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: 04/30/2018

Item 1 – Report to Stockholders

APRIL 30, 2018


ANNUAL REPORT

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 April 30, 2018, the strongest corporate profits in seven years drove the equity market higher, while rising interest rates constrained bond returns. While the market’s appetite for risk remained healthy, risk taking varied by asset class, as bond investors cautiously shifted to higher-quality securities, and stock investors continued to embrace risk by investing abroad.

The largest global economies experienced sustained, synchronized growth for the first time since the financial crisis, leading to strong equity performance worldwide. Emerging markets stocks posted the highest return, as accelerating growth in China, the second-largest economy in the world, improved the outlook for corporate profits in most developing nations.

Short-term U.S. Treasury interest rates rose the fastest, while longer-term rates slightly increased, leading to a substantial flattening of the yield curve. The annual return for the three-month Treasury bill surpassed 1.0%, but remained well below the annual headline inflation rate of 2.5%. In contrast, the ten-year U.S. Treasury — a bellwether of the bond market — posted a negative return, as rising inflation expectations drove yields higher. In credit markets, the investment-grade and high-yield bond markets posted modest returns in a relatively benign credit environment.

Even though it faced rising pressure to boost interest rates in 2017, the U.S. Federal Reserve (the “Fed”) increased short-term interest rates just three times during the reporting period. The Fed also announced plans to reduce its $4.4 trillion balance sheet by $420 billion in 2018, which began the process of gradually reversing its unprecedented stimulus measures after the financial crisis. The economy continued to gain momentum despite the Fed’s modest reduction of economic stimulus, as unemployment dipped below 4.0%, wages increased, and job openings reached a record high. Strong economic performance may justify a more rapid pace of rate hikes in 2018, as the headline inflation rate and investors’ expectations for inflation surpassed the Fed’s target of 2.0%.

By contrast, the European Central Bank (“ECB”) and the Bank of Japan (“BoJ”) continued to expand their balance sheets despite nascent signs of sustained economic growth. Rising global growth, as well as limited bond supply, pressured other central banks to follow in the Fed’s footsteps. In October 2017, the ECB pledged to cut its bond purchases in half for 2018, while the BoJ reiterated its commitment to economic stimulus, even though the size of its balance sheet almost matched the total output of the Japanese economy.

The Fed’s measured pace of stimulus reduction could lead to moderately higher inflation, steadily rising interest rates, and improving real growth in 2018. We continue to believe the primary risks to economic expansion are trade protectionism, rapidly rising interest rates, and geopolitical tension. In particular, we are closely monitoring trade protectionism and the rise of populism in Western nations.

In December 2017, Congress passed a sweeping tax reform bill. The U.S. tax overhaul is likely to accentuate the existing reflationary themes, including corporate spending on stock buybacks, mergers & acquisitions and capital investment, which could extend the economic cycle if inflation and interest rates rise at a relatively modest pace.

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 April 30, 2018
	6-month	12-month
U.S. large cap equities (S&P 500^® Index)	3.82%	13.27%
U.S. small cap equities (Russell 2000^® Index)	3.27	11.54
International equities (MSCI Europe, Australasia, Far East Index)	3.41	14.51
Emerging market equities (MSCI Emerging Markets Index)	4.80	21.71
3-month Treasury bills (ICE BofAML 3-Month U.S. Treasury Bill Index)	0.68	1.17
U.S. Treasury securities (ICE BofAML 10-Year U.S. Treasury Index)	(3.79)	(3.64)
U.S. investment grade bonds (Bloomberg Barclays U.S. Aggregate Bond Index)	(1.87)	(0.32)
Tax-exempt municipal bonds (S&P Municipal Bond Index)	(0.76)	1.44
U.S. high yield bonds (Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index)	(0.17)	3.27
Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.


2		THIS PAGE IS NOT PART OF YOUR FUND REPORT

Table of Contents


	Page
The Markets in Review		2
Annual Report:
Municipal Market Overview		4
The Benefits and Risks of Leveraging		5
Derivative Financial Instruments		5
Trust Summaries		6
Financial Statements:
Schedules of Investments		16
Statements of Assets and Liabilities		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
Report of Independent Registered Public Accounting Firm		71
Automatic Dividend Reinvestment Plan		72
Trustee and Officer Information		73
Additional Information		76
Glossary of Terms Used in this Report		78


			3

Municipal Market Overview For the Reporting Period Ended April 30, 2018

Municipal Market Conditions

Municipal bonds experienced positive performance during the period despite rising interest rates resulting from continued Fed monetary policy normalization, firmer economic data, and the anticipated impacts of fiscal stimulus. Ongoing reassurance from the Fed that rates would be increased gradually and would likely remain low overall resulted in continued demand for fixed income investments. More specifically, investors favored the tax-exempt income, diversification, quality, and value of municipal bonds amid fiscal policy uncertainty, which saw tax reform ultimately lower the top individual tax rate just 2.6% while eliminating deductions and increasing demand for tax shelter. During the 12 months ended April 30, 2018, municipal bond funds experienced net inflows of approximately $26 billion (based on data from the Investment Company Institute).

For the same 12-month period, total new issuance was moderate from a historical perspective at $385 billion (well below the robust $424 billion issued in the prior 12-month period), but displayed significant month to month volatility. Notably, issuance in December posted the highest monthly total on record at $56 billion, as issuers rushed deals to market ahead of the expected elimination of the tax-exemption for advanced refunding bonds and possibly private activity bonds (PABs). Ultimately, the final version of the Tax Cuts and Jobs Act left PABs unchanged, though the elimination of advanced refundings has suppressed supply in 2018, providing a powerful technical tailwind.

S&P Municipal Bond Index

Total Returns as of April 30, 2018

6 months: (0.76)%

12 months: 1.44%

A Closer Look at Yields

LOGO

From April 30, 2017 to April 30, 2018, yields on AAA-rated 30-year municipal bonds increased by 7 basis points (“bps”) from 3.02% to 3.09%, while 10-year rates increased by 35 bps from 2.14% to 2.49% and 5-year rates increased by 78 bps from 1.41% to 2.19% (as measured by Thomson Municipal Market Data). The municipal yield curve bear flattened significantly over the 12-month period with the spread between 2- and 30-year maturities flattening by 82 bps, led by 54 bps of flattening between 2- and 10-year maturities.

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 April 30, 2018, and are subject to change at any time due to changes in market or economic conditions. The comments should not be construed as a recommendation of any individual holdings or market sectors. Investing involves risk including loss of principal. Bond values fluctuate in price so the value of your investment can go down depending on market conditions. Fixed income risks include interest-rate and credit risk. Typically, when interest rates rise, there is a corresponding decline in bond values. Credit risk refers to the possibility that the bond issuer will not be able to make principal and interest payments. There may be less information on the financial condition of municipal issuers than for public corporations. The market for municipal bonds may be less liquid than for taxable bonds. Some investors may be subject to Alternative Minimum Tax (“AMT”). Capital gains distributions, if any, are taxable.

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


4		2018 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS

The Benefits and Risks of Leveraging

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

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

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

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

The use of leverage also generally causes greater changes in each Trust’s NAV, market price and dividend rates than comparable portfolios without leverage. In a declining market, leverage is likely to cause a greater decline in the NAV and market price of a Trust’s Common Shares than if the Trust were not leveraged. In addition, each Trust may be required to sell portfolio securities at inopportune times or at distressed values in order to comply with regulatory requirements applicable to the use of leverage or as required by the terms of leverage instruments, which may cause the 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			5


Trust Summary as of April 30, 2018		BlackRock Investment Quality Municipal Trust, Inc.

Investment Objective

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

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

Trust Information


Symbol on New York Stock Exchange (“NYSE”)		BKN
Initial Offering Date		February 19, 1993
Yield on Closing Market Price as of April 30, 2018 ($13.57)^(a)		5.04%
Tax Equivalent Yield^(b)		8.51%
Current Monthly Distribution per Common Share^(c)		$0.0570
Current Annualized Distribution per Common Share^(c)		$0.6840
Economic Leverage as of April 30, 2018^(d)		39%

^(a)

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

^(b)

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

^(c)

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

^(d)

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

Performance

Returns for the 12 months ended April 30, 2018 were as follows:


	Returns Based On
	Market Price			NAV
BKN^(a)(^b)		(1.20	)%		5.34	%
Lipper General & Insured Municipal Debt Funds (Leveraged)^(c)		(2.37	)		2.65

^(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 date as calculated by Lipper.

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

Past performance is not indicative of future results.

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

Municipal bonds generated positive returns, with income offsetting a modest downturn in prices. The reporting period began on a strong note, with a favorable balance of supply and demand driving prices higher in the summer of 2017. By autumn, however, accelerating economic growth and emerging inflation pressures sparked concerns that the Fed would need to tighten monetary policy more aggressively than expected. In addition, the prospect of tax reform led to a pick-up in new-issue supply prior to year-end. These factors drove municipal bond prices lower in late 2017, and the selloff picked up speed in late January/early February due to a spike in U.S. Treasury yields. (Prices and yields move in opposite directions.) The tax-exempt market subsequently stabilized at these lower levels, and it traded largely flat with low volatility through the end of the period.

During the reporting period, the Trust produced a gain at net asset value. Its return was primarily derived from income given that bond prices fell slightly.

Bonds rated below investment grade outpaced investment-grade issues during the period, while the lower end of the investment-grade segment outperformed the highest-quality securities. As a result, the Trust’s holdings in BBB rated and high yield bonds aided returns. Consistent with this trend, allocations to sectors with lower average credit ratings — including tobacco and health care — contributed to results.

Yield curve positioning was largely additive, as the Trust held a significant amount of longer-term issues relative to short-term bonds. Yields of long-maturity bonds, which have lower sensitivity to Fed policy, rose less than those on short-term bonds. Conversely, holdings in pre-refunded securities experienced poor relative performance due to their shorter maturities.

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

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


6		2018 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS


Trust Summary as of April 30, 2018 (continued)		BlackRock Investment Quality Municipal Trust, Inc.

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

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.

Market Price and Net Asset Value Per Share Summary


	04/30/18		04/30/17		Change			High		Low
Market Price	$	13.57	$	14.59		(6.99	)%	$	15.75	$	13.49
Net Asset Value	$	15.26	$	15.39		(0.84	)%	$	16.20	$	15.18

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

LOGO

Overview of the Trust’s Total Investments*

SECTOR ALLOCATION


Sector	04/30/18			04/30/17
Health		20	%		23	%
Transportation		15			14
Education		15			16
County/City/Special District/School District		14			15
State		9			12
Utilities		8			9
Corporate		6			6
Tobacco		5			5
Financing & Development		4			—
Public Services		3			—
Housing		1			—

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

CALL/MATURITY SCHEDULE^(c)


Calendar Year Ended December 31,
2018	5	%
2019	5
2020	7
2021	9
2022	9

^(c)

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

Excludes short-term securities.

CREDIT QUALITY ALLOCATION^(a)


Credit Rating	04/30/18			04/30/17
AAA/Aaa		4	%		5	%
AA/Aa		35			43
A		27			29
BBB/Baa		16			15
BB/Ba		3			3
B		3			1
N/R^(b)		12			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 April 30, 2018 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 April 30, 2018		BlackRock Long-Term Municipal Advantage Trust

Investment Objective

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

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

Trust Information


Symbol on NYSE		BTA
Initial Offering Date		February 28, 2006
Yield on Closing Market Price as of April 30, 2018 ($11.20)^(a)		5.84%
Tax Equivalent Yield^(b)		9.86%
Current Monthly Distribution per Common Share^(c)		$0.0545
Current Annualized Distribution per Common Share^(c)		$0.6540
Economic Leverage as of April 30, 2018^(d)		41%

^(a)

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

^(b)

^(c)

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

^(d)

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 12 months ended April 30, 2018 were as follows:


	Returns Based On
	Market Price			NAV
BTA^(a)(^b)		1.50	%		5.76	%
Lipper General & Insured Municipal Debt Funds (Leveraged)^(c)		(2.37	)		2.65

^(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 date as calculated by Lipper.

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

Past performance is not indicative of future results.

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

During the reporting period, portfolio income was a key contributor to performance at a time of falling prices. The Trust’s use of leverage, while amplifying the impact of weak price performance, was a net contributor as it provided additional income. However, the cost of leverage increased due to rising short-term interest rates.

The Trust’s yield curve positioning, highlighted by concentrations in longer-dated maturities, was beneficial. Longer-term bonds, in addition to providing incremental yield, outpaced shorter maturities due to their lower sensitivity to the direction of Fed policy. Conversely, positions in short-dated securities detracted.

Positions in BBB rated and non-investment grade bonds added value, as lower-quality issues outperformed higher-quality securities. Consistent with this trend, allocations to sectors with lower average credit ratings — including tobacco, health care and project finance — were additive to results.

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


8		2018 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS


Trust Summary as of April 30, 2018 (continued)		BlackRock Long-Term Municipal Advantage Trust

Market Price and Net Asset Value Per Share Summary


	04/30/18		04/30/17		Change			High		Low
Market Price	$	11.20	$	11.66		(3.95	)%	$	12.54	$	11.12
Net Asset Value	$	12.28	$	12.27		0.08	%	$	12.69	$	12.24

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

LOGO

Overview of the Trust’s Total Investments*

SECTOR ALLOCATION


Sector	04/30/18			04/30/17
Health		17	%		19	%
County/City/Special District/School District		15			16
Transportation		14			15
Education		12			11
Utilities		11			13
Tobacco		11			10
State		10			7
Corporate		6			6
Housing		4			3

CALL/MATURITY SCHEDULE^(c)


Calendar Year Ended December 31,
2018	8	%
2019	14
2020	12
2021	16
2022	4

^(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	04/30/18			04/30/17
AAA/Aaa		5	%		5	%
AA/Aa		36			40
A		11			12
BBB/Baa		19			21
BB/Ba		7			6
B		6			6
N/R^(b)		16			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 April 30, 2018		BlackRock Municipal 2020 Term Trust

Investment Objective

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

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 April 30, 2018 ($15.16)^(a)		3.13%
Tax Equivalent Yield^(b)		5.29%
Current Monthly Distribution per Common Share^(c)		$0.0395
Current Annualized Distribution per Common Share^(c)		$0.4740
Economic Leverage as of April 30, 2018^(d)		—

^(a)

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

^(b)

^(c)

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

^(d)

Represents 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 12 months ended April 30, 2018 were as follows:


	Returns Based On
	Market Price			NAV
BKK^(a)(b)		(0.54	)%		0.76	%
Lipper Intermediate Municipal Debt Funds^(c)		(3.26	)		1.52

^(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 date as calculated by Lipper.

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

Past performance is not indicative of future results.

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

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

The Trust’s more-seasoned holdings, which produce generous yields compared to current market rates, were additive to performance.

At the sector level, corporate, health care and education issues made the most significant contributions to performance due to their large weightings in the portfolio.

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


10		2018 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS


Trust Summary as of April 30, 2018 (continued)		BlackRock Municipal 2020 Term Trust

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

Market Price and Net Asset Value Per Share Summary


	04/30/18		04/30/17		Change			High		Low
Market Price	$	15.16	$	15.73		(3.62	)%	$	15.95	$	14.92
Net Asset Value	$	15.23	$	15.60		(2.37	)%	$	15.68	$	15.22

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

LOGO

Overview of the Trust’s Total Investments*

SECTOR ALLOCATION


Sector	04/30/18			04/30/17
Utilities		20	%		18	%
Transportation		17			17
State		15			14
County/City/Special District/School District		13			16
Health		13			12
Education		11			11
Corporate		4			6
Tobacco		4			4
Housing		3			2

CALL/MATURITY SCHEDULE^(c)


Calendar Year Ended December 31,
2018	6	%
2019	18
2020	59
2021	6
2022	7

^(c)

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

Excludes money market funds.

CREDIT QUALITY ALLOCATION^(a)


Credit Rating	04/30/18			04/30/17
AAA/Aaa		6	%		5	%
AA/Aa		28			33
A		32			31
BBB/Baa		20			17
BB/Ba		5			3
B		—			1
CCC		—			1
N/R^(b)		9			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 April 30, 2018 and April 30, 2017, the market value of unrated securities deemed by the investment adviser to be investment grade represents 1% and 2%, respectively, of the Trust’s total investments.


TRUST SUMMARY			11


Trust Summary as of April 30, 2018		BlackRock Municipal Income Trust

Investment Objective

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

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

Trust Information


Symbol on NYSE		BFK
Initial Offering Date		July 27, 2001
Yield on Closing Market Price as of April 30, 2018 ($12.78)^(a)		5.49%
Tax Equivalent Yield^(b)		9.27%
Current Monthly Distribution per Common Share^(c)		$0.0585
Current Annualized Distribution per Common Share^(c)		$0.7020
Economic Leverage as of April 30, 2018^(d)		39%

^(a)

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

^(b)

^(c)

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

^(d)

Performance

Returns for the 12 months ended April 30, 2018 were as follows:


	Returns Based On
	Market Price			NAV
BFK^(a)(^b)		(3.54	)%		3.74	%
Lipper General & Insured Municipal Debt Funds (Leveraged)^(c)		(2.37	)		2.65

^(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 date as calculated by Lipper.

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

Past performance is not indicative of future results.

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

The Trust’s positions in the tobacco, transportation, tax-backed (state) and corporate municipal sectors contributed to performance. Holdings in lower-rated investment-grade bonds in the A and BBB rating categories, which performed well amid investors’ hearty appetite for higher-yielding securities, also aided results. Portfolio holdings with the longest maturity dates (typically 20 years and longer) added value given that longer-term bonds outperformed.

Conversely, the Trust’s performance was hurt by positions in shorter-dated holdings — including higher-quality, pre-refunded bonds — that were most affected by the prospect of tighter Fed policy. Intermediate-term holdings, specifically those in the five- to 10-year range, also lagged somewhat.

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


12		2018 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS


Trust Summary as of April 30, 2018 (continued)		BlackRock Municipal Income Trust

Market Price and Net Asset Value Per Share Summary


	04/30/18		04/30/17		Change			High		Low
Market Price	$	12.78	$	14.00		(8.71	)%	$	14.72	$	12.73
Net Asset Value	$	13.98	$	14.24		(1.83	)%	$	14.62	$	13.94

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

LOGO

Overview of the Trust’s Total Investments*

SECTOR ALLOCATION


Sector	04/30/18			04/30/17
Transportation		22	%		23	%
Utilities		15			15
State		14			11
County/City/Special District/School District		13			14
Health		13			13
Tobacco		8			7
Education		7			10
Corporate		7			7
Housing		1			—

CALL/MATURITY SCHEDULE^(c)


Calendar Year Ended December 31,
2018	7	%
2019	15
2020	13
2021	14
2022	9

^(c)

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

Excludes short-term securities.

CREDIT QUALITY ALLOCATION^(a)


Credit Rating	04/30/18			04/30/17
AAA/Aaa		6	%		8	%
AA/Aa		40			44
A		18			16
BBB/Baa		22			20
BB/Ba		5			4
B		4			2
N/R^(b)		5			6

^(a)

^(b)

The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of April 30, 2018 and April 30, 2017, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 1% and 1% of the Trust’s total investments.


TRUST SUMMARY			13


Trust Summary as of April 30, 2018		BlackRock Strategic Municipal Trust

Investment Objective

BlackRock Strategic Municipal Trust’s (BSD) (the “Trust”) investment objectives are to provide current income that is exempt from regular U.S. federal income tax and to invest in municipal bonds that over time will perform better than the broader municipal bond market. The Trust seeks to achieve its investment 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 April 30, 2018 ($12.65)^(a)		5.41%
Tax Equivalent Yield^(b)		9.14%
Current Monthly Distribution per Common Share^(c)		$0.0570
Current Annualized Distribution per Common Share^(c)		$0.6840
Economic Leverage as of April 30, 2018^(d)		40%

^(a)

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

^(b)

^(c)

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

^(d)

Performance

Returns for the 12 months ended April 30, 2018 were as follows:


	Returns Based On
	Market Price			NAV
BSD^(a)(^b)		(2.15	)%		3.89	%
Lipper General & Insured Municipal Debt Funds (Leveraged)^(c)		(2.37	)		2.65

^(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 date as calculated by Lipper.

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

Past performance is not indicative of future results.

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

Positions in lower-rated investment-grade bonds added value, as higher-yielding, lower-quality securities generally outperformed. At the sector level, positions in transportation, health care and tax-backed (local) issues contributed.

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


14		2018 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS


Trust Summary as of April 30, 2018 (continued)		BlackRock Strategic Municipal Trust

Market Price and Net Asset Value Per Share Summary


	04/30/18		04/30/17		Change			High		Low
Market Price	$	12.65	$	13.67		(7.46	)%	$	15.49	$	12.47
Net Asset Value	$	13.96	$	14.21		(1.76	)%	$	14.60	$	13.92

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

LOGO

Overview of the Trust’s Total Investments*

SECTOR ALLOCATION


Sector	04/30/18			04/30/17
Transportation		22	%		24	%
Health		16			16
County/City/Special District/School District		15			16
Utilities		12			12
State		10			10
Education		8			9
Corporate		8			7
Tobacco		7			5
Housing		2			1

CALL/MATURITY SCHEDULE^(c)


Calendar Year Ended December 31,
2018	5	%
2019	16
2020	11
2021	12
2022	9

^(c)

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

Excludes short-term securities.

CREDIT QUALITY ALLOCATION^(a)


Credit Rating	04/30/18			04/30/17
AAA/Aaa		4	%		6	%
AA/Aa		37			43
A		17			17
BBB/Baa		24			20
BB/Ba		6			4
B		4			2
N/R^(b)		8			8

^(a)

^(b)


TRUST SUMMARY			15

Schedule of Investments

April 30, 2018

BlackRock Investment Quality Municipal Trust, Inc. (BKN)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Municipal Bonds — 137.7%

Alabama — 0.6%
Opelika Utilities Board, Refunding RB, 4.00%, 06/01/41	$	1,540	$	1,576,513

Arizona — 6.5%
Arizona Health Facilities Authority, Refunding RB, Phoenix Children’s Hospital, Series A, 5.00%, 02/01/42		3,300		3,467,508
City of Phoenix Arizona IDA, Refunding RB, Basis Schools, Inc. Projects, 5.00%, 07/01/45^(a)		455		462,917
County of Pinal Arizona Electric District No.3, Refunding RB:
4.75%, 07/01/21^(b)		680		736,386
4.75%, 07/01/31		3,070		3,255,673
Salt Verde Financial Corp., RB, Senior:
5.00%, 12/01/32		1,035		1,200,786
5.00%, 12/01/37		4,585		5,353,859
University Medical Center Corp., RB, 6.50%, 07/01/19^(b)		750		788,880
University Medical Center Corp., Refunding RB, 6.00%, 07/01/21^(b)		1,600		1,785,824

				17,051,833
Arkansas — 2.0%
City of Benton Arkansas, RB, 4.00%, 06/01/39		755		778,420
City of Fort Smith Arkansas Water & Sewer Revenue, Refunding RB, 4.00%, 10/01/40		1,250		1,277,350
City of Little Rock Arkansas, RB, 4.00%, 07/01/41		2,645		2,692,663
County of Pulaski Arkansas Public Facilities Board, RB, 5.00%, 12/01/42		465		506,236

				5,254,669
California — 20.1%
California Health Facilities Financing Authority, RB, Sutter Health, Series B, 5.88%, 08/15/20^(b)		2,300		2,505,137
California Infrastructure & Economic Development Bank, Refunding RB, Academy Motion Picture Arts and Sciences, Series A, 4.00%, 11/01/45		3,330		3,409,254
Carlsbad California Unified School District, GO, Election of 2006, Series B, 0.00%, 05/01/34^(c)		1,500		1,678,095
City of San Jose California, Refunding ARB, Norman Y Mineta San Jose International Airport SJC, AMT:
Series A (BAM), 4.00%, 03/01/42		2,460		2,479,951
Series A-1, 5.75%, 03/01/34		3,000		3,261,300
Golden State Tobacco Securitization Corp., Refunding RB, Asset-Backed, Senior Series A-1, 5.75%, 06/01/47		1,985		2,042,009
Hartnell Community College District California, GO, CAB, Election of 2002, Series D, 0.00%, 08/01/34^(c)		2,475		2,557,071
Norwalk-La Mirada Unified School District, GO, Refunding, CAB, Election of 2002, Series E (AGC), 0.00%, 08/01/38^(d)		12,000		5,078,400
Palomar Community College District, GO, CAB, Election of 2006, Series B:
0.00%, 08/01/30^(d)		2,270		1,542,465
0.00%, 08/01/33^(d)		4,250		1,727,582
0.00%, 08/01/39^(c)		4,000		3,785,960
San Diego Community College District, GO, CAB, Election of 2002, 0.00%, 08/01/33^(c)		4,200		4,881,912
State of California, GO, Refunding, Various Purposes:
5.00%, 02/01/38		2,000		2,197,980
4.00%, 10/01/44		2,520		2,603,488
State of California, GO, Various Purposes:
6.50%, 04/01/19^(b)		1,570		1,636,270
5.75%, 04/01/31		3,000		3,106,890
6.00%, 03/01/33		2,270		2,443,428
6.50%, 04/01/33		1,330		1,386,259
5.50%, 03/01/40		3,650		3,893,382


Security	Par (000)		Value
California (continued)
Tobacco Securitization Authority of Southern California, Refunding RB, Tobacco Settlement, Asset-Backed, Senior Series A-1, 5.13%, 06/01/46	$	495	$	495,846

				52,712,679
Connecticut — 0.7%
Connecticut Housing Finance Authority, Refunding RB:
S/F Housing, Sub-Series A-1, 3.85%, 11/15/43		435		429,419
Sub-Series B-1, 4.00%, 05/15/45^(e)		400		401,504
Connecticut State Health & Educational Facility Authority, Refunding RB, Lawrence & Memorial Hospital, Series F, 5.00%, 07/01/36		950		999,856

				1,830,779
Delaware — 1.3%
County of Sussex Delaware, RB, NRG Energy, Inc., Indian River Power LLC Project, 6.00%, 10/01/40		1,800		1,899,558
Delaware Transportation Authority, RB, U.S. 301 Project, 5.00%, 06/01/55		1,430		1,558,772

				3,458,330
Florida — 8.9%
Capital Trust Agency Inc., RB, M/F Housing, The Gardens Apartment Project, Series A, 4.75%, 07/01/40		900		928,620
Central Florida Expressway Authority, Refunding RB, Senior Lien, 4.00%, 07/01/41		310		314,027
Country of Miami-Dade FL Water & Sewer System Revenue, Refunding RB, System-Series A, 4.00%, 10/01/44		3,000		3,056,550
County of Miami-Dade Florida, RB:
CAB, Subordinate Special Obligation, 0.00%, 10/01/32^(d)		5,000		2,841,200
CAB, Subordinate Special Obligation, 0.00%, 10/01/33^(d)		15,375		8,337,401
Series B, AMT, 6.00%, 10/01/32		3,000		3,412,830
County of Miami-Dade Florida Aviation, Refunding RB, Series B, AMT, 5.00%, 10/01/40		3,765		4,188,977
County of Orange Florida Health Facilities Authority, Refunding RB, Mayflower Retirement Center, 5.00%, 06/01/32		200		210,296

				23,289,901
Hawaii — 1.3%
State of Hawaii Department of Budget & Finance, Refunding RB:
Hawaiian Electric Co., Inc. AMT, 4.00%, 03/01/37		2,770		2,757,258
Special Purpose, Senior Living, Kahala Nui, 5.25%, 11/15/37		600		659,790

				3,417,048
Idaho — 1.2%
Idaho Health Facilities Authority, RB, St. Lukes Health System Project, Series A, 5.00%, 03/01/39		3,000		3,218,970

Illinois — 8.4%
Chicago Board of Education, GO, Dedicated Revenues, Series H, 5.00%, 12/01/36		375		373,189
Chicago Board of Education, GO, Refunding, Dedicated Revenues:
Series C, 5.00%, 12/01/34		370		369,571
Series D, 5.00%, 12/01/26		675		711,058
Series F, 5.00%, 12/01/22		505		532,634
Chicago Public Building Commission, RB, Series A (NPFGC), 7.00%, 01/01/20^(f)		5,000		5,283,450
City of Chicago Illinois, Refunding ARB, O’Hare International Airport Passenger Facility Charge, Series B, AMT, 4.00%, 01/01/29		2,400		2,449,128
City of Chicago Illinois Midway International Airport, Refunding GARB, 2nd Lien, Series A, AMT, 5.00%, 01/01/41		1,735		1,865,732
City of Chicago Illinois O’Hare International Airport, GARB, Senior Lien, Series D, AMT, 5.00%, 01/01/42		770		837,629
City of Chicago Illinois Transit Authority, RB, Sales Tax Receipts, 5.25%, 12/01/40		1,000		1,066,360


16		2018 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

April 30, 2018

BlackRock Investment Quality Municipal Trust, Inc. (BKN)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Illinois (continued)
Illinois Finance Authority, Refunding RB:
OSF Healthcare System, 6.00%, 05/15/39	$	300	$	320,334
Roosevelt University Project, 6.50%, 04/01/44		1,500		1,566,990
Railsplitter Tobacco Settlement Authority, RB, 6.00%, 06/01/21^(b)		1,700		1,895,126
State of Illinois, GO:
5.00%, 02/01/39		1,000		1,003,890
Series C, 5.00%, 11/01/29		2,655		2,738,022
Series D, 5.00%, 11/01/28		1,025		1,062,648

				22,075,761
Indiana — 0.2%
County of Allen Indiana, RB, StoryPoint Fort Wayne Project, Series A-1^(a):
6.63%, 01/15/34		300		319,221
6.75%, 01/15/43		245		260,359

				579,580
Iowa — 0.8%
Iowa Finance Authority, Refunding RB, Iowa Fertilizer Co. Project, Series B, 5.25%, 12/01/50		2,050		2,153,136

Kansas — 3.0%
County of Seward Kansas Unified School District No. 480 Liberal, GO, Refunding:
5.00%, 09/01/22^(b)		4,915		5,478,210
5.00%, 09/01/39		1,085		1,199,869
Kansas Development Finance Authority, Refunding RB, Sisters Leavenworth:
5.00%, 01/01/20^(b)		1,005		1,054,074
5.00%, 01/01/28		150		157,147

				7,889,300
Kentucky — 6.6%
County of Boyle Kentucky, Refunding RB, Centre College of Kentucky, 5.00%, 06/01/37		4,000		4,401,080
Kentucky Economic Development Finance Authority, RB, Catholic Health Initiatives, Series A, 5.38%, 01/01/40		3,400		3,638,714
Kentucky Economic Development Finance Authority, Refunding RB, Norton Healthcare, Inc., Series B (NPFGC), 0.00%, 10/01/23^(d)		8,500		7,150,115
Kentucky Public Transportation Infrastructure Authority, RB, Downtown Crossing Project, Convertible CAB, 1st Tier, Series C^(c):
0.00%, 07/01/34		1,000		932,300
0.00%, 07/01/39		1,395		1,286,776

				17,408,985
Louisiana — 2.1%
City of Alexandria Louisiana Utilities, RB, 5.00%, 05/01/39		1,790		1,952,317
Louisiana Local Government Environmental Facilities & Community Development Authority, RB, Westlake Chemical Corp. Project, Series A-1, 6.50%, 11/01/35		1,565		1,722,830
Louisiana Public Facilities Authority, RB, Belle Chasse Educational Foundation Project, 6.50%, 05/01/31		600		637,272
State of Louisiana Gasoline & Fuels Tax Revenue, Refunding RB, First Lien, Series A, 4.00%, 05/01/41		1,145		1,165,301

				5,477,720
Maryland — 1.1%
County of Anne Arundel Maryland Consolidated, RB, Special Taxing District, Villages at Two Rivers Project:
5.13%, 07/01/36		260		262,374
5.25%, 07/01/44		260		261,760
Maryland Health & Higher Educational Facilities Authority, RB, University of Maryland Medical System Issue, 4.00%, 07/01/48		2,310		2,281,957

				2,806,091


Security	Par (000)		Value
Massachusetts — 2.1%
Massachusetts Development Finance Agency, RB, Emerson College Issue, Series A:
5.25%, 01/01/42	$	900	$	989,946
5.00%, 01/01/47		1,010		1,088,659
Massachusetts Development Finance Agency, Refunding RB:
Emmanuel College Issue, Series A, 4.00%, 10/01/46		1,380		1,334,418
International Charter School, 5.00%, 04/15/40		600		633,486
Suffolk University, 4.00%, 07/01/39		1,375		1,379,139

				5,425,648
Michigan — 2.9%
Michigan Finance Authority, RB, Detroit Water & Sewage Disposal System, Senior Lien, Series 2014 C-2, AMT, 5.00%, 07/01/44		360		383,756
Michigan State Hospital Finance Authority, Refunding RB, Trinity Health Credit Group, Series C, 4.00%, 12/01/32		4,150		4,240,844
Royal Oak Hospital Finance Authority Michigan, Refunding RB, William Beaumont Hospital, Series V, 8.25%, 09/01/18^(b)		2,750		2,808,245
State of Michigan Building Authority, Refunding RB, Facilities Program, Series I, 6.25%, 10/15/38		60		61,175

				7,494,020
Minnesota — 2.5%
City of Maple Grove Minnesota, Refunding RB, Maple Grove Hospital, Corp., 4.00%, 05/01/37		1,405		1,411,337
City of Minneapolis Minnesota, Refunding RB, Fairview Health Services, Series B (AGC), 6.50%, 11/15/38		1,905		1,952,434
Housing & Redevelopment Authority of The City of Saint Paul Minnesota, RB, Great River School Project, Series A, 5.50%, 07/01/52^(a)		305		310,911
Minneapolis-St. Paul Metropolitan Airports Commission, Refunding ARB, Sub Series D, AMT, 5.00%, 01/01/41		460		507,546
Minnesota Higher Education Facilities Authority, RB:
Augsburg College, Series B, 4.25%, 05/01/40		1,845		1,834,557
College of St. Benedict, Series 8-K, 4.00%, 03/01/43		615		614,010

				6,630,795
Mississippi — 2.1%
County of Warren Mississippi, RB, Gulf Opportunity Zone Bonds, International Paper Co. Project, Series A, 5.38%, 12/01/35		600		663,270
Mississippi Development Bank, RB, Special Obligation:
CAB, Hinds Community College District (AGM), 5.00%, 04/01/21^(b)		1,910		2,068,549
County of Jackson Limited Tax Note (AGC), 5.50%, 07/01/32		2,655		2,760,058

				5,491,877
Missouri — 3.1%
Missouri Development Finance Board, RB, Annual Appropriation Sewer System, Series B, 5.00%, 11/01/41		1,350		1,449,225
Missouri State Health & Educational Facilities Authority, RB:
A.T. Still University of Health Sciences:
5.25%, 10/01/31		500		543,175
4.25%, 10/01/32		480		498,082
5.00%, 10/01/39		750		813,877
Heartland Regional Medical Center, 4.13%, 02/15/43		700		713,118
University of Central Missouri, Series C-2, 5.00%, 10/01/34		1,500		1,649,640
Missouri State Health & Educational Facilities Authority, Refunding RB, Kansas City University of Medicine and Biosciences, Series A:
5.00%, 06/01/42		860		953,233
5.00%, 06/01/47		1,230		1,358,326

				7,978,676
Nebraska — 1.9%
Central Plains Nebraska Energy Project, RB, Gas Project No. 3, 5.00%, 09/01/42		900		979,803


SCHEDULES OF INVESTMENTS			17

Schedule of Investments (continued)

April 30, 2018

BlackRock Investment Quality Municipal Trust, Inc. (BKN)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Nebraska (continued)
County of Douglas Nebraska Hospital Authority No. 3, Refunding RB, Health Facilities Nebraska Methodist Health System, 5.00%, 11/01/45	$	600	$	651,480
Nebraska Public Power District, Refunding RB, Series A:
5.00%, 01/01/32		2,535		2,742,540
4.00%, 01/01/44		600		608,556

				4,982,379
Nevada — 0.6%
County of Clark Nevada, Refunding ARB, Department of Aviation, Subordinate Lien, Series A-2, 4.25%, 07/01/36		1,500		1,553,400
Nevada Department of Business & Industry, RB, Series A, 5.00%, 07/15/37^(a)		125		127,336

				1,680,736
New Jersey — 8.4%
County of Middlesex New Jersey Improvement Authority, RB, Heldrich Center Hotel, Sub-Series B, 6.25%, 01/01/37^(g)(h)		1,510		15,855
New Jersey EDA, RB:
Continental Airlines, Inc. Project:
AMT, 5.25%, 09/15/29		1,335		1,448,422
Series B, AMT, 5.63%, 11/15/30		990		1,107,751
Goethals Bridge Replacement Project (AGM), AMT, 5.13%, 07/01/42		300		327,573
School Facilities Construction Bonds, Series DDD, 5.00%, 06/15/42		160		169,731
New Jersey EDA, Refunding RB, Sub-Series A, 4.00%, 07/01/32		250		248,120
New Jersey Health Care Facilities Financing Authority, Refunding RB, Series A:
RWJ Barnabas Health Obligated Group, 4.00%, 07/01/43		2,955		3,002,250
St. Barnabas Health Care System:
4.63%, 07/01/21^(b)		770		826,010
5.63%, 07/01/21^(b)		2,560		2,823,987
5.00%, 07/01/25		500		548,500
New Jersey State Turnpike Authority, RB, Series E, 5.00%, 01/01/45		2,780		3,048,326
New Jersey Transportation Trust Fund Authority, RB:
CAB, Transportation System, Series A, 0.00%, 12/15/35^(d)		1,600		687,744
Transportation Program:
Series AA, 5.00%, 06/15/45		1,350		1,414,111
Series AA, 5.00%, 06/15/46		600		628,116
Series A, 5.50%, 06/15/41		500		521,615
Series B, 5.50%, 06/15/31		2,000		2,118,360
South Jersey Port Corp., ARB, Marine Terminal, Series B, AMT, 5.00%, 01/01/42		295		315,263
Tobacco Settlement Financing Corp., Refunding RB:
Series A, 5.00%, 06/01/46		1,180		1,274,011
Series A, 5.25%, 06/01/46		305		338,742
Sub-Series B, 5.00%, 06/01/46		1,180		1,238,080

				22,102,567
New Mexico — 0.8%
New Mexico Finance Authority, RB, Senior Lien, Series A:
3.25%, 06/01/33		475		467,191
3.25%, 06/01/34		990		957,369
New Mexico Hospital Equipment Loan Council, Refunding RB, Presbyterian Healthcare Services, 5.00%, 08/01/44		680		750,251

				2,174,811
New York — 5.3%
City of New York New York Industrial Development Agency, RB, PILOT:
(AMBAC), 5.00%, 01/01/39		1,100		1,114,740
Queens Baseball Stadium (AGC), 6.50%, 01/01/46		300		308,868


Security	Par (000)		Value
New York (continued)
Counties of New York Tobacco Trust IV, Refunding RB, Settlement Pass-Through Turbo, Series A, 6.25%, 06/01/41^(a)	$	1,400	$	1,457,960
Counties of New York Tobacco Trust VI, Refunding RB, Settlement Pass-Through Turbo, Series C, 4.00%, 06/01/51		1,000		927,320
Erie Tobacco Asset Securitization Corp., Refunding RB, Asset-Backed, Series A, 5.00%, 06/01/45		1,825		1,785,179
Long Island Power Authority, Refunding RB, Electric System, Series A, 5.75%, 04/01/19^(b)		2,475		2,562,491
New York Liberty Development Corp., Refunding RB:
2nd Priority, Bank of America Tower at One Bryant Park Project, Class 3, 6.38%, 07/15/49		1,250		1,322,238
3 World Trade Center Project, Class 2, 5.15%, 11/15/34^(a)		640		696,352
New York Transportation Development Corp., Refunding ARB, American Airlines, Inc., AMT, 5.00%, 08/01/31		1,905		1,997,259
Niagara Area Development Corp., Refunding RB, Solid Waste Disposal Facility, Covanta Energy Project, Series A, AMT, 5.25%, 11/01/42^(a)		600		600,360
Westchester Tobacco Asset Securitization, Refunding RB, Tobacco Settlement Bonds, Sub-Series C, 5.13%, 06/01/51		1,160		1,184,870

				13,957,637
North Dakota — 0.3%
County of Burleigh North Dakota, Refunding RB, St. Alexius Medical Center Project, Series A, 5.00%, 07/01/21^(b)		720		780,581

Ohio — 3.3%
Buckeye Tobacco Settlement Financing Authority, RB, Asset-Backed, Senior Turbo Term, Series A-2:
5.75%, 06/01/34		415		411,286
5.88%, 06/01/47		225		224,998
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		3,048,510
County of Allen Ohio Hospital Facilities Revenue, Refunding RB, Series A, 4.00%, 08/01/38		1,010		1,010,757
County of Butler Port Authority, RB, Series A-1^(a):
Storypoint Fairfield Project:
6.25%, 01/15/34		500		519,305
6.38%, 01/15/43		275		285,277
State of Ohio, Refunding RB, University Hospitals Health System, Series A, 5.00%, 01/15/41		3,010		3,157,911

				8,658,044
Oklahoma — 2.0%
Norman Oklahoma Regional Hospital Authority, Refunding RB, 4.00%, 09/01/37		1,765		1,786,145
Oklahoma City Public Property Authority, Refunding RB:
5.00%, 10/01/36		800		894,912
5.00%, 10/01/39		280		312,046
Oklahoma Development Finance Authority, RB:
OU Medicine Project, Series B, 5.50%, 08/15/52		680		759,200
Provident Oklahoma Education Resources, Inc., Cross Village Student Housing Project, Series A, 5.25%, 08/01/57		1,315		1,402,158

				5,154,461
Oregon — 2.3%
Clackamas Community College District, GO, Convertible Deferred Interest Bonds, Series A, 0.00%, 06/15/38^(c)		335		342,203
Klamath Falls Intercommunity Hospital Authority, Refunding RB, Sky Lakes Medical Center Project, 3.00%, 09/01/41		725		613,705
Oregon Health & Science University, RB, Series A, 4.00%, 07/01/37		1,075		1,113,367


18		2018 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

April 30, 2018

BlackRock Investment Quality Municipal Trust, Inc. (BKN)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Oregon (continued)
State of Oregon Facilities Authority, Refunding RB, Legacy Health Project, Series A, 4.00%, 06/01/41	$	1,310	$	1,329,873
State of Oregon State Facilities Authority, Refunding RB, University of Portland Project, Series A, 5.00%, 04/01/45		2,485		2,721,671

				6,120,819
Pennsylvania — 11.6%
Commonwealth Financing Authority, RB, Tobacco Master Settlement Payment:
5.00%, 06/01/33		165		184,528
5.00%, 06/01/34		295		327,801
5.00%, 06/01/35		560		620,777
(AGM), 4.00%, 06/01/39		785		787,567
County of Allegheny Pennsylvania IDA, Refunding RB, U.S. Steel Corp. Project, 6.55%, 12/01/27		2,535		2,625,297
County of Montgomery Higher Education & Health Authority, Refunding RB, Thomas Jefferson University, Series A, 4.00%, 09/01/49^(e)		485		477,308
Delaware River Port Authority, RB:
4.50%, 01/01/32		3,000		3,192,450
Series D (AGM), 5.00%, 01/01/40		3,640		3,806,129
Mckeesport Area School District, GO, CAB, Refunding (NPFGC), 0.00%, 10/01/31^(d)(f)		500		336,240
Pennsylvania Economic Development Financing Authority, Refunding RB:
National Gypsum Co., AMT, 5.50%, 11/01/44		810		851,472
Series A, 4.00%, 11/15/42		3,485		3,518,038
Pennsylvania Turnpike Commission, RB:
Series A-1, 5.00%, 12/01/37		1,730		1,935,143
Series A-1, 5.00%, 12/01/42		1,015		1,126,650
Sub-Series B-1, 5.00%, 06/01/42		1,970		2,150,058
Pennsylvania Turnpike Commission, Refunding RB, Motor Licenced Fund Enhancement, Second Series, 5.00%, 12/01/41		1,060		1,170,272
Pottsville Hospital Authority, Refunding RB, Lehigh Valley Health Network, Series B, 5.00%, 07/01/45		2,000		2,178,740
School District of Philadelphia, GO, Refunding Series F, 5.00%, 09/01/37		800		879,952
State Public School Building Authority, Refunding RB, The School District of Philadelphia Project, Series A, 5.00%, 06/01/34		3,825		4,229,073

				30,397,495
Puerto Rico — 1.1%
Children’s Trust Fund, Refunding RB, Tobacco Settlement Asset-Backed Bonds:
5.50%, 05/15/39		1,470		1,434,191
5.63%, 05/15/43		1,395		1,334,052

				2,768,243
Rhode Island — 4.7%
Rhode Island Health & Educational Building Corp., RB, Series A, 4.00%, 09/15/42		1,285		1,305,059
Rhode Island Health & Educational Building Corp., Refunding RB, Series A (AGM), 3.75%, 05/15/32		1,845		1,859,077
Rhode Island Student Loan Authority, Refunding RB, Senior-Series A, AMT, 3.50%, 12/01/34^(e)		595		593,751
Rhode Island Turnpike & Bridge Authority, Refunding RB, Series A, 5.00%, 10/01/40		1,295		1,437,670
State of Rhode Island, COP, School for the Deaf Project, Series C (AGC), 5.38%, 04/01/19^(b)		1,330		1,373,012
Tobacco Settlement Financing Corp., Refunding RB:
Series A, 5.00%, 06/01/40		1,000		1,061,100
Series B, 4.50%, 06/01/45		2,725		2,752,904
Series B, 5.00%, 06/01/50		2,000		2,049,020

				12,431,593


Security	Par (000)		Value
Tennessee — 3.8%
Chattanooga Health Educational & Housing Facility Board, RB, Catholic Health Initiatives, Series A, 5.25%, 01/01/40	$	2,945	$	3,136,160
County of Chattanooga-Hamilton Tennessee Hospital Authority, Refunding RB, Series A, 5.00%, 10/01/44		875		930,659
County of Knox Tennessee Health Educational & Housing Facility Board, RB, University Health System, Inc., 4.00%, 09/01/40		1,285		1,253,402
County of Memphis-Shelby Tennessee Sports Authority, Inc., Refunding RB, Memphis Arena Project, Series A:
5.25%, 11/01/27		1,135		1,188,628
5.38%, 11/01/28		1,000		1,049,840
County of Nashville & Davidson Metropolitan Government Health & Educational Facilities Board, RB, Vanderbilt University Medical Center, Series A, 5.00%, 07/01/40		1,075		1,181,382
Johnson City Health & Educational Facilities Board, RB, Mountain States Health, Series A, 5.00%, 08/15/42		1,200		1,256,880

				9,996,951
Texas — 9.1%
City of Houston TX Airport System Revenue, Refunding RB, Sub-Series A, AMT:
5.00%, 07/01/35		1,000		1,130,970
5.00%, 07/01/37		1,750		1,971,200
County of Harris Texas-Houston Sports Authority, Refunding RB, CAB, Senior Lien, Series A (NPFGC) (AGM), 0.00%, 11/15/38^(d)		5,000		1,886,800
County of Matagorda Texas Navigation District No. 1, Refunding RB, Central Power & Light Co., Project, Series A, 6.30%, 11/01/29		2,200		2,349,886
County of Midland Texas Fresh Water Supply District No. 1, RB, CAB, City of Midland Project, Series A, 0.00%, 09/15/38^(d)		16,780		6,981,487
Leander ISD, GO, Refunding CAB, Series D (PSF-GTD)^(d):
0.00%, 08/15/24^(b)		550		278,877
0.00%, 08/15/35		5,450		2,629,897
North Texas Tollway Authority, Refunding RB, 1st Tier-Series A, 5.00%, 01/01/43		790		889,177
Red River Texas Education Financing Corp., RB, Texas Christian University Project, 5.25%, 03/15/38		1,140		1,266,278
San Antonio Water System, Refunding RB, Junior Lien, Series A, 5.00%, 05/15/48^(e)		1,020		1,159,638
Texas Private Activity Bond Surface Transportation Corp., RB, Senior Lien, LBJ Infrastructure Group LLC, 7.00%, 06/30/40		3,000		3,292,140

				23,836,350
Utah — 0.4%
Utah State Charter School Finance Authority, Refunding RB:
Mountainville Academy, 4.00%, 04/15/42		600		603,468
The Freedom Academy Foundation Project^(a):
5.25%, 06/15/37		205		208,253
5.38%, 06/15/48		260		263,820

				1,075,541
Vermont — 0.3%
Vermont Student Assistance Corp., RB, AMT, Series A, 4.25%, 06/15/32		775		793,856

Virginia — 2.1%
Ballston Quarter Community Development Authority, Tax Allocation Bonds, Series A, 5.38%, 03/01/36		780		811,348
Hampton Roads Transportation Accountability Commission, RB, Transportation Fund, Senior Lien, Series A, 5.50%, 07/01/57		1,670		1,974,842
Tobacco Settlement Financing Corp., Refunding RB, Senior Series B-1, 5.00%, 06/01/47		1,030		1,015,075


SCHEDULES OF INVESTMENTS			19

Schedule of Investments (continued)

April 30, 2018

BlackRock Investment Quality Municipal Trust, Inc. (BKN)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Virginia (continued)
Virginia Small Business Financing Authority, RB, Senior Lien, Elizabeth River Crossings OpCo LLC Project, AMT, 6.00%, 01/01/37	$	1,440	$	1,602,475

				5,403,740
Wisconsin — 2.2%
Public Finance Authority, Refunding RB, National Gypsum Co., AMT, 4.00%, 08/01/35		435		420,228
Wisconsin Health & Educational Facilities Authority, RB, Aspirus, Inc. Obligated Group, 5.00%, 08/15/52		725		795,470
Wisconsin Health & Educational Facilities Authority, Refunding RB, Ascension Senior Credit Group, 4.00%, 11/15/36		2,900		2,949,880
WPPI Energy Power Supply Systems, Refunding RB, Series A, 5.00%, 07/01/37		1,330		1,471,525

				5,637,103

Total Municipal Bonds — 137.7% (Cost — $338,693,179)				361,175,218


Municipal Bonds Transferred to Tender Option Bond Trusts — 26.3% (i)

California — 0.5%
Los Angeles California Unified School District, GO, Election of 2008, Series B-1, 5.25%, 07/01/42^(j)		1,182		1,402,123

Colorado — 2.0%
Colorado Health Facilities Authority, RB, Catholic Health, Series C-7 (AGM), 5.00%, 05/01/18^(b)		5,250		5,250,000

Connecticut — 1.6%
State of Connecticut Health & Educational Facility Authority, Refunding RB, Trinity Health Credit Group, 5.00%, 12/01/45		3,902		4,336,458

Florida — 0.9%
County of Pinellas Florida School Board, COP, Master Lease Program, Series A, 5.00%, 07/01/41		2,120		2,372,662

Georgia — 2.6%
City of Atlanta Georgia Water & Wastewater Revenue, Refunding RB, 5.00%, 11/01/43		5,997		6,712,800

Maryland — 1.2%
State of Maryland Stadium Authority Revenue, RB, Construction and Revitalization Program, 5.00%, 05/01/42		2,760		3,129,122

Massachusetts — 1.3%
Commonwealth of Massachusetts, GO, Series A, 5.00%, 01/01/46		3,018		3,436,791

Minnesota — 2.1%
State of Minnesota, RB, Series A, 5.00%, 06/01/38		5,000		5,546,403

Nevada — 1.0%
County of Clark Nevada, GOL, Stadium Improvement, Series A, 5.00%, 06/01/38^(e)		2,311		2,644,224

New Jersey — 1.8%
New Jersey State Turnpike Authority, Refunding RB, Series G, 4.00%, 01/01/43		1,606		1,648,657
New Jersey Transportation Trust Fund Authority, RB, Transportation System, Series B, 5.25%, 06/15/36^(j)		2,861		2,974,638

				4,623,295
New York — 7.8%
City of New York New York, GO, Refunding Fiscal 2015, Series B, 4.00%, 08/01/32		1,600		1,678,808
City of New York New York Municipal Water Finance Authority, RB, Water & Sewer System, Fiscal 2009, Series A:
5.75%, 06/15/18^(b)		159		159,223
5.75%, 06/15/40		531		532,450


Security	Par (000)		Value
New York (continued)
City of New York New York Municipal Water Finance Authority, Refunding RB, Water & Sewer System, 2nd General Resolution, Series FF-2, 5.50%, 06/15/40	$	810	$	842,495
City of New York New York Water & Sewer System, Refunding RB, 2nd General Resolution, Fiscal 2013, Series CC, 5.00%, 06/15/47		4,000		4,389,991
Hudson Yards Infrastructure Corp., RB, Fiscal 2012, Series A, 5.75%, 02/15/47^(j)		1,750		1,910,041
New York Liberty Development Corp., ARB, 1 World Trade Center Port Authority Consolidated Bonds, 5.25%, 12/15/43		4,500		4,902,534
State of New York Dormitory Authority, RB, State University Dormitory Facilities, New York University, Series A, 5.00%, 07/01/18^(b)		3,359		3,374,163
State of New York Thruway Authority, Refunding RB, Transportation, Personal Income Tax, Series A, 5.00%, 03/15/31		2,360		2,563,178

				20,352,883
Texas — 3.5%
Aldine Independent School District, GO, Refunding (PSF-GTD), 5.00%, 02/15/42		2,609		2,961,742
City of Houston Texas Community College, GO, 4.00%, 02/15/43		2,160		2,192,832
City of San Antonio Texas Electric and Gas Systems, RB, Junior Lien, 5.00%, 02/01/43		2,380		2,567,990
San Antonio Public Facilities Corp., Refunding RB, Convention Center Refinancing And Expansion Project, 4.00%, 09/15/42		1,409		1,420,920

				9,143,484

Total Municipal Bonds Transferred to Tender Option Bond Trusts — 26.3% (Cost — $67,997,989)				68,950,245


Total Investments — 164.0% (Cost — $406,691,168)				430,125,463
Liabilities in Excess of Other Assets — (0.3)%				(826,187	)
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (15.7)%				(41,201,613	)
VMTP Shares, at Liquidation Value — (48.0)%				(125,900,000	)

Net Assets Applicable to Common Shares — 100.0%			$	262,197,663

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

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

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

^(d)	Zero-coupon bond.

^(e)	When-issued security.

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

^(g)	Non-income producing security.

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

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

^(j)

All or a portion of security is subject to a recourse agreement. The aggregate maximum potential amount the Trust could ultimately be required to pay under the agreements, which expire between February 15, 2019 to January 1, 2026 is $3,965,769. See Note 4 of the Notes to Financial Statements for details.


20		2018 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

April 30, 2018

BlackRock Investment Quality Municipal Trust, Inc. (BKN)

During the year ended April 30, 2018, investments in issuers considered to be an affiliate of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:


Affiliated	Shares Held at 04/30/17		Net Activity			Shares Held at 04/30/18		Value at 04/30/18		Income		Net Realized Gain (Loss) ^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds, MuniCash, Institutional Class		6,238,321		(6,238,321	)		—	$	—	$	35,357	$	1,979	$	—

^(a)

Includes net capital gain distributions, if applicable.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Short Contracts:
Long U.S. Treasury Bond		105		06/20/18	$	15,104	$	(26,548	)
10-Year U.S. Treasury Note		43		06/20/18		5,144		22,128
5-Year U.S. Treasury Note		13		06/29/18		1,476		2,817

							$	(1,603	)

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)	$	—	$	—	$	—	$	—	$	24,945	$	—	$	24,945

Liabilities — Derivative Financial Instruments
Futures contracts
Net unrealized appreciation^(a)	$	—	$	—	$	—	$	—	$	26,548	$	—	$	26,548

^(a)

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

For the year ended April 30, 2018, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—	$	—	$	—	$	1,191,335	$	—	$	1,191,335

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	—	$	—	$	396,572	$	—	$	396,572

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — short	$	26,716,904

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)

April 30, 2018

BlackRock Investment Quality Municipal Trust, Inc. (BKN)

Fair Value Hierarchy as of Period End

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

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


	Level 1			Level 2		Level 3		Total
Assets:
Investments:
Long-Term Investments^(a)	$	—		$	430,125,463	$	—	$	430,125,463

Total	$	—		$	430,125,463	$	—	$	430,125,463

Derivative Financial Instruments^(b)
Assets:
Interest rate contracts	$	24,945		$	—	$	—	$	24,945
Liabilities:
Interest rate contracts		(26,548	)		—		—		(26,548	)

	$	(1,603	)	$	—	$	—	$	(1,603	)

^(a)

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

^(b)

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

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


	Level 1		Level 2			Level 3		Total
Liabilities:
TOB Trust Certificates	$	—	$	(41,042,892	)	$	—	$	(41,042,892	)
VMTP Shares at Liquidation Value		—		(125,900,000	)		—		(125,900,000	)

	$	—	$	(166,942,892	)	$	—	$	(166,942,892	)

During the year ended April 30, 2018, there were no transfers between levels.

See notes to financial statements.


22		2018 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments

April 30, 2018

BlackRock Long-Term Municipal Advantage Trust (BTA)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Municipal Bonds — 131.4%

Alabama — 1.2%
County of Jefferson Alabama Sewer, Refunding RB, Sub-Lien, Series D, 6.00%, 10/01/42	$	1,655	$	1,902,638

Alaska — 0.6%
Northern Tobacco Securitization Corp., Refunding RB, Tobacco Settlement, Asset-Backed, Series A, 5.00%, 06/01/46		1,000		997,560

Arizona — 3.2%
Arizona IDA, Refunding RB, Series A^(a):
Basis Schools, Inc. Projects, 5.13%, 07/01/37		360		371,977
Basis Schools, Inc. Projects, 5.38%, 07/01/50		925		959,243
Odyssey Preparatory Academy Project, 5.50%, 07/01/52		725		708,557
City of Phoenix Arizona IDA, RB, Series A:
Facility, Eagle College Preparatory Project, 5.00%, 07/01/33		870		885,965
Legacy Traditional Schools Projects, 5.00%, 07/01/46^(a)		1,255		1,280,200
City of Phoenix Arizona IDA, Refunding RB, Basis Schools, Inc. Projects, Series A^(a):
5.00%, 07/01/35		125		128,168
5.00%, 07/01/46		135		137,267
Salt Verde Financial Corp., RB, Senior, 5.00%, 12/01/37		725		846,575

				5,317,952
California — 11.3%
California Health Facilities Financing Authority, RB:
St. Joseph Health System, Series A, 5.75%, 07/01/39		385		402,063
Sutter Health, Series B, 6.00%, 08/15/20^(b)		1,040		1,135,649
California Health Facilities Financing Authority, Refunding RB, Catholic Healthcare West, Series A, 6.00%, 07/01/19^(b)		680		712,728
California Municipal Finance Authority, RB, Senior, Caritas Affordable Housing, Inc. Projects, S/F Housing, Series A:
5.25%, 08/15/39		70		76,359
5.25%, 08/15/49		175		189,670
City & County of San Francisco California Redevelopment Agency, Tax Allocation Bonds, Mission Bay South Redevelopment Project, Series D, 0.00%, 08/01/31^(a)(c)		1,265		655,068
City of Los Angeles California Department of Airports, Refunding ARB, Los Angeles International Airport, Series A:
Senior, 5.00%, 05/15/40		2,045		2,171,013
5.25%, 05/15/39		270		279,291
City of Stockton California Public Financing Authority, RB, Delta Water Supply Project, Series A, 6.25%, 10/01/38		165		193,317
County of California Tobacco Securitization Agency, Refunding RB, Golden Gate Tobacco Funding Corp., Series A, 5.00%, 06/01/47		140		137,259
County of Los Angeles California Tobacco Securitization Agency, RB, Asset-Backed, Los Angeles County Securitization Corp.:
5.70%, 06/01/46		1,000		1,002,770
5.60%, 06/01/36		2,000		2,022,480
Golden State Tobacco Securitization Corp., Refunding RB, Asset-Backed, Senior Series A-1, 5.75%, 06/01/47		1,000		1,028,720
San Diego Tobacco Settlement Revenue Funding Corp., Refunding RB, Series C, 4.00%, 06/01/32		795		803,658
San Marcos Unified School District, GO, CAB, SAN, Election of 2010, Series B, 0.00%, 08/01/38^(c)		3,725		1,683,886
State of California, GO, Various Purposes:
6.50%, 04/01/33^(b)		1,085		1,130,798
6.50%, 04/01/33		915		953,704
State of California Public Works Board, LRB, Various Capital Projects:
Series I, 5.00%, 11/01/38		355		394,728
Sub-Series I-1, 6.38%, 11/01/19^(b)		400		427,284


Security	Par (000)		Value
California (continued)
Tobacco Securitization Authority of Southern California, Refunding RB, Tobacco Settlement, Asset-Backed, Senior Series A-1:
5.00%, 06/01/37	$	2,150	$	2,156,192
5.13%, 06/01/46		1,005		1,006,719

				18,563,356
Colorado — 5.2%
Centerra Metropolitan District No. 1, Tax Allocation Bonds, 5.00%, 12/01/47^(a)		275		278,446
Colorado Health Facilities Authority, Refunding RB, Series A:
Sisters of Charity of Leavenworth Health System, 5.00%, 01/01/40		3,940		4,102,052
Sunny Vista Living Center Project, 6.13%, 12/01/45^(a)		160		167,931
Sunny Vista Living Center Project, 6.25%, 12/01/50^(a)		520		546,182
Colorado International Center Metropolitan District No. 14, GOL, 5.88%, 12/01/46		725		752,391
Denver Convention Center Hotel Authority, Refunding RB, 5.00%, 12/01/40		1,550		1,688,616
Table Mountain Metropolitan District, GO, Series A, 5.25%, 12/01/45		1,000		1,037,080

				8,572,698
Connecticut — 0.9%
Connecticut Housing Finance Authority, Refunding RB, Sub-Series B-1, 4.00%, 05/15/45^(d)		575		577,162
Mohegan Tribe of Indians of Connecticut, Refunding RB, Public Improvement, Priority Distribution, Series C, 6.25%, 02/01/30^(a)		860		928,370

				1,505,532
Delaware — 1.9%
County of Sussex Delaware, RB, NRG Energy, Inc., Indian River Power LLC Project, 6.00%, 10/01/40		750		791,483
State of Delaware EDA, RB, Exempt Facilities, Indian River Power LLC Project, 5.38%, 10/01/45		2,240		2,322,902

				3,114,385
District of Columbia — 1.4%
District of Columbia, Refunding RB, Kipp Charter School, Series A, 6.00%, 07/01/43^(b)		260		305,609
District of Columbia, Tax Allocation Bonds, City Market at O Street Project, 5.13%, 06/01/41		750		801,338
Metropolitan Washington Airports Authority, Refunding RB, Dulles Toll Road, 1st Senior Lien, Series A:
5.00%, 10/01/39		170		175,984
5.25%, 10/01/44		1,000		1,038,230

				2,321,161
Florida — 4.4%
Capital Region Community Development District, Refunding, Special Assessment, Capital Improvement:
Revenue Bond, Series A-1, 5.13%, 05/01/39		210		208,931
Series A-2, 4.60%, 05/01/31		515		514,598
County of Miami-Dade Florida Water & Sewer System Revenue, RB, Water & Sewer System, 5.00%, 10/01/20^(b)		1,950		2,087,163
Florida Development Finance Corp., RB, Solid Waste Disposal Facility, Waste Pro USA, Inc. Project, AMT, 5.00%, 08/01/29^(a)(e)		740		766,551
Lakewood Ranch Stewardship District Special Assessment Bonds, Village of Lakewood Ranch Sector Projects:
4.00%, 05/01/21		100		100,926
4.25%, 05/01/26		100		101,389
5.13%, 05/01/46		400		412,300
Mid-Bay Florida Bridge Authority, RB, Springing Lien, Series A, 7.25%, 10/01/21^(b)		1,080		1,253,761


SCHEDULES OF INVESTMENTS			23

Schedule of Investments (continued)

April 30, 2018

BlackRock Long-Term Municipal Advantage Trust (BTA)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Florida (continued)
Tolomato Community Development District, Refunding, Special Assessment Bonds^(f):
Convertible CAB, Series A3, 0.00%, 05/01/40	$	225	$	212,881
Convertible CAB, Series A4, 0.00%, 05/01/40		120		95,188
Series 2015-2, 0.00%, 05/01/40		310		203,134
Tolomato Community Development District:
Series 1, 0.00%, 05/01/40^(f)		505		402,202
Series 1, 6.65%, 05/01/40^(g)(h)		15		14,497
Series 3, 6.61%, 05/01/40^(g)(h)		340		3
Series 3, 6.65%, 05/01/40^(g)(h)		275		3
Village Community Development District No.10, Special Assessment Bonds, 5.13%, 05/01/43		795		876,782

				7,250,309
Georgia — 0.2%
County of Gainesville Georgia & Hall Hospital Authority, Refunding RB, Northeast Georgia Health System, Inc. Project, Series A, 5.50%, 08/15/54		240		274,049

Guam — 0.1%
Territory of Guam, GO, Series A, 6.00%, 11/15/19		85		87,251

Illinois — 13.2%
Chicago Board of Education, GO, Dedicated Revenues, Series H, 5.00%, 12/01/36		935		930,484
Chicago Board of Education, GO, Refunding, Dedicated Revenues:
Series F, 5.00%, 12/01/22		325		342,784
Series C, 5.00%, 12/01/27		415		428,703
Series C, 5.00%, 12/01/34		940		938,910
City of Chicago Illinois, GO, Refunding, Series A:
6.00%, 01/01/38		595		657,511
Project, 5.25%, 01/01/32		1,090		1,128,204
City of Chicago Illinois O’Hare International Airport, GARB, 3rd Lien, Series A:
5.75%, 01/01/21^(b)		2,100		2,296,350
5.75%, 01/01/39		400		433,608
City of Chicago Illinois Transit Authority, RB, Sales Tax Receipts, 5.25%, 12/01/40		360		383,890
County of Cook Illinois Community College District No. 508, GO, City College of Chicago, 5.50%, 12/01/38		350		367,619
Illinois Finance Authority, RB:
Advocate Health Care Network, Series C, 5.38%, 04/01/19^(b)		870		897,327
Advocate Health Care Network, Series C, 5.38%, 04/01/19^(b)		975		1,005,625
Chicago LLC, University of Illinois at Chicago Project, Series A, 5.00%, 02/15/47		145		153,262
Chicago LLC, University of Illinois at Chicago Project, Series A, 5.00%, 02/15/50		1,275		1,342,651
Illinois Finance Authority, Refunding RB:
Central Dupage Health, Series B, 5.50%, 11/01/19^(b)		550		578,589
Presence Health Network, Series C, 5.00%, 02/15/41		1,500		1,643,880
Metropolitan Pier & Exposition Authority, RB, McCormick Place Expansion Project, Series A, 5.50%, 06/15/53		200		212,108
Metropolitan Pier & Exposition Authority, Refunding RB:
McCormick Place Expansion Project, Series B (AGM), 5.00%, 06/15/50		1,790		1,864,428
McCormick Place Expansion Project, Series B-2, 5.00%, 06/15/50		1,400		1,418,732
McCormick Place Expansion Project, Series B, 5.00%, 06/15/52		225		231,593
State of Illinois, GO:
5.00%, 05/01/27		500		514,070
5.00%, 01/01/28		1,005		1,039,180


Security	Par (000)		Value
Illinois (continued)
5.00%, 03/01/37	$	745	$	750,625
Series A, 5.00%, 01/01/33		555		561,066
State of Illinois, RB, Build Illinois, Series B, 5.25%, 06/15/19^(b)		215		223,032
State of Illinois Toll Highway Authority, RB, Series A, 5.00%, 01/01/38		815		888,016
University of Illinois, RB, Auxiliary Facilities System, Series A, 5.00%, 04/01/44		475		509,342

				21,741,589
Indiana — 6.3%
City of Valparaiso Indiana, RB, Exempt Facilities, Pratt Paper LLC Project, AMT:
6.75%, 01/01/34		365		426,061
7.00%, 01/01/44		885		1,038,371
City of Vincennes Indiana, Refunding RB, Southwest Indiana Regional Youth Village Project, 6.25%, 01/01/29^(a)		1,095		1,088,999
County of Allen Indiana, RB, StoryPoint Fort Wayne Project, Series A-1^(a):
6.63%, 01/15/34		135		143,649
6.75%, 01/15/43		200		212,538
6.88%, 01/15/52		560		596,294
Indiana Finance Authority, RB, Series A:
CWA Authority Project, 1st Lien, 5.25%, 10/01/38		1,285		1,401,241
Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.00%, 07/01/44		160		170,384
Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.00%, 07/01/48		520		552,240
Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.25%, 01/01/51		2,190		2,348,118
Sisters of St. Francis Health Services, 5.25%, 11/01/19^(b)		290		304,010
Indiana Finance Authority, Refunding RB, Parkview Health System, Series A:
5.75%, 05/01/19^(b)		495		513,236
5.75%, 05/01/31		105		109,017
Indiana Municipal Power Agency, RB, Series B, 6.00%, 01/01/19^(b)		350		359,552
Indianapolis Local Public Improvement Bond Bank, RB, Series A, 5.00%, 01/15/40		445		488,868
Town of Chesterton Indiana, RB, StoryPoint Chesterton Project, Series A-1, 6.38%, 01/15/51^(a)		560		577,455

				10,330,033
Iowa — 1.2%
Iowa Finance Authority, Refunding RB, Iowa Fertilizer Co. Project:
Series B, 5.25%, 12/01/50^(e)		825		866,506
Midwestern Disaster Area, 5.50%, 12/01/22		5		5,073
Midwestern Disaster Area, 5.25%, 12/01/25		660		702,233
Iowa Student Loan Liquidity Corp., Refunding RB, Student Loan, Senior Series A-1, AMT, 5.15%, 12/01/22		440		453,855

				2,027,667
Kentucky — 0.6%
Kentucky Economic Development Finance Authority, RB, Catholic Health Initiatives, Series A, 5.25%, 01/01/45		450		478,017
Kentucky Public Transportation Infrastructure Authority, RB, Downtown Crossing Project, Convertible CAB, 1st Tier, Series C, 0.00%, 07/01/43^(f)		565		522,145

				1,000,162
Louisiana — 2.3%
Louisiana Local Government Environmental Facilities & Community Development Authority, RB, Westlake Chemical Corp. Project, Series A-1, 6.50%, 11/01/35		1,135		1,249,465


24		2018 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

April 30, 2018

BlackRock Long-Term Municipal Advantage Trust (BTA)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Louisiana (continued)
Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, Series A:
5.50%, 05/15/30	$	350	$	373,089
5.25%, 05/15/31		300		322,425
5.25%, 05/15/32		380		412,722
5.25%, 05/15/33		415		447,295
5.25%, 05/15/35		945		1,022,103

				3,827,099
Maine — 0.6%
Maine Health & Higher Educational Facilities Authority, RB, Maine General Medical Center, 6.75%, 07/01/41		970		1,048,172

Maryland — 1.0%
Maryland EDC, RB, Transportation Facilities Project, Series A, 5.75%, 06/01/20^(b)		970		1,043,128
Maryland EDC, Refunding RB, CNX Marine Terminals, Inc., 5.75%, 09/01/25		645		672,909

				1,716,037
Massachusetts — 4.6%
Massachusetts Development Finance Agency, RB:
Emerson College Issue, Series A, 5.00%, 01/01/47		860		926,977
Boston Medical Center, Series D, 5.00%, 07/01/44		1,000		1,071,350
North Hill Communities Issue, Series A, 6.50%, 11/15/23^(a)(b)		1,000		1,209,040
UMass Boston Student Housing Project, 5.00%, 10/01/48		945		1,018,918
Massachusetts Development Finance Agency, Refunding RB, Emmanuel College Issue, Series A, 5.00%, 10/01/35		500		545,105
Massachusetts HFA, Refunding RB, Series A, AMT:
4.45%, 12/01/42		645		666,491
4.50%, 12/01/47		2,135		2,204,857

				7,642,738
Michigan — 1.5%
City of Detroit Michigan Sewage Disposal System, Refunding RB, Senior Lien, Series A, 5.25%, 07/01/39		1,970		2,106,344
Michigan Finance Authority, Refunding RB, Detroit Water & Sewage Department Project, Senior Lien, Series C-1, 5.00%, 07/01/44		410		443,357

				2,549,701
Minnesota — 0.5%
City of Brooklyn Park Minnesota, RB, Athlos Leadership Academy Project, Series A, 5.75%, 07/01/46		180		180,088
Housing & Redevelopment Authority of The City of State Paul Minnesota, Refunding RB, Hmong College Academy Project, Series A, 5.50%, 09/01/36		690		721,347

				901,435
Missouri — 0.9%
Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Refunding RB, Combined Lien, Series A, 5.00%, 10/01/44		85		93,342
City of St. Louis Missouri IDA, Refunding RB, BallPark Village Development Project, Series A:
4.38%, 11/15/35		330		335,049
4.75%, 11/15/47		365		371,143
Health & Educational Facilities Authority of the State of Missouri, RB, SSM Health, Series A, 4.00%, 06/01/48^(d)		530		529,979
State of Missouri Health & Educational Facilities Authority, Refunding RB, St. Louis College of Pharmacy Project, 5.50%, 05/01/43		115		123,335

				1,452,848


Security	Par (000)		Value
Nebraska — 0.2%
Central Plains Nebraska Energy Project, RB, Gas Project No. 3, 5.25%, 09/01/37	$	285	$	313,158

Nevada — 1.1%
County of Clark Nevada, GOL, Stadium Improvement, Series A, 5.00%, 06/01/43^(d)		1,550		1,767,217

New Jersey — 6.7%
Casino Reinvestment Development Authority, Refunding RB:
5.25%, 11/01/39		475		503,277
5.25%, 11/01/44		1,160		1,229,310
County of Essex New Jersey Improvement Authority, RB, AMT, 5.25%, 07/01/45^(a)		505		509,686
New Jersey EDA, RB, Continental Airlines, Inc. Project, AMT, 5.13%, 09/15/23		1,410		1,522,053
New Jersey EDA, Refunding RB, Series BBB, 5.50%, 06/15/31		1,225		1,383,515
New Jersey EDA, Refunding, Special Assessment Bonds, Kapkowski Road Landfill Project, 5.75%, 04/01/31		785		869,301
New Jersey Transportation Trust Fund Authority, RB:
Transportation Program, Series AA, 5.00%, 06/15/45		585		612,782
Transportation System, Series B, 5.25%, 06/15/36		845		878,665
Tobacco Settlement Financing Corp., Refunding RB:
Series A, 5.00%, 06/01/36		530		584,235
Series A, 5.00%, 06/01/46		1,700		1,835,439
Series A, 5.25%, 06/01/46		650		721,909
Sub-Series B, 5.00%, 06/01/46		420		440,672

				11,090,844
New York — 29.1%
City of New York New York Water & Sewer System, Refunding RB, 2nd General Resolution, Series HH, 5.00%, 06/15/31		2,830		3,064,013
Counties of New York Tobacco Trust IV, Refunding RB, Settlement Pass-Through Turbo, Series A:
6.25%, 06/01/41^(a)		900		937,260
5.00%, 06/01/42		1,505		1,482,154
5.00%, 06/01/45		555		540,520
Counties of New York Tobacco Trust VI, Refunding RB, Tobacco Settlement Pass-Through, Series A-2B, 5.00%, 06/01/51		1,000		1,038,330
County of Dutchess New York Industrial Development Agency, Refunding RB, Bard College Civic Facility, Series A-1, 5.00%, 08/01/46		1,500		1,419,660
Erie Tobacco Asset Securitization Corp., Refunding RB, Asset-Backed, Series A, 5.00%, 06/01/45		910		890,144
Hudson Yards Infrastructure Corp., RB, Senior, Fiscal 2012:
5.75%, 02/15/21^(b)		4,030		4,436,264
5.75%, 02/15/47		2,480		2,681,574
Metropolitan Transportation Authority, RB, Series B:
5.25%, 11/15/38		1,125		1,269,090
5.25%, 11/15/39		400		450,996
New York Liberty Development Corp., RB, World Trade Center Port Authority Consolidated, 5.25%, 12/15/43		6,140		6,698,433
New York Liberty Development Corp., Refunding RB:
2nd Priority, Bank of America Tower at One Bryant Park Project, Class 3, 6.38%, 07/15/49		420		444,272
3 World Trade Center Project, Class 1, 5.00%, 11/15/44^(a)		2,355		2,474,022
3 World Trade Center Project, Class 2, 5.15%, 11/15/34^(a)		160		174,088
3 World Trade Center Project, Class 2, 5.38%, 11/15/40^(a)		395		430,226
4 World Trade Center Project, 5.75%, 11/15/51		2,220		2,461,114


SCHEDULES OF INVESTMENTS			25

Schedule of Investments (continued)

April 30, 2018

BlackRock Long-Term Municipal Advantage Trust (BTA)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
New York (continued)
New York Transportation Development Corp., ARB, LaGuardia Airport Terminal B Redevelopment Project, Series A, AMT, 5.25%, 01/01/50	$	1,000	$	1,081,240
New York Transportation Development Corp., Refunding ARB, American Airlines, Inc., AMT, 5.00%, 08/01/26		1,275		1,345,597
Port Authority of New York & New Jersey, ARB, Special Project, JFK International Air Terminal LLC Project, Series 8, 6.00%, 12/01/42		730		798,240
State of New York Dormitory Authority, RB, Series B, 5.75%, 03/15/19^(b)		11,250		11,635,312
State of New York Dormitory Authority, Refunding RB, Orange Regional Medical Center, 5.00%, 12/01/33^(a)		455		493,311
Westchester New York Tobacco Asset Securitization, Refunding RB, Tobacco Settlement Bonds, Sub-Series C, 4.00%, 06/01/42		1,750		1,692,093

				47,937,953
North Carolina — 0.5%
North Carolina Medical Care Commission, RB, Health Care Facilities, Duke University Health System, Series A, 5.00%, 06/01/19^(b)		480		496,306
North Carolina Medical Care Commission, Refunding RB, 1st Mortgage, Retirement Facilities Whitestone Project, Series A, 7.75%, 03/01/21^(b)		260		298,836

				795,142
Ohio — 4.6%
Buckeye Tobacco Settlement Financing Authority, RB, Asset-Backed, Senior Turbo Term, Series A-2:
5.75%, 06/01/34		2,295		2,274,460
5.88%, 06/01/47		1,100		1,099,989
County of Allen Ohio Hospital Facilities Revenue, Refunding RB, Catholic Healthcare Partners, Series A, 5.25%, 06/01/20^(b)		2,650		2,822,939
State of Ohio, RB, Portsmouth Bypass Project, AMT, 5.00%, 06/30/53		1,220		1,329,324

				7,526,712
Oklahoma — 3.3%
Oklahoma Development Finance Authority, RB:
OU Medicine Project, Series B, 5.00%, 08/15/38		1,450		1,577,585
OU Medicine Project, Series B, 5.25%, 08/15/43		1,305		1,436,753
Provident Oklahoma Education Resources, Inc., Cross Village Student Housing Project, Series A, 5.25%, 08/01/57		1,290		1,375,501
Tulsa County Industrial Authority, Refunding RB, Montereau, Inc. Project, 5.25%, 11/15/45		925		1,013,939

				5,403,778
Oregon — 0.2%
County of Clackamas Oregon School District No. 12 North Clackamas, GO, CAB, Series A, 0.00%, 06/15/38^(c)		625		269,881

Pennsylvania — 3.1%
Allentown Neighborhood Improvement Zone Development Authority, RB, City Center Project, 5.00%, 05/01/42^(a)		470		497,570
City of Philadelphia Pennsylvania Hospitals & Higher Education Facilities Authority, RB, Temple University Health System, Series A, 5.63%, 07/01/42		300		324,246
Commonwealth Financing Authority, RB, Tobacco Master Settlement Payment, 5.00%, 06/01/32		485		544,582
County of Montgomery Higher Education & Health Authority, Refunding RB, Thomas Jefferson University, Series A, 4.00%, 09/01/49^(d)		660		649,533
Pennsylvania Economic Development Financing Authority, RB, Pennsylvania Bridge Finco LP, 5.00%, 12/31/38		465		500,773


Security	Par (000)		Value
Pennsylvania (continued)
Pennsylvania Economic Development Financing Authority, Refunding RB, National Gypsum Co., AMT, 5.50%, 11/01/44	$	720	$	756,864
Pennsylvania Housing Finance Agency, RB, S/F Housing Mortgage, Series 123-B, 4.00%, 10/01/42		1,200		1,210,224
Pennsylvania Turnpike Commission, RB, Series A, 5.00%, 12/01/44		520		565,796

				5,049,588
Puerto Rico — 1.1%
Children’s Trust Fund, Refunding RB, Tobacco Settlement Asset-Backed Bonds:
5.50%, 05/15/39		40		39,026
5.63%, 05/15/43		1,860		1,778,736

				1,817,762
Rhode Island — 2.7%
Rhode Island Student Loan Authority, Refunding RB, Senior-Series A, AMT, 3.50%, 12/01/34^(d)		655		653,624
Tobacco Settlement Financing Corp., Refunding RB:
Series A, 5.00%, 06/01/40		420		445,662
Series B, 4.50%, 06/01/45		1,875		1,894,200
Series B, 5.00%, 06/01/50		1,360		1,393,334

				4,386,820
South Carolina — 1.2%
State of South Carolina Public Service Authority, RB, Santee Cooper, Series A, 5.50%, 12/01/54		1,840		2,008,342

Tennessee — 0.7%
County of Memphis-Shelby Tennessee Industrial Development Board, Refunding, Tax Allocation Bonds, Senior Tax Increment, Graceland Project, Series A:
5.50%, 07/01/37		490		520,380
5.63%, 01/01/46		570		603,197

				1,123,577
Texas — 7.4%
Central Texas Regional Mobility Authority, Refunding RB, Senior Lien, 6.25%, 01/01/21^(b)		730		805,664
City of Dallas Texas Waterworks & Sewer System Revenue, Refunding RB:
5.00%, 10/01/20^(b)		240		256,293
5.00%, 10/01/35		285		303,448
City of Houston Texas Airport System, Refunding ARB, Senior Lien, Series A, 5.50%, 07/01/39		250		251,460
County of Harris Texas Cultural Education Facilities Finance Corp., RB, 1st Mortgage, Brazos Presbyterian Homes, Inc. Project, Series B, 7.00%, 01/01/23^(b)		210		252,271
County of Matagorda Texas Navigation District No. 1, Refunding RB, Central Power & Light Co., Project, Series A, 6.30%, 11/01/29		700		747,691
County of Midland Texas Fresh Water Supply District No. 1, RB, CAB, City of Midland Projects, Series A, 0.00%, 09/15/37^(c)		5,200		2,282,124
County of Tarrant Texas Cultural Education Facilities Finance Corp., RB, Scott & White Healthcare^(b):
6.00%, 08/15/20		105		114,238
6.00%, 08/15/20		1,285		1,399,558
Harris County-Houston Sports Authority, Refunding RB, CAB, Series A (AGM) (NPFGC), 0.00%, 11/15/34^(c)		3,000		1,481,070
Mission Texas Economic Development Corp., RB, Senior Lien, Natural Gasoline Project, Series B, AMT, 5.75%, 10/01/31^(a)		875		908,285
Newark Higher Education Finance Corp., RB, Series A^(a):
5.50%, 08/15/35		135		139,485
5.75%, 08/15/45		275		285,571


26		2018 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

April 30, 2018

BlackRock Long-Term Municipal Advantage Trust (BTA)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Texas (continued)
San Antonio Water System, Refunding RB, Junior Lien, Series A, 5.00%, 05/15/48^(d)	$	1,230	$	1,398,387
Texas Private Activity Bond Surface Transportation Corp., RB, Senior Lien:
Blueridge Transportation Group, AMT, 5.00%, 12/31/55		1,025		1,100,430
LBJ Infrastructure Group LLC, 7.00%, 06/30/40		500		548,690

				12,274,665
Utah — 1.1%
City of Riverton Utah, RB, IHC Health Services, Inc., 5.00%, 08/15/41		1,815		1,882,337

Virginia — 2.9%
Ballston Quarter Community Development Authority, Tax Allocation Bonds, Series A:
5.00%, 03/01/26		260		267,758
5.13%, 03/01/31		510		529,217
Tobacco Settlement Financing Corp., Refunding RB, Senior Series B-1, 5.00%, 06/01/47		1,025		1,010,148
Virginia College Building Authority, RB, Marymount University Project, Series B, 5.00%, 07/01/45^(a)		240		251,155
Virginia HDA, RB, Rental Housing, Series F, 5.00%, 04/01/45		1,000		1,032,100
Virginia Small Business Financing Authority, RB, Senior Lien, Elizabeth River Crossings OpCo LLC Project, AMT, 6.00%, 01/01/37		1,540		1,713,758

				4,804,136
Washington — 0.9%
Port of Seattle Washington, RB, Intermediate Lien, Series C, AMT, 5.00%, 04/01/40		350		377,416
Washington Health Care Facilities Authority, RB, Catholic Health Initiatives, Series A, 5.75%, 01/01/45		1,020		1,111,953

				1,489,369
Wisconsin — 1.5%
Public Finance Authority, RB, Series A:
Alabama Proton Therapy Center, 6.25%, 10/01/31^(a)		290		282,039
Alabama Proton Therapy Center, 7.00%, 10/01/47^(a)		290		292,358
5.00%, 12/01/45		825		861,448
5.15%, 12/01/50		555		581,202
Public Finance Authority, Refunding RB, Celanese Project:
Series C, AMT, 4.30%, 11/01/30		200		203,798
Series D, 4.05%, 11/01/30		200		203,836

				2,424,681

Total Municipal Bonds — 131.4% (Cost — $206,164,913)				216,510,334


Municipal Bonds Transferred to Tender Option Bond Trusts — 36.5% (i)

California — 3.7%
Bay Area Toll Authority, Refunding RB, San Francisco Bay Area, Series F-1, 5.63%, 04/01/44^(b)		1,090		1,128,823
California Educational Facilities Authority, RB, University of Southern California, Series B, 5.25%, 10/01/39^(b)(j)		840		851,849
City of Los Angeles California Department of Airports, ARB, Los Angeles International Airport, Series B, AMT, 5.00%, 05/15/46		2,700		2,992,734
Sacramento Area Flood Control Agency, Refunding, Consolidated Capital Assessment District No. 2 Bonds, 5.00%, 10/01/47		495		561,715
San Diego California Community College District, GO, Election of 2002, 5.25%, 08/01/33^(b)		553		576,907

				6,112,028


Security	Par (000)		Value
Colorado — 0.5%
Colorado Health Facilities Authority, Refunding RB, Catholic Health Initiatives, Series A, 5.50%, 07/01/34^(j)	$	740	$	763,229

Georgia — 0.6%
County of Dalton Whitfield Joint Development Authority, RB, Hamilton Health Care System Obligation, 4.00%, 08/15/48		1,025		1,024,949

Idaho — 1.3%
Idaho State Building Authority, RB, State Office Campus Project, Series A, 4.00%, 09/01/48		2,120		2,186,621

Illinois — 2.6%
Illinois Finance Authority, RB, The Carle Foundation, Series A (AGM), 6.00%, 08/15/41		2,340		2,582,822
State of Illinois Toll Highway Authority, RB, Series C, 5.00%, 01/01/38		1,498		1,642,512

				4,225,334
Massachusetts — 4.6%
Massachusetts School Building Authority, RB, Senior, Series B, 5.00%, 10/15/41		7,112		7,656,058

New Hampshire — 0.4%
New Hampshire Health & Education Facilities Authority, RB, Dartmouth College, 5.25%, 06/01/39^(b)(j)		660		683,526

New York — 2.4%
City of New York New York Municipal Water Finance Authority, Refunding RB, Water & Sewer System, 2nd General Resolution, Series FF-2, 5.50%, 06/15/40		495		514,858
Metropolitan Transportation Authority, Refunding RB, Series C-1, 5.25%, 11/15/56		1,860		2,095,304
Port Authority of New York & New Jersey, Refunding ARB, 194th Series, 5.25%, 10/15/55		1,215		1,359,832

				3,969,994
North Carolina — 0.8%
North Carolina Capital Facilities Finance Agency, Refunding RB, Duke University Project, Series B, 5.00%, 10/01/55		1,180		1,314,732

Ohio — 2.9%
State of Ohio, Refunding RB, Cleveland Clinic Health System Obligated Group, Series A, 5.50%, 01/01/39^(b)		4,634		4,744,676

Pennsylvania — 1.2%
Pennsylvania Turnpike Commission, RB, Sub-Series A, 5.50%, 12/01/42		1,680		1,913,139

Rhode Island — 1.5%
Rhode Island Health & Educational Building Corp., RB, Series A, 4.00%, 09/15/47		2,447		2,476,005

Texas — 9.3%
City of San Antonio Texas Electric and Gas Systems, RB, Junior Lien, 5.00%, 02/01/43		11,000		11,868,863
County of Harris Texas, RB, Toll Road, Senior Lien, Series A, 5.00%, 08/15/38^(b)(j)		2,122		2,195,592
County of Harris Texas Metropolitan Transit Authority, Refunding RB, Series A, 5.00%, 11/01/41		1,170		1,262,898

				15,327,353
Virginia — 3.5%
Hampton Roads Transportation Accountability Commission, RB, Transportation Fund, Senior Lien, Series A, 5.50%, 07/01/57^(j)		2,224		2,629,801
Virginia Small Business Financing Authority, Refunding RB, Sentara Healthcare, 5.00%, 11/01/40		2,949		3,102,462

				5,732,263


SCHEDULES OF INVESTMENTS			27

Schedule of Investments (continued)

April 30, 2018

BlackRock Long-Term Municipal Advantage Trust (BTA)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Wisconsin — 1.2%
Wisconsin Health & Educational Facilities Authority, Refunding RB, Froedtert & Community Health, Inc., Obligated Group, Series C, 5.25%, 04/01/39^(b)(j)	$	1,989	$	2,050,711

Total Municipal Bonds Transferred to Tender Option Bond Trusts — 36.5% (Cost — $58,551,726)				60,180,618

Total Long-Term Investments — 167.9% (Cost — $264,716,639)				276,690,952


	Shares
Short-Term Securities — 1.4%
BlackRock Liquidity Funds, MuniCash, Institutional Class, 1.48%^(k)(l)		2,374,394		2,374,394

Total Short-Term Securities — 1.4% (Cost — $2,374,394)				2,374,394


Total Investments — 169.3% (Cost — $267,091,033)				279,065,346
Liabilities in Excess of Other Assets — (1.5)%				(2,554,102	)
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (21.9)%				(36,142,787	)
VRDP Shares, at Liquidation Value, Net of Deferred Offering Costs — (45.9)%				(75,581,563	)

Net Assets Applicable to Common Shares — 100.0%			$	164,786,894

^(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)	When-issued security.

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

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

^(g)	Non-income producing security.

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

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

^(j)	All or a portion of security is subject to a recourse agreement. The aggregate maximum potential amount the Trust could ultimately be required to pay under the agreements, which expire between May 7, 2018 to February 15, 2031, $5,687,416. See Note 4 of the Notes to Financial Statements for details.

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

^(l)	During the year ended April 30, 2018, investments in issuers considered to be an affiliate of the Trust for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:


Affiliate	Shares Held at 04/30/17		Net Activity		Shares Held at 04/30/18		Value at 04/30/18		Income		Net Realized Gain (Loss) ^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds, MuniCash, Institutional Class		1,586,090		788,304		2,374,394	$	2,374,394	$	9,503	$	557	$	—

^(a)

Includes net capital gain distributions, if applicable.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Short Contracts:
10-Year U.S. Treasury Note		21		06/20/18	$	2,512	$	14,901
Long U.S. Treasury Bond		36		06/20/18		5,178		(74	)
5-Year U.S. Treasury Note		9		06/29/18		1,022		5,040

							$	19,867

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)	$	—	$	—	$	—	$	—	$	19,941	$	—	$	19,941


28		2018 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

April 30, 2018

BlackRock Long-Term Municipal Advantage Trust (BTA)


	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Net unrealized depreciation^(a)	$	—	$	—	$	—	$	—	$	74	$	—	$	74

^(a)

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

For the year ended April 30, 2018, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—	$	—	$	—	$	368,715	$	—	$	368,715

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	—	$	—	$	267,635	$	—	$	267,635

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — short	$	13,606,328

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

Fair Value Hierarchy as of Period End

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


	Level 1			Level 2		Level 3		Total
Assets:
Investments:
Long-Term Investments^(a)	$	—		$	276,690,952	$	—	$	276,690,952
Short-Term Securities		2,374,394			—		—		2,374,394

	$	2,374,394		$	276,690,952	$	—	$	279,065,346

Derivative Financial Instruments^(b)
Assets:
Interest rate contracts	$	19,941		$	—	$	—	$	19,941
Liabilities:
Interest rate contracts		(74	)		—		—		(74	)

	$	19,867		$	—	$	—	$	19,867

^(a)

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

^(b)

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


	Level 1		Level 2			Level 3		Total
Liabilities:
TOB Trust Certificates	$	—	$	(36,024,677	)	$	—	$	(36,024,677	)
VRDP Shares at Liquidation Value		—		(76,000,000	)		—		(76,000,000	)

	$	—	$	(112,024,677	)	$	—	$	(112,024,677	)

During the year ended April 30, 2018, there were no transfers between levels.

See notes to financial statements.


SCHEDULES OF INVESTMENTS			29

Schedule of Investments

April 30, 2018

BlackRock Municipal 2020 Term Trust (BKK)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Municipal Bonds — 98.8%

Alabama — 0.4%
Alabama 21st Century Authority Tobacco Settlement, Refunding RB, Series A, 5.00%, 06/01/20	$	1,000	$	1,067,590
Tuscaloosa City Board of Education, RB, 5.00%, 08/01/20		225		239,652

				1,307,242
Alaska — 2.0%
City of Valdez Alaska, Refunding RB, BP Pipelines Project:
Series B, 5.00%, 01/01/21		3,200		3,427,936
Series C, 5.00%, 01/01/21		2,500		2,674,050

				6,101,986
Arizona — 3.3%
City of Phoenix Arizona IDA, RB, Series A, 4.75%, 07/01/19^(a)		340		344,301
Phoenix Civic Improvement Corp., Refunding RB, Junior Lien, Series A:
5.00%, 07/01/19^(b)		5,585		5,788,462
5.00%, 07/01/20		1,300		1,385,007
Salt Verde Financial Corp., RB, Senior:
5.00%, 12/01/18		1,500		1,525,815
5.25%, 12/01/20		1,000		1,071,920

				10,115,505
California — 5.7%
California Health Facilities Financing Authority, RB, Sutter Health, Series B, 5.00%, 08/15/20^(b)		815		871,806
Los Angeles California Unified School District, GO, Series I, 5.00%, 07/01/20		3,750		3,891,937
Los Angeles Regional Airports Improvement Corp. Facilities Lease, Refunding RB, LAXFuel Corp., Los Angeles International Airport, AMT:
5.00%, 01/01/19		540		551,124
5.00%, 01/01/20		550		576,301
State of California, GO, Refunding, Various Purpose, 5.25%, 10/01/22		1,000		1,131,660
State of California Department of Water Resources, Refunding RB, Series L, 5.00%, 05/01/20		10,000		10,631,100

				17,653,928
Colorado — 1.3%
Adams & Arapahoe Joint School District 28J Aurora, GO, Refunding:
Series A, 5.00%, 12/01/20		690		743,061
Series B, 5.00%, 12/01/20		1,335		1,437,662
Centerra Metropolitan District No. 1, Tax Allocation Bonds, 2.70%, 12/01/19^(a)		493		494,942
Colorado Educational & Cultural Facilities Authority, Refunding RB, Peak to Peak Charter School Project:
4.00%, 08/15/19		125		128,494
4.00%, 08/15/20		150		156,462
Colorado Health Facilities Authority, Refunding RB, Evangelical Lutheran Good Samaritan Society Project:
4.00%, 12/01/19		555		570,512
4.00%, 12/01/20		580		603,223

				4,134,356
Florida — 4.5%
City of Jacksonville Florida, RB, Better Jacksonville, 5.00%, 10/01/18^(b)		5,160		5,227,441
County of Broward Florida School Board, COP, Series A (AGM), 5.25%, 07/01/18^(b)		1,250		1,257,125
County of Escambia Florida, RB, Gulf Power Co. Project, 1.80%, 04/01/39^(c)		2,500		2,460,100
County of Miami-Dade Florida, Refunding RB, Series A, AMT, 5.00%, 10/01/20		1,375		1,464,334


Security	Par (000)		Value
Florida (continued)
County of Miami-Dade Florida Expressway Authority, Refunding RB, Toll System, Series A, 5.00%, 07/01/20	$	500	$	531,160
Halifax Hospital Medical Center, Refunding RB, VRDN, 1.73%, 06/01/48^(c)		700		700,000
Stevens Plantation Community Development District, Special Assessment Bonds, Series B, 6.38%, 05/01/13^(d)(e)		2,980		2,086,000

				13,726,160
Georgia — 2.4%
Gainesville & Hall County Development Authority, Refunding RB, ACTS Retirement — Life Communities, Inc. Obligated Group, 5.00%, 11/15/22		6,915		7,510,243

Guam — 0.5%
Guam Government Waterworks Authority, RB, 5.25%, 07/01/20		250		262,980
Guam Power Authority, Refunding RB, Series A (AGM), 5.00%, 10/01/20		1,190		1,263,161

				1,526,141
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		1,334,147
5.00%, 11/15/20		1,440		1,542,226

				2,876,373
Illinois — 13.3%
Chicago Transit Authority, Refunding RB, 5.00%, 06/01/20		1,000		1,052,860
City of Chicago Illinois Motor Fuel Tax Revenue, Refunding RB, 5.00%, 01/01/20		1,000		1,021,230
City of Chicago Illinois Waterworks Revenue, Refunding RB, 2nd Lien (AGM), 5.00%, 11/01/20		5,000		5,078,592
Lake Cook-Dane & McHenry Counties Community Unit School District 220 Illinois, GO, Refunding, (AGM), 5.25%, 12/01/20		1,000		1,076,350
Metropolitan Pier & Exposition Authority, Refunding RB, CAB, McCormick, Series A (NPFGC), 0.00%, 06/15/22^(f)		13,455		11,550,176
Railsplitter Tobacco Settlement Authority, RB, 5.25%, 06/01/20		10,000		10,591,600
State of Illinois, GO, 5.00%, 07/01/20		4,055		4,194,208
State of Illinois, RB, Series B:
5.00%, 06/15/19^(b)		515		532,242
5.00%, 06/15/20		1,485		1,534,881
State of Illinois Finance Authority, Refunding RB, Presence Health Network, Series C, 5.00%, 02/15/20		4,145		4,325,515

				40,957,654
Indiana — 0.4%
Indiana Municipal Power Agency, Refunding RB, Series A, 5.00%, 01/01/21		600		644,508
Northern Indiana Commuter Transportation District, RB, 5.00%, 07/01/20		620		656,741

				1,301,249
Kansas — 1.8%
County of Wyandotte Kansas, Kansas City Unified Government, RB, Kansas International Speedway (NPFGC), 0.00%, 12/01/20^(f)		3,150		2,835,409
Kansas Development Finance Authority, Refunding RB, Adventist Health System/Sunbelt Obligated Group, Series C:
5.25%, 11/15/19^(b)		55		57,597
5.25%, 11/15/20		2,445		2,567,641

				5,460,647


30		2018 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

April 30, 2018

BlackRock Municipal 2020 Term Trust (BKK)

(Percentages shown are based on Net Assets)


Security		Par (000)