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^nd Street, New York, NY 10055

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

Date of fiscal year end: 04/30/2016

Date of reporting period: 10/31/2015

Item 1 – Report to Stockholders

OCTOBER 31, 2015

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


Table of Contents


	Page
The Markets in Review		3
Semi-Annual Report:
Municipal Market Overview		4
The Benefits and Risks of Leveraging		5
Derivative Financial Instruments		5
Trust Summaries		6
Financial Statements
Schedules of Investments		16
Statements of Assets and Liabilities		48
Statements of Operations		49
Statements of Changes in Net Assets		50
Statements of Cash Flows		52
Financial Highlights		53
Notes to Financial Statements		58
Disclosure of Investment Advisory Agreements		70
Officers and Trustees		74
Additional Information		75



2	SEMI-ANNUAL REPORT	OCTOBER 31, 2015

The Markets in Review

Dear Shareholder,

Diverging monetary policies and shifting economic outlooks across regions were the overarching themes driving financial markets during the 12-month period ended October 31, 2015. U.S. economic growth was picking up considerably toward the end of 2014, while the broader global economy showed signs of slowing. Investors favored the stability of U.S. assets despite expectations that the Federal Reserve (the “Fed”) would eventually be inclined to raise short-term interest rates, while international markets struggled even as the European Central Bank and the Bank of Japan eased monetary policy. Oil prices plummeted in late 2014 due to a global supply-and-demand imbalance, fueling a sell-off in energy-related assets and emerging markets. U.S. Treasury bonds benefited as their persistently low yields had become attractive as compared to the even lower yields on international sovereign debt.

Equity markets reversed in early 2015, with international markets outperforming the United States as global risks temporarily abated, and the U.S. economy hit a soft patch amid a harsh winter and a west coast port strike. High valuations took their toll on U.S. stocks, while bond yields fell to extreme lows. (Bond prices rise as yields fall.) In contrast, economic reports in Europe and Asia began to improve, and accommodative policies from central banks in those regions helped international equities rebound. Oil prices stabilized, providing some relief for emerging market stocks, although a stronger U.S. dollar posed another significant headwind for the asset class.

U.S. economic growth regained momentum in the second quarter, helping U.S. stocks resume an upward path; however, the improving data underscored the likelihood that the Fed would raise short-term rates before the end of 2015 and bond yields moved swiftly higher. The month of June brought a sharp, but temporary, sell-off across most asset classes as Greece’s long-brewing debt troubles came to an impasse. These concerns abated when the Greek parliament passed a series of austerity and reform measures in July. But the market’s calm was short-lived. Signs of weakness in China’s economy sparked extreme levels of volatility in Chinese equities despite policymakers’ attempts to stabilize the market.

Higher volatility spread through markets globally in the third quarter as further evidence of deceleration in China stoked worries about overall global growth. Weakening Chinese demand caused oil prices to slide once again and ignited another steep sell-off in emerging markets. Speculation as to whether the Fed would raise rates at its September meeting further fueled global volatility. Ultimately, the Fed postponed the rate hike, but this brought little relief in the markets as the central bank’s decision reinforced investors’ concerns about the state of the global economy. Stock markets finished the third quarter with the worst performance since 2011. High yield bonds also declined, while higher quality assets, including U.S. Treasury bonds, municipal bonds and investment grade credit benefited from investors seeking shelter amid global uncertainty.

The period ended with a strong October rally in risk assets. Given the recent scarcity of evidence of global growth, equity markets had become more reliant on central banks to drive performance. Although October brought generally soft economic data and lower growth estimates, global equities powered higher as China’s central bank provided more stimulus, the European Central Bank poised for more easing and soft U.S. data pushed back expectations for a Fed rate hike. Treasury bonds declined in October while all other asset classes benefited from investors’ increased risk appetite.

At BlackRock, we believe investors need to think globally, extend their scope across a broad array of asset classes and be prepared to move freely as market conditions change over time. We encourage you to talk with your financial advisor and visit 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, 2015
	6-month			12-month
U.S. large cap equities (S&P 500^® Index)		0.77	%		5.20	%
U.S. small cap equities (Russell 2000^® Index)		(4.12	)		0.34
International equities (MSCI Europe, Australasia, Far East Index)		(6.44	)		(0.07	)
Emerging market equities (MSCI Emerging Markets Index)		(17.75	)		(14.53	)
3-month Treasury bills (BofA Merrill Lynch 3-Month U.S. Treasury Bill Index)		0.01			0.02
U.S. Treasury securities (BofA Merrill Lynch 10-Year U.S. Treasury Index)		(0.02	)		3.57
U.S. investment-grade bonds (Barclays U.S. Aggregate Bond Index)		(0.10	)		1.96
Tax-exempt municipal bonds (S&P Municipal Bond Index)		1.58			2.87
U.S. high yield bonds (Barclays U.S. Corporate High Yield 2% Issuer Capped Index)		(3.38	)		(1.91	)
Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.



		THIS PAGE NOT PART OF YOUR FUND REPORT				3


Municipal Market Overview

For the Reporting Period Ended October 31, 2015

Municipal Market Conditions

Municipal bonds generated positive performance for the period, due to a favorable supply-and-demand environment and declining interest rates. (Bond prices rise as rates fall.) Interest rates moved lower as 2014 came to a close, even as the U.S. Federal Reserve (“Fed”) curtailed its open-market bond purchases. This, coupled with reassurance from the Fed that short-term rates would remain low for a considerable amount of time, resulted in strong demand for fixed income investments in 2014, with municipal bonds being one of the stronger-performing sectors for the year. This trend continued into the beginning of 2015 until rate volatility ultimately increased in February as a result of uneven U.S. economic data and widening central bank divergence, i.e., rate cuts outside the United States while the Fed poised for normalizing U.S. rates. During the 12 months ended October 31, 2015, municipal bond funds garnered net inflows of approximately $16 billion (based on data from the Investment Company Institute).

For the same 12-month period, total new issuance remained relatively strong from a historical perspective at $415 billion (considerably higher than the $319 billion issued in the prior 12-month period). A noteworthy portion of new supply during this period was attributable to refinancing activity (roughly 60%) as issuers took advantage of low interest rates and a flatter yield curve to reduce their borrowing costs.

S&P Municipal Bond Index

Total Returns as of October 31, 2015

6 months: 1.58%

12 months: 2.87%

A Closer Look at Yields

LOGO

From October 31, 2014 to October 31, 2015, yields on AAA-rated 30-year municipal bonds rose by 6 basis points (“bps”) from 3.01% to 3.07%, while 10-year rates fell by 3 bps from 2.07% to 2.04% and 5-year rates increased 5 bps from 1.12% to 1.17% (as measured by Thomson Municipal Market Data). Overall, the municipal yield curve remained relatively steep over the 12-month period even as the spread between 2- and 30-year maturities flattened by 12 bps and the spread between 2-and 10-year maturities flattened by 21 bps.

During the same time period, U.S. Treasury rates fell by 12 bps on 30-year bonds, 18 bps on 10-year bonds and 9 bps on 5-year bonds. Accordingly, tax-exempt municipal bonds underperformed Treasuries, most notably in the intermediate part of the curve as a result of increased supply and tempered demand. In absolute terms, the positive performance of muni bonds was driven largely by a supply/demand imbalance within the municipal market as investors sought income and incremental yield in an environment where opportunities had become scarce. More broadly, municipal bonds benefited from the greater appeal of tax-exempt investing in light of the higher tax rates implemented in 2014. The asset class is known for its lower relative volatility and preservation of principal with an emphasis on income as tax rates rise.

Financial Conditions of Municipal Issuers

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

The opinions expressed are those of BlackRock as of October 31, 2015, 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 alternative minimum tax. 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	SEMI-ANNUAL REPORT	OCTOBER 31, 2015


The Benefits and Risks of Leveraging

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

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

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

Leverage also generally causes greater changes in the Trusts’ NAVs, market prices and dividend rates than comparable portfolios without leverage. In a declining market, leverage is likely to cause a greater decline in the net asset value and market price of a Trust’s Common Shares than if the Trusts were not leveraged. In addition, the Trusts may be required to sell portfolio securities at inopportune times or at distressed values in order to comply with regulatory requirements applicable to the use of leverage or as required by the terms of leverage instruments, which may cause the Trusts to incur losses. The use of leverage may limit a Trust’s ability to invest in certain types of securities or use certain types of hedging strategies. The Trusts incur expenses in connection with the use of leverage, all of which are borne by Common Shareholders and may reduce income to the Common Shares. 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 advisor will be higher than if the Trusts did not use leverage.

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

Under the Investment Company Act of 1940, as amended (the “1940 Act”), each Trust is permitted to issue debt up to 33 1/3% of its total managed assets or equity securities (e.g., Preferred Shares) up to 50% of its total managed assets. A Trust may voluntarily elect to limit its leverage to less than the maximum amount permitted under the 1940 Act. In addition, a Trust may also be subject to certain asset coverage, leverage or portfolio composition requirements imposed by the Preferred Shares’ governing instruments or by agencies rating the Preferred Shares, which may be more stringent than those imposed by the 1940 Act.

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


Derivative Financial Instruments

The Trusts may invest in various derivative financial instruments. Derivative financial instruments are used to obtain exposure to a security, index and/or market without owning or taking physical custody of securities or to 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. Derivative financial instruments also involve risks, including the imperfect correlation between the value of a derivative financial instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity of the

derivative financial instrument. The Trusts’ ability to use a derivative financial instrument successfully depends on the investment advisor’s ability to predict pertinent market movements accurately, which cannot be assured. The use of derivative financial instruments may result in losses greater than if they had not been used, may 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 are discussed in detail in the Notes to Financial Statements.



SEMI-ANNUAL REPORT	OCTOBER 31, 2015	5


Trust Summary as of October 31, 2015		BlackRock Investment Quality Municipal Trust, Inc.


Trust Overview

BlackRock Investment Quality Municipal Trust, Inc.’s (BKN) (the “Trust”) investment objective is to provide high current income exempt from regular 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 exempt from federal income taxes (except that the interest may be subject to the 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 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, 2015 ($15.21)¹		6.07%
Tax Equivalent Yield²		10.72%
Current Monthly Distribution per Common Share³		$0.077
Current Annualized Distribution per Common Share³		$0.924
Economic Leverage as of October 31, 2015⁴		36%

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

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

The monthly distribution per Common Share, declared on December 1, 2015, was decreased to $0.074 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.

⁴

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


Performance

Returns for the six months ended October 31, 2015 were as follows:


	Returns Based On
	Market Price			NAV³
BKN¹		0.55	%		2.74	%
Lipper General & Insured Municipal Debt Trusts (Leveraged)²		1.77	%		2.20	%

All returns reflect reinvestment of dividends and/or distributions.

Average return.

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

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

•

Municipal bonds produced a modest gain during the six-month reporting period. U.S. Treasury yields rose (as prices fell), with the bulk of the increase occurring from the beginning of April through the first week of June. While yields subsequently declined amid signs of slowing global growth, the rally was not sufficient to make up for the earlier weakness. Municipal issues outperformed Treasuries due in part to an increasingly favorable balance of supply and demand in the market, as the heavy new issuance that characterized the first half of 2015 began to abate at mid-year. In addition, state and local government finances continued to benefit from improving revenues.

•

Given that overall tax-exempt rates declined, the Trust’s longer duration added to performance. However, its position in longer-dated bonds with maturities beyond 25 years was a small detractor from performance given that longer-dated bonds finished with slightly higher yields. The Trust’s investments in the tax-backed (local and states), healthcare and utilities sectors were positive contributors to performance. The Trust’s positions in lower coupon bonds and zero coupon bonds also benefited returns, as both segments outperformed. From a credit rating perspective, the best returns came from the portfolio’s higher-yielding and lower-rated investment-grade credits. Nevertheless, the Trust’s high-quality pre-refunded bonds also contributed positively to performance. Income in the form of coupon payments made up a meaningful portion of the Trust’s total return for the period. In addition, the Trust’s use of leverage generated added income.

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	SEMI-ANNUAL REPORT	OCTOBER 31, 2015


		BlackRock Investment Quality Municipal Trust, Inc.


Market Price and Net Asset Value Per Share Summary


	10/31/15		4/30/15		Change			High		Low
Market Price	$	15.21	$	15.60		(2.50	)%	$	15.60	$	14.44
Net Asset Value	$	16.03	$	16.09		(0.37	)%	$	16.09	$	15.68

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

LOGO

Overview of the Trust’s Total Investments*


Sector Allocation	10/31/15			4/30/15
Health		24	%		23	%
Education		17			17
County/City/Special District/School District		17			15
Transportation		12			12
Utilities		11			12
State		10			12
Corporate		6			6
Tobacco		3			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 advisor. These definitions may not apply for purposes of this report, which may combine such sector subclassifications for reporting ease.


Credit Quality Allocation¹	10/31/15			4/30/15
AAA/Aaa		5	%		5	%
AA/Aa		46			46
A		30			31
BBB/Baa		10			9
BB/Ba		2			2
B		1			1
N/R²		6			6

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.

The investment advisor 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 advisor has deemed certain of these unrated securities as investment grade quality. As of October 31, 2015 and April 30, 2015, the market value of unrated securities deemed by the investment advisor to be investment grade represents 1% and 3%, respectively, of the Trust’s total investments.



Call/Maturity Schedule³
Calendar Year Ended December 31,
2015	3	%
2016	2
2017	3
2018	9
2019	9

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

Excludes short-term securities.



SEMI-ANNUAL REPORT	OCTOBER 31, 2015	7


Trust Summary as of October 31, 2015		BlackRock Long-Term Municipal Advantage Trust

Trust Overview

BlackRock Long-Term Municipal Advantage Trust’s (BTA) (the “Trust”) investment objective is to provide current income exempt from regular 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 exempt from federal income tax (except that the interest may be subject to the 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, 2015 ($11.15)¹		6.24%
Tax Equivalent Yield²		11.02%
Current Monthly Distribution per Common Share³		$0.058
Current Annualized Distribution per Common Share³		$0.696
Economic Leverage as of October 31, 2015⁴		38%

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

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

⁴

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


Performance

Returns for the six months ended October 31, 2015 were as follows:


	Returns Based On
	Market Price			NAV³
BTA¹		0.85	%		2.13	%
Lipper General & Insured Municipal Debt Funds (Leveraged)²		1.77	%		2.20	%

All returns reflect reinvestment of dividends and/or distributions.

Average return.

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

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

•

Municipal bonds produced a modest gain during the six-month reporting period. U.S. Treasury yields rose (as prices fell), with the bulk of the increase occurring from the beginning of April through the first week of June. While yields subsequently declined amid signs of slowing global growth, the rally was not sufficient to make up for the earlier weakness. Municipal issues outperformed Treasuries due in part to an increasingly favorable balance of supply and demand in the market, as the heavy new issuance that characterized the first half of 2015 began to abate at mid-year. In addition, overall state and local government finances continued to benefit from improving revenues.

•

Income in the form of coupon payments made up a meaningful portion of the Trust’s total return for the period. In addition, the Trust’s use of leverage provided both incremental return and income in a relatively stable rate environment.

•

The Trust’s positions in AA rated bonds, as well as in those on the lower end of the investment grade spectrum, were key drivers of its six-month results. The Trust benefited from the additional yield these securities generated, as well as the ongoing decline in yield spreads in these market segments. The Trust’s positions in the utilities, healthcare, tobacco and transportation sectors also aided performance.

•

The Trust’s overall yield curve positioning was a modest detractor from performance, due largely to its investments in longer-maturity bonds issued by Illinois and New Jersey. Ongoing concerns regarding the states’ budget and pension-funding challenges undermined valuations for both state and local general obligation debt.



8	SEMI-ANNUAL REPORT	OCTOBER 31, 2015


		BlackRock Long-Term Municipal Advantage Trust

Market Price and Net Asset Value Per Share Summary


	10/31/15		4/30/15		Change			High		Low
Market Price	$	11.15	$	11.41		(2.28	)%	$	11.43	$	10.67
Net Asset Value	$	12.38	$	12.51		(1.04	)%	$	12.51	$	12.19

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

LOGO

Overview of the Trust’s Total Investments*


Sector Allocation	10/31/15			4/30/15
Health		19	%		21	%
Utilities		19			19
Transportation		16			16
Education		16			10
County/City/Special District/School District		10			9
State		7			12
Corporate		7			7
Tobacco		5			5
Housing		1			1


Credit Quality Allocation¹	10/31/15			4/30/15
AAA/Aaa		12	%		14	%
AA/Aa		50			51
A		16			14
BBB/Baa		9			10
BB/Ba		4			2
B		3			2
N/R²		6			7

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.

The investment advisor 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 advisor has deemed certain of these unrated securities as investment grade quality. As of April 30, 2015, the market value of unrated securities deemed by the investment advisor to be investment grade represents 1% of the Trust’s total investments.



Call/Maturity Schedule³
Calendar Year Ended December 31,
2015	8	%
2016	10
2017	2
2018	3
2019	18

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

Excludes short-term securities.



SEMI-ANNUAL REPORT	OCTOBER 31, 2015	9


Trust Summary as of October 31, 2015		BlackRock Municipal 2020 Term Trust

Trust Overview

BlackRock Municipal 2020 Term Trust’s (BKK) (the “Trust”) investment objectives are to provide current income exempt from regular federal income tax and to return $15 per Common Share (the initial 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 assets in municipal bonds exempt from federal income taxes (except that the interest may be subject to the federal alternative minimum tax). The Trust invests, under normal market conditions, at least 80% of its assets in municipal bonds that are investment grade quality at the time of investment. The Trust may invest directly in such securities or synthetically through the use of derivatives.

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


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, 2015 ($15.83)¹		3.40%
Tax Equivalent Yield²		6.01%
Current Monthly Distribution per Common Share³		$0.0448
Current Annualized Distribution per Common Share³		$0.5376
Economic Leverage as of October 31, 2015⁴		13%

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

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

⁴

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

Performance

Returns for the six months ended October 31, 2015 were as follows:


	Returns Based On
	Market Price			NAV³
BKK¹		(0.79	)%		1.28	%
Lipper Intermediate Municipal Debt Funds²		0.72	%		1.76	%

All returns reflect reinvestment of dividends and/or distributions.

Average return.

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

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

•

Municipal bonds produced a modest gain during the six-month reporting period. U.S. Treasury yields rose (as prices fell), with the bulk of the increase occurring from the beginning of April through the first week of June. While yields subsequently declined amid signs of slowing global growth, the rally was not sufficient to make up for the earlier weakness. Municipal issues outperformed Treasuries due in part to an increasingly favorable balance of supply and demand in the market, as the heavy new issuance that characterized the first half of 2015 began to abate at mid-year. In addition, overall state and local government finances continued to benefit from improving revenues.

•

The Trust’s duration exposure contributed to performance given the municipal bond market’s positive return. (Duration is a measure of interest rate sensitivity). At the sector level, the largest contributions came from transportation, corporate, healthcare and utilities issues. Income in the form of coupon payments made up a meaningful portion of the Trust’s total return for the period. In addition, the Trust’s use of leverage provided both incremental return and income in a relatively stable rate environment.

•

The Trust’s holdings in Illinois general obligation bonds and Chicago credits, both of which lagged the return of the broader U.S. municipal bond market, detracted from performance. Both entities faced budget shortfalls and concerns about their ability to meet their long-term pension obligations, which prompted the major rating agencies to downgrade their credit ratings.



10	SEMI-ANNUAL REPORT	OCTOBER 31, 2015


		BlackRock Municipal 2020 Term Trust

Market Price and Net Asset Value Per Share Summary


	10/31/15		4/30/15		Change			High		Low
Market Price	$	15.83	$	16.25		(2.58	)%	$	16.28	$	15.25
Net Asset Value	$	16.21	$	16.30		(0.55	)%	$	16.30	$	16.03

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

LOGO

Overview of the Trust’s Total Investments*


Sector Allocation	10/31/15			4/30/15
Transportation		17	%		17	%
Utilities		17			16
Corporate		13			14
County/City/Special District/School District		13			12
State		12			12
Health		11			11
Education		10			9
Tobacco		4			4
Housing		3			5


Credit Quality Allocation¹	10/31/15			4/30/15
AAA/Aaa		3	%		6	%
AA/Aa		25			22
A		43			45
BBB/Baa		17			17
BB/Ba		3			2
B		—			1
N/R²		9			7

The investment advisor 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 advisor has deemed certain of these unrated securities as investment grade quality. As of October 31, 2015 and April 30, 2015, the market value of unrated securities deemed by the investment advisor to be investment grade represents 4% and 2%, respectively, of the Trust’s total investments.



Call/Maturity Schedule³
Calendar Year Ended December 31,
2015	1	%
2016	11
2017	4
2018	5
2019	17

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

Excludes short-term securities.



SEMI-ANNUAL REPORT	OCTOBER 31, 2015	11


Trust Summary as of October 31, 2015		BlackRock Municipal Income Trust


Trust Overview

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

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


Trust Information
Symbol on NYSE		BFK
Initial Offering Date		July 27, 2001
Yield on Closing Market Price as of October 31, 2015 ($14.45)¹		6.24%
Tax Equivalent Yield²		11.02%
Current Monthly Distribution per Common Share³		$0.0751
Current Annualized Distribution per Common Share³		$0.9012
Economic Leverage as of October 31, 2015⁴		38%

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

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

⁴


Performance

Returns for the six months ended October 31, 2015 were as follows:


	Returns Based On
	Market Price			NAV³
BFK¹		4.21	%		1.96	%⁴
Lipper General & Insured Municipal Debt Trusts (Leveraged)²		1.77	%		2.20	%

All returns reflect reinvestment of dividends and/or distributions.

Average return.

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

⁴

For financial reporting purposes, the market value of certain investments were adjusted as of report date. Accordingly, the net asset value (“NAV”) per share and total return performance based on net asset value presented herein are different than the information previously published on October 31, 2015.

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

•

Municipal bonds produced a modest gain during the six-month reporting period. U.S. Treasury yields rose (as prices fell), with the bulk of the increase occurring from the beginning of April through the first week of June. While yields subsequently declined amid signs of slowing global growth, the rally was not sufficient to make up for the earlier weakness. Municipal issues outperformed Treasuries due in part to an increasingly favorable balance of supply and demand in the market, as the heavy new issuance that characterized the first half of 2015 began to abate at mid-year. In addition, overall state and local government finances continued to benefit from improving revenues.

•

The Trust’s positions in AA rated bonds, as well as in those on the lower end of the investment grade spectrum, were key drivers of its six-month results. The Trust benefited from the additional yield these securities generated, as well as the ongoing decline in yield spreads in these market segments. The Trust’s positions in the transportation, utilities, healthcare and tobacco sectors also aided performance.

•



12	SEMI-ANNUAL REPORT	OCTOBER 31, 2015


		BlackRock Municipal Income Trust


Market Price and Net Asset Value Per Share Summary


	10/31/15		4/30/15		Change			High		Low
Market Price	$	14.45	$	14.32		0.91	%	$	14.50	$	13.28
Net Asset Value	$	14.72	$	14.91		(1.27	)%	$	14.91	$	14.44

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

LOGO

Overview of the Trust’s Total Investments*


Sector Allocation	10/31/15			4/30/15
Transportation		22	%		22	%
Utilities		15			14
County/City/Special District/School District		13			14
Health		13			14
Corporate		11			11
State		10			10
Education		10			9
Tobacco		6			6


Credit Quality Allocation¹	10/31/15			4/30/15
AAA/Aaa		7	%		9	%
AA/Aa		41			40
A		24			24
BBB/Baa		14			14
BB/Ba		4			3
B		1			1
N/R²		9			9

The investment advisor 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 advisor has deemed certain of these unrated securities as investment grade quality. As of October 31, 2015 and April 30, 2015, the market value of unrated securities deemed by the investment advisor to be investment grade each represents 1%, respectively, of the Trust’s total investments.



Call/Maturity Schedule³
Calendar Year Ended December 31,
2015	7	%
2016	5
2017	3
2018	4
2019	18

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

Excludes short-term securities.



SEMI-ANNUAL REPORT	OCTOBER 31, 2015	13


Trust Summary as of October 31, 2015		BlackRock Strategic Municipal Trust


Trust Overview

BlackRock Strategic Municipal Trust’s (BSD) (the “Trust”) investment objectives are to provide current income that is exempt from regular 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 objective by investing, under normal market conditions, at least 80% of its assets in investments exempt from federal income taxes (except that the interest may be subject to the federal alternative minimum tax). The Trust invests at least 80% of its assets in investment grade quality securities 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. 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, 2015 ($13.71)¹		6.21%
Tax Equivalent Yield²		10.97%
Current Monthly Distribution per Common Share³		$0.071
Current Annualized Distribution per Common Share³		$0.852
Economic Leverage as of October 31, 2015⁴		37%

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

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

⁴


Performance

Returns for the six months ended October 31, 2015 were as follows:


	Returns Based On
	Market Price			NAV³
BSD¹		1.06	%		2.01	%
Lipper General & Insured Municipal Debt Funds (Leveraged)²		1.77	%		2.20	%

All returns reflect reinvestment of dividends and/or distributions.

Average return.

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

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

•

Municipal bonds produced a modest gain during the six-month reporting period. U.S. Treasury yields rose (as prices fell), with the bulk of the increase occurring from the beginning of April through the first week of June. While yields subsequently declined amid signs of slowing global growth, the rally was not sufficient to make up for the earlier weakness. Municipal issues outperformed Treasuries due in part to an increasingly favorable balance of supply and demand in the market, as the heavy new issuance that characterized the first half of 2015 began to abate at mid-year. In addition, overall state and local government finances continued to benefit from improving revenues.

•

The Trust’s positions in AA rated bonds, as well as in those on the lower end of the investment grade spectrum, were key drivers of its six-month results. The Trust benefited from the additional yield these securities generated, as well as the ongoing decline in yield spreads in these market segments. The Trust’s positions in the transportation, healthcare, utilities and tobacco sectors also aided performance.

•



14	SEMI-ANNUAL REPORT	OCTOBER 31, 2015


		BlackRock Strategic Municipal Trust


Market Price and Net Asset Value Per Share Summary


	10/31/15		4/30/15		Change			High		Low
Market Price	$	13.71	$	14.00		(2.07	)%	$	14.01	$	12.95
Net Asset Value	$	14.59	$	14.76		(1.15	)%	$	14.76	$	14.30

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

LOGO

Overview of the Trust’s Total Investments*


Sector Allocation	10/31/15			4/30/15
Transportation		25	%		25	%
Health		16			17
Utilities		13			13
County/City/Special District/School District		10			11
Corporate		10			10
Education		11			10
State		9			9
Tobacco		6			5


Credit Quality Allocation¹	10/31/15			4/30/15
AAA/Aaa		8	%		10	%
AA/Aa		40			39
A		26			25
BBB/Baa		12			12
BB/Ba		6			4
B		1			2
N/R²		7			8

The investment advisor 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 advisor has deemed certain of these unrated securities as investment grade quality. As of October 31, 2015 and April 30, 2015, the market value of unrated securities deemed by the investment advisor to be investment grade each represents 2%, respectively, of the Trust’s total investments.



Call/Maturity Schedule³
Calendar Year Ended December 31,
2015	3	%
2016	6
2017	4
2018	6
2019	19

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

Excludes short-term securities.



SEMI-ANNUAL REPORT	OCTOBER 31, 2015	15

Schedule of Investments October 31, 2015 (Unaudited)

BlackRock Investment Quality Municipal Trust, Inc. (BKN)

(Percentages shown are based on Net Assets)


Municipal Bonds	Par (000)		Value
Alabama — 1.4%
City of Birmingham Alabama Special Care Facilities Financing Authority, RB, Children’s Hospital (AGC) (a):
6.00%, 6/01/19	$	1,745	$	2,045,384
6.00%, 6/01/19		500		586,070
City of Hoover Alabama Board of Education, Refunding, Special Tax, Capital Outlay Warrants, 4.25%, 2/15/40		1,275		1,307,627

				3,939,081
Arizona — 6.4%
Arizona Board of Regents, RB, Arizona State University, Series C, 5.50%, 7/01/26		475		547,267
Arizona Health Facilities Authority, Refunding RB, Phoenix Children’s Hospital, Series A, 5.00%, 2/01/42		3,300		3,478,893
City of Phoenix Arizona IDA, Refunding RB, Basis Schools, Inc. Projects, Series A, 5.00%, 7/01/45 (b)		455		451,487
County of Pinal Arizona Electric District No. 3, Refunding RB, Electric System, 4.75%, 7/01/31		3,750		4,049,025
Salt Verde Financial Corp., RB, Senior:
5.00%, 12/01/32		1,035		1,175,998
5.00%, 12/01/37		4,585		5,109,432
University Medical Center Corp., RB, 6.50%, 7/01/19 (a)		750		894,945
University Medical Center Corp., Refunding RB, 6.00%, 7/01/21 (a)		1,600		1,992,896

				17,699,943
Arkansas — 2.7%
Arkansas State University, RB, Jonesboro Campus, Series B, 4.00%, 12/01/28		600		639,414
City of Benton Arkansas, RB, 4.00%, 6/01/39		1,355		1,408,915
City of Hot Springs Arkansas, RB, Wastewater, 5.00%, 12/01/38		1,800		2,011,518
City of Little Rock Arkansas, RB, 4.00%, 7/01/41		2,955		2,986,855
County of Pulaski Arkansas Public Facilities Board, RB, 5.00%, 12/01/42		465		506,776

				7,553,478
California — 17.6%
California Health Facilities Financing Authority, RB, Sutter Health, Series B, 5.88%, 8/15/31		2,300		2,709,837
California Infrastructure & Economic Development Bank, Refunding RB, 4.00%, 11/01/45		5,030		5,084,575
Carlsbad California Unified School District, GO, Election of 2006, Series B, 0.00%, 5/01/34 (c)		1,500		1,469,115
City of San Jose California, Refunding ARB, Series A-1, AMT, 5.75%, 3/01/34		3,000		3,472,800
Dinuba California Unified School District, GO, Election of 2006 (AGM), 5.75%, 8/01/33		535		616,384
Hartnell Community College District California, GO, CAB, Election of 2002, Series D, 0.00%, 8/01/34 (c)		2,475		2,091,746
Norwalk-La Mirada Unified School District, GO, Refunding, CAB, Election of 2002, Series E (AGC), 0.00%, 8/01/38 (d)		12,000		4,457,760


Municipal Bonds	Par (000)		Value
California (continued)
Palomar Community College District, GO, CAB, Election of 2006, Series B:
0.00%, 8/01/30 (d)	$	2,270	$	1,319,778
0.00%, 8/01/33 (d)		4,250		1,581,553
0.00%, 8/01/39 (c)		3,000		2,485,590
San Diego Community College District, GO, CAB, Election of 2002, 0.00%, 8/01/33 (c)		4,200		4,457,670
State of California, GO, Refunding, Various Purposes:
5.00%, 2/01/38		2,000		2,267,260
4.00%, 10/01/44		2,520		2,592,374
State of California, GO, Various Purposes:
5.75%, 4/01/31		3,000		3,460,290
6.00%, 3/01/33		2,270		2,720,482
6.50%, 4/01/33		2,900		3,435,920
5.50%, 3/01/40		3,650		4,205,859

				48,428,993
Colorado — 0.7%
Park Creek Metropolitan District, Refunding RB, Senior Limited Property Tax (AGM), 6.00%, 12/01/38		750		875,978
University of Northern Colorado Greely, Refunding RB, Institutional Enterprise, Series A, 4.00%, 6/01/35		1,000		1,049,650

				1,925,628
Connecticut — 0.6%
Connecticut State Health & Educational Facility Authority, Refunding RB:
4.00%, 7/01/38		570		579,593
Lawrence & Memorial Hospital, Series F, 5.00%, 7/01/36		950		1,029,268

				1,608,861
Delaware — 0.7%
County of Sussex Delaware, RB, NRG Energy, Inc., Indian River Power LLC Project, 6.00%, 10/01/40		1,800		2,007,072
Florida — 8.9%
Capital Trust Agency, Inc, RB, M/F Housing, The Gardens Apartment Project, Series A, 4.75%, 7/01/40		900		887,076
City of Jacksonville Florida, Refunding RB, Brooks Rehabilitation Project, 4.00%, 11/01/40		1,770		1,712,864
County of Miami-Dade Educational Facilities Authority, Refunding RB, Series A, 5.00%, 4/01/45		1,390		1,511,806
County of Miami-Dade Florida, RB:
CAB, Sub-Series A (NPFGC), 0.00%, 10/01/32 (d)		4,225		1,772,768
CAB, Sub-Series A (NPFGC), 0.00%, 10/01/33 (d)		4,000		1,591,520
CAB, Sub-Series A (NPFGC), 0.00%, 10/01/34 (d)		4,580		1,730,873
CAB, Sub-Series A (NPFGC), 0.00%, 10/01/35 (d)		5,000		1,791,400
CAB, Subordinate Special Obligation, 0.00%, 10/01/32 (d)		5,000		2,446,300

Portfolio Abbreviations

AGC

Assured Guarantee Corp.

EDA

Economic Development Authority

LRB

Lease Revenue Bonds

AGM

Assured Guaranty Municipal Corp.

EDC

Economic Development Corp.

M/F

Multi-Family

AMBAC

American Municipal Bond Assurance Corp.

GARB

General Airport Revenue Bonds

NPFGC

National Public Finance Guarantee Corp.

AMT

Alternative Minimum Tax (subject to)

General Obligation Bonds

PILOT

Payment in Lieu of Taxes

ARB

Airport Revenue Bonds

HDA

Housing Development Authority

Revenue Bonds

CAB

Capital Appreciation Bonds

HFA

Housing Finance Agency

S/F

Single-Family

COP

Certificates of Participation

IDA

Industrial Development Authority

SAN

State Aid Notes

See Notes to Financial Statements.



16	SEMI-ANNUAL REPORT	OCTOBER 31, 2015


Schedule of Investments (continued)		BlackRock Investment Quality Municipal Trust, Inc. (BKN)


Municipal Bonds	Par (000)		Value
Florida (continued)
County of Miami-Dade Florida, RB (continued):
CAB, Subordinate Special Obligation, 0.00%, 10/01/33 (d)	$	15,375	$	7,148,299
Series B, AMT, 6.00%, 10/01/32		3,000		3,620,730
County of Orange Florida Health Facilities Authority, Refunding RB, Mayflower Retirement Center, 5.00%, 6/01/32		200		212,488

				24,426,124
Georgia — 2.5%
City of Atlanta Georgia Water & Wastewater Revenue, RB, Series A, 5.00%, 11/01/43		6,000		6,774,000
Hawaii — 0.2%
Hawaii State Department of Budget & Finance, Refunding RB, Special Purpose, Senior Living, Kahala Nui, 5.25%, 11/15/37		600		647,148
Idaho — 4.2%
Idaho Health Facilities Authority, RB, St. Lukes Health System Project Series A, 5.00%, 3/01/39		7,970		8,629,677
Idaho Health Facilities Authority, Refunding RB, Trinity Health Group, Series B, 6.25%, 12/01/18 (a)		2,500		2,908,925

				11,538,602
Illinois — 8.8%
Chicago Public Building Commission, RB, Series A (NPFGC), 7.00%, 1/01/20 (e)		5,000		5,975,700
City of Chicago Illinois, Refunding ARB, O’Hare International Airport Passenger Facility Charge, Series B, AMT, 4.00%, 1/01/29		2,400		2,411,904
City of Chicago Illinois Midway International Airport, Refunding GARB, 2nd Lien, Series A, 5.00%, 1/01/41		1,735		1,823,919
City of Chicago Illinois Transit Authority, RB, Sales Tax Receipts, 5.25%, 12/01/40		1,000		1,062,460
Illinois Finance Authority, RB, Rush University Medical Center, Series C, 6.63%, 5/01/19 (a)		1,200		1,432,104
Illinois Finance Authority, Refunding RB:
OSF Healthcare System, Series A, 6.00%, 5/15/39		1,490		1,713,261
Roosevelt University Project, 6.50%, 4/01/44		1,500		1,623,990
Railsplitter Tobacco Settlement Authority, RB:
6.25%, 6/01/24		5,000		5,169,400
6.00%, 6/01/28		1,700		2,016,081
State of Illinois, GO, 5.00%, 2/01/39		1,000		1,022,310

				24,251,129
Iowa — 1.5%
Iowa Higher Education Loan Authority, RB, Private College Facility, Buena Vista University Project, 5.00%, 4/01/31		1,355		1,484,619
Iowa Higher Education Loan Authority, Refunding RB, Private College Facility, Upper Iowa University Project:
5.75%, 9/01/30		965		1,001,545
6.00%, 9/01/39		1,500		1,551,900

				4,038,064
Kansas — 2.9%
County of Seward Kansas Unified School District No. 480, GO, Refunding, 5.00%, 9/01/39		6,000		6,631,020
Kansas Development Finance Authority, Refunding RB, Sisters of Leavenworth, Series A, 5.00%, 1/01/28		1,155		1,296,360

				7,927,380


Municipal Bonds	Par (000)		Value
Kentucky — 5.3%
Counties of Louisville & Jefferson Kentucky Metropolitan Government, Refunding RB, Jewish Hospital & St. Mary’s Healthcare, 6.13%, 2/01/18 (a)	$	2,250	$	2,519,325
Kentucky Economic Development Finance Authority, RB, Catholic Health Initiatives, Series A, 5.38%, 1/01/40		3,400		3,757,850
Kentucky Economic Development Finance Authority, Refunding RB, Norton Healthcare, Inc., Series B (NPFGC), 0.00%, 10/01/23 (d)		8,500		6,684,315
Kentucky Public Transportation Infrastructure Authority, RB, Downtown Crossing Project, Convertible CAB, 1st Tier, Series C (c):
0.00%, 7/01/34		1,000		733,180
0.00%, 7/01/39		1,395		999,908

				14,694,578
Louisiana — 1.6%
City of Alexandria Louisiana Utilities, RB, 5.00%, 5/01/39		1,790		1,984,609
Louisiana Local Government Environmental Facilities & Community Development Authority, RB, Westlake Chemical Corp. Project, Series A-1, 6.50%, 11/01/35		1,565		1,843,961
Louisiana Public Facilities Authority, RB, Belle Chasse Educational Foundation Project, 6.50%, 5/01/31		600		660,372

				4,488,942
Maryland — 0.2%
County of Anne Arundel Maryland Consolidated, Special Tax District, Villages at Two Rivers Project:
5.13%, 7/01/36		260		263,889
5.25%, 7/01/44		260		263,414

				527,303
Massachusetts — 1.2%
Massachusetts Development Finance Agency, Refunding RB:
Emerson College, 5.00%, 1/01/41		2,400		2,548,488
International Charter School, 5.00%, 4/15/40		600		629,490

				3,177,978
Michigan — 3.7%
Michigan Finance Authority, RB, Detroit Water & Sewage Disposal System, Senior Lien, Series 2014 C-2, AMT, 5.00%, 7/01/44		360		373,187
Michigan State Building Authority, Refunding RB, Facilities Program Series:
6.25%, 10/15/18 (a)		1,135		1,312,934
6.25%, 10/15/38		740		840,351
Michigan State Hospital Finance Authority, Refunding RB, Trinity Health Credit Group, Series C, 4.00%, 12/01/32		4,150		4,278,401
Royal Oak Hospital Finance Authority Michigan, Refunding RB, William Beaumont Hospital, Series V, 8.25%, 9/01/18 (a)		2,750		3,313,503

				10,118,376
Minnesota — 0.9%
City of Minneapolis Minnesota, Refunding RB, Fairview Health Services, Series A (AGC):
6.50%, 11/15/18 (a)		345		402,018
6.50%, 11/15/38		1,905		2,164,975

				2,566,993
Mississippi — 3.4%
County of Warren Mississippi, RB, Gulf Opportunity Zone Bonds, International Paper Co. Project, Series A, 5.38%, 12/01/35		600		662,550

See Notes to Financial Statements.



SEMI-ANNUAL REPORT	OCTOBER 31, 2015	17


Schedule of Investments (continued)		BlackRock Investment Quality Municipal Trust, Inc. (BKN)


Municipal Bonds	Par (000)		Value
Mississippi (continued)
Mississippi Development Bank, RB, Special Obligation:
CAB, Hinds Community College District (AGM), 5.00%, 4/01/36	$	1,910	$	2,076,800
County of Jackson Limited Tax Note (AGC), 5.50%, 7/01/32		2,655		2,980,663
University of Southern Mississippi, RB, Campus Facilities Improvements Project, 5.38%, 9/01/36		3,150		3,531,906

				9,251,919
Missouri — 2.9%
Missouri Development Finance Board, RB, Annual Appropriation Sewer System, Series B, 5.00%, 11/01/41		1,350		1,451,965
Missouri State Health & Educational Facilities Authority, RB:
A.T. Still University of Health Sciences, 5.25%, 10/01/31		500		550,615
A.T. Still University of Health Sciences, 4.25%, 10/01/32		480		504,701
A.T. Still University of Health Sciences, 5.00%, 10/01/39		750		834,330
Heartland Regional Medical Center, 4.13%, 2/15/43		1,100		1,117,325
University of Central Missouri, Series C-2, 4.00%, 10/01/28		600		637,326
University of Central Missouri, Series C-2, 5.00%, 10/01/34		1,500		1,686,405
Missouri State Health & Educational Facilities Authority, Refunding RB, CoxHealth, Series A, 5.00%, 11/15/38		1,200		1,313,748

				8,096,415
Nebraska — 3.7%
Central Plains Energy Project Nebraska, RB, Gas Project No. 3, 5.00%, 9/01/42		900		970,623
County of Douglas Hospital Authority No. 2, RB, Madonna Rehabilitation Hospital Project, 4.00%, 5/15/33		1,945		1,944,961
County of Douglas Hospital Authority No. 3, Refunding RB, Health Facilities Nebraska Methodist Health System, 5.00%, 11/01/45		600		648,552
Minden Public Schools, GO, 4.00%, 12/15/39		500		505,725
Nebraska Public Power District, Refunding RB, Series A:
5.00%, 1/01/32		2,535		2,851,951
4.00%, 1/01/44		600		614,616
Omaha School District, GO, 4.00%, 12/15/39		2,500		2,559,500

				10,095,928
Nevada — 1.0%
County of Clark Nevada, Refunding ARB, Department of Aviation, Subordinate Lien, Series A-2, 4.25%, 7/01/36		1,500		1,548,765
County of Clark Nevada, Refunding RB, Alexander Dawson School Nevada Project, 5.00%, 5/15/29		1,065		1,086,375

				2,635,140
New Jersey — 6.3%
County of Middlesex New Jersey Improvement Authority, RB, Heldrich Center Hotel, Sub-Series B, 6.25%, 1/01/37 (f)(g)		1,510		73,024
New Jersey EDA, RB, AMT:
Continental Airlines, Inc. Project, Series B, 5.63%, 11/15/30		990		1,099,098
Continental Airlines, Inc. Project, 5.25%, 9/15/29		1,335		1,451,172
The Goethals Bridge Replacement Project (AGM), 5.13%, 7/01/42		300		321,363


Municipal Bonds	Par (000)		Value
New Jersey (continued)
New Jersey Educational Facilities Authority, Refunding RB:
The College of New Jersey, 3.50%, 7/01/31	$	1,825	$	1,798,063
University of Medicine & Dentistry, Series B, 7.50%, 6/01/19 (a)		1,225		1,496,925
New Jersey Health Care Facilities Financing Authority, Refunding RB, St. Barnabas Health Care System, Series A:
4.63%, 7/01/23		770		851,043
5.00%, 7/01/25		500		570,565
5.63%, 7/01/37		2,560		2,923,597
New Jersey Housing & Mortgage Finance Agency, RB, S/F Housing, Series AA, 6.50%, 10/01/38		120		124,430
New Jersey State Turnpike Authority, RB, Series E, 5.00%, 1/01/45 (h)		2,780		3,069,815
New Jersey Transportation Trust Fund Authority, RB:
CAP, Transportation System, Series A, 0.00%, 12/15/35 (d)		1,600		528,320
Transportation Program, Series AA, 5.00%, 6/15/44		2,850		2,895,742

				17,203,157
New Mexico — 0.3%
New Mexico Hospital Equipment Loan Council, Refunding RB, Presbyterian Healthcare Services, 5.00%, 8/01/44		680		754,134
New York — 10.9%
City of New York New York, GO, Fiscal 2014, Sub-Series A-1:
5.00%, 8/01/29		600		703,716
5.00%, 8/01/35		2,380		2,722,910
City of New York New York Convention Center Development Corp., Refunding RB, Hotel Unit Fee Secured, 5.00%, 11/15/45		1,000		1,120,670
City of New York New York Industrial Development Agency, ARB, American Airlines, Inc., AMT, JFK International Airport (i):
Project, Series B, 2.00%, 8/01/28		2,585		2,588,309
7.63%, 8/01/25		2,600		2,740,426
City of New York New York Industrial Development Agency, RB, PILOT, Queens Baseball Stadium:
(AMBAC), 5.00%, 1/01/39		1,100		1,129,403
(AGC), 6.50%, 1/01/46		300		342,840
Counties of New York Tobacco Trust IV, Refunding RB, Settlement Pass-Through Turbo, Series A, 6.25%, 6/01/41 (b)		1,400		1,444,940
County of Westchester New York Healthcare Corp., Refunding RB, Senior Lien, Remarketing, Series A, 5.00%, 11/01/30		1,430		1,535,748
Erie Tobacco Asset Securitization Corp., Refunding RB, Asset-Backed, Series A, 5.00%, 6/01/45		1,825		1,735,757
Hudson Yards Infrastructure Corp., RB, Series A (AGM), 5.00%, 2/15/47		500		522,410
Long Island Power Authority, Refunding RB, Electric System, Series A, 5.75%, 4/01/39		2,475		2,778,757
Metropolitan Transportation Authority, RB, Series B, 5.25%, 11/15/39		5,460		6,238,050
New York Liberty Development Corp., Refunding RB:
2nd Priority, Bank of America Tower at One Bryant Park Project, Class 3, 6.38%, 7/15/49		1,250		1,408,438
3 World Trade Center Project, Class 2, 5.15%, 11/15/34 (b)		640		663,629
Niagara Area Development Corp., Refunding RB, Solid Waste Disposal Facility, Covanta Energy Project, Series A, AMT, 5.25%, 11/01/42 (b)		600		603,666

See Notes to Financial Statements.



18	SEMI-ANNUAL REPORT	OCTOBER 31, 2015


Schedule of Investments (continued)		BlackRock Investment Quality Municipal Trust, Inc. (BKN)


Municipal Bonds	Par (000)		Value
New York (continued)
Utility Debt Securitization Authority, RB, 3.00%, 12/15/32	$	1,790	$	1,761,342

				30,041,011
North Carolina — 1.5%
County of Gaston North Carolina Industrial Facilities & Pollution Control Financing Authority, RB, Exempt Facilities, National Gypsum Co. Project, AMT, 5.75%, 8/01/35		2,175		2,176,631
North Carolina Medical Care Commission, Refunding RB, University Health System, Series D, 6.25%, 12/01/18 (a)		1,750		2,034,988

				4,211,619
North Dakota — 0.3%
County of Burleigh North Dakota, Refunding RB, St. Alexius Medical Center Project, Series A, 5.00%, 7/01/21 (a)		720		857,779
Ohio — 1.7%
City of Cleveland Ohio, RB, Sub Lien, Series A-2, 5.00%, 10/01/37		1,500		1,678,620
City of Dayton Ohio Airport Revenue, Refunding ARB, James M Cox Dayton International Airport, AMT, 4.00%, 12/01/32		3,000		3,048,510

				4,727,130
Oklahoma — 0.7%
Oklahoma City Public Property Authority, Refunding RB:
5.00%, 10/01/36		800		892,712
5.00%, 10/01/39		280		309,985
Oklahoma Municipal Power Authority, RB, Power Supply System, Series A, 4.00%, 1/01/38		570		585,362

				1,788,059
Oregon — 3.6%
County of Umatilla Pendleton Oregon School District No. 16R, GO, Series A, 4.00%, 6/15/38		2,365		2,455,887
Lane County School District No. 19 Springfield, GO, CAB,Series B, 0.00%, 6/15/40 (d)		1,500		535,665
Oregon Health & Science University, RB, Series A, 5.75%, 7/01/39		1,250		1,427,175
State of Oregon State Facilities Authority, Refunding RB, Series A, 5.00%, 4/01/45		5,000		5,446,400

				9,865,127
Pennsylvania — 5.1%
County of Allegheny Pennsylvania IDA, Refunding RB, U.S. Steel Corp. Project, 6.55%, 12/01/27		2,535		2,631,178
Delaware County Authority, RB, Villanova University, 4.00%, 8/01/45		3,000		3,009,000
Delaware River Port Authority, RB:
4.50%, 1/01/32		3,000		3,287,340
Series D (AGM), 5.00%, 1/01/40		3,640		4,051,502
Mckeesport Area School District, GO, CAB, Refunding (NPFGC), 0.00%, 10/01/31 (d)(e)		500		323,190
Pennsylvania Economic Development Financing Authority, Refunding RB, National Gypson Co., AMT, 5.50%, 11/01/44		810		831,983

				14,134,193
Rhode Island — 3.1%
Rhode Island Health & Educational Building Corp., RB, Hospital Financing, LifeSpan Obligation, Series A (AGC), 7.00%, 5/15/39		3,000		3,484,680
State of Rhode Island, COP, School for the Deaf Project, Series C (AGC), 5.38%, 4/01/28		1,330		1,477,763
Tobacco Settlement Financing Corp., Refunding RB:
Series A, 5.00%, 6/01/40		1,000		1,022,120


Municipal Bonds	Par (000)		Value
Rhode Island (continued)
Tobacco Settlement Financing Corp., Refunding RB (continued):
Series B, 4.50%, 6/01/45	$	2,725	$	2,651,016

				8,635,579
South Carolina — 0.2%
Lexington One School Facilities Corp., Refunding RB, 3.00%, 12/01/27		500		500,020
Tennessee — 2.9%
Chattanooga Health Educational & Housing Facility Board, RB, Catholic Health Initiatives, Series A, 5.25%, 1/01/40		2,945		3,228,073
County of Chattanooga-Hamilton Hospital Authority, Refunding RB, 5.00%, 10/01/44		875		927,264
County of Memphis-Shelby Tennessee Sports Authority, Inc., Refunding RB, Memphis Arena Project, Series A:
5.25%, 11/01/27		1,135		1,284,877
5.38%, 11/01/28		1,000		1,142,570
Johnson City Health & Educational Facilities Board, RB, Mountain States Health, Series A, 5.00%, 8/15/42		1,200		1,282,452

				7,865,236
Texas — 9.0%
County of Harris Texas Health Facilities Development Corp., Refunding RB, Memorial Hermann Healthcare System, Series B (a):
7.13%, 12/01/18		1,000		1,189,420
7.25%, 12/01/18		2,650		3,162,033
County of Harris Texas-Houston Sports Authority, Refunding RB, CAB, Senior Lien, Series A (NPFGC), 0.00%, 11/15/38 (d)		5,000		1,615,100
County of Matagorda Texas Navigation District No. 1, Refunding RB, Central Power & Light Co., Project, Series A, 6.30%, 11/01/29		2,200		2,494,778
County of Midland Texas Fresh Water Supply District No. 1, RB, CAB, City of Midland Project, Series A, 0.00%, 9/15/38 (d)		16,780		5,971,667
Leander Independent School District, Refunding, GO, Refunding CAB Series D, 0.00%, 8/15/35 (d)		6,000		2,628,420
Love Field Airport Modernization Corp., RB, Southwest Airlines Co. Project, 5.25%, 11/01/40		1,545		1,687,665
Mesquite Independent School District, GO, School Building, Series E, 3.00%, 8/15/32 (h)		1,200		1,158,480
Red River Education Financing Corp., RB, Texas Christian University Project, 5.25%, 3/15/38		1,140		1,294,812
Texas Private Activity Bond Surface Transportation Corp., RB, Senior Lien, LBJ Infrastructure Group LLC, LBJ Freeway Managed Lanes Project, 7.00%, 6/30/40		3,000		3,554,670

				24,757,045
U.S. Virgin Islands — 0.8%
Virgin Islands Public Finance Authority, Refunding RB, Virgin Islands Gross Receipts, Series C, 4.50%, 10/01/44		2,075		2,114,653
Utah — 0.2%
Utah State Charter School Finance Authority, Refunding RB, Mountainville Academy, 4.00%, 4/15/42		600		594,918
Vermont — 3.4%
University of Vermont & State Agricultural College, Refunding RB, 4.00%, 10/01/37		5,650		5,825,320
Vermont Educational & Health Buildings Financing Agency, Refunding RB, Fletcher Allen Health Hospital, Series B (AGM), 5.00%, 12/01/34		2,420		2,558,690

See Notes to Financial Statements.



SEMI-ANNUAL REPORT	OCTOBER 31, 2015	19


Schedule of Investments (continued)		BlackRock Investment Quality Municipal Trust, Inc. (BKN)


Municipal Bonds	Par (000)		Value
Vermont (continued)
Vermont Student Assistance Corp., RB, AMT, Series A, 4.25%, 6/15/32	$	1,050	$	1,065,666

				9,449,676
Virginia — 0.7%
Virginia Small Business Financing Authority, RB, Senior Lien, Elizabeth River Crossings OpCo LLC Project, AMT, 6.00%, 1/01/37		1,755		1,989,310
Washington — 0.9%
Washington Health Care Facilities Authority, RB, MultiCare Health System, Series B (AGC), 6.00%, 8/15/19 (a)		2,100		2,482,809
West Virginia — 0.5%
West Virginia Hospital Finance Authority, Refunding RB, Valley Health System Obligation Group Seriies 2014, 5.00%, 1/01/44		1,350		1,476,684
Wisconsin — 0.8%
WPPI Energy Power Supply Systems, Refunding RB, Series A:
5.00%, 7/01/36		670		754,702
5.00%, 7/01/37		1,330		1,492,805

				2,247,507
Total Municipal Bonds — 135.9%				374,114,721



Municipal Bonds Transferred to Tender Option Bond Trusts (j)
California — 1.9%
State of California, GO, Various Purpose (NPFGC), 5.00%, 6/01/37		5,000		5,304,100
Colorado — 2.0%
Colorado Health Facilities Authority, RB, Catholic Health, Series C-7 (AGM), 5.00%, 9/01/36		5,250		5,535,128
Minnesota — 2.0%
State of Minnesota, RB, Series A, 5.00%, 6/01/38		5,000		5,626,889
New Jersey — 1.1%
New Jersey Transportation Trust Fund Authority, RB, Transportation System, Series B, 5.25%, 6/15/36 (k)		2,861		2,966,072
New York — 9.3%
City of New York New York, GO, Fiscal 2015, Series B, 4.00%, 8/01/32		1,600		1,686,976
City of New York New York Municipal Water Finance Authority, RB, Water & Sewer System, Fiscal 2009, Series A, 5.75%, 6/15/40		690		770,915
City of New York New York Municipal Water Finance Authority, Refunding RB, Water & Sewer System:
2nd General Resolution, Fiscal 2013, Series CC, 5.00%, 6/15/47		4,000		4,449,591


Municipal Bonds Transferred to Tender Option Bond Trusts (j)	Par (000)		Value
New York (continued)
City of New York New York Municipal Water Finance Authority, Refunding RB, Water & Sewer System (continued):
2nd General Resolution, Series FF-2, 5.50%, 6/15/40	$	810	$	922,276
Series A, 4.75%, 6/15/30		4,000		4,238,600
Hudson Yards Infrastructure Corp., RB, Fiscal 2012, Series A, 5.75%, 2/15/47 (k)		1,750		1,990,305
New York Liberty Development Corp., RB, 1 World Trade Center Port Authority Consolidated Bonds, 5.25%, 12/15/43		4,500		5,159,934
State of New York Dormitory Authority, RB, New York University, Series A, 5.00%, 7/01/18 (a)		3,359		3,721,553
State of New York Thruway Authority, Refunding RB, Transportation, Personal Income Tax, Series A, 5.00%, 3/15/31		2,360		2,747,418

				25,687,568
Ohio — 1.7%
County of Montgomery Ohio, RB, Catholic Health, Series C-1 (AGM), 5.00%, 10/01/41		1,740		1,830,741
Ohio Higher Educational Facility Commission, RB, Cleveland Clinic Health, Series A, 5.25%, 1/01/33		2,600		2,806,128

				4,636,869
Texas — 1.0%
City of San Antonio Texas Public Service Board, RB, Electric & Gas Systems, Junior Lien, 5.00%, 2/01/43		2,380		2,629,258
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 19.0%				52,385,884
Total Long-Term Investments (Cost — $388,606,544) — 154.9%				426,500,605


Short-Term Securities — 2.3%	Shares
FFI Institutional Tax-Exempt Fund, 0.02% (l)(m)		6,248,033		6,248,033
Total Short-Term Securities (Cost — $6,248,033) — 2.3%				6,248,033
Total Investments (Cost — $394,854,577) — 157.2%				432,748,638
Liabilities in Excess of Other Assets — (1.1)%				(2,941,598	)
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (10.4)%				(28,691,732	)
VMTP Shares, at Liquidation Value — (45.7)%				(125,900,000	)

Net Assets Applicable to Common Shares — 100.0%			$	275,215,308

Notes to Schedule of Investments

(a)

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

(b)

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

(c)

Represents a step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate shown reflects the current yield as of period end.

(d)

Zero-coupon bond.

(e)

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

(f)

Non-income producing security.

(g)

Issuer filed for bankruptcy and/or is in default of interest payments.

See Notes to Financial Statements.



20	SEMI-ANNUAL REPORT	OCTOBER 31, 2015


Schedule of Investments (continued)		BlackRock Investment Quality Municipal Trust, Inc. (BKN)

(h)

When-issued security.

(i)

Variable rate security. Rate shown is as of period end.

(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, which may require the Trust to pay the liquidity provider in the event there is a shortfall between the TOB Trust Certificates and proceeds received from the sale of the security contributed to the TOB Trust or in the event of a default on the security. In the case of a shortfall or default, the aggregate maximum potential amount the Trust could ultimately be required to pay under the agreements, which expire between February 15, 2019 to June 15, 2019, is $3,148,884.

(l)

During the period ended October 31, 2015, investments in issuers considered to be an affiliate of the Trust for purposes of Section 2(a)(3) of the 1940 Act, as amended, were as follows:


Affiliate	Shares Held at April 30, 2015		Net Activity		Shares Held at October 31, 2015		Income
FFI Institutional Tax-Exempt Fund		4,608,232		1,639,801		6,248,033	$	468

(m)

Represents the current yield as of period end.

Derivative Financial Instruments Outstanding as of Period End

Financial Futures Contracts


Contracts Short			Issue	Expiration	Notional Value	Unrealized Appreciation
	(18	)	5-Year U.S. Treasury Note	December 2015	$2,155,922	$	25,713
	(25	)	10-Year U.S. Treasury Note	December 2015	$3,192,188		51,532
	(17	)	Long U.S. Treasury Bond	December 2015	$2,659,438		57,683
	(4	)	U.S. Ultra Bond	December 2015	$639,000		13,214
	Total					$	148,142

Derivative Financial Instruments Categorized by Risk Exposure

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


Assets — Derivative Financial Instruments		Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Financial futures contracts	Net unrealized appreciation¹		—		—		—		—	$	148,142		—	$	148,142
¹ Includes cumulative appreciation (depreciation) on financial futures contracts, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities.

For the six months ended October 31, 2015, the effect of derivative financial instruments in the Statements of Operations was as follows:


Net Realized Loss from:	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts			Other Contracts		Total
Financial futures contracts		—		—		—		—	$	(446,952	)		—	$	(446,952	)


Net Change in Unrealized Appreciation (Depreciation) on:	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Financial futures contracts		—		—		—		—	$	542,577		—	$	542,577

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Financial futures contracts:
Average notional value of contracts — short	$	21,081,305

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

See Notes to Financial Statements.



SEMI-ANNUAL REPORT	OCTOBER 31, 2015	21


Schedule of Investments (concluded)		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 Investments¹		—	$	426,500,605		—	$	426,500,605
Short-Term Securities	$	6,248,033		—		—		6,248,033

Total	$	6,248,033	$	426,500,605		—	$	432,748,638

¹ See above Schedule of Investments for values in each state and political subdivision.
	Level 1		Level 2			Level 3	Total
Derivative Financial Instruments¹
Assets:
Interest rate contracts	$	148,142		—		—	$	148,142
¹ Derivative financial instruments are financial 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
Assets:
Cash pledged for financial futures contracts	$	125,050		—		—	$	125,050
Liabilities:
TOB Trust Certificates		—	$	(28,684,433	)	—		(28,684,433	)
VMTP Shares		—		(125,900,000	)	—		(125,900,000	)

Total	$	125,050	$	(154,584,433	)	—	$	(154,459,383	)

During the six months ended October 31, 2015, there were no transfers between levels.

See Notes to Financial Statements.



22	SEMI-ANNUAL REPORT	OCTOBER 31, 2015

Schedule of Investments October 31, 2015 (Unaudited)

BlackRock Long-Term Municipal Advantage Trust (BTA)

(Percentages shown are based on Net Assets)


Municipal Bonds	Par (000)		Value
Alabama — 1.4%
County of Jefferson Alabama, RB, Limited Obligation School, Series A, 5.25%, 1/01/19	$	515	$	517,998
County of Jefferson Alabama Sewer, Refunding RB, Sub-Lien, Series D, 6.00%, 10/01/42		1,655		1,859,624

				2,377,622
Arizona — 0.5%
Salt Verde Financial Corp., RB, Senior, 5.00%, 12/01/37		725		807,926
California — 9.5%
California Health Facilities Financing Authority, RB:
St. Joseph Health System, Series A, 5.75%, 7/01/39		385		438,315
Sutter Health, Series B, 6.00%, 8/15/42		1,040		1,229,145
California Health Facilities Financing Authority, Refunding RB, Catholic Healthcare West, Series A, 6.00%, 7/01/39		680		776,268
California HFA, RB, S/F Housing, Home Mortgage, Series K, AMT, 5.50%, 2/01/42		55		55,465
California Municipal Finance Authority, RB, Senior, Caritas Affordable Housing, Inc. Projects, S/F Housing, Series A:
5.25%, 8/15/39		70		78,243
5.25%, 8/15/49		175		194,675
City of Los Angeles California Department of Airports, Refunding ARB, Los Angeles International Airport, Series A:
Senior, 5.00%, 5/15/40		2,045		2,312,895
5.25%, 5/15/39		270		302,953
City of San Francisco California Public Utilities Commission Water Revenue, RB, Series B, 5.00%, 11/01/39		3,225		3,627,770
City of Stockton California Public Financing Authority, RB, Delta Water Supply Project, Series A, 6.25%, 10/01/38		165		197,403
County of California Tobacco Securitization Agency, RB, Asset-Backed, 5.60%, 6/01/36		2,000		1,942,820
San Marcos Unified School District, GO, CAB, SAN, Election of 2010, Series B, 0.00%, 8/01/38 (a)		3,725		1,456,475
State of California, GO, Various Purposes, 6.50%, 4/01/33		2,000		2,369,600
State of California Public Works Board, LRB, Various Capital Projects:
Series I, 5.00%, 11/01/38		355		400,333
Sub-Series I-1, 6.38%, 11/01/34		400		481,268

				15,863,628
Colorado — 3.3%
Colorado Health Facilities Authority, Refunding RB, Sisters of Charity of Leavenworth Health System, Series A, 5.00%, 1/01/40		3,940		4,330,848
North Range Metropolitan District No. 2, GO, Limited Tax, 5.50%, 12/15/37		1,200		1,210,440

				5,541,288
Delaware — 1.9%
County of Sussex Delaware, RB, NRG Energy, Inc., Indian River Power LLC Project, 6.00%, 10/01/40		750		836,280
Delaware State EDA, RB, Exempt Facilities, Indian River Power LLC Project, 5.38%, 10/01/45		2,240		2,325,456

				3,161,736


Municipal Bonds	Par (000)		Value
District of Columbia — 2.0%
District of Columbia, Refunding RB, Kipp Charter School, Series A, 6.00%, 7/01/43	$	260	$	296,616
District of Columbia, Tax Allocation Bonds, City Market at O Street Project, 5.13%, 6/01/41		750		794,535
District of Columbia Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, 6.25%, 5/15/24		900		900,063
Metropolitan Washington Airports Authority, Refunding RB, Dulles Toll Road, 1st Senior Lien, Series A:
5.00%, 10/01/39		170		187,935
5.25%, 10/01/44		1,000		1,112,520

				3,291,669
Florida — 3.7%
County of Collier Florida Health Facilities Authority, Refunding RB, Series A, 5.00%, 5/01/45		400		435,988
County of Miami-Dade Florida Water & Sewer System Revenue, RB, Water & Sewer System, 5.00%, 10/01/34		1,950		2,214,654
Mid-Bay Bridge Authority, RB, Springing Lien, Series A, 7.25%, 10/01/21 (b)		1,080		1,421,150
Tolomato Community Development District, Refunding, Special Assessment Bonds:
Convertible CAB, Series A2, 0.00%, 5/01/39 (c)		95		71,248
Convertible CAB, Series A3, 0.00%, 5/01/40 (c)		225		134,512
Convertible CAB, Series A4, 0.00%, 5/01/40 (c)		120		53,116
Series 2, 0.00%, 5/01/40 (c)		310		161,597
Series A1, 6.65%, 5/01/40		355		359,466
Tolomato Community Development District, Special Assessment Bonds:
Series 1, 0.00%, 5/01/40 (c)		505		311,257
Series 1, 6.65%, 5/01/40 (d)(e)		15		15,290
Series 3, 6.61%, 5/01/40 (d)(e)		340		3
Series 3, 6.65%, 5/01/40 (d)(e)		275		3
Village Community Development District No. 10, Special Assessment Bonds, 5.13%, 5/01/43		835		918,909

				6,097,193
Georgia — 0.6%
County of Gainesville Georgia & Hall Hospital Authority, Refunding RB, Northeast Georgia Health System, Inc. Project, Series A, 5.50%, 8/15/54		240		279,437
Municipal Electric Authority of Georgia, RB, Plant Vogtle Units 3 & 4 Project, Series A, 5.00%, 7/01/60		715		759,401

				1,038,838
Guam — 1.3%
Guam Government Waterworks Authority, RB, Water & Wastewater System:
5.25%, 7/01/33		640		712,909
5.50%, 7/01/43		1,065		1,191,926
Territory of Guam, GO, Series A, 6.00%, 11/15/19		165		182,548

				2,087,383
Illinois — 12.3%
Chicago O’Hare International Airport, RB, General Airport, 3rd Lien, Series A, 5.00%, 1/01/33		5,000		5,039,300
City of Chicago Illinois, GARB, O’Hare International Airport, 3rd Lien, Series A, 5.75%, 1/01/39		2,500		2,908,750

See Notes to Financial Statements.



SEMI-ANNUAL REPORT	OCTOBER 31, 2015	23


Schedule of Investments (continued)		BlackRock Long-Term Municipal Advantage Trust (BTA)


Municipal Bonds	Par (000)		Value
Illinois (continued)
City of Chicago Illinois, GO, Refunding, Project, Series A, 5.25%, 1/01/32	$	1,090	$	1,111,680
City of Chicago Illinois, Refunding RB, Sales Tax, Series A, 5.25%, 1/01/38		280		290,116
City of Chicago Illinois Board of Education, GO, Series A, 5.25%, 12/01/41		685		612,691
City of Chicago Illinois Transit Authority, RB, Sales Tax Receipts, 5.25%, 12/01/40		360		382,486
City of Chicago Illinois Waterworks, Refunding RB, 2nd Lien Project, 5.00%, 11/01/42		1,625		1,685,190
County of Cook Illinois Community College District No. 508, GO, City College of Chicago, 5.50%, 12/01/38		350		395,234
Illinois Finance Authority, RB, Advocate Health Care, Series C, 5.38%, 4/01/44		1,845		2,006,382
Illinois Finance Authority, Refunding RB, Central Dupage Health, Series B, 5.50%, 11/01/39		550		628,936
Illinois State Toll Highway Authority, RB, Series A, 5.00%, 1/01/38		815		892,971
Metropolitan Pier & Exposition Authority, Refunding RB, McCormick Place Expansion Project:
Series B (AGM), 5.00%, 6/15/50		1,790		1,863,283
Series B-2, 5.00%, 6/15/50		600		610,362
State of Illinois, GO, 5.00%, 2/01/39		745		761,621
State of Illinois, RB, Build Illinois, Series B, 5.25%, 6/15/34		215		238,452
University of Illinois, RB, Auxiliary Facilities System, Series A:
5.00%, 4/01/39		390		424,905
5.00%, 4/01/44		475		515,014

				20,367,373
Indiana — 3.5%
City of Valparaiso Indiana, RB, Exempt Facilities, Pratt Paper LLC Project, AMT:
6.75%, 1/01/34		365		440,274
7.00%, 1/01/44		885		1,075,983
Indiana Finance Authority, RB, Series A:
CWA Authority Project, 1st Lien, 5.25%, 10/01/38		1,285		1,488,518
Private Activity Bond, Ohio River Bridges East End Crossing Project, 5.25%, 1/01/51		190		201,993
Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.00%, 7/01/44		160		169,656
Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.00%, 7/01/48		520		548,470
Sisters of St. Francis Health Services, 5.25%, 11/01/39		290		321,714
Indiana Finance Authority, Refunding RB, Parkview Health System, Series A, 5.75%, 5/01/31		600		680,544
Indiana Municipal Power Agency, RB, Series B, 6.00%, 1/01/39		350		397,747
Indianapolis Local Public Improvement Bond Bank, RB, Series A, 5.00%, 1/15/40		445		491,356

				5,816,255
Iowa — 2.4%
Iowa Finance Authority, Refunding RB, Midwestern Disaster Area, Iowa Fertilizer Co. Project:
5.50%, 12/01/22		830		879,377
5.25%, 12/01/25		660		721,261
Iowa Student Loan Liquidity Corp., Refunding RB, Student Loan, Senior Series A-1, AMT, 5.15%, 12/01/22		690		735,954


Municipal Bonds	Par (000)		Value
Iowa (continued)
Iowa Tobacco Settlement Authority, Refunding RB, Asset-Backed, Series C, 5.63%, 6/01/46	$	1,765	$	1,696,041

				4,032,633
Kentucky — 0.5%
Kentucky Economic Development Finance Authority, RB, Catholic Health Initiatives, Series A, 5.25%, 1/01/45		440		481,131
Kentucky Public Transportation Infrastructure Authority, RB, Downtown Crossing Project, Convertible CAB, 1st Tier, Series C, 0.00%, 7/01/43 (c)		565		401,947

				883,078
Louisiana — 3.7%
Louisiana Local Government Environmental Facilities & Community Development Authority, RB, Westlake Chemical Corp. Project:
6.75%, 11/01/32		2,000		2,168,320
Series A-1, 6.50%, 11/01/35		1,135		1,337,314
Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, Series A:
5.50%, 5/15/30		350		392,511
5.25%, 5/15/31		300		334,629
5.25%, 5/15/32		380		427,842
5.25%, 5/15/33		415		459,301
5.25%, 5/15/35		945		1,047,296

				6,167,213
Maine — 0.7%
Maine Health & Higher Educational Facilities Authority, RB, Maine General Medical Center, 6.75%, 7/01/41		970		1,097,216
Maryland — 1.0%
Maryland EDC, RB, Transportation Facilities Project, Series A, 5.75%, 6/01/35		970		1,057,280
Maryland EDC, Refunding RB, CNX Marine Terminals, Inc., 5.75%, 9/01/25		645		641,311

				1,698,591
Michigan — 1.5%
City of Detroit Michigan Sewage Disposal System, Refunding RB, Senior Lien, Series A, 5.25%, 7/01/39		1,970		2,133,175
Michigan Finance Authority, Refunding RB, Detroit Water & Sewage Department Project, Senior Lien, Series C-1, 5.00%, 7/01/44		410		432,788

				2,565,963
Missouri — 0.1%
Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Refunding RB, Combined Lien, Series A, 5.00%, 10/01/44		85		93,706
State of Missouri Health & Educational Facilities Authority, Refunding RB, St. Louis College of Pharmacy Project, 5.50%, 5/01/43		115		125,230

				218,936
Nebraska — 0.2%
Central Plains Energy Project Nebraska, RB, Gas Project No. 3, 5.25%, 9/01/37		285		314,894
New Jersey — 4.8%
Casino Reinvestment Development Authority, Refunding RB:
5.25%, 11/01/39		475		479,066
5.25%, 11/01/44		705		707,510

See Notes to Financial Statements.



24	SEMI-ANNUAL REPORT	OCTOBER 31, 2015


Schedule of Investments (continued)		BlackRock Long-Term Municipal Advantage Trust (BTA)


Municipal Bonds	Par (000)		Value
New Jersey (continued)
County of Essex New Jersey Improvement Authority, RB, AMT, 5.25%, 7/01/45 (f)	$	505	$	515,090
New Jersey EDA, RB, Continental Airlines, Inc. Project, AMT, 5.13%, 9/15/23		1,410		1,534,601
New Jersey EDA, Refunding, Special Assessment Bonds, Kapkowski Road Landfill Project, 5.75%, 4/01/31		785		895,591
New Jersey State Turnpike Authority, RB, Series E, 5.00%, 1/01/45 (g)		1,215		1,341,664
New Jersey Transportation Trust Fund Authority, RB:
Transportation Program, Series AA, 5.00%, 6/15/44		1,625		1,651,081
Transportation System, Series B, 5.25%, 6/15/36		845		876,138

				8,000,741
New York — 32.3%
City of New York New York Industrial Development Agency, ARB, AMT:
American Airlines, Inc., JFK International Airport, 7.63%, 8/01/25 (h)		4,000		4,216,040
British Airways PLC Project, 7.63%, 12/01/32		1,000		1,013,670
City of New York New York Water & Sewer System, Refunding RB, 2nd General Resolution:
Series CC, 5.00%, 6/15/47		4,780		5,316,890
Series HH, 5.00%, 6/15/31		2,830		3,270,801
Counties of New York Tobacco Trust IV, Refunding RB, Settlement Pass-Through Turbo, Series A, 6.25%, 6/01/41 (f)		900		928,890
Erie Tobacco Asset Securitization Corp., Refunding RB, Asset-Backed, Series A, 5.00%, 6/01/45		910		865,501
Hudson Yards Infrastructure Corp., RB, Series A, 5.75%, 2/15/47		6,510		7,404,604
Metropolitan Transportation Authority, RB, Series B:
5.25%, 11/15/38		1,125		1,286,212
5.25%, 11/15/39		400		457,000
New York Liberty Development Corp., RB, 1 World Trade Center Port Authority Consolidated, 5.25%, 12/15/43		6,140		7,040,615
New York Liberty Development Corp., Refunding RB:
2nd Priority, Bank of America Tower at One Bryant Park Project, Class 3, 6.38%, 7/15/49		420		473,235
3 World Trade Center Project, Class 1, 5.00%, 11/15/44 (f)		2,355		2,378,833
3 World Trade Center Project, Class 2, 5.15%, 11/15/34 (f)		160		165,907
3 World Trade Center Project, Class 2, 5.38%, 11/15/40 (f)		395		413,557
4 World Trade Center Project, 5.75%, 11/15/51		2,220		2,556,352
New York State Dormitory Authority, RB:
Series A, 5.25%, 7/01/18 (b)		1,000		1,115,600
Series B, 5.75%, 3/15/36		11,250		12,917,700
Port Authority of New York & New Jersey, ARB, Special Project, JFK International Air Terminal LLC Project, Series 8, 6.00%, 12/01/42		730		846,194
Westchester Tobacco Asset Securitization, Refunding RB, 5.13%, 6/01/45		1,100		1,069,277

				53,736,878
North Carolina — 10.5%
North Carolina Capital Facilities Finance Agency, Refunding RB, Duke University, 5.00%, 10/01/55 (g)		1,185		1,336,431


Municipal Bonds	Par (000)		Value
North Carolina (continued)
North Carolina Medical Care Commission, RB, Health Care Facilities, Duke University Health System, Series A, 5.00%, 6/01/42	$	480	$	533,947
North Carolina Medical Care Commission, Refunding RB, 1st Mortgage, Retirement Facilities Whitestone Project, Series A, 7.75%, 3/01/41		260		297,019
University of North Carolina at Chapel Hill, Refunding RB, General, Series A:
4.75%, 12/01/15 (b)		15		15,059
4.75%, 12/01/34		15,155		15,209,710

				17,392,166
Ohio — 3.8%
Buckeye Tobacco Settlement Financing Authority, RB, Asset-Backed Bonds, Series A-2, 5.75%, 6/01/34		2,295		2,001,033
County of Allen Ohio Hospital Facilities, Refunding RB, Catholic Healthcare Partners, Series A, 5.25%, 6/01/38		2,650		2,948,046
State of Ohio, RB, Portsmouth Bypass Project, AMT, 5.00%, 6/30/53		1,220		1,294,542

				6,243,621
Pennsylvania — 1.3%
City of Philadelphia Pennsylvania Hospitals & Higher Education Facilities Authority, RB, Temple University Health System, Series A, 5.63%, 7/01/42		300		321,021
Pennsylvania Economic Development Financing Authority, RB, Pennsylvania Bridge Finco LP, AMT, 5.00%, 12/31/38		465		495,867
Pennsylvania Economic Development Financing Authority, Refunding RB, National Gypson Co., AMT, 5.50%, 11/01/44		720		739,541
Pennsylvania Turnpike Commission, RB, Series A, 5.00%, 12/01/44		520		569,644

				2,126,073
Rhode Island — 1.0%
Tobacco Settlement Financing Corp., Refunding RB:
Series A, 5.00%, 6/01/40		420		429,290
Series B, 4.50%, 6/01/45		1,230		1,196,606

				1,625,896
South Carolina — 1.8%
State of South Carolina State Ports Authority, RB, AMT, 5.25%, 7/01/55 (g)		940		1,018,800
State of South Carolina Public Service Authority, RB, Series A, 5.50%, 12/01/54		1,830		2,048,923

				3,067,723
Texas — 5.1%
Brazos River Authority, RB, TXU Electric, Series A, AMT, 8.25%, 10/01/30 (d)(e)		1,500		86,250
Central Texas Regional Mobility Authority, Refunding RB, Senior Lien, 6.25%, 1/01/46		730		837,514
City of Dallas Texas Waterworks & Sewer System, Refunding RB, 5.00%, 10/01/35		525		599,687
City of Houston Texas Airport System, Refunding ARB, Senior Lien, Series A, 5.50%, 7/01/39		250		275,965
County of Harris Texas Cultural Education Facilities Finance Corp., RB, 1st Mortgage, Brazos Presbyterian Homes, Inc. Project, Series B, 7.00%, 1/01/43		210		248,428
County of Matagorda Texas Navigation District No. 1, Refunding RB, Central Power & Light Co., Project, Series A, 6.30%, 11/01/29		700		793,793

See Notes to Financial Statements.



SEMI-ANNUAL REPORT	OCTOBER 31, 2015	25


Schedule of Investments (continued)		BlackRock Long-Term Municipal Advantage Trust (BTA)


Municipal Bonds	Par (000)		Value
Texas (continued)
County of Midland Texas Fresh Water Supply District No. 1, RB, CAB, City of Midland Projects, Series A, 0.00%, 9/15/37 (a)	$	5,200	$	1,939,392
County of Tarrant Texas Cultural Education Facilities Finance Corp., RB:
Buckingham Senior Living Community, Inc. Project, 5.50%, 11/15/45		180		183,755
Scott & White Healthcare, 6.00%, 8/15/20 (b)		105		127,431
Scott & White Healthcare, 6.00%, 8/15/45		1,285		1,518,703
Harris County-Houston Sports Authority, Refunding RB, CAB, Series A (AGM) (NPFGC), 0.00%, 11/15/34 (a)		3,000		1,275,210
Texas Private Activity Bond Surface Transportation Corp., RB, Senior Lien, LBJ Infrastructure Group LLC, LBJ Freeway Managed Lanes Project, 7.00%, 6/30/40		500		592,445

				8,478,573
Utah — 1.8%
City of Riverton Utah, RB, IHC Health Services, Inc., 5.00%, 8/15/41		1,815		1,972,615
Utah State Charter School Finance Authority, RB, Ogden Preparatory Academy, Series A:
3.25%, 10/15/36		675		599,413
3.25%, 10/15/42		425		359,529

				2,931,557
Virginia — 2.0%
Virginia College Building Authority, RB, Marymount University Project, Series B, 5.00%, 7/01/45 (f)		240		241,999
Virginia HDA, RB, Rental Housing, Series F, 5.00%, 4/01/45		1,000		1,037,380
Virginia Small Business Financing Authority, RB, Senior Lien, Elizabeth River Crossings OpCo LLC Project, AMT, 6.00%, 1/01/37		1,875		2,125,331

				3,404,710
Washington — 1.0%
Port of Seattle Washington, RB, Series C, AMT, 5.00%, 4/01/40		350		379,855
Washington Health Care Facilities Authority, RB, Catholic Health Initiatives, Series A, 5.75%, 1/01/45		1,020		1,178,335
Washington State Housing Finance Commission, RB, Heron’s Key, Series A, 7.00%, 7/01/45 (f)		100		102,885

				1,661,075
Wyoming — 0.1%
Wyoming Municipal Power Agency, Inc., RB, Series A, 5.00%, 1/01/42		100		107,638
Total Municipal Bonds — 115.6%				192,206,086



Municipal Bonds Transferred to Tender Option Bond Trusts (i)
California — 1.7%
Bay Area Toll Authority, Refunding RB, San Francisco Bay Area, Series F-1, 5.63%, 4/01/19 (b)		1,090		1,264,245
California Educational Facilities Authority, RB, University of Southern California, Series B, 5.25%, 10/01/39 (j)		840		932,249


Municipal Bonds Transferred to Tender Option Bond Trusts (i)	Par (000)		Value
California (continued)
San Diego Community College District California, GO, Election of 2002, 5.25%, 8/01/33	$	553	$	631,713

				2,828,207
Colorado — 0.5%
Colorado Health Facilities Authority, Refunding RB, Catholic Health Initiatives, Series A, 5.50%, 7/01/34 (j)		740		833,876
Illinois — 1.7%
Illinois Finance Authority, RB, The Carle Foundation, Series A (AGM), 6.00%, 8/15/41		2,340		2,751,349
Indiana — 7.3%
Carmel Redevelopment Authority, RB, Performing Arts Center (b):
4.75%, 2/01/16		5,365		5,427,127
5.00%, 2/01/16		6,580		6,660,342

				12,087,469
Massachusetts — 4.9%
Massachusetts School Building Authority, RB, Senior, Series B, 5.00%, 10/15/41		7,112		8,141,386
Nebraska — 3.0%
Omaha Public Power District, RB, Sub-Series B (NPFGC), 4.75%, 2/01/16 (b)		5,000		5,058,150
New Hampshire — 0.4%
New Hampshire Health & Education Facilities Authority, RB, Dartmouth College, 5.25%, 6/01/39 (j)		660		741,745
New York — 1.2%
City of New York New York Municipal Water Finance Authority, Refunding RB, Water & Sewer System, 2nd General Resolution, Series FF-2, 5.50%, 6/15/40		495		563,613
Port Authority of New York & New Jersey, Refunding RB, 194th Series, 5.25%, 10/15/55		1,215		1,385,878

				1,949,491
Ohio — 3.1%
State of Ohio, Refunding RB, Cleveland Clinic Health System Obligated Group, Series A, 5.50%, 1/01/39		4,634		5,207,404
South Carolina — 0.8%
State of South Carolina Housing Finance & Development Authority, Refunding RB, S/F Housing, Series B-1, 5.55%, 7/01/39		1,270		1,297,135
Texas — 11.0%
City of San Antonio Texas Public Service Board, RB, Electric & Gas Systems, Junior Lien, 5.00%, 2/01/43		11,000		12,152,030
County of Harris Texas, RB, Senior Lien, Toll Road, Series A, 5.00%, 8/15/38 (j)		2,122		2,356,013
County of Harris Texas Metropolitan Transit Authority, Refunding RB, Series A, 5.00%, 11/01/41		1,170		1,339,475
University of Texas System, Refunding RB, Financing System, Series B, 5.00%, 8/15/43		2,170		2,453,293