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: 04/30/2018

Date of reporting period: 10/31/2017

Item 1 – Report to Stockholders

OCTOBER 31, 2017

SEMI-ANNUAL REPORT (UNAUDITED)

BlackRock Investment Quality Municipal Trust, Inc. (BKN)

BlackRock Long-Term Municipal Advantage Trust (BTA)

BlackRock Municipal 2020 Term Trust (BKK)

BlackRock Municipal Income Trust (BFK)

BlackRock Strategic Municipal Trust (BSD)

Not FDIC Insured • May Lose Value • No Bank Guarantee

The Markets in Review

Dear Shareholder,

In the 12 months ended October 31, 2017, risk assets, such as stocks and high-yield bonds, continued to deliver strong performance. These markets showed great resilience during a period with big political surprises, including the aftermath of the U.K.’s vote to leave the European Union and the outcome of the U.S. presidential election, which brought only brief spikes in equity market volatility. In contrast, closely watched elections in France, the Netherlands, and Australia countered the isolationist and nationalist political developments in the U.K. and the United States.

Interest rates rose, which worked against high-quality assets with more interest rate sensitivity. Consequently, longer-term U.S. Treasuries posted negative returns, as rising energy prices, modest wage increases, and steady job growth led to expectations of higher inflation and further interest rate increases by the U.S. Federal Reserve (the “Fed”).

The market’s performance reflected reflationary expectations early in the reporting period, as investors began to sense that a global recovery was afoot. Thereafter, many countries throughout the world experienced sustained and synchronized growth for the first time since the financial crisis. Growth rates and inflation are still relatively low, but they are finally rising together.

The Fed responded to these positive developments by increasing short-term interest rates three times and setting expectations for additional interest rate increases. The Fed also began reducing the vast balance sheet reserves that had accumulated in the wake of the financial crisis. In October 2017, the Fed reduced its $4.5 trillion balance sheet by only $10 billion, while setting expectations for additional modest reductions and rate hikes in 2018.

By contrast, the European Central Bank (“ECB”) and the Bank of Japan (“BoJ”) both continued to expand their balance sheets despite nascent signs of sustained economic growth. The Eurozone and Japan are both approaching the limits of central banks’ ownership share of debt issued by their respective governments, which is a structural pressure point that limits their capacity to deliver additional monetary stimulus. In October 2017, the ECB announced plans to cut the amount of its bond purchases in half for 2018, while the BoJ reiterated its commitment to economic stimulus until the inflation rate rises to its target of 2.0%.

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

While escalating tensions between the United States and North Korea and our nation’s divided politics are significant concerns, benign credit conditions, modest inflation, solid corporate earnings, and the positive outlook for growth in the world’s largest economies have kept markets relatively tranquil.

High valuations across most assets have laid the groundwork for muted returns going forward. At current valuation levels, potential equity gains will likely be closely tied to the pace of earnings growth, which has remained solid thus far in 2017, particularly in emerging markets. In this environment, investors need to think globally, extend their scope across a broad array of asset classes, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit blackrock.com for further insight about investing in today’s markets.

Sincerely,

LOGO

Rob Kapito

President, BlackRock Advisors, LLC

LOGO

Rob Kapito

President, BlackRock Advisors, LLC


Total Returns as of October 31, 2017
	6-month	12-month
U.S. large cap equities (S&P 500^® Index)	9.10%	23.63%
U.S. small cap equities (Russell 2000^® Index)	8.01	27.85
International equities (MSCI Europe, Australasia, Far East Index)	10.74	23.44
Emerging market equities (MSCI Emerging Markets Index)	16.14	26.45
3-month Treasury bills (BofA Merrill Lynch 3-Month U.S. Treasury Bill Index)	0.49	0.72
U.S. Treasury securities (BofA Merrill Lynch 10-Year U.S. Treasury Index)	0.15	(2.98)
U.S. investment grade bonds (Bloomberg Barclays U.S. Aggregate Bond Index)	1.58	0.90
Tax-exempt municipal bonds (S&P Municipal Bond Index)	2.22	1.80
U.S. high yield bonds (Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index)	3.44	8.92
Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.


2		THIS PAGE IS NOT PART OF YOUR FUND REPORT

Table of Contents


	Page
The Markets in Review		2
Semi-Annual Report:
Municipal Market Overview		4
The Benefits and Risks of Leveraging		5
Derivative Financial Instruments		5
Trust Summaries		6
Financial Statements
Schedules of Investments		16
Statements of Assets and Liabilities		49
Statements of Operations		50
Statements of Changes in Net Assets		51
Statements of Cash Flows		54
Financial Highlights		55
Notes to Financial Statements		60
Disclosure of Investment Advisory Agreement		70
Trustee and Officer Information		74
Additional Information		75
Glossary of Terms Used in this Report		77


			3

Municipal Market Overview For the Reporting Period Ended October 31, 2017

Municipal Market Conditions

Municipal bonds experienced modestly positive performance for the period as a result of rising interest rates spurring from generally stronger economic data, signs of inflation pressures, Fed monetary policy normalization, and market expectations for pro-growth fiscal policy. However, ongoing reassurance from the Fed that rates would be increased gradually and would likely remain low overall resulted in continued demand for fixed income investments. More specifically, investors favored the income, attractive relative yield, and stability of municipal bonds amid bouts of interest rate volatility (bond prices rise as rates fall) resulting from geopolitical tensions, the contentious U.S. election, and evolving global central bank policies. During the 12 months ended October 31, 2017, municipal bond funds experienced net outflows of approximately $3 billion (based on data from the Investment Company Institute). The asset class came under pressure post the November U.S. election as a result of uncertainty surrounding potential tax-reform, though expectation that tax reform was likely to be delayed or watered down quickly eased investor concerns.


For the same 12-month period, total new issuance remained healthy from a historical perspective at $376 billion (though well below the robust $441 billion issued in the prior 12-month period). A noteworthy portion of new supply during this period was attributable to refinancing activity (roughly 51%) as issuers continued to take advantage of low interest rates and a flat yield curve to reduce their borrowing costs.		S&P Municipal Bond Index
		Total Returns as of October 31, 2017
		6 months: 2.22%
		12 months: 1.80%

A Closer Look at Yields

LOGO

From October 31, 2016 to October 31, 2017, yields on AAA-rated 30-year municipal bonds increased by 27 basis points (“bps”) from 2.56% to 2.83%, while 10-year rates rose by 28 bps from 1.73% to 2.01% and 5-year rates increased 29 bps from 1.13% to 1.42% (as measured by Thomson Municipal Market Data). The municipal yield curve steepened modestly over the 12-month period with the spread between 2- and 30-year maturities steepening by just 2 bps.

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

Financial Conditions of Municipal Issuers

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

The opinions expressed are those of BlackRock as of October 31, 2017, and are subject to change at any time due to changes in market or economic conditions. The comments should not be construed as a recommendation of any individual holdings or market sectors. Investing involves risk including loss of principal. Bond values fluctuate in price so the value of your investment can go down depending on market conditions. Fixed income risks include interest-rate and credit risk. Typically, when interest rates rise, there is a corresponding decline in bond values. Credit risk refers to the possibility that the bond issuer will not be able to make principal and interest payments. There may be less information on the financial condition of municipal issuers than for public corporations. The market for municipal bonds may be less liquid than for taxable bonds. Some investors may be subject to Alternative Minimum Tax (“AMT”). Capital gains distributions, if any, are taxable.

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


4		2017 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

The Benefits and Risks of Leveraging

The Trusts may utilize leverage to seek to enhance the distribution rate on, and net asset value (“NAV”) of, their common shares (“Common Shares”). However, 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 such leverage proceeds, and therefore the holders of Common Shares (“Common Shareholders”) are the beneficiaries of the incremental net income.

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

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

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

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

Derivative Financial Instruments

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


THE BENEFITS AND RISKS OF LEVERAGING / DERIVATIVE FINANCIAL INSTRUMENTS			5


Trust Summary as of October 31, 2017		BlackRock Investment Quality Municipal Trust, Inc.

Investment Objective

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

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

Trust Information


Symbol on New York Stock Exchange (“NYSE”)		BKN
Initial Offering Date		February 19, 1993
Yield on Closing Market Price as of October 31, 2017 ($14.61)^(a)		5.09%
Tax Equivalent Yield^(b)		8.99%
Current Monthly Distribution per Common Share^(c)		$0.062
Current Annualized Distribution per Common Share^(c)		$0.744
Economic Leverage as of October 31, 2017^(d)		37%

^(a)

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

^(b)

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

^(c)

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

^(d)

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

Performance

Returns for the six months ended October 31, 2017 were as follows:


	Returns Based On
	Market Price		NAV
BKN^(a)(b)		2.63%		5.69%
Lipper General & Insured Municipal Debt Funds (Leveraged)^(c)		2.34%		3.81%

^(a)

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

^(b)

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

^(c)

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

Past performance is not indicative of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

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

•

U.S. municipal bonds rallied in the six-month period due to the combination of fading prospects for tax reform during the early spring and summer, a positive balance of supply and demand in the market, and budget agreements in Illinois and Connecticut. Longer-term bonds outpaced shorter-term issues, reflecting the backdrop of muted inflation data and expectations for continued monetary policy tightening by the Fed.

•

Portfolio income, enhanced by leverage, produced the largest positive contribution to performance in a period characterized by a mild decline in municipal bond yields. (Prices and yields move in opposite directions.)

•

The Trust’s positions in longer-term bonds contributed positively. From a sector perspective, allocations to the tobacco, corporate and tax-backed (state) sectors contributed as yield spreads generally tightened in those areas. Municipal bonds subject to the AMT, which outperformed in anticipation of possible tax law changes, also performed well. Exposure to lower-rated issues was a further contributor. Positions in lower-coupon bonds, which tend to have above-average interest-rate sensitivity, added value as well.

•

The Trust utilized a mix of U.S. Treasury futures contracts to help manage the risk of rising interest rates. This strategy did not have a material effect on performance.

•

Holdings on the shorter end of the yield curve, while producing positive returns, lagged somewhat due to the increase in short-term yields.

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		2017 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS


Trust Summary as of October 31, 2017 (continued)		BlackRock Investment Quality Municipal Trust, Inc.

Market Price and Net Asset Value Per Share Summary


	10/31/17		4/30/17		Change		High		Low
Market Price	$	14.61	$	14.59		0.14%	$	15.75	$	14.55
Net Asset Value	$	15.87	$	15.39		3.12%	$	16.08	$	15.35

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

LOGO

Overview of the Trust’s Total Investments*

SECTOR ALLOCATION


Sector	10/31/17			4/30/17
Health		21	%		23	%
County/City/Special District/School District		19			15
Transportation		16			14
Education		15			16
Utilities		9			9
State		8			12
Tobacco		6			5
Corporate		6			6

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

CALL/MATURITY SCHEDULE^(c)


Calendar Year Ended December 31,
2017	4	%
2018	5
2019	5
2020	7
2021	10

^(c)

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

Excludes short-term securities.

CREDIT QUALITY ALLOCATION^(a)


Credit Rating	10/31/17			4/30/17
AAA/Aaa		5	%		5	%
AA/Aa		38			43
A		31			29
BBB/Baa		15			15
BB/Ba		3			3
B		2			1
N/R^(b)		6			4

^(a)

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

^(b)

The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of October 31, 2017 and April 30, 2017, the market value of unrated securities deemed by the investment adviser to be investment grade each represents 1% and less than 1%, respectively, of the Trust’s total investments.


TRUST SUMMARY			7


Trust Summary as of October 31, 2017		BlackRock Long-Term Municipal Advantage Trust

Investment Objective

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

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

Trust Information


Symbol on NYSE		BTA
Initial Offering Date		February 28, 2006
Yield on Closing Market Price as of October 31, 2017 ($11.94)^(a)		5.48%
Tax Equivalent Yield^(b)		9.68%
Current Monthly Distribution per Common Share^(c)		$0.0545
Current Annualized Distribution per Common Share^(c)		$0.6540
Economic Leverage as of October 31, 2017^(d)		39%

^(a)

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

^(b)

^(c)

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

^(d)

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

Performance

Returns for the six months ended October 31, 2017 were as follows:


	Returns Based On
	Market Price		NAV
BTA^(a)(b)		5.20%		5.08%
Lipper General & Insured Municipal Debt Funds (Leveraged)^(c)		2.34%		3.81%

^(a)

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

^(b)

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

^(c)

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

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

•

Concentrations in longer-dated securities maturing in the 20-year range and longer contributed to Trust performance. The Trust’s use of leverage also boosted returns by enhancing income and amplifying the effect of rising bond prices.

•

The Trust’s allocation to BBB-rated investment-grade debt aided results, as did its positions in bonds rated below investment grade. Positions in the health care and project finance sectors further helped performance.

•

The Trust utilized a mix of U.S. Treasury futures contracts to help manage the risk of rising interest rates. This strategy was tactically adjusted throughout the period, resulting in a modestly negative contribution to performance.

•

Positions in shorter-dated bonds, including high-quality pre-refunded securities, hurt results at a time in which shorter-term bonds lagged. The Trust’s more-seasoned holdings also detracted due to the premium amortization that occurred as the bonds approached their call and maturity dates. (When a bond’s price trades at a premium over its face value, the difference is amortized over time. A premium occurs when the price of the bond has increased due to a decline in interest rates.) Additionally, positions in higher-quality securities underperformed relative to lower-quality issues.


8		2017 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS


Trust Summary as of October 31, 2017 (continued)		BlackRock Long-Term Municipal Advantage Trust

Market Price and Net Asset Value Per Share Summary


	10/31/17		4/30/17		Change		High		Low
Market Price	$	11.94	$	11.66		2.40%	$	12.54	$	11.55
Net Asset Value	$	12.55	$	12.27		2.28%	$	12.67	$	12.26

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

LOGO

Overview of the Trust’s Total Investments*

SECTOR ALLOCATION


Sector	10/31/17			4/30/17
County/City/Special District/School District		21	%		16	%
Health		17			19
Education		12			11
Utilities		11			13
Tobacco		10			10
Transportation		10			15
State		8			7
Corporate		7			6
Housing		4			3

CALL/MATURITY SCHEDULE^(c)


Calendar Year Ended December 31,
2017	7	%
2018	3
2019	16
2020	12
2021	17

^(c)

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

Excludes short-term securities.

CREDIT QUALITY ALLOCATION^(a)


Credit Rating	10/31/17			4/30/17
AAA/Aaa		5	%		5	%
AA/Aa		40			40
A		10			12
BBB/Baa		20			21
BB/Ba		7			6
B		7			6
N/R^(b)		11			10

^(a)

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

^(b)


TRUST SUMMARY			9


Trust Summary as of October 31, 2017		BlackRock Municipal 2020 Term Trust

Investment Objective

BlackRock Municipal 2020 Term Trust’s (BKK) (the “Trust”) investment objectives are to provide current income exempt from regular U.S. federal income tax and to return $15 per Common Share (the initial public offering price per Common Share) to holders of Common Shares on or about December 31, 2020. The Trust seeks to achieve its investment objectives by investing, under normal market conditions, at least 80% of its managed assets in municipal bonds that pay interest that is exempt from U.S. federal income taxes (except that the interest may be subject to the U.S. federal alternative minimum tax). The Trust invests, under normal market conditions, at least 80% of its managed assets in municipal bonds that are investment grade, or if unrated, deemed to be of comparable quality by the investment adviser, at the time of investment. The Trust may invest directly in such securities or synthetically through the use of derivatives. No assurance can be given that the Trust will achieve its investment objectives, including its objective of returning $15.00 per Common Share.

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, 2017 ($15.34)^(a)		3.09%
Tax Equivalent Yield^(b)		5.46%
Current Monthly Distribution per Common Share^(c)		$0.0395
Current Annualized Distribution per Common Share^(c)		$0.4740
Economic Leverage as of October 31, 2017^(d)		1%

^(a)

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

^(b)

^(c)

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

^(d)

Represents 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 its accrued liabilities. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging on page 5.

Performance

Returns for the six months ended October 31, 2017 were as follows:


	Returns Based On
	Market Price			NAV
BKK^(a)(b)		(0.93	)%		1.46	%
Lipper Intermediate Municipal Debt Funds^(c)		1.06	%		3.01	%

^(a)

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

^(b)

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

^(c)

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

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

•

The Trust’s returns were modest during the period. Its gain was primarily derived from income, since prices on short-term bonds — the area in which the Trust primarily invests — fell slightly. (Prices and yields move in opposite directions.)

•

Higher short-term rates lead to higher funding costs for leverage, negatively impacting the level of income in the Trust. As bonds were called and matured in the portfolio, the investment adviser used the cash proceeds to reduce leverage further.

•

The Trust’s more-seasoned holdings, which produce generous yields compared to current market rates, were additive to performance. At the sector level, tax-exempt corporate, transportation and health care issues were positive contributors to performance.

•

Geographically, positive returns were driven by exposure to Illinois and New Jersey bonds. Illinois passed its budget and moved closer to achieving fiscal balance and seeing a stabilization of its credit rating. In New Jersey, legislation that redirected roughly $1 billion annually in lottery proceeds to the state’s pension funds helped stabilize its credit rating and contributed to positive returns for the New Jersey credits held in the Trust.

•

The Trust had a higher-than-average cash and cash equivalent position at period end. Given the flat rate structure at the front-end of the yield curve, bond proceeds from bond calls and maturities were invested in cash equivalent securities that contributed positively to performance.

•

Reinvestment was a drag on results, as the proceeds of higher-yielding bonds that matured or were called needed to be reinvested at materially lower prevailing rates.

•

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


10		2017 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS


Trust Summary as of October 31, 2017 (continued)		BlackRock Municipal 2020 Term Trust

Market Price and Net Asset Value Per Share Summary


	10/31/17		4/30/17		Change		High		Low
Market Price	$	15.34	$	15.73		(2.48)%	$	15.95	$	15.19
Net Asset Value	$	15.58	$	15.60		(0.13)%	$	15.68	$	15.55

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

LOGO

Overview of the Trust’s Total Investments*

SECTOR ALLOCATION


Sector	10/31/17			4/30/17
Utilities		18	%		18	%
Transportation		17			17
County/City/Special District/School District		14			16
Health		14			12
State		15			14
Education		11			11
Corporate		5			6
Tobacco		4			4
Housing		2			2

CALL/MATURITY SCHEDULE^(c)


Calendar Year Ended December 31,
2017	—
2018	5	%
2019	20
2020	57
2021	6

^(c)

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

Excludes money market funds.

CREDIT QUALITY ALLOCATION^(a)


Credit Rating	10/31/17			4/30/17
AAA/Aaa		6	%		5	%
AA/Aa		27			33
A		38			31
BBB/Baa		16			17
BB/Ba		4			3
B		1			1
CCC		—			1
N/R^(b)		8			9

^(a)

^(b)

The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of October 31, 2017 and April 30, 2017, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 1% and 2%, respectively, of the Trust’s total investments.


TRUST SUMMARY			11


Trust Summary as of October 31, 2017		BlackRock Municipal Income Trust

Investment Objective

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

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

Trust Information


Symbol on NYSE		BFK
Initial Offering Date		July 27, 2001
Yield on Closing Market Price as of October 31, 2017 ($14.07)^(a)		5.54%
Tax Equivalent Yield^(b)		9.79%
Current Monthly Distribution per Common Share^(c)		$0.065
Current Annualized Distribution per Common Share^(c)		$0.780
Economic Leverage as of October 31, 2017^(d)		39%

^(a)

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

^(b)

^(c)

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

^(d)

Performance

Returns for the six months ended October 31, 2017 were as follows:


	Returns Based On
	Market Price		NAV
BFK^(a)(b)		3.27%		4.27%
Lipper General & Insured Municipal Debt Funds (Leveraged)^(c)		2.34%		3.81%

^(a)

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

^(b)

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

^(c)

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

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

•

The Trust’s positions in longer-dated securities made the largest contribution to performance, as bonds in the 20- to 40-year maturity range outpaced the broader market.

•

Investments in lower-rated securities within the investment-grade market benefited performance at a time of robust investor risk appetites. Credit spreads narrowed considerably amid strong fund flows and investors’ ongoing search for yield.

•

At the sector level, the largest contributions came from state and local tax-backed, transportation and utilities issues.

•

Investments in high-quality, pre-refunded securities in the one- to five-year range declined in value amid the upward pressure on short-term interest rates fostered by the ongoing normalization of monetary policy. These positions, which the Trust acquired in a higher-rate environment, were retained due to their above average income.

•

The Trust sought to manage interest rate risk using U.S. Treasury futures, which had a small, positive effect on Trust returns.


12		2017 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS


Trust Summary as of October 31, 2017 (continued)		BlackRock Municipal Income Trust

Market Price and Net Asset Value Per Share Summary


	10/31/17		4/30/17		Change		High		Low
Market Price	$	14.07	$	14.00		0.50%	$	14.72	$	13.96
Net Asset Value	$	14.45	$	14.24		1.47%	$	14.62	$	14.21

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

LOGO

Overview of the Trust’s Total Investments*

SECTOR ALLOCATION


Sector	10/31/17			4/30/17
County/City/Special District/School District		22	%		14	%
Transportation		18			23
Health		14			13
Utilities		13			15
State		11			11
Tobacco		7			7
Education		7			10
Corporate		7			7
Housing		1			—

CALL/MATURITY SCHEDULE^(c)


Calendar Year Ended December 31,
2017	5	%
2018	4
2019	16
2020	14
2021	15

^(c)

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

Excludes short-term securities.

CREDIT QUALITY ALLOCATION^(a)


Credit Rating	10/31/17			4/30/17
AAA/Aaa		6	%		8	%
AA/Aa		43			44
A		18			16
BBB/Baa		21			20
BB/Ba		4			4
B		2			2
N/R^(b)		6			6

^(a)

^(b)


TRUST SUMMARY			13


Trust Summary as of October 31, 2017		BlackRock Strategic Municipal Trust

Investment Objective

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

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

Trust Information


Symbol on NYSE		BSD
Initial Offering Date		August 25, 1999
Yield on Closing Market Price as of October 31, 2017 ($13.82)^(a)		5.64%
Tax Equivalent Yield^(b)		9.96%
Current Monthly Distribution per Common Share^(c)		$0.065
Current Annualized Distribution per Common Share^(c)		$0.780
Economic Leverage as of October 31, 2017^(d)		40%

^(a)

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

^(b)

^(c)

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

^(d)

Performance

Returns for the six months ended October 31, 2017 were as follows:


	Returns Based On
	Market Price		NAV
BSD^(a)(b)		3.91%		4.38%
Lipper General & Insured Municipal Debt Funds (Leveraged)^(c)		2.34%		3.81%

^(a)

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

^(b)

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

^(c)

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

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

•

U.S. municipal bonds rallied in the six-month period due to the combination of fading prospectus for tax reform during the early spring and summer, a positive balance of supply and demand in the market, and budget agreements in Illinois and Connecticut. Longer-term bonds outpaced shorter-term issues, reflecting the backdrop of muted inflation data and expectations for continued monetary policy tightening by the Fed.

•

Concentrations in longer-dated securities maturing in the 20-year range and longer contributed to performance. The Trust’s use of leverage also boosted returns by enhancing income and amplifying the effect of rising bond prices.

•

The Trust’s allocation to BBB-rated investment-grade debt aided results, as did its positions in bonds rated below investment grade. Positions in the transportation and tax-backed (state) sectors further helped performance, highlighted by the strong showing of New Jersey and Illinois issues.

•


14		2017 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS


Trust Summary as of October 31, 2017 (continued)		BlackRock Strategic Municipal Trust

Market Price and Net Asset Value Per Share Summary


	10/31/17		4/30/17		Change		High		Low
Market Price	$	13.82	$	13.67		1.10%	$	15.49	$	13.55
Net Asset Value	$	14.43	$	14.21		1.55%	$	14.60	$	14.18

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

LOGO

Overview of the Trust’s Total Investments*

SECTOR ALLOCATION


Sector	10/31/17			4/30/17
County/City/Special District/School District		22	%		16	%
Transportation		17			24
Health		16			16
Education		11			9
Utilities		9			12
State		9			10
Corporate		9			7
Tobacco		5			5
Housing		2			1

CALL/MATURITY SCHEDULE^(c)


Calendar Year Ended December 31,
2017	3	%
2018	6
2019	17
2020	11
2021	13

^(c)

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

Excludes short-term securities.

CREDIT QUALITY ALLOCATION^(a)


Credit Rating	10/31/17			4/30/17
AAA/Aaa		5	%		6	%
AA/Aa		39			43
A		19			17
BBB/Baa		21			20
BB/Ba		4			4
B		2			2
N/R^(b)		10			8

^(a)

^(b)


TRUST SUMMARY			15

Schedule of Investments

October 31, 2017 (Unaudited)

BlackRock Investment Quality Municipal Trust, Inc. (BKN)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Municipal Bonds

Alabama — 0.9%
Homewood Educational Building Authority, Refunding RB, Educational Facilities, Samford University, Series A, 5.00%, 12/01/33	$	760	$	878,879
Opelika Utilities Board, Refunding RB, 4.00%, 6/01/41		1,540		1,612,411

				2,491,290
Arizona — 6.5%
Arizona Health Facilities Authority, Refunding RB, Phoenix Children’s Hospital, Series A, 5.00%, 2/01/42		3,300		3,509,682
City of Phoenix Arizona IDA, Refunding RB, Basis Schools, Inc. Projects, 5.00%, 7/01/45^(a)		455		469,283
County of Pinal Arizona Electric District No.3, Refunding RB:
4.75%, 7/01/21^(b)		680		762,885
4.75%, 7/01/31		3,070		3,356,523
Salt Verde Financial Corp., RB, Senior:
5.00%, 12/01/32		1,035		1,250,932
5.00%, 12/01/37		4,585		5,585,814
University Medical Center Corp., RB, 6.50%, 7/01/19^(b)		750		814,620
University Medical Center Corp., Refunding RB, 6.00%, 7/01/21^(b)		1,600		1,860,064

				17,609,803
Arkansas — 2.0%
City of Benton Arkansas, RB, 4.00%, 6/01/39		755		793,316
City of Fort Smith Arkansas Water & Sewer Revenue, Refunding RB, 4.00%, 10/01/40		1,250		1,303,387
City of Little Rock Arkansas, RB, 4.00%, 7/01/41		2,645		2,740,432
County of Pulaski Arkansas Public Facilities Board, RB, 5.00%, 12/01/42		465		514,625

				5,351,760
California — 20.1%
California Health Facilities Financing Authority, RB, Sutter Health, Series B, 5.88%, 8/15/31		2,300		2,587,017
California Health Facilities Financing Authority, Refunding RB, Adventist Health System West, Series A, 3.00%, 3/01/39		1,130		1,021,723
California Infrastructure & Economic Development Bank, Refunding RB, Academy Motion Picture Arts and Sciences, Series A, 4.00%, 11/01/45		3,330		3,459,570
Carlsbad California Unified School District, GO, Election of 2006, Series B, 0.00%, 5/01/34^(c)		1,500		1,658,085
City of San Jose California, Refunding ARB, Norman Y Mineta San Jose International Airport SJC, AMT:
Series A (BAM), 4.00%, 3/01/42		2,460		2,539,261
Series A-1, 5.75%, 3/01/34		3,000		3,387,570
Golden State Tobacco Securitization Corp., Refunding RB, Asset-Backed, Senior Series A-1, 5.75%, 6/01/47		1,985		1,984,940
Hartnell Community College District California, GO, CAB, Election of 2002, Series D, 0.00%, 8/01/34^(c)		2,475		2,533,658
Norwalk-La Mirada Unified School District, GO, Refunding, CAB, Election of 2002, Series E (AGC), 0.00%, 8/01/38^(d)		12,000		5,381,760
Palomar Community College District, GO, CAB, Election of 2006, Series B:
0.00%, 8/01/30^(d)		2,270		1,555,177
0.00%, 8/01/33^(d)		4,250		1,742,798
0.00%, 8/01/39^(c)		4,000		3,742,840
San Diego Community College District, GO, CAB, Election of 2002, 0.00%, 8/01/33^(c)		4,200		4,933,110
State of California, GO, Refunding, Various Purposes:
5.00%, 2/01/38		2,000		2,289,900
4.00%, 10/01/44		2,520		2,653,686


Security	Par (000)		Value
California (continued)
State of California, GO, Various Purposes:
5.75%, 4/01/31	$	3,000	$	3,201,300
6.00%, 3/01/33		2,270		2,526,873
6.50%, 4/01/33		2,900		3,121,212
5.50%, 3/01/40		3,650		4,002,480
Tobacco Securitization Authority of Southern California, Refunding RB, Tobacco Settlement, Asset-Backed, Senior Series A-1, 5.13%, 6/01/46		495		495,842

				54,818,802
Colorado — 0.2%
Rampart Range Metropolitan District No. 1, Refunding RB, (AGM), 5.00%, 12/01/47		420		476,935

Connecticut — 0.4%
Connecticut State Health & Educational Facility Authority, Refunding RB, Lawrence & Memorial Hospital, Series F, 5.00%, 7/01/36		950		1,017,041

Delaware — 2.1%
County of Sussex Delaware, RB, NRG Energy, Inc., Indian River Power LLC Project, 6.00%, 10/01/40		1,800		1,906,236
Delaware Transportation Authority, RB:
5.00%, 6/01/45		2,000		2,281,020
U.S. 301 Project, 5.00%, 6/01/55		1,430		1,610,209

				5,797,465
Florida — 7.1%
Capital Trust Agency Inc., RB, M/F Housing, The Gardens Apartment Project, Series A, 4.75%, 7/01/40		900		938,151
City of Jacksonville Florida, Refunding RB, Series A, 5.25%, 10/01/47		1,085		1,290,933
County of Miami-Dade Florida, RB:
CAB, Subordinate Special Obligation, 0.00%, 10/01/32^(d)		5,000		2,847,850
CAB, Subordinate Special Obligation, 0.00%, 10/01/33^(d)		15,375		8,341,091
Series B, AMT, 6.00%, 10/01/32		3,000		3,543,090
County of Miami-Dade Florida Aviation Revenue, Refunding RB, Series B, AMT, 5.00%, 10/01/40		1,895		2,182,775
County of Orange Florida Health Facilities Authority, Refunding RB, Mayflower Retirement Center, 5.00%, 6/01/32		200		212,500

				19,356,390
Hawaii — 1.3%
State of Hawaii Department of Budget & Finance, Refunding RB:
Hawaiian Electric Co., Inc. AMT, 4.00%, 3/01/37		2,770		2,857,477
Special Purpose, Senior Living, Kahala Nui, 5.25%, 11/15/37		600		662,952

				3,520,429
Idaho — 1.2%
Idaho Health Facilities Authority, RB, St. Lukes Health System Project, Series A, 5.00%, 3/01/39		3,000		3,287,850

Illinois — 8.1%
Chicago Public Building Commission, RB, Series A (NPFGC), 7.00%, 1/01/20^(e)		5,000		5,458,950
City of Chicago Illinois, Refunding ARB, O’Hare International Airport Passenger Facility Charge, Series B, AMT, 4.00%, 1/01/29		2,400		2,500,848
City of Chicago Illinois Midway International Airport, Refunding GARB, 2nd Lien, Series A, AMT, 5.00%, 1/01/41		1,735		1,919,621


16		2017 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

October 31, 2017 (Unaudited)

BlackRock Investment Quality Municipal Trust, Inc. (BKN)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Illinois (continued)
City of Chicago Illinois O’Hare International Airport, GARB, Senior Lien, Series D, AMT, 5.00%, 1/01/42	$	770	$	866,273
City of Chicago Illinois Transit Authority, RB, Sales Tax Receipts, 5.25%, 12/01/40		1,000		1,073,060
Illinois Finance Authority, Refunding RB:
OSF Healthcare System, 6.00%, 5/15/39		435		466,781
Roosevelt University Project, 6.50%, 4/01/44		1,500		1,594,170
Railsplitter Tobacco Settlement Authority, RB:
6.25%, 6/01/24		5,000		5,288,450
6.00%, 6/01/28		1,700		1,915,594
State of Illinois, GO, 5.00%, 2/01/39		1,000		1,040,150

				22,123,897
Kansas — 2.9%
County of Seward Kansas Unified School District No. 480 Liberal, GO, Refunding:
5.00%, 9/01/39		1,085		1,259,642
5.00%, 9/01/39		4,915		5,454,126
Kansas Development Finance Authority, Refunding RB, Sisters Leavenworth:
5.00%, 1/01/20^(b)		1,005		1,085,872
5.00%, 1/01/28		150		159,870

				7,959,510
Kentucky — 6.8%
County of Boyle Kentucky, Refunding RB, Centre College of Kentucky, 5.00%, 6/01/37		4,000		4,529,960
County of Louisville & Jefferson Kentucky Metropolitan Government, Refunding RB, Norton Healthcare, Inc., Series A, 4.00%, 10/01/35		870		896,988
Kentucky Economic Development Finance Authority, RB, Catholic Health Initiatives, Series A, 5.38%, 1/01/40		3,400		3,685,226
Kentucky Economic Development Finance Authority, Refunding RB, Norton Healthcare, Inc., Series B (NPFGC), 0.00%, 10/01/23^(d)		8,500		7,295,380
Kentucky Public Transportation Infrastructure Authority, RB, Downtown Crossing Project, Convertible CAB, 1st Tier, Series C^(c):
0.00%, 7/01/34		1,000		887,530
0.00%, 7/01/39		1,395		1,219,746

				18,514,830
Louisiana — 1.9%
City of Alexandria Louisiana Utilities, RB, 5.00%, 5/01/39		1,790		2,015,665
Louisiana Local Government Environmental Facilities & Community Development Authority, RB, Westlake Chemical Corp. Project, Series A-1, 6.50%, 11/01/35		1,565		1,764,992
Louisiana Public Facilities Authority, RB, Belle Chasse Educational Foundation Project, 6.50%, 5/01/31		600		647,490
West Baton Rouge Parish School District No. 3, GO, (AGM):
5.00%, 3/01/36		225		259,004
5.00%, 3/01/37		425		488,491

				5,175,642
Maryland — 0.2%
County of Anne Arundel Maryland Consolidated, RB, Special Taxing District, Villages at Two Rivers Project:
5.13%, 7/01/36		260		263,421
5.25%, 7/01/44		260		262,759

				526,180
Massachusetts — 2.1%
Massachusetts Development Finance Agency, RB, Emerson College Issue, Series A:
5.00%, 1/01/47		1,010		1,129,534
5.25%, 1/01/42		900		1,034,703


Security	Par (000)		Value
Massachusetts (continued)
Massachusetts Development Finance Agency, Refunding RB:
Emmanuel College Issue, Series A, 4.00%, 10/01/46	$	1,380	$	1,395,456
International Charter School, 5.00%, 4/15/40		600		648,360
Suffolk University, 4.00%, 7/01/39		1,375		1,402,596

				5,610,649
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		385,434
Michigan Finance Authority, Refunding RB, Henry Ford Health System, 4.00%, 11/15/46		2,305		2,352,391
Michigan State Hospital Finance Authority, Refunding RB, Trinity Health Credit Group, Series C, 4.00%, 12/01/32		4,150		4,297,948
Royal Oak Michigan Hospital Finance Authority, Refunding RB, William Beaumont Hospital, Series V, 8.25%, 9/01/18^(b)		2,750		2,912,525
State of Michigan Building Authority, Refunding RB, Facilities Program, Series I, 6.25%, 10/15/38		60		62,855

				10,011,153
Minnesota — 2.9%
City of Maple Grove Minnesota, Refunding RB, Maple Grove Hospital, Corp., 4.00%, 5/01/37		1,405		1,438,467
City of Minneapolis Minnesota, Refunding RB, Fairview Health Services, Series B (AGC), 6.50%, 11/15/38		1,905		2,001,945
Housing & Redevelopment Authority of The City of Saint Paul Minnesota, RB, Great River School Project, Series A, 5.50%, 7/01/52^(a)		305		309,313
Minneapolis-St. Paul Metropolitan Airports Commission, Refunding ARB, Sub Series D, AMT, 5.00%, 1/01/41		460		521,778
Minnesota Higher Education Facilities Authority, RB:
Augsburg College, Series B, 4.25%, 5/01/40		1,895		1,896,933
College of St. Benedict, Series 8-K, 5.00%, 3/01/37		1,055		1,200,073
College of St. Benedict, Series 8-K, 4.00%, 3/01/43		615		624,127

				7,992,636
Mississippi — 2.1%
County of Warren Mississippi, RB, Gulf Opportunity Zone Bonds, International Paper Co. Project, Series A, 5.38%, 12/01/35		600		670,962
Mississippi Development Bank, RB, Special Obligation:
CAB, Hinds Community College District (AGM), 5.00%, 4/01/21^(b)		1,910		2,145,216
County of Jackson Limited Tax Note (AGC), 5.50%, 7/01/32		2,655		2,818,628

				5,634,806
Missouri — 3.0%
Missouri Development Finance Board, RB, Annual Appropriation Sewer System, Series B, 5.00%, 11/01/41		1,350		1,437,885
Missouri State Health & Educational Facilities Authority, RB:
A.T. Still University of Health Sciences, 5.25%, 10/01/31		500		556,880
A.T. Still University of Health Sciences, 4.25%, 10/01/32		480		508,541
A.T. Still University of Health Sciences, 5.00%, 10/01/39		750		848,063
Heartland Regional Medical Center, 4.13%, 2/15/43		700		722,673
University of Central Missouri, Series C-2, 5.00%, 10/01/34		1,500		1,701,405
Missouri State Health & Educational Facilities Authority, Refunding RB, Kansas City University of Medicine and Biosciences, Series A:
5.00%, 6/01/42		860		976,203
5.00%, 6/01/47		1,230		1,389,740

				8,141,390


SCHEDULES OF INVESTMENTS			17

Schedule of Investments (continued)

October 31, 2017 (Unaudited)

BlackRock Investment Quality Municipal Trust, Inc. (BKN)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Nebraska — 2.9%
Central Plains Energy Project Nebraska, RB, Gas Project No. 3, 5.00%, 9/01/42	$	900	$	979,083
County of Douglas Nebraska Hospital Authority No. 3, Refunding RB, Health Facilities Nebraska Methodist Health System, 5.00%, 11/01/45		600		664,158
County of Sarpy Nebraska Hospital Authority No. 1, Refunding RB, Nebraska Medicine, 3.00%, 5/15/46		3,075		2,682,784
Nebraska Public Power District, Refunding RB, Series A:
5.00%, 1/01/32		2,535		2,852,458
4.00%, 1/01/44		600		612,678

				7,791,161
Nevada — 0.6%
County of Clark Nevada, Refunding ARB, Department of Aviation, Subordinate Lien, Series A-2, 4.25%, 7/01/36		1,500		1,591,935
Nevada Department of Business & Industry, RB, Series A, 5.00%, 7/15/37^(a)		125		128,694

				1,720,629
New Jersey — 8.2%
County of Middlesex New Jersey Improvement Authority, RB, Heldrich Center Hotel, Sub-Series B, 6.25%, 1/01/37^(f)(g)		1,510		15,855
New Jersey EDA, RB:
Continental Airlines, Inc. Project, AMT, 5.25%, 9/15/29		1,335		1,461,651
Continental Airlines, Inc. Project, Series B, AMT, 5.63%, 11/15/30		990		1,125,086
Goethals Bridge Replacement Project (AGM), AMT, 5.13%, 7/01/42		300		332,592
School Facilities Construction Bonds, Series DDD, 5.00%, 6/15/42		160		171,477
New Jersey Educational Facilities Authority, Refunding RB, College of New Jersey, Series G, 3.50%, 7/01/31		1,150		1,169,332
New Jersey Health Care Facilities Financing Authority, Refunding RB, Series A:
RWJ Barnabas Health Obligated Group, 4.00%, 7/01/43		2,955		3,066,876
St. Barnabas Health Care System, 4.63%, 7/01/21^(b)		770		860,421
St. Barnabas Health Care System, 5.63%, 7/01/21^(b)		2,560		2,951,859
St. Barnabas Health Care System, 5.00%, 7/01/25		500		566,900
New Jersey State Turnpike Authority, RB, Series E, 5.00%, 1/01/45		2,780		3,130,197
New Jersey Transportation Trust Fund Authority, RB:
CAB, Transportation System, Series A, 0.00%, 12/15/35^(d)		1,600		710,592
Transportation Program, Series AA, 5.00%, 6/15/45		1,350		1,439,680
Transportation Program, Series AA, 5.00%, 6/15/46		600		639,450
Transportation System, Series A, 5.50%, 6/15/41		500		537,750
Transportation System, Series B, 5.50%, 6/15/31		2,000		2,191,800
Tobacco Settlement Financing Corp., Refunding RB, Series 1A, 5.00%, 6/01/41		2,115		2,027,439

				22,398,957
New Mexico — 1.1%
New Mexico Finance Authority, RB, Senior Lien, Series A:
3.25%, 6/01/33		865		884,324
3.25%, 6/01/34		1,340		1,357,634
New Mexico Hospital Equipment Loan Council, Refunding RB, Presbyterian Healthcare Services, 5.00%, 8/01/44		680		765,483

				3,007,441
New York — 8.2%
City of New York New York Industrial Development Agency, RB, PILOT: Queens Baseball Stadium
(AGC), 6.50%, 1/01/46		300		317,811
(AMBAC), 5.00%, 1/01/39		1,100		1,120,482
City of New York Transitional Finance Authority Future Tax Secured Revenue, RB, 5.00%, 8/01/38		5,000		5,885,750


Security	Par (000)		Value
New York (continued)
Counties of New York Tobacco Trust IV, Refunding RB, Settlement Pass-Through Turbo, Series A, 6.25%, 6/01/41^(a)	$	1,400	$	1,448,650
Counties of New York Tobacco Trust VI, Refunding RB, Settlement Pass-Through Turbo, Series C, 4.00%, 6/01/51		1,000		923,550
Erie Tobacco Asset Securitization Corp., Refunding RB, Asset-Backed, Series A, 5.00%, 6/01/45		1,825		1,790,106
Long Island Power Authority, Refunding RB, Electric System, Series A, 5.75%, 4/01/39		2,475		2,614,763
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		1,343,925
3 World Trade Center Project, Class 2, 5.15%, 11/15/34^(a)		640		707,450
New York Transportation Development Corp., Refunding ARB, American Airlines, Inc., AMT, 5.00%, 8/01/31		1,905		2,032,711
Niagara Area Development Corp., Refunding RB, Solid Waste Disposal Facility, Covanta Energy Project, Series A, AMT, 5.25%, 11/01/42^(a)		600		600,402
Port Authority of New York & New Jersey, Refunding RB, 195th Series, AMT, 5.00%, 10/01/35		2,200		2,545,576
Westchester Tobacco Asset Securitization, Refunding RB, Tobacco Settlement Bonds, Sub-Series C, 5.13%, 6/01/51		1,160		1,148,017

				22,479,193
North Dakota — 0.3%
County of Burleigh North Dakota, Refunding RB, St. Alexius Medical Center Project, Series A, 5.00%, 7/01/21^(b)		720		810,043

Ohio — 1.4%
City of Dayton Ohio Airport Revenue, Refunding ARB, James M. Cox Dayton International Airport, Series A (AGM), AMT, 4.00%, 12/01/32		3,000		3,094,980
County of Butler Port Authority, RB, Series A-1^(a⁾:
Storypoint Fairfield Project, 6.25%, 1/15/34		500		518,705
StoryPoint Fairfield Project, 6.38%, 1/15/43		275		283,750

				3,897,435
Oklahoma — 1.6%
Norman Oklahoma Regional Hospital Authority, Refunding RB, 4.00%, 9/01/37		1,765		1,789,851
Oklahoma City Public Property Authority, Refunding RB:
5.00%, 10/01/36		800		924,136
5.00%, 10/01/39		280		321,521
Oklahoma Development Finance Authority, RB, Provident Oklahoma Education Resources, Inc., Cross Village Student Housing Project, Series A, 5.25%, 8/01/57		1,315		1,445,409

				4,480,917
Oregon — 3.3%
Clackamas Community College District, GO, Convertible Deferred Interest Bonds, Series A, 0.00%, 6/15/38^(c)		335		344,581
County of Lane Oregon School District No. 19 Springfield, GO, CAB, Series B, 0.00%, 6/15/40^(d)		1,500		653,100
Klamath Falls Intercommunity Hospital Authority, Refunding RB, Sky Lakes Medical Center Project:
3.00%, 9/01/35		630		586,858
3.00%, 9/01/41		950		839,695
Oregon Health & Science University, RB, Series A, 4.00%, 7/01/37		1,075		1,136,791
State of Oregon Facilities Authority, Refunding RB, Legacy Health Project, Series A, 4.00%, 6/01/41		2,610		2,690,414
State of Oregon State Facilities Authority, Refunding RB, University of Portland Project, Series A, 5.00%, 4/01/45		2,485		2,778,081

				9,029,520


18		2017 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

October 31, 2017 (Unaudited)

BlackRock Investment Quality Municipal Trust, Inc. (BKN)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Pennsylvania — 8.6%
County of Allegheny Pennsylvania IDA, Refunding RB, U.S. Steel Corp. Project, 6.55%, 12/01/27	$	2,535	$	2,646,008
Delaware River Port Authority, RB:
4.50%, 1/01/32		3,000		3,306,420
Series D (AGM), 5.00%, 1/01/40		3,640		3,913,400
Mckeesport Area School District, GO, CAB, Refunding (NPFGC), 0.00%, 10/01/31^(d)(e)		500		351,925
Pennsylvania Economic Development Financing Authority, Refunding RB:
National Gypsum Co., AMT, 5.50%, 11/01/44		810		858,163
Series A, 4.00%, 11/15/42		3,485		3,551,424
Pennsylvania Turnpike Commission, RB:
Series B, 5.00%, 12/01/36		3,350		3,848,246
Series B, 5.00%, 12/01/40		500		569,735
Sub-Series B-1, 5.00%, 6/01/42		1,970		2,222,396
Pottsville Hospital Authority, Refunding RB, Lehigh Valley Health Network, Series B, 5.00%, 7/01/45		2,000		2,230,360

				23,498,077
Puerto Rico — 1.0%
Children’s Trust Fund, Refunding RB, Tobacco Settlement Asset-Backed Bonds:
5.50%, 5/15/39		1,470		1,442,688
5.63%, 5/15/43		1,395		1,366,765

				2,809,453
Rhode Island — 5.4%
Rhode Island Commerce Corp., RB, Airport Corp., Series D:
5.00%, 7/01/41		430		482,095
5.00%, 7/01/46		340		378,488
Rhode Island Health & Educational Building Corp., RB, Series A, 4.00%, 9/15/42		1,485		1,541,430
Rhode Island Health & Educational Building Corp., Refunding RB, Series A (AGM), 3.75%, 5/15/32		1,845		1,907,841
Rhode Island Turnpike & Bridge Authority, Refunding RB, Series A, 5.00%, 10/01/40		2,710		3,086,554
State of Rhode Island, COP, School for the Deaf Project, Series C (AGC), 5.38%, 4/01/19^(b)		1,330		1,408,962
Tobacco Settlement Financing Corp., Refunding RB:
Series A, 5.00%, 6/01/40		1,000		1,062,790
Series B, 4.50%, 6/01/45		2,725		2,730,123
Series B, 5.00%, 6/01/50		2,000		2,063,560

				14,661,843
South Dakota — 0.6%
Dakota Valley School District No. 61-8, GO, Refunding, 3.00%, 7/15/39		1,620		1,528,211

Tennessee — 3.7%
Chattanooga Health Educational & Housing Facility Board, RB, Catholic Health Initiatives, Series A, 5.25%, 1/01/40		2,945		3,174,857
County of Chattanooga-Hamilton Tennessee Hospital Authority, Refunding RB, Series A, 5.00%, 10/01/44		875		944,895
County of Knox Tennessee Health Educational & Housing Facility Board, RB, University Health System, Inc., 4.00%, 9/01/40		1,285		1,290,641
County of Memphis-Shelby Tennessee Sports Authority, Inc., Refunding RB, Memphis Arena Project, Series A:
5.25%, 11/01/27		1,135		1,222,407
5.38%, 11/01/28		1,000		1,080,500
Johnson City Health & Educational Facilities Board, RB, Mountain States Health, Series A, 5.00%, 8/15/42		1,200		1,275,912
Metropolitan Government of Nashville & Davidson County Health & Educational Facilities Board, RB, Vanderbilt University Medical Center, Series A, 5.00%, 7/01/40		1,075		1,208,246

				10,197,458


Security	Par (000)		Value
Texas — 6.9%
County of Harris Texas-Houston Sports Authority, Refunding RB, CAB, Senior Lien, Series A (NPFGC) (AGM), 0.00%, 11/15/38^(d)	$	5,000	$	1,891,500
County of Matagorda Texas Navigation District No. 1, Refunding RB, Central Power & Light Co., Project, Series A, 6.30%, 11/01/29		2,200		2,392,346
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		6,925,945
Leander ISD, GO, Refunding CAB, Series D (PSF-GTD)^(d):
0.00%, 8/15/24^(b)		550		289,927
0.00%, 8/15/35		5,450		2,659,818
Red River Texas Education Financing Corp., RB, Texas Christian University Project, 5.25%, 3/15/38		1,140		1,291,061
Texas Private Activity Bond Surface Transportation Corp., RB, Senior Lien, LBJ Infrastructure Group LLC, 7.00%, 6/30/40		3,000		3,385,890

				18,836,487
Utah — 0.4%
Utah State Charter School Finance Authority, Refunding RB:
Mountainville Academy, 4.00%, 4/15/42		600		613,008
The Freedom Academy Foundation Project, 5.25%, 6/15/37^(a)		205		206,279
The Freedom Academy Foundation Project, 5.38%, 6/15/48^(a)		260		259,015

				1,078,302
Vermont — 0.8%
University of Vermont & State Agricultural College, Refunding RB, 4.00%, 10/01/37		1,160		1,217,130
Vermont Student Assistance Corp., RB, AMT, Series A, 4.25%, 6/15/32		850		885,819

				2,102,949
Virginia — 1.2%
Ballston Quarter Community Development Authority, Tax Allocation Bonds, Series A, 5.38%, 3/01/36		780		789,929
Tobacco Settlement Financing Corp., Refunding RB, Senior Series B-1, 5.00%, 6/01/47		1,030		990,005
Virginia Small Business Financing Authority, RB, Senior Lien, Elizabeth River Crossings OpCo LLC Project, AMT, 6.00%, 1/01/37		1,440		1,627,992

				3,407,926
Wisconsin — 2.2%
Public Finance Authority, Refunding RB, National Gypsum Co., AMT, 4.00%, 8/01/35		435		421,519
Wisconsin Health & Educational Facilities Authority, Refunding RB:
Ascension Senior Credit Group, 4.00%, 11/15/36		2,900		3,021,394
Medical College of Wisconsin, Inc., 4.00%, 12/01/46		955		984,137
WPPI Energy Power Supply Systems, Refunding RB, Series A, 5.00%, 7/01/37		1,330		1,513,633

				5,940,683

Total Municipal Bonds — 133.9%				365,095,143


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

Colorado — 2.0%
Colorado Health Facilities Authority, RB, Catholic Health, Series C-7 (AGM), 5.00%, 5/01/18^(b)		5,250		5,351,587

Connecticut — 1.6%
Connecticut State Health & Educational Facility Authority, Refunding RB, Trinity Health Credit Corp., 5.00%, 12/01/45		3,902		4,409,596


SCHEDULES OF INVESTMENTS			19

Schedule of Investments (continued)

October 31, 2017 (Unaudited)

BlackRock Investment Quality Municipal Trust, Inc. (BKN)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Florida — 0.9%
Pinellas County School Board, COP, Master Lease Program, Series A, 5.00%, 7/01/41	$	2,120	$	2,433,060

Georgia — 2.5%
City of Atlanta Georgia Water & Wastewater Revenue, Refunding RB, 5.00%, 11/01/43		5,997		6,896,760

Minnesota — 2.1%
State of Minnesota, RB, Series A, 5.00%, 6/01/38		5,000		5,688,711

New Jersey — 1.1%
New Jersey Transportation Trust Fund Authority, RB, Transportation System, Series B, 5.25%, 6/15/36⁽ⁱ⁾		2,861		3,040,976

New York — 7.7%
City of New York New York, GO, Refunding Fiscal 2015, Series B, 4.00%, 8/01/32		1,600		1,737,584
City of New York New York Water & Sewer System, RB, Fiscal 2009, Series A:
5.75%, 6/15/18^(b)		159		163,242
5.75%, 6/15/40		531		545,889
City of New York New York Water & Sewer System, Refunding RB, 2nd General Resolution:
Fiscal 2013, Series CC, 5.00%, 6/15/47		4,000		4,552,541
Series FF-2, 5.50%, 6/15/40		810		865,239
Hudson Yards Infrastructure Corp., RB, Series A, 5.75%, 2/15/47⁽ⁱ⁾		1,750		1,988,397
New York Liberty Development Corp., RB, 1 World Trade Center Port Authority Consolidated Bonds, 5.25%, 12/15/43		4,500		5,072,799
State of New York Dormitory Authority, RB, New York University, Series A, 5.00%, 7/01/18^(b)		3,359		3,443,076
State of New York Thruway Authority, Refunding RB, Transportation, Personal Income Tax, Series A, 5.00%, 3/15/31		2,360		2,672,075

				21,040,842
Ohio — 1.6%
County of Montgomery Ohio, RB, Catholic Health Initiatives, Series C-1 (AGM), 5.00%, 4/28/18^(b)		1,740		1,773,191
Ohio Higher Educational Facility Commission, Refunding RB, Cleveland Clinic Health System, Series A, 5.25%, 1/01/18^(b)		2,600		2,613,780

				4,386,971
Texas — 2.1%
Aldine Independent School District, GO, Refunding(PSF-GTD), 5.00%, 2/15/42		2,609		3,033,586


Security	Shares/Par (000)		Value
Texas (continued)
City of San Antonio Texas Electric & Gas Systems Revenue, RB, Electric & Gas Systems, Junior Lien, 5.00%, 2/01/43	$	2,380	$	2,682,873

				5,716,459

Total Municipal Bonds Transferred to Tender Option Bond Trusts — 21.6%				58,964,962

Total Long-Term Investments (Cost — $392,161,911) — 155.5%				424,060,105


Short-Term Securities — 1.6%
BlackRock Liquidity Funds, MuniCash, Institutional Class, 0.74%^(k)(j)		4,462,977		4,464,316

Total Short-Term Securities (Cost — $4,464,308) — 1.6%				4,464,316


Total Investments (Cost — $396,626,219) — 157.1%				428,524,421
Other Assets Less Liabilities — 1.4%				3,831,043
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (12.3)%				(33,678,123	)
VMTP Shares, at Liquidation Value — (46.2)%				(125,900,000	)

Net Assets Applicable to Common Shares — 100.0%			$	272,777,341

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

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

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

^(d)	Zero-coupon bond.

^(e)	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.

^(h)	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.

⁽ⁱ⁾

All or a portion of security is subject to a recourse agreement. The aggregate maximum potential amount the Trust could ultimately be required to pay under the agreements, which expire between February 15, 2019 to June 15, 2019 is $3,148,884. See Note 4 of the Notes to Financial Statements for details.

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

^(k)	During the period ended October 31, 2017, investments in issuers considered to be an affiliate of the Trust for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:


Affiliate	Shares Held at 04/30/17		Net Activity			Shares Held at 10/31/17		Value at 10/31/17		Income		Net Realized Gain (Loss)^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds, MuniCash, Institutional Class		6,238,321		(1,775,344	)		4,462,977	$	4,464,316	$	20,967	$	2,364	$	8

^(a)

Includes capital gain distribution, if applicable.


20		2017 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

October 31, 2017 (Unaudited)

BlackRock Investment Quality Municipal Trust, Inc. (BKN)

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts


Description	Number of Contracts			Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Short Contracts
10-Year U.S. Treasury Note		(49	)		12/19/17	$	6,122	$	89,315
Long U.S. Treasury Bond		(82	)		12/19/17		12,502		224,246
Ultra Long U.S. Treasury Bond		(19	)		12/19/17		3,131		62,735
5-Year U.S. Treasury Note		(33	)		12/29/17		3,867		32,220

								$	408,516

Derivative Financial Instruments Categorized by Risk Exposure

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


	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Net unrealized appreciation^(a)	$	—	$	—	$	—	$	—	$	408,516	$	—	$	408,516

^(a)

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

For the six months ended October 31, 2017, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts			Other Contracts		Total
Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—	$	—	$	—	$	(788,950	)	$	—	$	(788,950	)

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	—	$	—	$	806,691		$	—	$	806,691

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — short	$	26,136,512

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


SCHEDULES OF INVESTMENTS			21

Schedule of Investments (continued)

October 31, 2017 (Unaudited)

BlackRock Investment Quality Municipal Trust, Inc. (BKN)

Fair Value Hierarchy as of Period End

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

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


	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Long-Term Investments^(a)	$	—	$	424,060,105	$	—	$	424,060,105
Short-Term Securities		4,464,316		—		—		4,464,316

	$	4,464,316	$	424,060,105	$	—	$	428,524,421

Derivative Financial Instruments^(b)
Assets:
Interest rate contracts	$	408,516	$	—	$	—	$	408,516

^(a)

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

^(b)

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

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


	Level 1		Level 2			Level 3		Total
Liabilities:
TOB Trust Certificates	$	—	$	(33,581,954	)	$	—	$	(33,581,954	)
VMTP Shares at Liquidation Value		—		(125,900,000	)		—		(125,900,000	)

	$	—	$	(159,481,954	)	$	—	$	(159,481,954	)

During the six months ended October 31, 2017, there were no transfers between levels.

See notes to financial statements.


22		2017 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments

October 31, 2017 (Unaudited)

BlackRock Long-Term Municipal Advantage Trust (BTA)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Municipal Bonds

Alabama — 1.1%
County of Jefferson Alabama Sewer, Refunding RB, Sub-Lien, Series D, 6.00%, 10/01/42	$	1,655	$	1,930,855

Alaska — 0.6%
Northern Tobacco Securitization Corp., Refunding RB, Tobacco Settlement, Asset-Backed, Series A, 5.00%, 6/01/46		1,000		954,350

Arizona — 2.8%
Arizona IDA, Refunding RB, Basis Schools, Inc. Projects, Series A^(a):
5.13%, 7/01/37		360		378,878
5.38%, 7/01/50		925		977,041
City of Phoenix Arizona IDA, RB, Series A:
Facility, Eagle College Preparatory Project, 5.00%, 7/01/33		870		896,178
Legacy Traditional Schools Projects, 5.00%, 7/01/46^(a)		1,255		1,303,192
City of Phoenix Arizona IDA, Refunding RB, Basis Schools, Inc. Projects, Series A^(a):
5.00%, 7/01/35		125		130,489
5.00%, 7/01/46		135		139,150
Salt Verde Financial Corp., RB, Senior, 5.00%, 12/01/37		725		883,253

				4,708,181
California — 12.6%
California Health Facilities Financing Authority, RB:
St. Joseph Health System, Series A, 5.75%, 7/01/39		385		413,136
Sutter Health, Series B, 6.00%, 8/15/42		1,040		1,169,636
California Health Facilities Financing Authority, Refunding RB, Catholic Healthcare West, Series A, 6.00%, 7/01/19^(b)		680		735,127
California Municipal Finance Authority, RB, Senior, Caritas Affordable Housing, Inc. Projects, S/F Housing, Series A:
5.25%, 8/15/39		70		77,196
5.25%, 8/15/49		175		191,662
City & County of San Francisco California Redevelopment Agency, Tax Allocation Bonds, Mission Bay South Redevelopment Project, Series D, 0.00%, 8/01/31^(a)(c)		1,265		612,994
City of Los Angeles California Department of Airports, Refunding ARB, Los Angeles International Airport, Series A:
Senior, 5.00%, 5/15/40		2,045		2,222,445
5.25%, 5/15/39		270		286,807
City of San Francisco California Public Utilities Commission Water Revenue, RB, Series B, 5.00%, 11/01/19^(b)		3,225		3,476,776
City of Stockton California Public Financing Authority, RB, Delta Water Supply Project, Series A, 6.25%, 10/01/38		165		202,480
County of Los Angeles California Tobacco Securitization Agency, RB, Asset-Backed, Los Angeles County Securitization Corp.:
5.70%, 6/01/46		1,000		1,003,470
5.60%, 6/01/36		2,000		2,037,900
Golden State Tobacco Securitization Corp., Refunding RB, Asset-Backed, Senior Series A-1, 5.75%, 6/01/47		860		859,974
San Marcos Unified School District, GO, CAB, SAN, Election of 2010, Series B, 0.00%, 8/01/38^(c)		3,725		1,744,492
State of California, GO, Various Purposes, 6.50%, 4/01/33		2,000		2,152,560
State of California Public Works Board, LRB, Various Capital Projects:
Series I, 5.00%, 11/01/38		355		407,551
Sub-Series I-1, 6.38%, 11/01/19^(b)		400		442,072
Tobacco Securitization Authority of Southern California, Refunding RB, Tobacco Settlement, Asset-Backed, Senior Series A-1:
5.00%, 6/01/37		2,150		2,156,794
5.13%, 6/01/46		1,005		1,006,708

				21,199,780


Security	Par (000)		Value
Colorado — 4.7%
Centerra Metropolitan District No. 1, Tax Allocation Bonds, 5.00%, 12/01/47	$	275	$	282,155
Colorado Health Facilities Authority, Refunding RB, Series A:
Sisters of Charity of Leavenworth Health System, 5.00%, 1/01/40		3,940		4,178,449
Sunny Vista Living Center Project, 6.13%, 12/01/45^(a)		160		168,362
Sunny Vista Living Center Project, 6.25%, 12/01/50^(a)		520		547,913
Denver Convention Center Hotel Authority, Refunding RB, 5.00%, 12/01/40		1,550		1,735,876
Table Mountain Metropolitan District, GO, Series A, 5.25%, 12/01/45		1,000		1,045,010

				7,957,765
Connecticut — 0.5%
Mohegan Tribe of Indians of Connecticut, Refunding RB, Public Improvement, Priority Distribution, Series C, 6.25%, 2/01/30^(a)		860		914,515

Delaware — 1.8%
County of Sussex Delaware, RB, NRG Energy, Inc., Indian River Power LLC Project, 6.00%, 10/01/40		750		794,265
State of Delaware EDA, RB, Exempt Facilities, Indian River Power LLC Project, 5.38%, 10/01/45		2,240		2,313,875

				3,108,140
District of Columbia — 1.4%
District of Columbia, Refunding RB, Kipp Charter School, Series A, 6.00%, 7/01/43		260		296,993
District of Columbia, Tax Allocation Bonds, City Market at O Street Project, 5.13%, 6/01/41		750		828,397
Metropolitan Washington Airports Authority, Refunding RB, Dulles Toll Road, 1st Senior Lien, Series A:
5.00%, 10/01/39		170		180,319
5.25%, 10/01/44		1,000		1,063,820

				2,369,529
Florida — 4.2%
County of Miami-Dade Florida Water & Sewer System Revenue, RB, Water & Sewer System, 5.00%, 10/01/34		1,950		2,134,490
Florida Development Finance Corp., RB, Solid Waste Disposal Facility, Waste Pro USA, Inc. Project, AMT, 5.00%, 8/01/29^(a)(d)		740		757,827
Lakewood Ranch Stewardship District Special Assessment Bonds, Village of Lakewood Ranch Sector Projects:
4.00%, 5/01/21		100		101,355
4.25%, 5/01/26		100		102,245
5.13%, 5/01/46		410		425,584
Mid-Bay Florida Bridge Authority, RB, Springing Lien, Series A, 7.25%, 10/01/21^(b)		1,080		1,314,716
Tolomato Community Development District, Refunding, Special Assessment Bonds:
Convertible CAB, Series A2, 6.61%, 5/01/39		95		94,991
Convertible CAB, Series A3, 0.00%, 5/01/40^(e)		225		207,324
Convertible CAB, Series A4, 0.00%, 5/01/40^(e)		120		92,833
Series 2015-2, 0.00%, 5/01/40^(e)		310		205,186
Series A1, 6.65%, 5/01/40		335		335,077
Tolomato Community Development District:
Series 1, 0.00%, 5/01/40^(e)		505		405,752
Series 1, 6.65%, 5/01/40^(f)(g)		15		14,642
Series 3, 6.61%, 5/01/40^(f)(g)		340		3
Series 3, 6.65%, 5/01/40^(f)(g)		275		3
Village Community Development District No.10, Special Assessment Bonds, 5.13%, 5/01/43		800		894,944

				7,086,972


SCHEDULES OF INVESTMENTS			23

Schedule of Investments (continued)

October 31, 2017 (Unaudited)

BlackRock Long-Term Municipal Advantage Trust (BTA)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Georgia — 0.2%
County of Gainesville Georgia & Hall Hospital Authority, Refunding RB, Northeast Georgia Health System, Inc. Project, Series A, 5.50%, 8/15/54	$	240	$	281,278

Guam — 0.1%
Territory of Guam, GO, Series A, 6.00%, 11/15/19		85		88,211

Illinois — 10.9%
City of Chicago Illinois, GO, Refunding, Series A:
6.00%, 1/01/38		595		681,091
Project, 5.25%, 1/01/32		1,090		1,156,991
City of Chicago Illinois O’Hare International Airport, GARB, 3rd Lien, Series A:
5.75%, 1/01/21^(b)		2,100		2,387,301
5.75%, 1/01/39		400		449,816
City of Chicago Illinois Transit Authority, RB, Sales Tax Receipts, 5.25%, 12/01/40		360		386,302
City of Chicago Illinois Waterworks, Refunding RB, 2nd Lien Project, 5.00%, 11/01/42		1,000		1,063,980
County of Cook Illinois Community College District No. 508, GO, City College of Chicago, 5.50%, 12/01/38		350		374,374
Illinois Finance Authority, RB, Advocate Health Care Network, Series C^(b):
5.38%, 4/01/19		870		920,382
5.38%, 4/01/19		975		1,031,462
Illinois Finance Authority, Refunding RB:
Central Dupage Health, Series B, 5.50%, 11/01/39		550		592,740
Presence Health Network, Series C, 5.00%, 2/15/41		1,500		1,655,715
Metropolitan Pier & Exposition Authority, RB, McCormick Place Expansion Project, Series A, 5.50%, 6/15/53		200		219,742
Metropolitan Pier & Exposition Authority, Refunding RB, McCormick Place Expansion Project:
Refunding Bonds, Series B-2, 5.25%, 6/15/50		800		811,272
Series B (AGM), 5.00%, 6/15/50		1,790		1,896,648
Series B-2, 5.00%, 6/15/50		715		718,618
State of Illinois, GO:
5.25%, 2/01/30		1,000		1,079,330
5.00%, 3/01/35		555		573,937
5.00%, 3/01/37		745		769,823
State of Illinois, RB, Build Illinois, Series B, 5.25%, 6/15/19^(b)		215		229,136
State of Illinois Toll Highway Authority, RB, Series A, 5.00%, 1/01/38		815		908,505
University of Illinois, RB, Auxiliary Facilities System, Series A, 5.00%, 4/01/44		475		519,023

				18,426,188
Indiana — 6.1%
City of Valparaiso Indiana, RB, Exempt Facilities, Pratt Paper LLC Project, AMT:
6.75%, 1/01/34		365		432,237
7.00%, 1/01/44		885		1,053,185
City of Vincennes Indiana, Refunding RB, Southwest Indiana Regional Youth Village Project, 6.25%, 1/01/29^(a)		1,155		1,121,517
County of Allen Indiana, RB, StoryPoint Fort Wayne Project, Series A-1^(a):
6.63%, 1/15/34		135		142,055
6.75%, 1/15/43		200		209,602
6.88%, 1/15/52		410		430,602
Indiana Finance Authority, RB, Series A:
CWA Authority Project, 1st Lien, 5.25%, 10/01/38		1,285		1,454,915
Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.00%, 7/01/44		160		172,227
Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.00%, 7/01/48		520		558,080


Security	Par (000)		Value
Indiana (continued)
Indiana Finance Authority, RB, Series A (continued):
Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.25%, 1/01/51	$	2,190	$	2,372,383
Sisters of St. Francis Health Services, 5.25%, 11/01/39		290		310,909
Indiana Finance Authority, Refunding RB, Parkview Health System, Series A:
5.75%, 5/01/19^(b)		495		527,710
5.75%, 5/01/31		105		111,464
Indiana Municipal Power Agency, RB, Series B, 6.00%, 1/01/19^(b)		350		369,943
Indianapolis Local Public Improvement Bond Bank, RB, Series A, 5.00%, 1/15/40		445		501,720
Town of Chesterton Indiana, RB, StoryPoint Chesterton Project, Series A-1, 6.38%, 1/15/51^(a)		560		582,652

				10,351,201
Iowa — 1.2%
Iowa Finance Authority, Refunding RB, Midwestern Disaster Area, Iowa Fertilizer Co. Project:
5.50%, 12/01/22		830		849,912
5.25%, 12/01/25		660		703,382
Iowa Student Loan Liquidity Corp., Refunding RB, Student Loan, Senior Series A-1, AMT, 5.15%, 12/01/22		500		528,680

				2,081,974
Kentucky — 0.6%
Kentucky Economic Development Finance Authority, RB, Catholic Health Initiatives, Series A, 5.25%, 1/01/45		450		483,367
Kentucky Public Transportation Infrastructure Authority, RB, Downtown Crossing Project, Convertible CAB, 1st Tier, Series C, 0.00%, 7/01/43^(e)		565		493,669

				977,036
Louisiana — 4.7%
Louisiana Local Government Environmental Facilities & Community Development Authority, RB, Westlake Chemical Corp. Project:
6.75%, 11/01/32		2,000		2,000,000
Series A-1, 6.50%, 11/01/35		1,135		1,280,042
Parish of St. John the Baptist Louisiana, RB, Marathon Oil Corp., Series A, 5.13%, 6/01/37		1,965		1,970,797
Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, Series A:
5.50%, 5/15/30		350		378,423
5.25%, 5/15/31		300		325,737
5.25%, 5/15/32		380		416,172
5.25%, 5/15/33		415		450,653
5.25%, 5/15/35		945		1,028,056

				7,849,880
Maine — 0.6%
Maine Health & Higher Educational Facilities Authority, RB, Maine General Medical Center, 6.75%, 7/01/41		970		1,052,770

Maryland — 1.0%
Maryland EDC, RB, Transportation Facilities Project, Series A, 5.75%, 6/01/35		970		1,033,748
Maryland EDC, Refunding RB, CNX Marine Terminals, Inc., 5.75%, 9/01/25		645		681,256

				1,715,004
Massachusetts — 5.8%
Massachusetts Development Finance Agency, RB:
Emerson College Issue, Series A, 5.00%, 1/01/47		860		961,781
Boston Medical Center, Series D, 5.00%, 7/01/44		1,000		1,097,200
North Hill Communities Issue, Series A, 6.50%, 11/15/43^(a)		1,000		1,124,320


24		2017 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

October 31, 2017 (Unaudited)

BlackRock Long-Term Municipal Advantage Trust (BTA)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Massachusetts (continued)
Massachusetts Development Finance Agency, RB (continued):
Seven Hills Foundation and Affiliates, Series A, 5.00%, 9/01/45	$	2,000	$	2,119,420
UMass Boston Student Housing Project, 5.00%, 10/01/48		945		1,032,280
Massachusetts Development Finance Agency, Refunding RB, Emmanuel College Issue, Series A, 5.00%, 10/01/35		500		566,815
Massachusetts HFA, Refunding RB, Series A, AMT:
4.45%, 12/01/42		645		673,058
4.50%, 12/01/47		2,135		2,226,463

				9,801,337
Michigan — 1.6%
City of Detroit Michigan Sewage Disposal System, Refunding RB, Senior Lien, Series A, 5.25%, 7/01/39		1,970		2,184,119
Michigan Finance Authority, Refunding RB, Detroit Water & Sewage Department Project, Senior Lien, Series C-1, 5.00%, 7/01/44		410		445,986

				2,630,105
Minnesota — 0.5%
City of Brooklyn Park Minnesota, RB, Athlos Leadership Academy Project, Series A, 5.75%, 7/01/46		180		180,205
Housing & Redevelopment Authority of The City of State Paul Minnesota, Refunding RB, Hmong College Academy Project, Series A, 5.50%, 9/01/36		690		718,635

				898,840
Mississippi — 0.2%
Mississippi Business Finance Corp., RB, Solid Waste Disposal Facility, Waste Pro USA, Inc. Project, AMT, 5.00%, 2/01/36^(a)(d)		295		302,107

Missouri — 0.5%
Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Refunding RB, Combined Lien, Series A, 5.00%, 10/01/44		85		96,620
City of St. Louis Missouri IDA, Refunding RB:
4.38%, 11/15/35		330		337,042
4.75%, 11/15/47		365		373,614
State of Missouri Health & Educational Facilities Authority, Refunding RB, St. Louis College of Pharmacy Project, 5.50%, 5/01/43		115		125,570

				932,846
Nebraska — 0.2%
Central Plains Energy Project Nebraska, RB, Gas Project No. 3, 5.25%, 9/01/37		285		314,840

New Jersey — 7.4%
Casino Reinvestment Development Authority, Refunding RB:
5.00%, 11/01/22		2,035		2,230,482
5.25%, 11/01/39		475		497,923
5.25%, 11/01/44		1,160		1,210,309
County of Essex New Jersey Improvement Authority, RB, AMT, 5.25%, 7/01/45^(a)		505		507,449
New Jersey EDA, RB, Continental Airlines, Inc. Project, AMT, 5.13%, 9/15/23		1,410		1,552,368
New Jersey EDA, Refunding RB:
Series BBB, 5.50%, 6/15/31		1,225		1,430,445
Sub Series A, 4.00%, 7/01/32		295		296,870
New Jersey EDA, Refunding, Special Assessment Bonds, Kapkowski Road Landfill Project, 5.75%, 4/01/31		785		881,712
New Jersey Health Care Facilities Financing Authority, Refunding RB, St. Joseph’s Healthcare System Obligated Group, 5.00%, 7/01/41		750		819,930


Security	Par (000)		Value
New Jersey (continued)
New Jersey Transportation Trust Fund Authority, RB:
Transportation Program, Series AA, 5.00%, 6/15/45	$	585	$	623,862
Transportation System, Series B, 5.25%, 6/15/36		845		898,379
Tobacco Settlement Financing Corp., Refunding RB, Series 1A, 5.00%, 6/01/41		1,500		1,437,900

				12,387,629
New York — 29.5%
City of New York New York Water & Sewer System, Refunding RB, 2nd General Resolution, Series HH, 5.00%, 6/15/31		2,830		3,177,637
Counties of New York Tobacco Trust IV, Refunding RB, Settlement Pass-Through Turbo, Series A:
6.25%, 6/01/41^(a)		900		931,275
5.00%, 6/01/42		1,505		1,443,295
5.00%, 6/01/45		555		525,602
County of Dutchess New York Industrial Development Agency, Refunding RB, Bard College Civic Facility, Series A-1, 5.00%, 8/01/46		1,500		1,235,520
County of Nassau New York Tobacco Settlement Corp., Refunding RB, Asset-Backed, Series A-3, 5.13%, 6/01/46		320		312,710
Erie Tobacco Asset Securitization Corp., Refunding RB, Asset-Backed, Series A, 5.00%, 6/01/45		910		892,601
Hudson Yards Infrastructure Corp., RB, Senior, Fiscal 2012:
5.75%, 2/15/21^(b)		3,915		4,480,404
5.75%, 2/15/47		2,595		2,956,250
Metropolitan Transportation Authority, RB, Series B:
5.25%, 11/15/38		1,125		1,311,953
5.25%, 11/15/39		400		465,160
New York Liberty Development Corp., RB, World Trade Center Port Authority Consolidated, 5.25%, 12/15/43		6,140		6,935,560
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		451,559
3 World Trade Center Project, Class 1, 5.00%, 11/15/44^(a)		2,355		2,559,814
3 World Trade Center Project, Class 2, 5.15%, 11/15/34^(a)		160		176,862
3 World Trade Center Project, Class 2, 5.38%, 11/15/40^(a)		395		439,528
4 World Trade Center Project, 5.75%, 11/15/51		2,220		2,559,882
New York Transportation Development Corp., ARB, LaGuardia Airport Terminal B Redevelopment Project, Series A, AMT, 5.25%, 1/01/50		1,000		1,108,490
New York Transportation Development Corp., Refunding ARB, American Airlines, Inc., AMT:
5.00%, 8/01/20		250		267,585
5.00%, 8/01/26		1,275		1,371,250
Port Authority of New York & New Jersey, ARB, Special Project, JFK International Air Terminal LLC Project, Series 8, 6.00%, 12/01/42		730		809,293
State of New York Dormitory Authority, RB^(b):
Series A, 5.25%, 7/01/18		1,000		1,027,830
Series B, 5.75%, 3/15/19		11,250		11,960,550
State of New York Dormitory Authority, Refunding RB, Orange Regional Medical Center, 5.00%, 12/01/33^(a)		455		499,717
Westchester Tobacco Asset Securitization, Refunding RB, Tobacco Settlement Bonds, Sub-Series C, 4.00%, 6/01/42		1,750		1,765,225

				49,665,552
North Carolina — 0.5%
North Carolina Medical Care Commission, RB, Health Care Facilities, Duke University Health System, Series A, 5.00%, 6/01/19^(b)		480		508,934
North Carolina Medical Care Commission, Refunding RB, 1st Mortgage, Retirement Facilities Whitestone Project, Series A, 7.75%, 3/01/41		260		286,858

				795,792


SCHEDULES OF INVESTMENTS			25

Schedule of Investments (continued)

October 31, 2017 (Unaudited)

BlackRock Long-Term Municipal Advantage Trust (BTA)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Ohio — 4.6%
Buckeye Tobacco Settlement Financing Authority, RB, Asset-Backed, Series A-2:
Senior Turbo Term, 5.88%, 6/01/47	$	1,500	$	1,404,315
5.75%, 6/01/34		2,295		2,152,687
County of Allen Ohio Hospital Facilities, Refunding RB, Catholic Healthcare Partners, Series A, 5.25%, 6/01/38		2,650		2,846,100
State of Ohio, RB, Portsmouth Bypass Project, AMT, 5.00%, 6/30/53		1,220		1,341,988

				7,745,090
Oklahoma — 1.9%
Oklahoma Development Finance Authority, RB, Provident Oklahoma Education Resources, Inc., Cross Village Student Housing Project, Series A, 5.25%, 8/01/57		1,290		1,417,929
Tulsa County Industrial Authority, Refunding RB, Montereau, Inc. Project:
5.25%, 11/15/37		615		689,440
5.25%, 11/15/45		925		1,027,379

				3,134,748
Oregon — 0.2%
County of Clackamas Oregon School District No. 12 North Clackamas, GO, CAB, Series A, 0.00%, 6/15/38^(c)		625		272,338

Pennsylvania — 2.9%
Allentown Neighborhood Improvement Zone Development Authority, RB, City Center Project, 5.00%, 5/01/42^(a)		470		503,765
City of Philadelphia Pennsylvania Hospitals & Higher Education Facilities Authority, RB, Temple University Health System, Series A, 5.63%, 7/01/42		300		329,964
County of Berks Industrial Development Authority, Refunding RB, Tower Health Project, 4.00%, 11/01/47		1,015		1,019,161
Pennsylvania Economic Development Financing Authority, RB, Pennsylvania Bridge Finco LP, 5.00%, 12/31/38		465		520,763
Pennsylvania Economic Development Financing Authority, Refunding RB, National Gypsum Co., AMT, 5.50%, 11/01/44		720		762,811
Pennsylvania Housing Finance Agency, RB, S/F Housing Mortgage, Series 123-B, 4.00%, 10/01/42		1,200		1,235,424
Pennsylvania Turnpike Commission, RB, Series A, 5.00%, 12/01/44		520		588,723

				4,960,611
Puerto Rico — 1.1%
Children’s Trust Fund, Refunding RB, Tobacco Settlement Asset-Backed Bonds:
5.50%, 5/15/39		40		39,257
5.63%, 5/15/43		1,860		1,822,353

				1,861,610
Rhode Island — 2.2%
Tobacco Settlement Financing Corp., Refunding RB:
Series A, 5.00%, 6/01/40		420		446,372
Series B, 4.50%, 6/01/45		1,875		1,878,525
Series B, 5.00%, 6/01/50		1,360		1,403,221

				3,728,118
South Carolina — 1.9%
State of South Carolina Ports Authority, ARB, AMT, 5.25%, 7/01/55		940		1,049,698
State of South Carolina Public Service Authority, RB, Santee Cooper, Series A, 5.50%, 12/01/54		1,840		2,076,477

				3,126,175
Texas — 6.7%
Central Texas Regional Mobility Authority, Refunding RB, Senior Lien, 6.25%, 1/01/21^(b)		730		842,376


Security	Par (000)		Value
Texas (continued)
City of Dallas Texas Waterworks & Sewer System Revenue, Refunding RB:
5.00%, 10/01/20^(b)	$	240	$	264,946
5.00%, 10/01/35		285		312,733
City of Houston Texas Airport System, Refunding ARB, Senior Lien, Series A, 5.50%, 7/01/39		250		257,202
County of Harris Texas Cultural Education Facilities Finance Corp., RB, 1st Mortgage, Brazos Presbyterian Homes, Inc. Project, Series B, 7.00%, 1/01/23^(b)		210		265,507
County of Matagorda Texas Navigation District No. 1, Refunding RB, Central Power & Light Co., Project, Series A, 6.30%, 11/01/29		700		761,201
County of Midland Texas Fresh Water Supply District No. 1, RB, CAB, City of Midland Projects, Series A, 0.00%, 9/15/37^(c)		5,200		2,264,184
County of Tarrant Texas Cultural Education Facilities Finance Corp., RB:
Buckingham Senior Living Community, Inc. Project, 5.50%, 11/15/45		180		186,012
Scott & White Healthcare, 6.00%, 8/15/20^(b)		105		118,520
Scott & White Healthcare, 6.00%, 8/15/20^(b)		1,285		1,452,346
Harris County-Houston Sports Authority, Refunding RB, CAB, Series A (AGM) (NPFGC), 0.00%, 11/15/34^(c)		3,000		1,476,630
Mission Economic Development Corp., RB, Senior Lien, Natgasoline Project, Series B, AMT, 5.75%, 10/01/31^(a)		875		919,179
Newark Higher Education Finance Corp., RB, Series A^(a):
5.50%, 8/15/35		135		138,686
5.75%, 8/15/45		275		282,433
Texas Private Activity Bond Surface Transportation Corp., RB, Senior Lien:
Blueridge Transportation Group, AMT, 5.00%, 12/31/55		1,025		1,117,352
LBJ Infrastructure Group LLC, 7.00%, 6/30/40		500		564,315

				11,223,622
Utah — 1.1%
City of Riverton Utah, RB, IHC Health Services, Inc., 5.00%, 8/15/41		1,815		1,913,409

Virginia — 2.8%
Ballston Quarter Community Development Authority, Tax Allocation Bonds, Series A:
5.00%, 3/01/26		260		264,251
5.13%, 3/01/31		510		516,569
Tobacco Settlement Financing Corp., Refunding RB, Senior Series B-1, 5.00%, 6/01/47		1,025		985,199
Virginia College Building Authority, RB, Marymount University Project, Series B, 5.00%, 7/01/45^(a)		240		250,378
Virginia HDA, RB, Rental Housing, Series F, 5.00%, 4/01/45		1,000		1,045,600
Virginia Small Business Financing Authority, RB, Senior Lien, Elizabeth River Crossings OpCo LLC Project, AMT, 6.00%, 1/01/37		1,540		1,741,047

				4,803,044
Washington — 0.9%
Port of Seattle Washington, RB, Series C, AMT, 5.00%, 4/01/40		350		389,939
Washington Health Care Facilities Authority, RB, Catholic Health Initiatives, Series A, 5.75%, 1/01/45		1,020		1,124,968

				1,514,907
Wisconsin — 1.1%
Public Finance Authority, RB, Series A:
5.00%, 12/01/45		825		866,094
5.15%, 12/01/50		555		581,945
Public Finance Authority, Refunding RB, Celanese Project:
Series C, AMT, 4.30%, 11/01/30		200		205,012
Series D, 4.05%, 11/01/30		200		205,064

				1,858,115


26		2017 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

October 31, 2017 (Unaudited)

BlackRock Long-Term Municipal Advantage Trust (BTA)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Wyoming — 0.1%
Wyoming Municipal Power Agency, Inc., RB, Series A, 5.00%, 1/01/19^(b)	$	100	$	104,485

Total Municipal Bonds — 128.8%				217,028,949


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

Alabama — 0.8%
Auburn University, Refunding RB, Series A, 4.00%, 6/01/41		1,240		1,302,484

California — 3.7%
Bay Area Toll Authority, Refunding RB, San Francisco Bay Area, Series F-1, 5.63%, 4/01/19^(b)		1,090		1,160,150
California Educational Facilities Authority, RB, University of Southern California, Series B, 5.25%, 10/01/18^(b)(i)		840		871,716
City of Los Angeles California Department of Airports, ARB, Los Angeles International Airport, Sub-Series B, AMT, 5.00%, 5/15/46		2,700		3,071,844
Sacramento Area Flood Control Agency, Refunding, Consolidated Capital Assessment District No.2 Bonds, 5.00%, 10/01/47		495		571,260
San Diego Community College District, GO, Election of 2002, 5.25%, 8/01/19^(b)		554		592,918

				6,267,888
Colorado — 0.5%
Colorado Health Facilities Authority, Refunding RB, Catholic Health Initiative, Series A, 5.50%, 7/01/34⁽ⁱ⁾		740		777,858

Illinois — 2.6%
Illinois Finance Authority, RB, Carle Foundation, Series A (AGM), 6.00%, 8/15/41		2,340		2,643,124
Illinois State Toll Highway Authority, RB, Series C, 5.00%, 1/01/38		1,498		1,695,922

				4,339,046
Massachusetts — 4.7%
Massachusetts School Building Authority, RB, Series B, 5.00%, 10/15/41		7,112		7,975,462

New Hampshire — 0.4%
New Hampshire Health and Education Facilities Authority Act, RB, Doartmouth College Issue, 5.25%, 6/01/19^(b)(i)		660		701,332

New York — 2.4%
City of New York New York Water & Sewer System, Refunding RB, Series FF-2, 5.50%, 6/15/40		495		528,758
Metropolitan Transportation Authority, Refunding RB, Series C-1, 5.25%, 11/15/56		1,860		2,174,480
Port Authority of New York & New Jersey, Refunding RB, 194th Series, 5.25%, 10/15/55		1,215		1,406,828

				4,110,066
North Carolina — 0.8%
North Carolina Capital Facilities Finance Agency, Refunding RB, Duke University, Series B, 5.00%, 10/01/55		1,180		1,342,757

Ohio — 2.9%
State of Ohio, Refunding RB, Cleveland Clinic Health, Series A, 5.50%, 1/01/19^(b)		4,634		4,863,719

Pennsylvania — 1.2%
Pennsylvania Turnpike Commission, RB, Sub-Series A, 5.50%, 12/01/42		1,680		1,974,756

Rhode Island — 1.5%
Rhode Island Health & Educational Building Corp., RB, Series A, 4.00%, 9/15/47		2,447		2,525,525


Security	Shares/Par (000)		Value
Texas — 9.5%
City of San Antonio Texas Electric & Gas Systems Revenue, RB, Electric & Gas Systems, Junior Lien, 5.00%, 2/01/43	$	11,000	$	12,399,832
County of Harris Metropolitan Transit Authority, RB, Series A, 5.00%, 11/01/41		1,170		1,305,299
County of Harris Texas, RB, Senior Lien Toll Road, Series A⁽ⁱ⁾:
5.00%, 8/15/19^(b)		1,202		1,274,761
5.00%, 8/15/38		920		975,082

				15,954,974
Virginia — 1.9%
Virginia Small Business Financing Authority, Refunding RB, Sentara Healthcare, 5.00%, 11/01/40		2,949		3,157,662

Wisconsin — 1.2%
Wisconsin Health & Educational Facilities Authority, Refunding RB, Froedtert & Community Health, Inc., Series C, 5.25%, 4/01/19^(b)(i)		1,989		2,102,610

Total Municipal Bonds Transferred to Tender Option Bond Trusts — 34.1%				57,396,139

Total Long-Term Investments (Cost — $257,671,828) — 162.9%				274,425,088


Short-Term Securities
BlackRock Liquidity Funds, MuniCash, Institutional Class, 0.74%^(j)(k)		192,601		192,659


Total Short-Term Securities (Cost — 192,659) — 0.1%				192,659


Total Investments (Cost — $257,864,487) — 163.0%				274,617,747
Other Assets Less Liabilities — 2.0%				3,203,345
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (20.1)%				(33,801,022	)
VRDP Shares, at Liquidation Value, Net of Deferred Offering Costs — (44.9)%				(75,574,023	)

Net Assets Applicable to Common Shares — 100.0%			$	168,446,047

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

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

^(c)	Zero-coupon bond.

^(d)	Variable rate security. Rate shown is the rate in effect as of period end.

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

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

^(g)	Non-income producing security.

^(h)	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.

⁽ⁱ⁾

All or a portion of security is subject to a recourse agreement. The aggregate maximum potential amount the Trust could ultimately be required to pay under the agreements, which expire between May 7, 2018 to February 15, 2031, is 4,124,562. See Note 4 of the Notes to Financial Statements for details.

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


SCHEDULES OF INVESTMENTS			27

Schedule of Investments (continued)

October 31, 2017 (Unaudited)

BlackRock Long-Term Municipal Advantage Trust (BTA)

^(k)	During the period ended October 31, 2017, investments in issuers considered to be affiliates of the Trust for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:


Affiliate	Shares Held at 04/30/17		Net Activity			Shares Held at 10/31/17		Value at 10/31/17		Income		Net Realized Gain (Loss)^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds, MuniCash, Institutional Class		1,586,090		(1,393,489	)		192,601	$	192,659	$	2,419	$	546	$	—

^(a)

Includes capital gain distribution, if applicable.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts


Description	Number of Contracts			Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Short Contracts
10-Year U.S. Treasury Note		(23	)		12/19/17	$	2,874	$	44,351
Long U.S. Treasury Bond		(31	)		12/19/17		4,727		82,392
Ultra Long U.S. Treasury Bond		(14	)		12/19/17		2,307		45,194
5-Year U.S. Treasury Note		(31	)		12/29/17		3,633		34,565

								$	206,502

Derivative Financial Instruments Categorized by Risk Exposure

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


	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Net unrealized appreciation^(a)	$	—	$	—	$	—	$	—	$	206,502	$	—	$	206,502

^(a)

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

For the six months ended October 31, 2017, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts			Other Contracts		Total
Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—	$	—	$	—	$	(501,281	)	$	—	$	(501,281	)

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	—	$	—	$	454,270		$	—	$	454,270

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — short	$	14,802,114

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


28		2017 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

October 31, 2017 (Unaudited)

BlackRock Long-Term Municipal Advantage Trust (BTA)

Fair Value Hierarchy as of Period End

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


	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Long-Term Investments^(a)	$	—	$	274,425,088	$	—	$	274,425,088
Short-Term Securities		192,659		—		—		192,659

	$	192,659	$	274,425,088	$	—	$	274,617,747

Derivative Financial Instruments^(b)
Assets:
Interest rate contracts	$	206,502	$	—	$	—	$	206,502

^(a)

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

^(b)

Derivative financial instruments are futures contracts which are valued at the unrealized appreciation (depreciation) on the instrument and options written are shown at value.

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


	Level 1		Level 2			Level 3		Total
Liabilities:
TOB Trust Certificates	$	—	$	(33,725,867	)	$	—	$	(33,725,867	)
VRDP Shares at Liquidation Value		—		(76,000,000	)		—		(76,000,000	)

	$	—	$	(109,725,867	)	$	—	$	(109,725,867	)

During the six months ended October 31, 2017, there were no transfers between levels.

See notes to financial statements.


SCHEDULES OF INVESTMENTS			29

Schedule of Investments

October 31, 2017 (Unaudited)

BlackRock Municipal 2020 Term Trust (BKK)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Municipal Bonds

Alabama — 0.4%
Alabama 21st Century Authority Tobacco Settlement, Refunding RB, Series A, 5.00%, 6/01/20	$	1,000	$	1,082,170
Tuscaloosa City Board of Education, RB, 5.00%, 8/01/20		225		247,264

				1,329,434
Alaska — 2.0%
City of Valdez Alaska, Refunding RB, BP Pipelines Project:
Series B, 5.00%, 1/01/21		3,200		3,537,440
Series C, 5.00%, 1/01/21		2,500		2,763,625

				6,301,065
Arizona — 3.3%
City of Phoenix Arizona IDA, RB, Series A, 4.75%, 7/01/19^(a)		340		350,248
Phoenix Civic Improvement Corp., Refunding RB, Junior Lien, Series A:
5.00%, 7/01/19^(b)		5,585		5,943,054
5.00%, 7/01/20		1,300		1,422,642
Salt Verde Financial Corp., RB, Senior:
5.00%, 12/01/18		1,500		1,557,195
5.25%, 12/01/20		1,000		1,104,820

				10,377,959
California — 5.8%
California Health Facilities Financing Authority, RB, Sutter Health, Series B, 5.00%, 8/15/22		815		900,306
Los Angeles Regional Airports Improvement Corp. Facilities Lease, Refunding RB, LAXFuel Corp., Los Angeles International Airport, AMT:
5.00%, 1/01/19		540		563,123
5.00%, 1/01/20		550		593,027
Los Angeles Unified School District California, GO, Series I, 5.00%, 7/01/20		3,750		3,998,137
State of California, GO, Refunding, Various Purpose, 5.25%, 10/01/22		1,000		1,179,070
State of California Department of Water Resources, Refunding RB, Series L, 5.00%, 5/01/20		10,000		10,963,300

				18,196,963
Colorado — 1.4%
Adams & Arapahoe Joint School District 28J Aurora, GO, Refunding:
Series A, 5.00%, 12/01/20		690		768,170
Series B, 5.00%, 12/01/20		1,335		1,486,242
Centerra Metropolitan District No. 1, Tax Allocation Bonds, 2.70%, 12/01/19		705		710,020
Colorado Educational & Cultural Facilities Authority, Refunding RB, Peak to Peak Charter School Project:
4.00%, 8/15/19		125		130,485
4.00%, 8/15/20		150		159,177
Colorado Health Facilities Authority, Refunding RB, Evangelical Lutheran Good Samaritan Society Project:
4.00%, 12/01/19		555		585,775
4.00%, 12/01/20		580		624,393

				4,464,262
Florida — 3.4%
City of Jacksonville Florida, RB, Better Jacksonville, 5.00%, 10/01/18^(b)		5,160		5,345,812
County of Broward Florida School Board, COP, Series A (AGM), 5.25%, 7/01/18^(b)		1,250		1,284,538
County of Miami-Dade Florida, Refunding RB, Series A, AMT, 5.00%, 10/01/20		1,375		1,513,352


Security	Par (000)		Value
Florida (continued)
County of Miami-Dade Florida Expressway Authority, Refunding RB, Toll System, Series A, 5.00%, 7/01/20	$	500	$	548,275
Stevens Plantation Community Development District, Special Assessment Bonds, Series B, 6.38%, 5/01/13^(c)(d)		2,980		2,086,000

				10,777,977
Georgia — 2.5%
Gainesville & Hall County Development Authority, Refunding RB, ACTS Retirement — Life Communities, Inc. Obligated Group, 5.00%, 11/15/22		6,915		7,785,875
Guam — 0.5%
Guam Government Waterworks Authority, RB, 5.25%, 7/01/20		250		271,682
Guam Power Authority, Refunding RB, Series A (AGM), 5.00%, 10/01/20		1,190		1,301,872

				1,573,554
Hawaii — 0.9%
State of Hawaii Department of Budget & Finance, Refunding RB, Special Purpose Senior Living, Kahala Nui:
5.00%, 11/15/19		1,275		1,363,880
5.00%, 11/15/20		1,440		1,581,379

				2,945,259
Illinois — 11.7%
Chicago Transit Authority, Refunding RB, 5.00%, 6/01/20		1,000		1,083,490
City of Chicago Illinois Motor Fuel Tax, Refunding RB, 5.00%, 1/01/20		1,000		1,047,130
Lake Cook-Dane & McHenry Counties Community Unit School District 220 Illinois, GO, Refunding, (AGM), 5.25%, 12/01/20		1,000		1,113,430
Metropolitan Pier & Exposition Authority Illinois, Refunding RB, CAB, McCormick, Series A (NPFGC), 0.00%, 6/15/22^(e)		13,455		11,865,561
Railsplitter Tobacco Settlement Authority, RB, 5.25%, 6/01/20		10,000		10,972,300
State of Illinois, GO, 5.00%, 7/01/20		4,055		4,293,028
State of Illinois, RB, Series B:
5.00%, 6/15/19^(b)		515		546,374
5.00%, 6/15/20		1,485		1,570,536
State of Illinois Finance Authority, Refunding RB, Presence Health Network, Series C, 5.00%, 2/15/20		4,145		4,418,529

				36,910,378
Indiana — 0.4%
Indiana Municipal Power Agency, Refunding RB, Series A, 5.00%, 1/01/21		600		668,190
Northern Indiana Commuter Transportation District, RB, 5.00%, 7/01/20		620		676,786

				1,344,976
Iowa — 0.9%
Iowa Finance Authority, Refunding RB, Midwestern Disaster Area, Iowa Fertilizer Co. Project, 5.00%, 12/01/19		2,650		2,746,301

Kansas — 2.1%
County of Wyandotte Kansas, Kansas City Unified Government, RB, Kansas International Speedway (NPFGC), 0.00%, 12/01/20^(e)		4,240		3,761,855
Kansas Development Finance Authority, Refunding RB, Adventist Health, Series C, 5.25%, 11/15/20		2,500		2,712,250

				6,474,105
Kentucky — 1.6%
County of Louisville & Jefferson Kentucky, Refunding RB, Catholic Health Initiatives, Series A:
3.50%, 12/01/20		2,115		2,199,642
5.00%, 12/01/20		1,430		1,550,821


30		2017 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

October 31, 2017 (Unaudited)

BlackRock Municipal 2020 Term Trust (BKK)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Kentucky (continued)
Kentucky Public Transportation Infrastructure Authority, RB, CAB, 1st Tier Downtown Crossing Project^(e):
0.00%, 7/01/19	$	255	$	244,474
0.00%, 7/01/20		1,000		931,290

				4,926,227
Louisiana — 0.1%
City of New Orleans Louisiana, Refunding RB, 5.00%, 12/01/20		400		440,208
Maryland — 1.7%
City of Baltimore Maryland, Refunding, Tax Allocation Bonds:
5.00%, 6/15/19		250		263,490
5.00%, 6/15/20		275		297,633
County of Anne Arundel Maryland Consolidated Special Taxing District, Refunding, Special Tax Bonds, The Villages of Dorchester & Farmington Village Project:
4.00%, 7/01/19		285		297,862
5.00%, 7/01/20		500		546,485
Maryland EDC, RB, Transportation Facilities Project, Series A, 5.13%, 6/01/20		985		1,051,753
Maryland EDC, Refunding RB, University of Maryland, College Park Projects (AGM), 4.00%, 6/01/20		640		682,867
Maryland Health & Higher Educational Facilities Authority, Refunding RB:
Charlestown Community, 5.50%, 1/01/21^(f)		1,335		1,507,335
University of Maryland, Medical System, 5.00%, 7/01/19		670		711,004

				5,358,429
Massachusetts — 0.3%
Massachusetts Educational Financing Authority, RB, Education Loan, Issue I, AMT, 5.00%, 1/01/20		1,000		1,070,680

Michigan — 4.4%
City of Royal Oak Michigan Hospital Finance Authority, Refunding RB, Series D, 2.25%, 9/01/20		1,500		1,533,990
Kalamazoo Hospital Finance Authority, Refunding RB, Bronson Methodist Hospital, 5.00%, 5/15/20		1,235		1,288,068
Lansing Board of Water & Light Utilities, RB, Series A, 3.50%, 7/01/20		1,000		1,056,600
Michigan Finance Authority, Refunding RB, Student Loan, Series 25-A, AMT:
5.00%, 11/01/19		1,940		2,063,229
5.00%, 11/01/20		1,800		1,961,820
Saginaw Valley State University, Refunding RB, General, Series A, 5.00%, 7/01/20		1,000		1,091,040
State of Michigan Building Authority, Refunding RB, Facilities Program:
Series 1-A, 5.00%, 10/15/20		325		358,228
Series 2-A, 4.00%, 10/15/20		1,205		1,290,964
State of Michigan Trunk Line, Refunding RB:
5.00%, 11/01/20		1,000		1,074,980
5.00%, 11/01/21		2,000		2,149,120

				13,868,039
Mississippi — 0.4%
Mississippi Development Bank, Refunding RB, Series A (AGM), 5.00%, 3/01/20		1,035		1,117,883

Missouri — 1.2%
City of Kansas City Missouri Airport, Refunding RB, Series A, AMT, 5.00%, 9/01/20		3,000		3,293,370
State of Missouri Health & Educational Facilities Authority, Refunding RB, CoxHealth, Series A, 5.00%, 11/15/20		500		551,510

				3,844,880


Security	Par (000)		Value
Multi-State — 1.7%
Centerline Equity Issuer Trust^(a):
Series A-4-2, 6.00%, 10/31/52	$	2,500	$	2,662,125
Series B-3-2, 6.30%, 10/31/52		2,500		2,673,175

				5,335,300
Nebraska — 1.2%
Central Plains Energy Project Nebraska, RB, Gas Project No. 3, 5.00%, 9/01/20		3,500		3,852,520

Nevada — 0.9%
County of Clark Nevada, Refunding ARB, Las Vegas McCarran International Airport, Series B:
5.00%, 7/01/19		500		530,945
5.00%, 7/01/20		1,000