMMON SHAREHOLDERS^(a)(b)
Decrease in net assets resulting from distributions to Common Shareholders		(4,172,793	)		(9,866,024	)		(15,735,800	)		(34,410,142	)


CAPITAL SHARE TRANSACTIONS
Reinvestment of common distributions		—			—			—			216,622


NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS^(b)
Total decrease in net assets applicable to Common Shareholders		(3,037,838	)		(7,604,857	)		(15,038,133	)		(11,442,655	)
Beginning of period		308,154,567			315,759,424			626,604,374			638,047,029

End of period	$	305,116,729		$	308,154,567		$	611,566,241		$	626,604,374

^(a)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(b)	Prior year distribution character information and undistributed net investment income has been modified or removed to conform with current year Regulation S-X presentation changes. Refer to Note 11 for this prior year information

See notes to financial statements.


FINANCIAL STATEMENTS			53

Statements of Changes in Net Assets (continued)


	BSD
	Six Months Ended 10/31/18 (unaudited)			Year Ended 04/30/18

INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS

OPERATIONS
Net investment income	$	2,533,446		$	5,292,342
Net realized gain		206,768			712,063
Net change in unrealized appreciation (depreciation)		(2,995,036	)		(2,263,427	)

Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations		(254,822	)		3,740,978


DISTRIBUTIONS TO COMMON SHAREHOLDERS^(a)(b)
Decrease in net assets resulting from distributions to Common Shareholders		(2,499,345	)		(5,596,859	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		—			23,478


NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS^(b)
Total decrease in net assets applicable to Common Shareholders		(2,754,167	)		(1,832,403	)
Beginning of period		101,994,865			103,827,268

End of period	$	99,240,698		$	101,994,865

^(a)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(b)	Prior year distribution character information and undistributed net investment income has been modified or removed to conform with current year Regulation S-X presentation changes. Refer to Note 11 for this prior year information.

See notes to financial statements.


54		2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Cash Flows (unaudited)

Six Months Ended October 31, 2018


	BKN			BTA			BFK			BSD

CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES
Net increase (decrease) in net assets resulting from operations	$	(1,205,561	)	$	(1,229)		$	697,667		$	(254,822)
Adjustments to reconcile net decrease in net assetsresulting from operations to net cash provided by (used for) operating activities:
Proceeds from sales of long-term investments		70,009,791			41,387,379			113,305,525			25,271,178
Purchases of long-term investments		(74,287,043	)		(43,082,422	)		(86,173,181	)		(24,772,253	)
Net proceeds from sales (purchases) of short-term securities		(2,714,875	)		515,102			(4,899,034	)		1,149,633
Amortization of premium and accretion of discount on investments and other fees		(624,532	)		241,660			1,090,135			15,751
Net realized (gain) loss on investments		48,967			(132,747	)		629,785			(102,190	)
Net unrealized depreciation on investments		7,973,366			4,604,151			15,014,473			3,050,212
(Increase) Decrease in Assets:
Receivables:
Interest — unaffiliated		(84,935	)		(100,685	)		793,416			3,515
Dividends — affiliated		(378	)		419			(6,024	)		743
Variation margin on futures contracts		(74,437	)		(31,719	)		(115,782	)		(21,216	)
Prepaid expenses		4,949			11,287			13,917			17,757
Other assets		1,598			591			1,739			446
Increase (Decrease) in Liabilities:
Payables:
Investment advisory fees		5,086			1,112			16,427			377
Interest expense and fees		58,486			18,262			42,463			2,329
Administration fees		2,180			—			—			—
Trustees’ and Officer’s		(3,434	)		(1,043	)		(13,260	)		(794	)
Variation margin on futures contracts		(68,531	)		(24,563	)		(92,844	)		(15,438	)
Other accrued expenses		13,746			(211	)		1,266			(6,278	)

Net cash provided by (used for) operating activities		(945,557	)		3,405,344			40,306,688			4,338,950


CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES
Proceeds from TOB Trust Certificates		17,873,371			2,978,172			21,057,940			1,836,630
Repayments of TOB Trust Certificates		(8,760,690	)		(1,954,570	)		(45,632,291	)		(3,649,135	)
Cash dividends paid to Common Shareholders		(5,877,564	)		(4,389,075	)		(15,735,800	)		(2,499,345	)
Increase (decrease) in bank overdraft		(2,300,458	)		—			—			—
Amortization of deferred offering costs		—			7,664			—			—

Net cash (provided by) used for financing activities		934,659			(3,357,809	)		(40,310,151	)		(4,311,850	)


CASH
Net increase (decrease) in restricted and unrestricted cash and foreign currency		(10,898	)		47,535			(3,463	)		27,100
Restricted and unrestricted cash and foreign currency at beginning of period		275,050			102,600			413,685			70,243

Restricted and unrestricted cash and foreign currency at end of period	$	264,152		$	150,135		$	410,222		$	97,343


SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid during the period for interest expense	$	1,895,715		$	1,203,734		$	4,357,657		$	764,808


RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AT THE END OF PERIOD TO THE STATEMENTS OF ASSETS AND LIABILITIES
Cash		41,102			54,535			63,422			33,743
Cash pledged:
Futures contracts		223,050			95,600			346,800			63,600

	$	264,152		$	150,135		$	410,222		$	97,343


RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AT THE BEGINNING OF PERIOD TO THE STATEMENTS OF ASSETS AND LIABILITIES
Cash		—			—			22,885			3,643
Cash pledged:
Futures contracts		275,050			102,600			390,800			66,600

	$	275,050		$	102,600		$	413,685		$	70,243

See notes to the financial statements.


FINANCIAL STATEMENTS			55

Financial Highlights

(For a share outstanding throughout each period)


	BKN
	Six Months Ended 10/31/18 (unaudited)			Year Ended April 30,
	Six Months Ended 10/31/18 (unaudited)			2018			2017			2016			2015			2014
Net asset value, beginning of period	$	15.26		$	15.39		$	16.83		$	16.09		$	15.34		$	16.35

Net investment income^(a)		0.36			0.73			0.79			0.88			0.90			0.94
Net realized and unrealized gain (loss)		(0.44	)		0.02			(1.12	)		0.77			0.80			(0.99	)

Net increase (decrease) from investment operations		(0.08	)		0.75			(0.33	)		1.65			1.70			(0.05	)

Distributions to Common Shareholders^(b⁾
From net investment income		(0.34	)		(0.73	)		(0.85	)		(0.91	)		(0.95	)		(0.96	)
From net realized gain		—			(0.15	)		(0.26	)		—			—			—

Total distributions to Common Shareholders		(0.34	)		(0.88	)		(1.11	)		(0.91	)		(0.95	)		(0.96	)

Net asset value, end of period	$	14.84		$	15.26		$	15.39		$	16.83		$	16.09		$	15.34

Market price, end of period	$	13.02		$	13.57		$	14.59		$	16.94		$	15.60		$	14.86


Total Return Applicable to Common Shareholders^(c)
Based on net asset value		(0.30	)%^(d)		5.34	%		(1.84	)%		10.92	%		11.43	%		0.41	%

Based on market price		(1.63	)%^(d)		(1.20	)%		(7.55	)%		15.15	%		11.52	%		(1.28	)%


Ratios to Average Net Assets Applicable to Common Shareholders
Total expenses		2.41	%^(e)		2.12	%		1.84	%		1.46	%		1.46	%		1.55	%

Total expenses after fees waived and/or reimbursed and paid indirectly		2.41	%^(e)		2.11	%		1.84	%		1.46	%		1.45	%		1.55	%

Total expenses after fees waived and/or reimbursed and paid indirectly and excluding interest expense and fees, and amortization of offering costs^(f)		0.93	%^(e)		0.90	%		0.90	%		0.89	%		0.90	%		0.92	%

Net investment income to Common Shareholders		4.66	%^(e)		4.64	%		4.87	%		5.48	%		5.61	%		6.45	%


Supplemental Data
Net assets applicable to Common Shareholders, end of period (000)	$	255,115		$	262,198		$	264,551		$	289,003		$	276,308		$	263,298

VMTP Shares outstanding at $100,000 liquidation value, end of period (000)	$	125,900		$	125,900		$	125,900		$	125,900		$	125,900		$	125,900

Asset coverage per VMTP Shares at $100,000 liquidation value, end of period	$	302,633		$	308,259		$	310,128		$	329,549		$	319,467		$	309,133

Borrowings outstanding, end of period (000)	$	47,676		$	41,043		$	30,783		$	31,286		$	28,685		$	23,585

Portfolio turnover rate		16	%		31	%		36	%		28	%		37	%		29	%

^(a)	Based on average Common Shares outstanding.

^(b)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)	Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.

^(d)	Aggregate total return.

^(e)	Annualized.

^(f)	Interest expense, fees and amortization of offering costs related to TOB Trusts and/or VMTP Shares. See Note 4 and Note 10 of the Notes to Financial Statements for details.

See notes to financial statements.


56		2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)


	BTA
	Six Months Ended 10/31/18 (unaudited)			Year Ended April 30,
	Six Months Ended 10/31/18 (unaudited)			2018			2017			2016			2015			2014
Net asset value, beginning of period	$	12.28		$	12.27		$	12.89		$	12.51		$	12.02		$	12.85

Net investment income^(a)		0.32			0.65			0.67			0.68			0.69			0.71
Net realized and unrealized gain (loss)		(0.32	)		0.01			(0.63	)		0.40			0.52			(0.80	)

Net increase (decrease) from investment operations		—			0.66			0.04			1.08			1.21			(0.09	)

Distributions to Common Shareholders from net investment income^(b)		(0.33	)		(0.65	)		(0.66	)		(0.70	)		(0.72	)		(0.74	)

Net asset value, end of period	$	11.95		$	12.28		$	12.27		$	12.89		$	12.51		$	12.02

Market price, end of period	$	10.58		$	11.20		$	11.66		$	12.28		$	11.41		$	11.29


Total Return Applicable to Common Shareholders^(c)
Based on net asset value		0.18	%^(d)		5.76	%		0.53	%		9.51	%		10.86	%		0.28	%

Based on market price		(2.75	)%^(d)		1.50	%		0.28	%		14.39	%		7.65	%		(3.17	)%


Ratios to Average Net Assets Applicable to Common Shareholders
Total expenses^(e)		2.61	%^(f)(g)		2.33	%^(g)		2.00	%^(g)		1.59	%		1.47	%		1.52	%

Total expenses after fees waived and/or reimbursed and paid indirectly^(e)		2.61	%^(f)(g)		2.33	%^(g)		2.00	%^(g)		1.59	%		1.47	%		1.44	%

Total expenses after fees waived and/or reimbursed and paid indirectly and excluding interest expense, fees and amortization of offering costs^(e)		1.13	%^(f)(g)		1.14	%^(g)		1.13	%^(g)		1.11	%		1.11	%		1.03	%

Net investment income to Common Shareholders		5.10	%^(f)		5.21	%		5.32	%		5.45	%		5.52	%		6.19	%


Supplemental Data
Net assets applicable to Common Shareholders, end of period (000)	$	160,397		$	164,787		$	164,745		$	173,050		$	167,933		$	161,269

VRDP Shares outstanding at $100,000 liquidation value, end of period (000)	$	76,000		$	76,000		$	76,000		$	76,000		$	—		$	—

Asset coverage per VRDP Shares at $100,000 liquidation value, end of period	$	311,048		$	316,825		$	316,770		$	327,697		$	—		$	—

Borrowings outstanding, end of period (000)	$	37,048		$	36,025		$	32,093		$	25,970		$	84,867		$	89,036

Portfolio turnover rate		15	%		44	%		43	%		29	%		8	%		27	%

^(a)	Based on average Common Shares outstanding.

^(b)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)	Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.

^(d)	Aggregate total return.

^(e)	Interest expense, fees and amortization of offering costs related to TOB Trusts and/or VRDP Shares. See Note 4 and Note 10 of the Notes to Financial Statements for details.

^(f)	Annualized.

^(g)	The total expense ratio after fees waived and/or reimbursed and paid indirectly and excluding interest expense, fees, amortization of offering costs, liquidity and remarketing fees were as follows:


	Six Months Ended 10/31/18 (unaudited)			Year Ended April 30,
	Six Months Ended 10/31/18 (unaudited)			2018			2017
Expense ratios		1.12	%		1.47	%		1.52	%

See notes to financial statements.


FINANCIAL HIGHLIGHTS			57

Financial Highlights (continued)

(For a share outstanding throughout each period)


	BKK
	Six Months Ended 10/31/18 (unaudited)			Year Ended April 30,
	Six Months Ended 10/31/18 (unaudited)			2018			2017			2016			2015			2014
Net asset value, beginning of period	$	15.23		$	15.60		$	16.27		$	16.30		$	16.22		$	16.85

Net investment income^(a)		0.20			0.44			0.55			0.57			0.61			0.74
Net realized and unrealized gain (loss)		(0.14	)		(0.33	)		(0.66	)		(0.03	)		0.14			(0.55	)
Distributions to AMPS Shareholders
From net investment income		—			(0.00	)^(b)		(0.01	)		(0.01	)		(0.00	)^(b)		(0.01	)
From net realized gain		—			(0.00	)^(b)		(0.00	)^(b)		—			—			—

Net increase (decrease) from investment operations		0.06			0.11			(0.12	)		0.53			0.75			0.18

Distributions to Common Shareholders⁽^c)
From net investment income		(0.21	)		(0.48	)		(0.54	)		(0.56	)		(0.67	)		(0.81	)
From net realized gain		—			(0.00	)^(b)		(0.01	)		(0.00	)^(b)		—			—

Total distributions to Common Shareholders		(0.21	)		(0.48	)		(0.55	)		(0.56	)		(0.67	)		(0.81	)

Net asset value, end of period	$	15.08		$	15.23		$	15.60		$	16.27		$	16.30		$	16.22

Market price, end of period	$	14.77		$	15.16		$	15.73		$	16.14		$	16.25		$	16.61


Total Return Applicable to Common Shareholders^(d)
Based on net asset value		0.38	%^(e)		0.76	%		(0.78	)%		3.39	%		4.67	%		1.17	%

Based on market price		(1.23	)%^(e)		(0.54	)%		0.85	%		2.87	%		1.90	%		4.91	%


Ratios to Average Net Assets Applicable to Common Shareholders
Total expenses		0.61	%^(g)		0.62	%^(f)		0.67	%^(f)		0.69	%^(f)		0.72	%^(f)		0.84	%^(f)

Total expenses after fees waived and/or reimbursed and paid indirectly		0.61	%^(g)		0.62	%^(f)		0.67	%^(f)		0.69	%^(f)		0.72	%^(f)		0.84	%^(f)

Total expenses after fees waived and/or reimbursed and paid indirectly and excluding interest expense and fees, and amortization of offering costs		0.61	%^(g)⁽ⁱ⁾		0.60	%^(f)(h)(i)		0.65	%^(f)(h)(i)		0.68	%^(f)(h)(i)		0.71	%^(f)(h)(i)		0.84	%^(f)(h)(i)

Net investment income		2.67	%^(g)		2.81	%^(f)		3.43	%^(f)		3.54	%^(f)		3.75	%^(f)		4.61	%^(f)

Distributions to AMPS Shareholders		—	%		0.02	%		0.08	%		0.03	%		0.02	%		0.05	%

Net investment income to Common Shareholders		2.67	%^(g)		2.79	%		3.35	%		3.51	%		3.73	%		4.56	%


Supplemental Data
Net assets applicable to Common Shareholders, end of period (000)	$	305,117		$	308,155		$	315,759		$	329,241		$	329,810		$	328,163

Preferred Shares outstanding at $25,000 liquidation preference, end of period (000)	$	—		$	—		$	11,328		$	34,578		$	53,700		$	67,950

Asset coverage per Preferred Share at $25,000 liquidation preference, end of period	$	—		$	—		$	721,856		$	263,065		$	178,543		$	145,738

Borrowings outstanding, end of period (000)	$	—		$	—		$	3,750		$	3,750		$	3,750		$	3,750

Portfolio turnover rate		3	%		9	%		8	%		4	%		11	%		8	%

^(a)	Based on average Common Shares outstanding.

^(b)	Amount is greater than $(0.005) per share.

^(c)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)	Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.

^(e)	Aggregate total return.

^(f)	Does not reflect the effect of distributions to AMPS Shareholders.

^(g)	Annualized.

^(h)	Interest expense and fees relate to TOB Trusts. See Note 4 of the Notes to Financial Statements for details.

⁽ⁱ⁾	The total expense ratio after fees waived and/or reimbursed and paid indirectly and excluding interest expense, fees, amortization of offering costs, liquidity and remarketing fees were as follows:


	Six Months Ended 10/31/18 (unaudited)			Year Ended April 30,
	Six Months Ended 10/31/18 (unaudited)			2018			2017			2016			2015			2014
Expense ratios		0.61	%		0.62	%		0.64	%		0.66	%		0.69	%		0.79	%

See notes to financial statements.


58		2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)


	BFK
	Six Months Ended 10/31/18 (unaudited)			Year Ended April 30,
	Six Months Ended 10/31/18 (unaudited)			2018			2017			2016			2015			2014
Net asset value, beginning of period	$	13.98		$	14.24		$	15.20		$	14.91		$	14.27		$	15.40

Net investment income^(a)		0.34			0.73			0.81			0.87			0.88			0.93
Net realized and unrealized gain (loss)		(0.33	)		(0.22	)		(0.92	)		0.32			0.67			(1.15	)

Net increase (decrease) from investment operations		0.01			0.51			(0.11	)		1.19			1.55			(0.22	)

Distributions to Common Shareholders from net investment income^(b)		(0.35	)		(0.77	)		(0.85	)		(0.90	)		(0.91	)		(0.91	)

Net asset value, end of period	$	13.64		$	13.98		$	14.24		$	15.20		$	14.91		$	14.27

Market price, end of period	$	12.19		$	12.78		$	14.00		$	15.44		$	14.32		$	13.57


Total Return Applicable to Common Shareholders^(c)
Based on net asset value		0.28	%^(d)		3.74	%		(0.78	)%		8.57	%		11.43	%		(0.72	)%

Based on market price		(1.97	)%^(d)		(3.54	)%		(3.96	)%		14.76	%		12.54	%		(5.59	)%


Ratios to Average Net Assets Applicable to Common Shareholders
Total expenses		2.43	%^(e)		2.31	%		1.99	%		1.61	%		1.60	%		1.71	%

Total expenses after fees waived and/or reimbursed and paid indirectly		2.42	%^(e)		2.27	%		1.98	%		1.61	%		1.60	%		1.71	%

Total expenses after fees waived and/or reimbursed and paid indirectly and excluding interest expense, fees and amortization of offering costs^(f)		1.03	%^(e)		1.03	%		1.06	%		1.03	%		1.04	%		1.07	%

Net investment income to Common Shareholders		4.86	%^(e)		5.06	%		5.45	%		5.85	%		5.91	%		6.81	%


Supplemental Data
Net assets applicable to Common Shareholders, end of period (000)	$	611,566		$	626,604		$	638,047		$	680,502		$	667,063		$	638,577

VMTP Shares outstanding at $100,000 liquidation value, end of period (000)	$	270,800		$	270,800		$	270,800		$	270,800		$	270,800		$	270,800

Asset coverage per VMTP Shares at $100,000 liquidation value, end of period	$	325,837		$	331,390		$	335,616		$	351,293		$	346,330		$	335,811

Borrowings outstanding, end of period (000)	$	123,169		$	128,156		$	146,562		$	128,554		$	122,688		$	126,073

Portfolio turnover rate		8	%		9	%		13	%		7	%		10	%		20	%

^(a)	Based on average Common Shares outstanding.

^(b)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)	Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.

^(d)	Aggregate total return.

^(e)	Annualized.

^(f)	Interest expense, fees and amortization of offering costs related to TOB Trusts and/or VMTP Shares. See Note 4 and Note 10 of the Notes to Financial Statements for details.

See notes to financial statements.


FINANCIAL HIGHLIGHTS			59

Financial Highlights (continued)

(For a share outstanding throughout each period)


	BSD
	Six Months Ended 10/31/18 (unaudited)			Year Ended April 30,
	Six Months Ended 10/31/18 (unaudited)			2018			2017			2016			2015			2014
Net asset value, beginning of period	$	13.96		$	14.21		$	15.04		$	14.76		$	14.11		$	15.28

Net investment income^(a)		0.35			0.72			0.78			0.82			0.83			0.86
Net realized and unrealized gain (loss)		(0.39	)		(0.20	)		(0.82	)		0.31			0.70			(1.14	)

Net increase (decrease) from investment operations		(0.04	)		0.52			(0.04	)		1.13			1.53			(0.28	)

Distributions to Common Shareholders from net investment income^(b)		(0.34	)		(0.77	)		(0.79	)		(0.85	)		(0.88	)		(0.89	)

Net asset value, end of period	$	13.58		$	13.96		$	14.21		$	15.04		$	14.76		$	14.11

Market price, end of period	$	11.61		$	12.65		$	13.67		$	15.02		$	14.00		$	13.26


Total Return Applicable to Common Shareholders^(c)
Based on net asset value		(0.02	)%^(d)		3.89	%		(0.19	)%		8.32	%		11.50	%		(0.94	)%

Based on market price		(5.67	)%^(d)		(2.15	)%		(3.85	)%		14.05	%		12.54	%		(4.99	)%


Ratios to Average Net Assets Applicable to Common Shareholders
Total expenses		2.69	%^(e)		2.46	%		2.08	%		1.72	%		1.72	%		1.87	%

Total expenses after fees waived and/or reimbursed and paid indirectly		2.69	%^(e)		2.46	%		2.08	%		1.72	%		1.72	%		1.87	%

Total expenses after fees waived and/or reimbursed and paid indirectly and excluding interest expense, fees and amortization of offering costs^(f)		1.20	%^(e)		1.20	%		1.15	%		1.15	%		1.16	%		1.21	%

Net investment income to Common Shareholders		4.93	%^(e)		5.05	%		5.28	%		5.61	%		5.67	%		6.40	%


Supplemental Data
Net assets applicable to Common Shareholders, end of period (000)	$	99,241		$	101,995		$	103,827		$	109,864		$	107,849		$	103,069

VMTP Shares outstanding at $100,000 liquidation value, end of period (000)	$	42,900		$	42,900		$	42,900		$	42,900		$	42,900		$	42,900

Asset coverage per VMTP Shares at $100,000 liquidation value, end of period	$	331,330		$	337,750		$	342,022		$	356,093		$	351,395		$	340,253

Borrowings outstanding, end of period (000)	$	25,566		$	27,378		$	24,984		$	20,839		$	19,309		$	20,939

Portfolio turnover rate		12	%		34	%		45	%		11	%		10	%		22	%

^(a)	Based on average Common Shares outstanding.

^(b)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)	Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.

^(d)	Aggregate total return.

^(e)	Annualized.

^(f)	Interest expense, fees and amortization of offering costs related to TOB Trusts and/or VMTP Shares. See Note 4 and Note 10 of the Notes to Financial Statements for details.

See notes to financial statements.


60		2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited)

1.	*ORGANIZATION*

The following are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as closed-end management investment companies and are referred to herein collectively as the “Trusts”, or individually as a “Trust”:


Trust Name	Herein Referred To As	Organized	Diversification Classification
BlackRock Investment Quality Municipal Trust, Inc.	BKN	Maryland	Diversified
BlackRock Long-Term Municipal Advantage Trust	BTA	Delaware	Non-diversified
BlackRock Municipal 2020 Term Trust	BKK	Delaware	Diversified
BlackRock Municipal Income Trust	BFK	Delaware	Diversified
BlackRock Strategic Municipal Trust	BSD	Delaware	Diversified

The Board of Directors or Trustees, as applicable, of the Trusts are collectively referred to throughout this report as the “Board of Trustees” or the “Board,” and the directors or trustees, as applicable, thereof are collectively referred to throughout this report as “Trustees”. The Trusts determine and make available for publication the net asset values (“NAVs”) of their Common Shares on a daily basis.

The Trusts, together with certain other registered investment companies advised by BlackRock Advisors, LLC (the “Manager”) or its affiliates, are included in a complex of closed-end funds referred to as the Closed-End Complex.

2.	*SIGNIFICANT ACCOUNTING POLICIES*

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Trust is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are entered into (the “trade dates”). Realized gains and losses on investment transactions are determined on the identified cost basis. Dividend income and non-cash dividend income are recorded on the ex-dividend date. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized on an accrual basis.

Segregation and Collateralization: In cases where a Trust enters into certain investments (e.g., futures contracts) or certain borrowings (e.g., TOB Trust transactions) that would be treated as “senior securities” for 1940 Act purposes, a Trust may segregate or designate on its books and records cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments or borrowings. Doing so allows the investment or borrowings to be excluded from treatment as a “senior security.” Furthermore, if required by an exchange or counterparty agreement, the Trusts may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments or obligations.

Distributions: Distributions from net investment income are declared monthly and paid monthly. Distributions of capital gains are recorded on the ex-dividend date and made at least annually. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

Distributions to Preferred Shareholders are accrued and determined as described in Note 10.

Deferred Compensation Plan: Under the Deferred Compensation Plan (the “Plan”) approved by each Trust’s Board, the independent Trustees (“Independent Trustees”) may defer a portion of their annual complex-wide compensation. Deferred amounts earn an approximate return as though equivalent dollar amounts had been invested in common shares of certain other BlackRock Closed-End Funds selected by the Independent Trustees. This has the same economic effect for the Independent Trustees as if the Independent Trustees had invested the deferred amounts directly in certain other BlackRock Closed-End Funds.

The Plan is not funded and obligations thereunder represent general unsecured claims against the general assets of each Trust, if applicable. Deferred compensation liabilities are included in the Trustees’ and Officer’s fees payable in the Statements of Assets and Liabilities and will remain as a liability of the Trusts until such amounts are distributed in accordance with the Plan.

Recent Accounting Standards: In March 2017, the Financial Accounting Standards Board issued Accounting Standards Update “Premium Amortization of Purchased Callable Debt Securities” which amends the amortization period for certain purchased callable debt securities. Under the new guidance, the premium amortization of purchased callable debt securities that have explicit, non-contingent call features and are callable at fixed prices will be amortized to the earliest call date. The guidance will be applied on a modified retrospective basis and is effective for fiscal years, and their interim periods, beginning after December 15, 2018. Management is currently evaluating the impact of this guidance to the Trusts.

In August 2018, the Financial Accounting Standards Board issued Accounting Standards Update 2018-13 “Changes to the Disclosure Requirements for Fair Value Measurement” which modifies disclosure requirements for fair value measurements. The guidance is effective for fiscal years beginning after December 15, 2019 and for interim periods within those fiscal years. Management is currently evaluating the impact of this guidance to the Trusts

Indemnifications: In the normal course of business, a Trust enters into contracts that contain a variety of representations that provide general indemnification. A Trust’s maximum exposure under these arrangements is unknown because it involves future potential claims against a Trust, which cannot be predicted with any certainty.


NOTES TO FINANCIAL STATEMENTS			61

Notes to Financial Statements (unaudited) (continued)

Other: Expenses directly related to a Trust are charged to that Trust. Other operating expenses shared by several funds, including other funds managed by the Manager, are prorated among those funds on the basis of relative net assets or other appropriate methods.

3.	*INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS*

Investment Valuation Policies: The Trusts’ investments are valued at fair value (also referred to as “market value” within the financial statements) as of the close of trading on the New York Stock Exchange (“NYSE”) (generally 4:00 p.m., Eastern time). U.S. GAAP defines fair value as the price the Trusts would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Trusts determine the fair values of their financial instruments using various independent dealers or pricing services under policies approved by the Board of Trustees of each Trust (the “Board”). The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Trust’s assets and liabilities:

•

Municipal investments (including commitments to purchase such investments on a “when-issued” basis) are valued on the basis of prices provided by dealers or pricing services. In determining the value of a particular investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrixes, market transactions in comparable investments and information with respect to various relationships between investments.

•

Investments in open-end U.S. mutual funds are valued NAV each business day.

•

Futures contracts traded on exchanges are valued at their last sale price.

If events (e.g., a company announcement, market volatility or a natural disaster) occur that are expected to materially affect the value of such investments, or in the event that the application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, or its delegate, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee will include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Global Valuation Committee, or its delegate, seeks to determine the price that each Trust might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.

Fair Value Hierarchy: Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs to valuation techniques are categorized into a fair value 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 each 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 each 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. Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Global Valuation Committee in the absence of market information.

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with each Trust’s policy, transfers between different levels of the fair value 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 investments and derivative financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

4.	*SECURITIES AND OTHER INVESTMENTS*

Zero-Coupon Bonds: Zero-coupon bonds are normally issued at a significant discount from face value and do not provide for periodic interest payments. These bonds may experience greater volatility in market value than other debt obligations of similar maturity which provide for regular interest payments.

Forward Commitments and When-Issued Delayed Delivery Securities: Certain Trusts may purchase securities on a when-issued basis and may purchase or sell securities on a forward commitment basis. Settlement of such transactions normally occurs within a month or more after the purchase or sale commitment is made. A Trust


62		2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

may purchase securities under such conditions with the intention of actually acquiring them, but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, a Trust may be required to pay more at settlement than the security is worth. In addition, a Trust is not entitled to any of the interest earned prior to settlement. When purchasing a security on a delayed delivery basis, a Trust assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations. In the event of default by the counterparty, a Trust’s maximum amount of loss is the unrealized appreciation of unsettled when-issued transactions.

Municipal Bonds Transferred to TOB Trusts: Certain Trusts leverage their assets through the use of “TOB Trust” transactions. The Trusts transfer municipal bonds into a special purpose trust (a “TOB Trust”). A TOB Trust issues two classes of beneficial interests: short-term floating rate interests (“TOB Trust Certificates”), which are sold to third party investors, and residual inverse floating rate interests (“TOB Residuals”), which are issued to the participating trusts that contributed the municipal bonds to the TOB Trust. The TOB Trust Certificates have interest rates that reset weekly and their holders have the option to tender such certificates to the TOB Trust for redemption at par and any accrued interest at each reset date. The TOB Residuals held by a Trust provide the Trust with the right to cause the holders of a proportional share of the TOB Trust Certificates to tender their certificates to the TOB Trust at par plus accrued interest. The Trusts may withdraw a corresponding share of the municipal bonds from the TOB Trust. Other funds managed by the investment adviser may also contribute municipal bonds to a TOB Trust into which a Trust has contributed bonds. If multiple BlackRock advised funds participate in the same TOB Trust, the economic rights and obligations under the TOB Residuals will be shared among the funds ratably in proportion to their participation in the TOB Trust.

TOB Trusts are supported by a liquidity facility provided by a third party bank or other financial institution (the “Liquidity Provider”) that allows the holders of the TOB Trust Certificates to tender their certificates in exchange for payment of par plus accrued interest on any business day. The tendered TOB Trust Certificates are remarketed by a Remarketing Agent. In the event of a failed remarketing, the TOB Trust may draw upon a loan from the Liquidity Provider to purchase the tendered TOB Trust Certificates. Any loans made by the Liquidity Provider will be secured by the purchased TOB Trust Certificates held by the TOB Trust and will be subject to an increased interest rate based on number of days the loan is outstanding.

The TOB Trust may be collapsed without the consent of a Trust, upon the occurrence of a termination event, as defined in the TOB Trust agreement. Upon the occurrence of a termination event, a TOB Trust would be liquidated with the proceeds applied first to any accrued fees owed to the trustee of the TOB Trust, the Remarketing Agent and the Liquidity Provider. Upon certain termination events, TOB Trust Certificates holders will be paid before the TOB Residuals holders (i.e., the Trusts) whereas in other termination events, TOB Trust Certificates holders and TOB Residuals holders will be paid pro rata.

While a Trust’s investment policies and restrictions expressly permit investments in inverse floating rate securities, such as TOB Residuals, they restrict the ability of a Trust to borrow money for purposes of making investments. Each Trust’s transfer of the municipal bonds to a TOB Trust is considered a secured borrowing for financial reporting purposes. The cash received by the TOB Trust from the sale of the TOB Trust Certificates, less certain transaction expenses, is paid to a Trust. A Trust typically invests the cash received in additional municipal bonds.

Accounting for TOB Trusts: The municipal bonds deposited into a TOB Trust are presented in a Trust’s Schedule of Investments and the TOB Trust Certificates are shown in Other Liabilities in the Statements of Assets and Liabilities. Any loans drawn by the TOB Trust pursuant to the liquidity facility to purchase tendered TOB Trust Certificates are shown as Loan for TOB Trust Certificates. The carrying amount of a Trust’s payable to the holder of the TOB Trust Certificates as reported in the Statements of Assets and Liabilities as TOB Trust Certificates approximates its fair value.

Interest income, including amortization and accretion of premiums and discounts, from the underlying municipal bonds is recorded by a Trust on an accrual basis. Interest expense incurred on the TOB Trust transaction and other expenses related to remarketing, administration, trustee, liquidity and other services to a TOB Trust are shown as interest expense, fees and amortization of offering costs in the Statements of Operations. Fees paid upon creation of the TOB Trust are recorded as debt issuance costs and are amortized to interest expense, fees and amortization of offering costs in the Statements of Operations to the expected maturity of the TOB Trust. In connection with the restructurings of the TOB Trusts to non-bank sponsored TOB Trusts, the Trusts incurred non-recurring, legal and restructuring fees, which are recorded as interest expense, fees and amortization of deferred offering costs in the Statements of Operations.


	Interest Expense		Liquidity Fees		Other Expenses		Total
BKN	$	309,416	$	93,754	$	36,748	$	439,918
BTA		268,682		85,148		23,835		377,665
BFK		873,596		260,212		109,696		1,243,504
BSD		189,428		57,231		22,102		268,761

For the six months ended October 31, 2018, the following table is a summary of each Trust’s TOB Trusts:


	Underlying Municipal Bonds Transferred to TOB Trusts^(a)		Liability for TOB Trust Certificates^(b)		Range of Interest Rates on TOB Trust Certificates at Period End		Average TOB Trust Certificates Outstanding		Daily Weighted Average Rate of Interest and Other Expenses on TOB Trusts
BKN	$	75,324,718	$	47,675,573		1.60% — 1.90%	$	43,080,745		2.03	%
BTA		60,982,412		37,048,279		1.56 — 2.24		36,926,018		2.02
BFK		201,241,251		123,168,950		1.56 — 1.90		121,029,444		2.03
BSD		42,825,906		25,565,803		1.56 — 1.80		26,030,382		2.04

^(a)

The municipal bonds transferred to a TOB Trust are generally high grade municipal bonds. In certain cases, when municipal bonds transferred are lower grade municipal bonds, the TOB Trust transaction may include a credit enhancement feature that provides for the timely payment of principal and interest on the bonds to the TOB Trust by a credit enhancement provider in the event of default of the municipal bond. The TOB Trust would be responsible for the payment of the credit enhancement fee and the Trusts, as TOB


NOTES TO FINANCIAL STATEMENTS			63

Notes to Financial Statements (unaudited) (continued)

Residuals holders, would be responsible for reimbursement of any payments of principal and interest made by the credit enhancement provider. The maximum potential amounts owed by the Trusts, for such reimbursements, as applicable, are included in the maximum potential amounts disclosed for recourse TOB Trusts.

^(b)

TOB Trusts may be structured on a non-recourse or recourse basis. When a Trust invests in TOB Trusts on a non-recourse basis, the Liquidity Provider may be required to make a payment under the liquidity facility to allow the TOB Trust to repurchase TOB Trust Certificates. The Liquidity Provider will be reimbursed from the liquidation of bonds held in the TOB Trust. If a Trust invests in a TOB Trust on a recourse basis, a Trust enters into a reimbursement agreement with the Liquidity Provider where a Trust is required to reimburse the Liquidity Provider for any shortfall between the amount paid by the Liquidity Provider and proceeds received from liquidation of municipal bonds held in the TOB Trust (the “Liquidation Shortfall”). As a result, if a Trust invests in a recourse TOB Trust, a Trust will bear the risk of loss with respect to any Liquidation Shortfall. If multiple funds participate in any such TOB Trust, these losses will be shared ratably, including the maximum potential amounts owed by a Trust at October 31, 2018, in proportion to their participation in the TOB Trust. The recourse TOB Trusts are identified in the Schedules of Investments including the maximum potential amounts owed by a Trust at October 31, 2018.

5.	*DERIVATIVE FINANCIAL INSTRUMENTS*

The Trusts engage in various portfolio investment strategies using derivative contracts both to increase the returns of the Trusts and/or to manage their exposure to certain risks such as credit risk, equity risk, interest rate risk, foreign currency exchange rate risk, commodity price risk or other risks (e.g., inflation risk). Derivative financial instruments categorized by risk exposure are included in the Schedules of Investments. These contracts may be transacted on an exchange or over-the-counter (“OTC”).

Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk), and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

Futures contracts are agreements between the Trusts and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Trusts are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amount pledged, which are considered restricted, are included in cash pledged for futures in the Statements of Assets and Liabilities.

Securities deposited as initial margin are designated in the Schedules of Investments and cash deposited, if any, is shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Trusts agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest, foreign currency exchange rates or underlying assets.

6.	*INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES*

The PNC Financial Services Group, Inc. is the largest stockholder and an affiliate of BlackRock, Inc. (“BlackRock”) for 1940 Act purposes.

Investment Advisory: Each Trust entered into an Investment Advisory Agreement with the Manager, the Trusts’ investment adviser and an indirect, wholly-owned subsidiary of BlackRock, to provide investment advisory and administrative services. The Manager is responsible for the management of each Trust’s portfolio and provides the personnel, facilities, equipment and certain other services necessary to the operations of each Trust.

For such services, each Trust, except BTA, pays the Manager a monthly fee at an annual rate equal to the following percentages of the average weekly value of each Trust’s managed assets. For such services, BTA pays the Manager a monthly fee at an annual rate equal to a percentage of the average weekly value of the Trust’s net assets.


	BKN			BTA			BKK			BFK			BSD
Investment advisory fees		0.35	%		1.00	%		0.50	%		0.60	%		0.60	%

For purposes of calculating these fees, “managed assets” mean the total assets of the Trust minus the sum of its accrued liabilities (other than the aggregate indebtedness constituting financial leverage).

For purposes of calculating this fee, “net assets” mean the total assets of BTA minus the sum of its accrued liabilities (which includes liabilities represented by TOB Trusts and the liquidation preference of any outstanding preferred shares). It is understood that the liquidation preference of any outstanding preferred shares (other than accumulated dividends) and TOB Trusts is not considered a liability in determining the Trust’s net asset value.

Administration: BKN has an Administration Agreement with the Manager. The administration fee paid monthly to the Manager is computed at an annual rate of 0.15% of the Trust’s average weekly managed assets .

Waivers: The Manager voluntarily agreed to waive a portion of its investment advisory fees as a percentage of its average daily net assets for BFK at an annual rate of 0.024%. BFK waived $41,116 which is included in fees waived and/or reimbursed by the Manager in the Statements of Operations. The voluntary waiver was discontinued effective July 1, 2018.

With respect to each Trust, the Manager voluntarily agreed to waive its investment advisory fees by the amount of investment advisory fees each Trust pays to the Manager indirectly through its investment in affiliated money market funds (the “affiliated money market fund waiver”). These amounts are included in fees waived and/or reimbursed by the Manager in the Statements of Operations. For the six months ended October 31, 2018, the amounts waived were as follows:


	BKN		BTA		BKK		BFK		BSD
Amounts waived	$	534	$	282	$	1,548	$	2,225	$	232


64		2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

The Manager contractually agreed to waive its investment advisory fee with respect to any portion of each Trust’s assets invested in affiliated equity and fixed-income mutual funds and affiliated exchange-traded funds that have a contractual management fee through June 30, 2019. The agreement can be renewed for annual periods thereafter, and may be terminated on 90 days’ notice, each subject to approval by a majority of the Trusts’ Independent Trustees.

Trustees and Officers: Certain Trustees and/or officers of the Trusts are trustees and/or officers of BlackRock or its affiliates. The Trusts reimburse the Manager for a portion of the compensation paid to the Trusts’ Chief Compliance Officer, which is included in Trustees and Officer in the Statements of Operations.

7.	*PURCHASES AND SALES*

For the six months ended October 31, 2018, purchases and sales of investments, excluding short-term securities, were as follows:


	BKN		BTA		BKK		BFK		BSD
Purchases	$	76,102,685	$	46,086,406	$	10,308,986	$	76,709,282	$	25,855,454
Sales		70,188,555		42,721,723		16,475,000		104,337,726		26,300,396

8.	*INCOME TAX INFORMATION*

It is each Trust’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Each Trust files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on each Trust’s U.S. federal tax returns generally remains open for each of the four years ended April 30, 2018. The statutes of limitations on each Trust’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.

Management has analyzed tax laws and regulations and their application to the Trusts as of October 31, 2018, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Trusts’ financial statements.

As of April 30, 2018, the Trusts had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates as follows:


Expires April 30,	BKN		BTA		BKK		BFK		BSD
No expiration date^(a)	$	340,042	$	4,039,497	$	1,123,140	$	12,111,183	$	925,118
2019		—		951,237		—		—		2,978,126

	$	340,042	$	4,990,734	$	1,123,140	$	12,111,183	$	3,903,244

^(a)

Must be utilized prior to losses subject to expiration.

As of October 31, 2018, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:


	BKN			BTA			BKK			BFK			BSD
Tax cost	$	368,624,783		$	232,816,086		$	298,141,893		$	848,320,374		$	138,669,967

Gross unrealized appreciation	$	21,106,722		$	9,472,194		$	4,632,618		$	41,967,072		$	7,177,105
Gross unrealized depreciation		(5,757,343	)		(2,026,832	)		(2,122,549	)		(10,704,495	)		(1,614,274	)

Net unrealized appreciation	$	15,349,379		$	7,445,362		$	2,510,069		$	31,262,577		$	5,562,831

9.	*PRINCIPAL RISKS*

Many municipalities insure repayment of their bonds, which may reduce the potential for loss due to credit risk. The market value of these bonds may fluctuate for other reasons, including market perception of the value of such insurance, and there is no guarantee that the insurer will meet its obligation.

Inventories of municipal bonds held by brokers and dealers may decrease, which would lessen their ability to make a market in these securities. Such a reduction in market making capacity could potentially decrease a Trust’s ability to buy or sell bonds. As a result, a Trust may sell a security at a lower price, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative impact on performance. If a Trust needed to sell large blocks of bonds, those sales could further reduce the bonds’ prices and impact performance.

In the normal course of business, certain Trusts invest in securities or other instruments and may enter into certain transactions, and such activities subject each Trust to various risks, including among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate and price fluctuations.

Each Trust may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force each Trust to reinvest in lower yielding securities. Each Trust may also be exposed to reinvestment risk, which is the risk that income from each Trust’s portfolio will decline if each Trust invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below each Trust portfolio’s current earnings rate.


NOTES TO FINANCIAL STATEMENTS			65

Notes to Financial Statements (unaudited) (continued)

The Trusts may hold a significant amount of bonds subject to calls by the issuers at defined dates and prices. When bonds are called by issuers and the Trusts reinvest the proceeds received, such investments may be in securities with lower yields than the bonds originally held, and correspondingly, could adversely impact the yield and total return performance of a Trust.

There is no assurance that BKK will achieve its investment objective and BKK may return less than $15.00 per share. As BKK approaches its scheduled termination date, it is expected that the maturity of the BKK’s portfolio securities will shorten, which is likely to reduce BKK’s income and distributions to shareholders.

A Trust structures and “sponsors” the TOB Trusts in which it holds TOB Residuals and has certain duties and responsibilities, which may give rise to certain additional risks including, but not limited to, compliance, securities law and operational risks.

Should short-term interest rates rise, the Trusts’ investments in the TOB Trusts may adversely affect the Trusts’ net investment income and dividends to Common Shareholders. Also, fluctuations in the market value of municipal bonds deposited into the TOB Trust may adversely affect the Trusts’ NAVs per share.

The SEC and various federal banking and housing agencies have adopted credit risk retention rules for securitizations (the “Risk Retention Rules”). The Risk Retention Rules would require the sponsor of a TOB Trust to retain at least 5% of the credit risk of the underlying assets supporting the TOB Trust’s municipal bonds. The Risk Retention Rules may adversely affect the Trusts’ ability to engage in TOB Trust transactions or increase the costs of such transactions in certain circumstances.

TOB Trusts constitute an important component of the municipal bond market. Any modifications or changes to rules governing TOB Trusts may adversely impact the municipal market and the Trusts, including through reduced demand for and liquidity of municipal bonds and increased financing costs for municipal issuers. The ultimate impact of any potential modifications on the TOB Trust market and the overall municipal market is not yet certain.

Counterparty Credit Risk: The Trusts may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions. The Trusts manage counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Trusts to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Trusts’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Trusts.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

With exchange-traded futures, there is less counterparty credit risk to the Trusts since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Trust does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Trusts.

Concentration Risk: BTA invests a substantial amount of its assets in issuers located in a single state or limited number of states. This may subject BTA to the risk that economic, political or social issues impacting a particular state or group of states could have an adverse and disproportionate impact on the income from, or the value or liquidity of, BTA’s portfolio. Investment percentages in specific states or U.S. territories are presented in the Schedules of Investments.

Certain Trusts may invest in securities that are rated below investment grade quality (sometimes called “junk bonds”), which are predominantly speculative, have greater credit risk and generally are less liquid and have more volatile prices than higher quality securities.

Certain Trusts invest a significant portion of their assets in fixed-income securities and/or use derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will increase as interest rates fall and decrease as interest rates rise. The Trusts may be subject to a greater risk of rising interest rates due to the current period of historically low rates. The Federal Reserve has begun to raise the Federal Funds rate, and each increase results in more pronounced interest rate risk in the current market environment.

10.

CAPITAL SHARE TRANSACTIONS

BTA, BKK, BFK, and BSD are authorized to issue an unlimited numbers of shares, all of which were initially classified as Common Shares. BKN is authorized to issue 200 million shares, all of which were initially classified as Common Shares. The par value for each Trust’s Common Shares is $0.001, except for BKN, which is $0.01. The par value for each Trust’s Preferred Shares outstanding is $0.001, except for BKN, which is $0.01. The Board is authorized, however, to reclassify any unissued Common Shares to Preferred Shares without the approval of Common Shareholders.

Common Shares

For the periods shown, shares issued and outstanding increased by the following amounts as a result of dividend reinvestment:


	BFK		BSD
Six Months Ended October 31, 2018		—		—
Year Ended April 30, 2018		14,913		1,618


66		2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

For the six months ended October 31, 2018 and the year ended April 30, 2018, shares issued and outstanding remained constant for BKN, BTA and BKK.

Preferred Shares

A Trust’s Preferred Shares rank prior to its Common Shares as to the payment of dividends by the Trust and distribution of assets upon dissolution or liquidation of the Trust. The 1940 Act prohibits the declaration of any dividend on Common Shares or the repurchase of Common Shares if the Trust fails to maintain asset coverage of at least 200% of the liquidation preference of the its outstanding Preferred Shares. In addition, pursuant to the Preferred Shares’ governing instruments, a Trust is restricted from declaring and paying dividends on classes of shares ranking junior to or on parity with its Preferred Shares or repurchasing such shares if the Trust fails to declare and pay dividends on the Preferred Shares, redeem any Preferred Shares required to be redeemed under the Preferred Shares’ governing instruments or comply with the basic maintenance amount requirement of the ratings agencies rating the Preferred Shares.

Holders of Preferred Shares have voting rights equal to the voting rights of holders of Common Shares (one vote per share) and vote together with holders of Common Shares (one vote per share) as a single class on certain matters. Holders of Preferred Shares, voting as a separate class, are also entitled to (i) elect two members of the Board, (ii) elect the full Board if dividends on the Preferred Shares are not paid for a period of two years and (iii) a separate class vote to amend the Preferred Share governing documents. In addition, the 1940 Act requires the approval of the holders of a majority of any outstanding Preferred Shares, voting as a separate class, to (a) adopt any plan of reorganization that would adversely affect the Preferred Shares, (b) change a Trust’s sub-classification as a closed-end investment company or change its fundamental investment restrictions or (c) change its business so as to cease to be an investment company.

VRDP Shares

BTA has issued Series W-7 VRDP Shares, $100,000 liquidation preference per share, in one or more privately negotiated offerings to qualified institutional buyers as defined pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). The VRDP Shares include a liquidity feature and may be subject to a special rate period. As of period end, the VRDP Shares outstanding for BTA were as follows:

Issue
Date

Shares
Issued

Aggregate
Principal

Maturity
Date

BTA

10/29/15

760

76,000,000

11/01/45

Redemption Terms: BTA is required to redeem its VRDP Shares on the maturity date, unless earlier redeemed or repurchased. Six months prior to the maturity date, BTA is required to begin to segregate liquid assets with the Trust’s custodian to fund the redemption. In addition, BTA is required to redeem certain of its outstanding VRDP Shares if it fails to comply with certain asset coverage, basic maintenance amount or leverage requirements.

Subject to certain conditions, the VRDP Shares may also be redeemed, in whole or in part, at any time at the option of BTA. The redemption price per VRDP Share is equal to the liquidation preference per share plus any outstanding unpaid dividends.

Liquidity Feature: VRDP Shares are subject to a fee agreement between BTA and the liquidity provider that requires a per annum liquidity fee and, in some cases, an upfront or initial commitment fee, payable to the liquidity provider. These fees, if applicable, are shown as liquidity fees in the Statements of Operations. The fee agreement between BTA and the liquidity provider is scheduled to expire on April 15, 2020 unless renewed or terminated in advance.

In the event a fee agreement is not renewed or is terminated in advance, and BTA does not enter into a fee agreement with an alternate liquidity provider, the VRDP Shares will be subject to mandatory purchase by the liquidity provider prior to the termination of the fee agreement. In the event of such mandatory purchase, BTA is required to redeem the VRDP Shares six months after the purchase date. Immediately after such mandatory purchase, BTA is required to begin to segregate liquid assets with its custodian to fund the redemption. There is no assurance that BTA will replace such redeemed VRDP Shares with any other preferred shares or other form of leverage.

Remarketing: BTA may incur remarketing fees of 0.10% on the aggregate principal amount of all its VRDP Shares, which, if any, are included in remarketing fees on Preferred Shares in the Statements of Operations. During any special rate period (as described below), BTA may incur nominal or no remarketing fees.

Ratings: As of period end, the VRDP Shares were assigned the following long-term ratings:


	Fitch
BTA		AAA

Special Rate Period: BTA may commence a “special rate period” with respect to its VRDP Shares, during which the VRDP Shares will not be subject to any remarketing and the dividend rate will be based on a predetermined methodology. During a special rate period, short-term ratings on VRDP Shares are withdrawn. BTA has commenced or is set to commence a special rate period:


	Commencement Date		Expiration Date as of Period Ended October 31, 2018
BTA		10/29/15		04/15/20

Prior to the expiration date, BTA and the VRDP Shares holder may mutually agree to extend the special rate period. If a special rate period is not extended, the VRDP Shares will revert to remarketable securities upon the termination of the special rate period and will be remarketed and available for purchase by qualified institutional investors.


NOTES TO FINANCIAL STATEMENTS			67

Notes to Financial Statements (unaudited) (continued)

During the special rate period: (i) the liquidity and fee agreements remain in effect, (ii) VRDP Shares remain subject to mandatory redemption by BTA on the maturity date, (iii) VRDP Shares will not be remarketed or subject to optional or mandatory tender events, (iv) BTA is required to comply with the same asset coverage, basic maintenance amount and leverage requirements for the VRDP Shares as is required when the VRDP Shares are not in a special rate period, (v) BTA will pay dividends monthly based on the sum of the Securities Industry and Financial Markets Association (“SIFMA”) Municipal Swap Index rate and a percentage per annum based on the long-term ratings assigned to the VRDP Shares and (vi) BTA will pay nominal or no fees to the liquidity provider and remarketing agent.

If BTA redeems its VRDP Shares prior to end of the special rate period and the VRDP Shares have long-term ratings above A1/A+ and its equivalent by all ratings agencies then rating the VRDP Shares, then such redemption may be subject to a redemption premium payable to the holder of the VRDP Shares based on the time remaining in the special rate period, subject to certain exceptions for redemptions that are required to comply with minimum asset coverage requirements.

Dividends: Except during the Special Rate Period, dividends on the VRDP Shares are payable monthly at a variable rate set weekly by the remarketing agent. Such dividend rates are generally based upon a spread over a base rate and cannot exceed a maximum rate. A change in the short-term credit rating of the liquidity provider or the VRDP Shares may adversely affect the dividend rate paid on such shares, although the dividend rate paid on the VRDP Shares is not directly based upon either short-term rating. In the event of a failed remarketing, the dividend rate of the VRDP Shares will be reset to a maximum rate. The maximum rate is determined based on, among other things, the long-term preferred share rating assigned to the VRDP Shares and the length of time that the VRDP Shares fail to be remarketed.

For the six months ended October 31, 2018, the annualized dividend rate for the VRDP Shares was 2.21%.

For the six months ended October 31, 2018, VRDP Shares issued and outstanding of BTA remained constant.

VMTP Shares

BKN, BFK and BSD (for purposes of this section, a “VMTP Trust”) have issued Series W-7 VMTP Shares, $100,000 liquidation preference per share, in one or more privately negotiated offerings to qualified institutional buyers as defined pursuant to Rule 144A under the Securities Act. The VMTP Shares are subject to certain restrictions on transfer, and a VMTP Trust may also be required to register its VMTP Shares for sale under the Securities Act under certain circumstances. As of period end, the VMTP Shares outstanding were as follows:

Issue
Date

Shares
Issued

Aggregate
Principal

Term
Redemption
Date

BKN

12/16/11

1,259

125,900,000

07/02/19

BFK

12/16/11

2,708

270,800,000

07/02/19

BSD

12/16/11

429

42,900,000

07/02/19

Redemption Terms: A VMTP Trust is required to redeem its VMTP Shares on the term redemption date, unless earlier redeemed or repurchased or unless extended. There is no assurance that a term will be extended further or that any VMTP Shares will be replaced with any other preferred shares or other form of leverage upon the redemption or repurchase of the VMTP Shares. Six months prior to the term redemption date, a VMTP Trust is required to begin to segregate liquid assets with its custodian to fund the redemption. In addition, a VMTP Trust is required to redeem certain of its outstanding VMTP Shares if it fails to comply with certain asset coverage, basic maintenance amount or leverage requirements.

Subject to certain conditions, VMTP Shares may be redeemed, in whole or in part, at any time at the option of the VMTP Trust. The redemption price per VMTP Share is equal to the liquidation preference per share plus any outstanding unpaid dividends and applicable redemption premium. If a VMTP Trust redeems the VMTP Shares prior to the term redemption date and the VMTP Shares have long-term ratings above A1/A+ or its equivalent by the ratings agencies then rating the VMTP Shares, then such redemption may be subject to a prescribed redemption premium (up to 3% of the liquidation preference) payable to the holder of the VMTP Shares based on the time remaining until the term redemption date, subject to certain exceptions for redemptions that are required to comply with minimum asset coverage requirements.

Dividends: Dividends on the VMTP Shares are declared daily and payable monthly at a variable rate set weekly at a fixed rate spread to the Securities Industry and Financial Markets Association (“SIFMA”) Municipal Swap Index or to a percentage of the one-month LIBOR rate, as set forth in the VMTP Shares governing instrument. The fixed spread is determined based on the long-term preferred share rating assigned to the VMTP Shares by the ratings agencies then rating the VMTP Shares. As of period end, the VMTP Shares were assigned the following long-term ratings:


	Moody’s		Fitch
BKN		Aa1		AAA
BFK		Aa1		AAA
BSD		Aa1		AAA

The dividend rate on VMTP Shares is subject to a step-up spread if the VMTP Trust fails to comply with certain provisions, including, among other things, the timely payment of dividends, redemptions or gross-up payments, and complying with certain asset coverage and leverage requirements.

For the six months ended October 31, 2018, the average annualized dividend rates for the VMTP Shares were as follows:


	BKN			BFK			BSD
Rate		2.39	%		2.39	%		2.39	%

For the six months ended October 31, 2018, VMTP Shares issued and outstanding of each VMTP Trust remained constant.


68		2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

Offering Costs: BKN, BTA, BFK and BSD incurred costs in connection with the issuance of VRDP and VMTP Shares, which were recorded as a direct deduction from the carrying value of the related debt liability and will be amortized over the life of the VRDP and VMTP Shares with the exception of any upfront fees paid by BTA to the liquidity provider, if any, which were amortized over the life of the liquidity agreement. Amortization of these costs is included in interest expense, fees and amortization of offering costs in the Statements of Operations.

Financial Reporting: The VRDP and VMTP Shares are considered debt of the issuer; therefore, the liquidation preference, which approximates fair value of the VRDP and VMTP Shares, is recorded as a liability in the Statements of Assets and Liabilities net of deferred offering costs. Unpaid dividends are included in interest expense and fees payable in the Statements of Assets and Liabilities, and the dividends accrued and paid on the VRDP and VMTP Shares are included as a component of interest expense, fees and amortization of offering costs in the Statements of Operations. The VRDP and VMTP Shares are treated as equity for tax purposes. Dividends paid to holders of the VRDP and VMTP Shares are generally classified as tax-exempt income for tax-reporting purposes. Dividends and amortization of deferred offering costs on VRDP and VMTP Shares are included in interest expense, fees and amortization of offering costs in the Statements of Operations:


	Dividends Accrued		Deferred Offering Costs Amortization
BKN	$	1,514,283	$	—
BTA		844,331		7,664
BFK		3,156,616		—
BSD		498,376		—

11.

REGULATION S-X AMENDMENTS

On August 17, 2018, the SEC adopted amendments to certain disclosure requirements in Securities Act Release No. 33-10532, Disclosure Update and Simplification. The Trusts have adopted the amendments pertinent to Regulation S-X in this shareholder report. The amendments impacted certain disclosure presentation on the Statements of Assets and Liabilities, Statements of Changes in Net Assets and Notes to the Financial Statements.

Prior year distribution information and undistributed (distributions in excess of) net investment income in the Statements of Changes in Net Assets has been modified to conform to the current year presentation in accordance with the Regulation S-X changes.

Distributions for the year ended April 30, 2018 were classified as follows:


	Net Investment Income		Net Realized Gain
BKN	$	12,625,711	$	2,644,921
BTA		8,789,035		—
BKK		9,806,670		59,354
BFK		34,410,142		—
BSD		5,596,859		—

Undistributed net investment income as of April 30, 2018 are as follows:


	Undistributed Net Investment Income
BKN	$	1,257,009
BTA		1,195,617
BKK		7,619,711
BFK		4,130,122
BSD		359,527

12.

SUBSEQUENT EVENTS

Management’s evaluation of the impact of all subsequent events on the Trusts’ financial statements was completed through the date the financial statements were issued and the following items were noted:


	Common Dividend Per Share				Preferred Shares^(c)
	Paid ^(a)		Declared ^(b)		Shares		Series		Declared
BKN	$	0.0570	$	0.0570		VMTP		W-7	$	274,014
BTA		0.0545		0.0505		VRDP		W-7		158,621
BKK		0.0318		0.0318		VMTP		W-7		—
BFK		0.0585		0.0585		VMTP		W-7		589,380
BSD		0.0570		0.0570		VMTP		W-7		93,369

^(a)

Net investment income dividend paid on December 3, 2018 to Common Shareholders of record on November 15, 2018.

^(b)

Net investment income dividend declared on December 3, 2018 payable to Common Shareholders of record on December 13, 2018.

^(c)

Dividends declared for period November 1, 2018 to November 30, 2018.


NOTES TO FINANCIAL STATEMENTS			69

Notes to Financial Statements (unaudited) (continued)


	Common Distribution Per Share
	Declared^(a)		Declared^(b)
BKN	$	0.000246	$	0.003090
BTA		0.000905		—
BSD		0.001023		—

^(a)

Net investment income special dividend declared amounts per share on December 3, 2018, payable to Common Shareholders of record on December 13, 2018.

^(b)

Special long-term capital gain distribution declared amounts per share on December 3, 2018, payable to Common Shareholders of record on December 13, 2018.

On November 15, 2018, the Board authorized BKN, BTA, BFK and BSD to participate in an open market share repurchase program. Under the program, each Trust may repurchase up to 5% of its outstanding common shares through November 30, 2019, based on common shares outstanding as of the close of business on November 30, 2018, subject to certain conditions. There is no assurance that the Trusts will purchase shares in any particular amounts.


70		2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Disclosure of Investment Advisory Agreement

The Board of Directors or Trustees, as applicable (each, a “Board,” collectively, the “Boards,” and the members of which are referred to as “Board Members”), of BlackRock Investment Quality Municipal Trust Inc. (“BKN”), BlackRock Long-Term Municipal Advantage Trust (“BTA”), BlackRock Municipal 2020 Term Trust (“BKK”), BlackRock Municipal Income Trust (“BFK”) and the BlackRock Strategic Municipal Trust (“BSD,” and together with BKN, BTA, BKK and BFK, each, a “Fund,” and, collectively, the “Funds”) met in person on April 24, 2018 (the “April Meeting”) and June 6-7, 2018 (the “June Meeting”) to consider the approval of each Fund’s investment advisory agreement (each, an “Agreement,” and collectively, the “Agreements”) with BlackRock Advisors, LLC (the “Manager”), each Fund’s investment advisor. The Manager is referred to herein as “BlackRock”.

Activities and Composition of the Board

On the date of the June Meeting, the Board of each Fund consisted of ten individuals, eight of whom were not “interested persons” of the Fund as defined in the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Board Members”). The Board Members are responsible for the oversight of the operations of its Fund and perform the various duties imposed on the directors of investment companies by the 1940 Act. The Independent Board Members have retained independent legal counsel to assist them in connection with their duties. The Chair of each Board is an Independent Board Member. Each Board has established five standing committees: an Audit Committee, a Governance and Nominating Committee, a Compliance Committee, a Performance Oversight Committee, and an Executive Committee, each of which is chaired by an Independent Board Member and composed of Independent Board Members (except for the Executive Committee, which also has one interested Board Member).

The Agreements

Pursuant to the 1940 Act, each Board is required to consider the continuation of the Agreement for its Fund on an annual basis. Each Board has four quarterly meetings per year, each typically extending for two days, and additional in-person and telephonic meetings throughout the year, as needed. Each Board also has a fifth one-day meeting to consider specific information surrounding the consideration of renewing the Agreement for its Fund. Each Board’s consideration of the Agreement for its Fund is a year-long deliberative process, during which the Board assessed, among other things, the nature, extent and quality of the services provided to its Fund by BlackRock, BlackRock’s personnel and affiliates, including, as applicable; investment management, accounting, administrative, and shareholder services; oversight of the Fund’s service providers; marketing; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements.

Each Board, acting directly and through its committees, considers at each of its meetings, and from time to time as appropriate, factors that are relevant to its annual consideration of the renewal of the Agreement for its Fund, including the services and support provided by BlackRock to the Fund and its shareholders. BlackRock also furnished additional information to each Board in response to specific questions from the Board. This additional information is discussed further below in the section titled “Board Considerations in Approving the Agreements.” Among the matters each Board considered were: (a) investment performance for one-year, three-year, five-year, ten-year, and/or since inception periods, as applicable, against peer funds, applicable benchmarks, and performance metrics, as applicable, as well as senior management’s and portfolio managers’ analysis of the reasons for any over-performance or underperformance relative to its peers, benchmarks, and other performance metrics, as applicable; (b) leverage management, as applicable; (c) fees, including advisory, administration, if applicable, paid to BlackRock and its affiliates by the Fund for services; (d) Fund operating expenses and how BlackRock allocates expenses to the Fund; (e) the resources devoted to, risk oversight of, and compliance reports relating to, implementation of the Fund’s investment objective(s), policies and restrictions, and meeting regulatory requirements; (f) the Fund’s adherence to its compliance policies and procedures; (g) the nature, character and scope of non-investment management services provided by BlackRock and its affiliates and the estimated cost of such services; (h) BlackRock’s and other service providers’ internal controls and risk and compliance oversight mechanisms; (i) BlackRock’s implementation of the proxy voting policies approved by the Board; (j) execution quality of portfolio transactions; (k) BlackRock’s implementation of the Fund’s valuation and liquidity procedures; (l) an analysis of management fees for products with similar investment mandates across the open-end fund, closed-end fund, sub-advised mutual fund, collective investment trust, and institutional separate account product channels, as applicable, and the similarities and differences between these products and the services provided as compared to the Fund; (m) BlackRock’s compensation methodology for its investment professionals and the incentives and accountability it creates, along with investment professionals’ investments in the fund(s) they manage; and (n) periodic updates on BlackRock’s business.

The Board of each of BKN, BKK, BFK, and BSD considered BlackRock’s efforts during the past several years with regard to the redemption of outstanding auction rate preferred securities. Each of BKN, BKK, BFK and BSD has redeemed all of its outstanding auction rate preferred securities.

Board Considerations in Approving the Agreements

The Approval Process: Prior to the April Meeting, each Board requested and received materials specifically relating to the Agreement for its Fund. Each Board is continuously engaged in a process with its independent legal counsel and BlackRock to review the nature and scope of the information provided to better assist its deliberations. The materials provided in connection with the April Meeting included, among other things: (a) information independently compiled and prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), based on Lipper classifications, regarding the Funds’ fees and expenses as compared with a peer group of funds as determined by Broadridge (“Expense Peers”) and the investment performance of the Funds’ as compared with a peer group of funds (“Performance Peers”) and other metrics, as applicable; (b) information on the composition of the Expense Peers and Performance Peers, and a description of the Broadridge’s methodology; (c) information on the estimated profits realized by BlackRock and its affiliates pursuant to each Fund’s Agreement and a discussion of fall-out benefits to BlackRock and its affiliates; (d) a general analysis provided by BlackRock concerning investment management fees received in connection with other types of investment products, such as institutional accounts, sub-advised mutual funds, closed-end funds, and open-end funds, under similar investment mandates, as applicable; (e) review of non-management fees; (f) the existence and impact and sharing of potential economies of scale, if any, and the sharing of potential economies of scale with each Fund; (g) a summary of aggregate amounts paid by each Fund to BlackRock; and (h) various additional information requested by each Board as appropriate regarding BlackRock’s and the operations of its Fund.


DISCLOSURE OF INVESTMENT ADVISORY AGREEMENT			71

Disclosure of Investment Advisory Agreement (continued)

At the April Meeting, each Board reviewed materials relating to its consideration of the Agreement for its Fund. As a result of the discussions that occurred during the April Meeting, and as a culmination of each Board’s year-long deliberative process, each Board presented BlackRock with questions and requests for additional information. BlackRock responded to these requests with additional written information in advance of the June Meeting.

At the June Meeting, each Board considered, among other things: (a) the nature, extent and quality of the services provided by BlackRock; (b) the investment performance of the Fund as compared with Performance Peers and other metrics, as applicable; (c) the advisory fee and the estimated cost of the services and estimated profits realized by BlackRock and its affiliates from their relationship with the Fund; (d) the Fund’s fees and expenses compared to Expense Peers; (e) the sharing of potential economies of scale; (f) fall-out benefits to BlackRock and its affiliates as a result of BlackRock’s relationship with the Fund; and (g) other factors deemed relevant by the Board Members.

Each Board also considered other matters it deemed important to the approval process, such as other payments made to BlackRock or its affiliates relating to securities lending and cash management, services related to the valuation and pricing of Fund portfolio holdings, and advice from independent legal counsel with respect to the review process and materials submitted for the Board’s review. Each Board noted the willingness of BlackRock personnel to engage in open, candid discussions with the Board. Each Board did not identify any particular information as determinative, and each Board Member may have attributed different weights to the various items considered.

A. Nature, Extent and Quality of the Services Provided by BlackRock: Each Board, including the Independent Board Members, reviewed the nature, extent and quality of services provided by BlackRock, including the investment advisory services and the resulting performance of its Fund. Throughout the year, each Board compared its Fund’s performance to the performance of a comparable group of closed-end funds, relevant benchmark, and performance metrics, as applicable. Each Board met with BlackRock’s senior management personnel responsible for investment activities, including the senior investment officers. Each Board also reviewed the materials provided by its Fund’s portfolio management team discussing the Fund’s performance and the Fund’s investment objective(s), strategies and outlook.

Each Board considered, among other factors, with respect to BlackRock: the number, education and experience of investment personnel generally and its Fund’s portfolio management team; BlackRock’s research capabilities; investments by portfolio managers in the funds they manage; portfolio trading capabilities; use of technology; commitment to compliance; credit analysis capabilities; risk analysis and oversight capabilities; and the approach to training and retaining portfolio managers and other research, advisory and management personnel. Each Board also considered BlackRock’s overall risk management program, including the continued efforts of BlackRock and its affiliates to address cybersecurity risks and the role of BlackRock’s Risk & Quantitative Analysis Group. Each Board engaged in a review of BlackRock’s compensation structure with respect to its Fund’s portfolio management team and BlackRock’s ability to attract and retain high-quality talent and create performance incentives.

In addition to investment advisory services, each Board considered the quality of the administrative and other non-investment advisory services provided to its Fund. BlackRock and its affiliates provide each Fund with certain administrative, shareholder, and other services (in addition to any such services provided to its Fund by third parties) and officers and other personnel as are necessary for the operations of the Fund. In particular, BlackRock and its affiliates provide each Fund with administrative services including, among others: (i) responsibility for disclosure documents, such as the prospectus and the statement of additional information in connection with the initial public offering and periodic shareholder reports; (ii) preparing communications with analysts to support secondary market trading of the Fund; (iii) oversight of daily accounting and pricing; (iv) responsibility for periodic filings with regulators and stock exchanges; (v) overseeing and coordinating the activities of other service providers including, among others, the Fund’s custodian, fund accountant, transfer agent, and auditor; (vi) organizing Board meetings and preparing the materials for such Board meetings; (vii) providing legal and compliance support; (viii) furnishing analytical and other support to assist the Board in its consideration of strategic issues such as the merger, consolidation or repurposing of certain closed-end funds; and (ix) performing administrative functions necessary for the operation of the Fund, such as tax reporting, expense management, fulfilling regulatory filing requirements, and shareholder call center and other services. The Board reviewed the structure and duties of BlackRock’s fund administration, shareholder services, and legal & compliance departments and considered BlackRock’s policies and procedures for assuring compliance with applicable laws and regulations.

B. The Investment Performance of the Funds and BlackRock: Each Board, including the Independent Board Members, also reviewed and considered the performance history of its Fund. In preparation for the April Meeting, each Board was provided with reports independently prepared by Broadridge, which included a comprehensive analysis of its Fund’s performance as of December 31, 2017. The performance information is based on net asset value (NAV), and utilizes Lipper data. Lipper’s methodology calculates a fund’s total return assuming distributions are reinvested on the ex-date at a fund’s ex-date NAV. Broadridge ranks funds in quartiles, ranging from first to fourth, where first is the most desirable quartile position and fourth is the least desirable. In connection with its review, each Board received and reviewed information regarding the investment performance of its Fund as compared to its Performance Peers and, with respect to BKN, BTA, BFK, and BSD, a custom peer group of funds as defined by BlackRock (“Customized Peer Group”). Each Board and its Performance Oversight Committee regularly review, and meet with Fund management to discuss, the performance of the Fund throughout the year.

In evaluating performance, each Board recognized that the performance data reflects a snapshot of a period as of a particular date and that selecting a different performance period could produce significantly different results. Further, each Board recognized that it is possible that long-term performance can be impacted by even one period of significant outperformance or underperformance, so that a single investment theme has the ability to affect long-term performance disproportionately.

The Board of each of BKN, BFK and BSD noted that for the one-, three- and five-year periods reported, its Fund ranked in the second, second and first quartiles, respectively, against its Customized Peer Group Composite. BlackRock believes that the Customized Peer Group Composite is an appropriate performance metric for BKN, BFK and BSD. The Composite measures a blend of total return and yield.

The Board of BTA noted that for the one-, three- and five-year periods reported, BTA ranked in the second, first and first quartiles, respectively, against its Customized Peer Group Composite. BlackRock believes that the Customized Peer Group Composite is an appropriate performance metric for BTA. The Composite measures a blend of total return and yield.


72		2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Disclosure of Investment Advisory Agreement (continued)

The Board of BKK noted that for each of the one-, three- and five-year periods reported, BKK ranked in the fourth quartile against its Performance Universe Composite. BlackRock believes that the Composite is an appropriate performance metric for BKK. The Composite measures a blend of total return and yield. The Board noted that BKK has a targeted maturity, and as such, has managed to achieve the specific maturity goal. The peer funds within the Performance Universe generally do not have a similar specific maturity goal.

C. Consideration of the Advisory/Management Fees and the Estimated Cost of the Services and Estimated Profits Realized by BlackRock and its Affiliates from their Relationship with the Funds: Each Board, including the Independent Board Members, reviewed its Fund’s contractual management fee rate compared with those of its Expense Peers. The contractual management fee rate represents a combination of the advisory fee and any administrative fees, before taking into account any reimbursements or fee waivers. Each Board also compared its Fund’s total expense ratio, as well as its actual management fee rate as a percentage of total assets, to those of its Expense Peers. The total expense ratio represents a fund’s total net operating expenses, excluding any investment related expenses. The total expense ratio gives effect to any expense reimbursements or fee waivers that benefit a fund, and the actual management fee rate gives effect to any management fee reimbursements or waivers that benefit a fund. Each Board considered the services provided and the fees charged by BlackRock and its affiliates to other types of clients with similar investment mandates, as applicable, including institutional accounts and sub-advised mutual funds (including mutual funds sponsored by third parties).

Each Board received and reviewed statements relating to BlackRock’s financial condition. Each Board reviewed BlackRock’s profitability methodology and was also provided with an estimated profitability analysis that detailed the revenues earned and the expenses incurred by BlackRock for services provided to its Fund. Each Board reviewed BlackRock’s estimated profitability with respect to its Fund and other funds the Board currently oversees for the year ended December 31, 2017 compared to available aggregate estimated profitability data provided for the prior two years. Each Board reviewed BlackRock’s estimated profitability with respect to certain other U.S. fund complexes managed by the Manager and/or its affiliates. Each Board reviewed BlackRock’s assumptions and methodology of allocating expenses in the estimated profitability analysis, noting the inherent limitations in allocating costs among various advisory products. Each Board recognized that profitability may be affected by numerous factors including, among other things, fee waivers and expense reimbursements by the Manager, the types of funds managed, precision of expense allocations and business mix. As a result, calculating and comparing profitability at individual fund levels is difficult.

Each Board noted that, in general, individual fund or product line profitability of other advisors is not publicly available. Each Board reviewed BlackRock’s overall operating margin, in general, compared to that of certain other publicly-traded asset management firms. Each Board considered the differences between BlackRock and these other firms, including the contribution of technology at BlackRock, BlackRock’s expense management, and the relative product mix.

In addition, each Board considered the estimated cost of the services provided to its Fund by BlackRock, and BlackRock’s and its affiliates’ estimated profits relating to the management of its Fund and the other funds advised by BlackRock and its affiliates. As part of its analysis, each Board reviewed BlackRock’s methodology in allocating its costs of managing its Fund, to the Fund. Each Board considered whether BlackRock has the financial resources necessary to attract and retain high quality investment management personnel to perform its obligations under the Agreement for its Fund and to continue to provide the high quality of services that is expected by the Board. Each Board further considered factors including but not limited to BlackRock’s commitment of time, assumption of risk, and liability profile in servicing its Fund in contrast to what is required of BlackRock with respect to other products with similar investment mandates across the open-end fund, closed-end fund, sub-advised mutual fund, collective investment trust, and institutional separate account product channels, as applicable.

The Board of each of BKN and BKK noted that its Fund’s contractual management fee rate ranked in the first quartile, and that the actual management fee rate and total expense ratio each ranked in the first quartile, relative to the Expense Peers.

The Board of BTA noted that BTA’s contractual management fee rate ranked in the fourth quartile, and that the actual management fee rate and total expense ratio each ranked in the second quartile relative to the Expense Peers.

The Board of BFK noted that BFK’s contractual management fee rate ranked in the third quartile, and that the actual management fee rate and total expense ratio ranked in the second and fourth quartiles, respectively, relative to the Expense Peers.

The Board of BSD noted that BSD’s contractual management fee rate ranked in the second quartile, and that the actual management fee rate and total expense ratio each ranked in the third quartile relative to the Expense Peers.

D. Economies of Scale: Each Board, including the Independent Board Members, considered the extent to which economies of scale might be realized as the assets of its Fund increase. Each Board also considered the extent to which its Fund benefits from such economies in a variety of ways, and whether there should be changes in the advisory fee rate or breakpoint structure in order to enable the Fund to more fully participate in these economies of scale. Each Board considered the Fund’s asset levels and whether the current fee was appropriate.

Based on each Board’s review and consideration of the issue, each Board concluded that most closed-end funds do not have fund level breakpoints because closed-end funds generally do not experience substantial growth after the initial public offering. They are typically priced at scale at a fund’s inception.

E. Other Factors Deemed Relevant by the Board Members: Each Board, including the Independent Board Members, also took into account other ancillary or “fall-out” benefits that BlackRock or its affiliates may derive from BlackRock’s respective relationships with its Fund, both tangible and intangible, such as BlackRock’s ability to leverage its investment professionals who manage other portfolios and risk management personnel, an increase in BlackRock’s profile in the investment advisory community, and the engagement of BlackRock’s affiliates as service providers to the Fund, including for administrative, securities lending and cash management services. Each Board also considered BlackRock’s overall operations and its efforts to expand the scale of, and improve the quality of, its operations. Each Board also noted that, subject to applicable law, BlackRock may use and benefit from third party research obtained by soft dollars generated by certain registered fund transactions to assist in managing all or a number of its other client accounts.

In connection with its consideration of the Agreement for its Fund, each Board also received information regarding BlackRock’s brokerage and soft dollar practices. Each Board received reports from BlackRock which included information on brokerage commissions and trade execution practices throughout the year.


DISCLOSURE OF INVESTMENT ADVISORY AGREEMENT			73

Disclosure of Investment Advisory Agreement (continued)

Each Board noted the competitive nature of the closed-end fund marketplace, and that shareholders are able to sell their Fund shares in the secondary market if they believe that the Fund’s fees and expenses are too high or if they are dissatisfied with the performance of the Fund.

Each Board also considered the various notable initiatives and projects BlackRock performed in connection with its closed-end fund product line. These initiatives included the completion of the redemption of auction rate preferred securities for all of the BlackRock closed-end funds; developing equity shelf programs; efforts to eliminate product overlap with fund mergers; ongoing services to manage leverage that has become increasingly complex; periodic evaluation of share repurchases and other support initiatives for certain BlackRock funds; and continued communications efforts with shareholders, fund analysts and financial advisers. With respect to the latter, the Independent Board Members of each Fund noted BlackRock’s continued commitment to supporting the secondary market for the common shares of its closed-end funds through a comprehensive secondary market communication program designed to raise investor and analyst awareness and understanding of closed-end funds. BlackRock’s support services included, among other things: sponsoring and participating in conferences; communicating with closed-end fund analysts covering the BlackRock funds throughout the year; providing marketing and product updates for the closed-end funds; and maintaining and enhancing its closed-end fund website.

Conclusion

Each Board, including the Independent Board Members, unanimously approved the continuation of the Agreement between the Manager and its Fund for a one-year term ending June 30, 2019. Based upon its evaluation of all of the aforementioned factors in their totality, as well as other information, each Board, including the Independent Board Members, was satisfied that the terms of the Agreement for its Fund were fair and reasonable and in the best interest of the Fund and its shareholders. In arriving at its decision to approve the Agreement for its Fund, each Board did not identify any single factor or group of factors as, all-important or controlling, but considered all factors together, and different Board Members may have attributed different weights to the various factors considered. The Independent Board Members of each Fund were also assisted by the advice of independent legal counsel in making this determination.


74		2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Trustee and Officer Information

Richard E. Cavanagh, Chair of the Board and Trustee

Karen P. Robards, Vice Chair of the Board and Trustee

Michael J. Castellano, Trustee

Cynthia L. Egan, Trustee

Frank J. Fabozzi, Trustee

R. Glenn Hubbard, Trustee

W. Carl Kester, Trustee

Catherine A. Lynch, Trustee

Robert Fairbairn, Trustee

John M. Perlowski, Trustee, President and Chief Executive Officer

Jonathan Diorio, Vice President

Neal J. Andrews, Chief Financial Officer

Jay M. Fife, Treasurer

Charles Park, Chief Compliance Officer

Janey Ahn, Secretary

Effective January 1, 2019, Henry Gabbay is appointed as an Independent Trustee of the Trusts.

Investment Adviser

BlackRock Advisors, LLC

Wilmington, DE 19809

Custodian and Accounting Agent

State Street Bank and Trust Company

Boston, MA 02111

Transfer Agent

Computershare Trust Company, N.A.

Canton, MA 02021

VRDP Liquidity Provider

Bank of America, N.A.

New York, NY 10036

VRDP Remarketing Agent

Merrill Lynch, Pierce, Fenner & Smith, Inc.

New York, NY 10036

VRDP Tender and Paying Agent and VMTP Redemption and Paying Agent

The Bank of New York Mellon

New York, NY 10286

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

Boston, MA 02116

Legal Counsel

Skadden, Arps, Slate,
Meagher & Flom LLP

Boston, MA 02116

Address of the Trusts

100 Bellevue Parkway

Wilmington, DE 19809


TRUSTEE AND OFFICER INFORMATION			75

Additional Information

Proxy Results

The Annual Meeting of Shareholders was held on July 30, 2018 for shareholders of record on May 31, 2018, to elect director nominees for each Trust. There were no broker non-votes with regard to any of the Trusts.

Shareholders elected the Class II Trustees & Class III Trustee as follows:


	Robert Fairbairn ^(a)				Catherine A. Lynch ^(b)				Karen P. Robards ^(b)				Frank J. Fabozzi ^(b)(c)
	Votes For		Votes Withheld		Votes For		Votes Withheld		Votes For		Votes Withheld		Votes For		Votes Withheld
BKN		15,258,530		851,911		15,287,284		823,157		15,277,244		833,197		1,259		0
BTA		12,075,835		493,072		11,981,843		587,064		11,926,255		642,652		760		0
BKK		18,544,462		637,960		18,571,707		610,715		18,557,395		625,027		18,525,754		656,668
BFK		41,449,790		1,413,424		41,391,272		1,471,942		41,307,512		1,555,702		2,708		0
BSD		6,620,312		257,809		6,623,194		254,927		6,568,128		309,993		429		0

For the Trusts listed above, Trustees whose term of office continued after the Annual Meeting of Shareholders because they were not up for election are Michael J. Castellano, Richard E. Cavanagh, Cynthia L. Egan, R. Glenn Hubbard, John M. Perlowski and W. Carl Kester.

^(a)

Class III Trustee.

^(b)

Class II Trustee.

^(c)

Voted on by holders of Preferred Shares only for BKN, BTA, BFK and BSD.

Trust Certification

The Trusts are listed for trading on the NYSE and have filed with the NYSE their annual chief executive officer certification regarding compliance with the NYSE’s listing standards. The Trusts filed with the SEC the certification of its chief executive officer and chief financial officer required by section 302 of the Sarbanes-Oxley Act.

Dividend Policy

Each Trust’s dividend policy is to distribute all or a portion of its net investment income to its shareholders on a monthly basis. In order to provide shareholders with a more stable level of distributions, the Trusts may at times pay out less than the entire amount of net investment income earned in any particular month and may at times in any particular month pay out such accumulated but undistributed income in addition to net investment income earned in that month. As a result, the distributions paid by the Trusts for any particular month may be more or less than the amount of net investment income earned by the Trusts during such month. The Trusts’ current accumulated but undistributed net investment income, if any, is disclosed in the Statements of Assets and Liabilities, which comprises part of the financial information included in this report.

General Information

The Trusts do not make available copies of their Statements of Additional Information because the Trusts’ shares are not continuously offered, which means that the Statement of Additional Information of each Trust has not been updated after completion of the respective Trust’s offerings and the information contained in each Trust’s Statement of Additional Information may have become outdated.

During the period, there were no material changes in the Trusts’ investment objectives or policies or to the Trusts’ charters or by-laws that would delay or prevent a change of control of the Trusts that were not approved by the shareholders or in the principal risk factors associated with investment in the Trusts. There have been no changes in the persons who are primarily responsible for the day-to-day management of the Trusts’ portfolios.

In accordance with Section 23(c) of the Investment Company Act of 1940, each of BKN, BTA, BFK and BSD may from time to time purchase shares of its common stock in open market or in private transactions.

Quarterly performance, semi-annual and annual reports, current net asset value and other information regarding the Trusts may be found on BlackRock’s website, which can be accessed at http://www.blackrock.com. Any reference to BlackRock’s website in this report is intended to allow investors public access to information regarding the Trusts and does not, and is not intended to, incorporate BlackRock’s website in this report.

Electronic Delivery

Shareholders can sign up for e-mail notifications of quarterly statements, annual and semi-annual shareholder reports by enrolling in the electronic delivery program. Electronic copies of shareholder reports are available on BlackRock’s website.

To enroll in electronic delivery:

Shareholders Who Hold Accounts with Investment Advisers, Banks or Brokerages:

Please contact your financial advisor. Please note that not all investment advisers, banks or brokerages may offer this service.


76		2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Additional Information (continued)

Householding

The Trusts will mail only one copy of shareholder documents, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Trusts at (800) 882-0052.

Availability of Quarterly Schedule of Investments

The Trusts file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Trusts’ Forms N-Q are available on the SEC’s website at http://www.sec.gov. The Trusts’ Forms N-Q may also be obtained upon request and without charge by calling (800) 882-0052.

Availability of Proxy Voting Policies and Procedures

A description of the policies and procedures that the Trusts use to determine how to vote proxies relating to portfolio securities is available upon request and without charge (1) by calling (800) 882-0052; (2) at http://www.blackrock.com; and (3) on the SEC’s website at http://www.sec.gov.

Availability of Proxy Voting Record

Information about how the Trusts voted proxies relating to securities held in the Trusts’ portfolios during the most recent 12-month period ended June 30 is available upon request and without charge (1) at http://www.blackrock.com; or by calling (800) 882-0052; and (2) on the SEC’s website at http://www.sec.gov.

Availability of Trust Updates

BlackRock will update performance and certain other data for the Trusts on a monthly basis on its website in the “Closed-end Funds” section of http://www.blackrock.com as well as certain other material information as necessary from time to time. Investors and others are advised to check the website for updated performance information and the release of other material information about the Trusts. This reference to BlackRock’s website is intended to allow investors public access to information regarding the Trusts and does not, and is not intended to, incorporate BlackRock’s website in this report.

BlackRock Privacy Principles

BlackRock is committed to maintaining the privacy of its current and former fund investors and individual clients (collectively, “Clients”) and to safeguarding their non-public personal information. The following information is provided to help you understand what personal information BlackRock collects, how we protect that information and why in certain cases we share such information with select parties.

If you are located in a jurisdiction where specific laws, rules or regulations require BlackRock to provide you with additional or different privacy-related rights beyond what is set forth below, then BlackRock will comply with those specific laws, rules or regulations.

BlackRock obtains or verifies personal non-public information from and about you from different sources, including the following: (i) information we receive from you or, if applicable, your financial intermediary, on applications, forms or other documents; (ii) information about your transactions with us, our affiliates, or others; (iii) information we receive from a consumer reporting agency; and (iv) from visits to our websites.

BlackRock does not sell or disclose to non-affiliated third parties any non-public personal information about its Clients, except as permitted by law or as is necessary to respond to regulatory requests or to service Client accounts. These non-affiliated third parties are required to protect the confidentiality and security of this information and to use it only for its intended purpose.

We may share information with our affiliates to service your account or to provide you with information about other BlackRock products or services that may be of interest to you. In addition, BlackRock restricts access to non-public personal information about its Clients to those BlackRock employees with a legitimate business need for the information. BlackRock maintains physical, electronic and procedural safeguards that are designed to protect the non-public personal information of its Clients, including procedures relating to the proper storage and disposal of such information.


ADDITIONAL INFORMATION			77

Glossary of Terms Used in this Report


Portfolio Abbreviations

AGC		Assured Guarantee Corp.
AGM		Assured Guaranty Municipal Corp.
AMBAC		American Municipal Bond Assurance Corp.
AMT		Alternative Minimum Tax (subject to)
AMPS		Auction Market Preferred Shares
ARB		Airport Revenue Bonds
BAM		Build America Mutual Assurance Co.
BARB		Building Aid Revenue Bonds
CAB		Capital Appreciation Bonds
COP		Certificates of Participation
EDA		Economic Development Authority
EDC		Economic Development Corp.
FHA		Federal Housing Administration
GARB		General Airport Revenue Bonds
GO		General Obligation Bonds
GTD		Guaranteed
HDA		Housing Development Authority
HFA		Housing Finance Agency
IDA		Industrial Development Authority
ISD		Independent School District
LRB		Lease Revenue Bonds
M/F		Multi-Family
NPFGC		National Public Finance Guarantee Corp.
PILOT		Payment in Lieu of Taxes
PSF		Permanent School Fund
RB		Revenue Bonds
S/F		Single-Family
SAN		State Aid Notes
SBPA		Stand-by Bond Purchase Agreements
VRDN		Variable Rate Demand Notes


78		2018 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

This report is intended for current holders. It is not a prospectus. Past performance results shown in this report should not be considered a representation of future performance. The Trusts have leveraged their Common Shares, which creates risks for Common Shareholders, including the likelihood of greater volatility of net asset value and market price of the Common Shares, and the risk that fluctuations in short-term interest rates may reduce the Common Shares’ yield. Statements and other information herein are as dated and are subject to change.

LOGO


CEMUNI5-10/18-SAR

Item 2 –

Code of Ethics – Not Applicable to this semi-annual report

Item 3 –

Audit Committee Financial Expert – Not Applicable to this semi-annual report

Item 4 –

Principal Accountant Fees and Services – Not Applicable to this semi-annual report

Item 5 –

Audit Committee of Listed Registrants – Not Applicable to this semi-annual report

Item 6 –

Investments

(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this Form.

(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.

Item 7 –

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable to this semi-annual report

Item 8 –

Portfolio Managers of Closed-End Management Investment Companies

(a)

Not Applicable to this semi-annual report

(b)

As of the date of this filing, there have been no changes in any of the portfolio managers identified in the most recent annual report on Form N-CSR.

Item 9 –

Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable

Item 10 –

Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.

Item 11 –

Controls and Procedures

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12 –

Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not Applicable

Item 13 –

Exhibits attached hereto

(a)(1) – Code of Ethics – Not Applicable to this semi-annual report

(a)(2) – Certifications – Attached hereto

(a)(3) – Not Applicable

(a)(4) – Not Applicable

(b) – Certifications – Attached hereto

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

BlackRock Municipal Income Trust


By:		/s/ John M. Perlowski
		John M. Perlowski
		Chief Executive Officer (principal executive officer) of
		BlackRock Municipal Income Trust

Date: January 4, 2019

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By:		/s/ John M. Perlowski
		John M. Perlowski
		Chief Executive Officer (principal executive officer) of
		BlackRock Municipal Income Trust

Date: January 4, 2019

By:		/s/ Neal J. Andrews
		Neal J. Andrews
		Chief Financial Officer (principal financial officer) of
		BlackRock Municipal Income Trust

Date: January 4, 2019