BlackRock Long-Term Municipal Advantage Trust

N-CSRS 1 d64128dncsrs.htm BLACKROCK LONG-TERM MUNICIPAL ADVANTAGE TRUST BlackRock Long-Term Municipal Advantage 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: 811-21835

Name of Fund:

BlackRock Long-Term Municipal Advantage Trust (BTA)

Fund Address:

100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer,
BlackRock Long-Term Municipal Advantage 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: 04/30/2021

Date of reporting period: 10/31/2020

Item 1 – Report to Stockholders


		OCTOBER 31, 2020



		2020 Semi-Annual Report (Unaudited)

BlackRock Investment Quality Municipal Trust, Inc. (BKN)

BlackRock Long-Term Municipal Advantage Trust (BTA)

BlackRock Municipal Income Trust (BFK)

BlackRock Strategic Municipal Trust (BSD)

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of each Trust’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from BlackRock or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

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If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive electronic delivery of shareholder reports and other communications by contacting your financial intermediary, if you hold accounts through a financial intermediary. Please note that not all financial intermediaries may offer this service.

Not FDIC Insured • May Lose Value • No Bank Guarantee

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of October 31, 2020 has been a time of sudden change in global financial markets, as the emergence and spread of the coronavirus (or “COVID-19”) led to a vast disruption in the global economy and financial markets. Prior to the outbreak of the virus, U.S. equities and bonds both delivered solid returns, despite fears and doubts about the economy that were ultimately laid to rest with unprecedented monetary stimulus and a sluggish yet resolute performance from the U.S. economy. But as the threat from the coronavirus became more apparent throughout February and March 2020, countries around the world took economically disruptive countermeasures. Stay-at-home orders and closures of non-essential businesses became widespread, many workers were laid off, and unemployment claims spiked, causing a global recession and a sharp fall in equity prices.

After markets hit their lowest point of the reporting period in late March 2020, a steady recovery ensued, as businesses began to re-open and governments learned to adapt to life with the virus. Equity prices continued to rise throughout the summer, fed by strong fiscal and monetary support and improving economic indicators. Many equity indices neared or surpassed all-time highs in early September 2020 before retreating amid concerns about a second wave of infections. In the United States, large-capitalization stocks advanced, outperforming small-capitalization stocks, which declined marginally during the reporting period. International equities from developed economies declined, significantly lagging emerging market stocks, which rebounded sharply.

During the market downturn, the performance of different types of fixed-income securities initially diverged due to a reduced investor appetite for risk. U.S. Treasuries benefited from the risk-off environment, and posted solid returns, as the 10-year U.S. Treasury yield (which is inversely related to bond prices) touched an all-time low. In the corporate bond market, support from the U.S. Federal Reserve (the “Fed”) assuaged credit concerns and both investment-grade and high-yield bonds recovered to post positive returns.

The Fed took an accommodative monetary stance in late 2019 to support slowing economic growth. After the coronavirus outbreak, the Fed instituted two emergency interest rate cuts, pushing short-term interest rates close to zero. To stabilize credit markets, the Fed also implemented a new bond-buying program, as did several other central banks around the world, including the European Central Bank and the Bank of Japan.

Looking ahead, while coronavirus-related disruptions have clearly hindered worldwide economic growth, we believe that the global expansion is likely to continue as economic activity resumes. Several risks remain, however, including a potential resurgence of the coronavirus amid loosened restrictions, policy fatigue among governments already deep into deficit spending, and structural damage to the financial system from lengthy economic interruptions.

Overall, we favor a moderately positive stance toward risk, and in particular toward credit given the extraordinary central bank measures taken in recent months. This support extends beyond investment-grade corporates and into high-yield, leading to attractive opportunities in that end of the market. We believe that international diversification and a focus on sustainability can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments. We remain neutral on equities overall while favoring emerging market stocks and tilting toward the quality factor for its resilience.

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

Sincerely,

LOGO

Rob Kapito

President, BlackRock Advisors, LLC

LOGO

Rob Kapito

President, BlackRock Advisors, LLC


Total Returns as of October 31, 2020
	6-Month	12-Month
U.S. large cap equities (S&P 500^® Index)	13.29%	9.71%
U.S. small cap equities (Russell 2000^® Index)	18.13	(0.14)
International equities (MSCI Europe, Australasia, Far East Index)	8.57	(6.86)
Emerging market equities (MSCI Emerging Markets Index)	20.96	8.25
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.06	0.92
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(1.63)	8.92
U.S. investment grade bonds (Bloomberg Barclays U.S. Aggregate Bond Index)	1.27	6.19
Tax-exempt municipal bonds (S&P Municipal Bond Index)	4.87	3.55
U.S. high yield bonds (Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index)	10.73	3.42
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.


2		THIS PAGE IS NOT PART OF YOUR FUND REPORT

Table of Contents


	Page
The Markets in Review		2
Semi-Annual Report:
Municipal Market Overview		4
The Benefits and Risks of Leveraging		5
Derivative Financial Instruments		5
Trust Summary		6
Financial Statements:
Schedules of Investments		18
Statements of Assets and Liabilities		49
Statements of Operations		50
Statements of Changes in Net Assets		51
Statements of Cash Flows		53
Financial Highlights		54
Notes to Financial Statements		58
Disclosure of Investment Advisory Agreements		68
Additional Information		72
Glossary of Terms Used in this Report		75


		3


Municipal Market Overview For the Reporting Period Ended October 31, 2020

Municipal Market Conditions

Municipal bonds posted positive total returns during the period amid increased volatility. Initial strong performance was driven by a favorable technical backdrop. However, as a result of the COVID-19 pandemic induced economic shutdown, the municipal market experienced volatility that was worse than during the height of the global financial crisis. Performance plummeted -10.87% during a two-week period in March, before rebounding on valuation-based buying. (For comparison, the -11.86% correction in 2008 spanned more than a month.) Strong performance returned alongside initial fiscal stimulus and the re-opening of the economy but later stalled amid U.S. election uncertainty and lack of additional federal aid.



Similarly, strong technical support during most of the period temporarily waned as COVID-19 fears spurred risk-off sentiment and a streak of 60-consecutive weeks of inflows turned to record outflows. During the 12 months ended October 31, 2020, municipal bond funds experienced net inflows totaling $43 billion, drawn down by nearly $46 billion in outflows during the months of March and April (based on data from the Investment Company Institute). For the same 12-month period, new issuance was robust at $485 billion but slowed during the height of pandemic as market liquidity became constrained amid the flight to quality. Taxable municipal issuance was elevated as issuers increasingly advance refunded tax-exempt debt in the taxable municipal market for cost savings.		S&P Municipal Bond Index Total Returns as of October 31, 2020 6 months: 4.87% 12 months: 3.55%

A Closer Look at Yields

LOGO

From October 31, 2019 to October 31, 2020, yields on AAA-rated 30-year municipal bonds decreased by 35 basis points (“bps”) from 2.06% to 1.71%, while ten-year rates decreased by 56 bps from 1.49% to 0.93% and five-year rates decreased by 85 bps from 1.15% to 0.30% (as measured by Thomson Municipal Market Data). As a result, the municipal yield curve bull steepened over the 12-month period with the spread between two- and 30-year maturities steepening by 55 bps, lagging the 83 bps of steepening experienced in the U.S. Treasury curve.

During the same period, tax-exempt municipal bonds significantly underperformed U.S. Treasuries across the yield curve. As a result, relative valuations reset to more attractive levels and spurred increased participation from crossover investors.

Financial Conditions of Municipal Issuers

The COVID-19 pandemic is an unprecedented shock to the system impacting nearly every sector in the municipal market. Fortunately, most states and municipalities were in excellent fiscal health before the crisis and the federal government provided an incredible amount of initial support. BlackRock expects ongoing stability in high-quality states as well as school districts and local governments given that property taxes have proven resilient. Essential public services such as power, water, and sewer remain protected segments. State housing authority bonds, flagship universities, and strong national and regional health systems have absorbed the impact of the economic shock. However, some segments are facing daunting financial challenges. Absent additional stimulus, issuers will make difficult choices such as drawing down reserves, raising user fees/taxes, slashing expenditures, and/or borrowing to meet financial obligations. Critical providers (safety net hospitals, mass transit systems, airports) with limited resources will require funding from the states and broader municipalities they serve. BlackRock anticipates that a small subset of the market, mainly non-rated stand-alone projects, will experience significant credit deterioration. Recent news of a potentially effective vaccine suggests that the onset of meaningful credit recovery from the COVID-19 pandemic could be months to a year away. However, the current coronavirus resurgence and its negative effects on economic activity could bring a number of defaults, primarily in non-rated credits, and the migration of the municipal market’s overall credit quality from AA- to a still-strong A+ rating. As a result, BlackRock advocates careful credit selection and anticipates increased credit dispersion as the market navigates near-term uncertainty.

The opinions expressed are those of BlackRock as of October 31, 2020 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 S&P 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 not an indication of future results. Index performance is shown for illustrative purposes only. It is not possible to invest directly in an index.


4		2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

The Benefits and Risks of Leveraging

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

In general, the concept of leveraging is based on the premise that the financing cost of leverage, which is based on short-term interest rates, is normally lower than the income earned by a Trust on its longer-term portfolio investments purchased with the proceeds from leverage. To the extent that the total assets of each Trust (including the assets obtained from leverage) are invested in higher-yielding portfolio investments, each Trust’s shareholders benefit from the incremental net income. The interest earned on securities purchased with the proceeds from leverage (after paying the leverage costs) is paid to shareholders in the form of dividends, and the value of these portfolio holdings (less the leverage liability) 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 each Trust’s return on assets purchased with leverage proceeds, income to shareholders is lower than if the Trust had not used leverage. Furthermore, the value of each Trust’s 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 a Trust’s obligations under its respective leverage arrangement generally does not fluctuate in relation to interest rates. As a result, changes in interest rates can influence each Trust’s NAV positively or negatively. Changes in the future direction of interest rates are very difficult to predict accurately, and there is no assurance that each Trust’s 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 each Trust’s investment advisory fees includes assets purchased with the proceeds of leverage, the investment advisory fees payable to each Trust’s investment adviser will be higher than if the Trusts did not use leverage.

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

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

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

Derivative Financial Instruments

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


THE BENEFITS AND RISKS OF LEVERAGING / DERIVATIVE FINANCIAL INSTRUMENTS		5


Trust Summary as of October 31, 2020		BlackRock Investment Quality Municipal Trust, Inc. (BKN)

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		BKN
Initial Offering Date		February 28, 1993
Yield on Closing Market Price as of October 31, 2020 ($15.72)^(a)		5.19%
Tax Equivalent Yield^(b)		8.77%
Current Monthly Distribution per Common Share^(c)		$0.0680
Current Annualized Distribution per Common Share^(c)		$0.8160
Leverage as of October 31, 2020^(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 is not an indication of 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. Does not reflect derivatives or other instruments that may give rise to economic leverage. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging.

Market Price and Net Asset Value Per Share Summary


	10/31/20		04/30/20		Change			High		Low
Market Price	$	15.72	$	14.75		6.58	%	$	17.00	$	14.51
Net Asset Value		16.12		14.89		8.26			16.69		14.89

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

LOGO


6		2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS


Trust Summary as of October 31, 2020 (continued)		BlackRock Investment Quality Municipal Trust, Inc. (BKN)

Performance

Returns for the six months ended October 31, 2020 were as follows:


	Returns Based On
	Market Price			NAV
BKN^(a)(b)		9.12	%		10.85	%
Lipper General & Insured Municipal Debt Funds (Leveraged)^(c)		11.22			10.27

^(a)

All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. Performance results reflect the Trust’s use of leverage.

^(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 an indication of future results.

More information about the Trust’s historical performance can be found in the “Closed End Funds” section of blackrock.com.

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

Municipal bonds delivered strong returns in the past six months. When the period began, municipal bonds were just beginning to recover from the broad-based sell-off caused by COVID-19 and governments’ efforts to mitigate the virus. The rally continued through the spring and summer, thanks to positive supply-and-demand trends, an improving economic outlook, and the Fed’s stated intent to maintain its near-zero interest rate policy indefinitely. Municipal bonds lost momentum late in the period due to elevated new-issue supply ahead of the election, as well as uncertainty surrounding the next phase of fiscal stimulus. Still, the broader market finished with a robust, double-digit return on the strength of its earlier gains.

The Trust’s strong return reflects the combination of income, falling yields, and a compression in yield spreads. (Prices and yields move in opposite directions; falling yield spreads indicate outperformance relative to U.S. Treasuries.) The sectors that benefited the most were generally those that experienced the largest downturns in the sell-off that occurred in the first quarter of 2020, including health care, transportation and corporate-backed securities. This trend also contributed to outperformance for lower-rated debt. The Trust’s holdings in high-yield bonds, including tobacco and Puerto Rico issues, were significant beneficiaries. The Trust’s use of leverage also aided results by augmenting income and amplifying the effect of rising prices.

Conversely, the Trust’s positions in shorter-dated issues—including pre-refunded securities—underperformed. Holdings in higher-quality bonds, while posting positive absolute returns, also lagged somewhat in the rally.

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.


TRUST SUMMARY		7


Trust Summary as of October 31, 2020 (continued)		BlackRock Investment Quality Municipal Trust, Inc. (BKN)

Overview of the Trust’s Total Investments

SECTOR COMPOSITION


Sector^(a)(b)	10/31/20			04/30/20
County/City/Special District/School District		21	%		20	%
Health		16			16
Transportation		14			16
State		13			11
Utilities		10			12
Education		8			10
Housing		6			6
Tobacco		6			6
Corporate		6			3

CALL/MATURITY SCHEDULE


Calendar Year Ended December 31,^(a)(c)	Percentage
2020		3	%
2021		5
2022		9
2023		5
2024		8

CREDIT QUALITY ALLOCATION


Credit Rating^(a)(d)	10/31/20			04/30/20
AAA/Aaa		5	%		5	%
AA/Aa		35			36
A		29			28
BBB/Baa		14			13
BB/Ba		4			4
B		2			2
C		1			1
N/R^(e)		10			11

^(a)

Excludes short-term securities.

^(b)

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

^(c)

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

^(d)

For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. 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.

^(e)

The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of October 31, 2020 and April 30, 2020, the market value of unrated securities deemed by the investment adviser to be investment grade represents 2% and 2%, respectively, of the Trust’s total investments.


8		2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS


Trust Summary as of October 31, 2020		BlackRock Long-Term Municipal Advantage Trust (BTA)

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 New York Stock Exchange		BTA
Initial Offering Date		February 28, 2006
Yield on Closing Market Price as of October 31, 2020 ($11.72)^(a)		5.17%
Tax Equivalent Yield^(b)		8.73%
Current Monthly Distribution per Common Share^(c)		$0.0505
Current Annualized Distribution per Common Share^(c)		$0.6060
Leverage as of October 31, 2020^(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 is not an indication of 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. Does not reflect derivatives or other instruments that may give rise to economic leverage. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging.

Market Price and Net Asset Value Per Share Summary


	10/31/20		04/30/20		Change			High		Low
Market Price	$	11.72	$	10.92		7.33	%	$	13.02	$	10.84
Net Asset Value		12.38		11.20		10.54			12.82		11.20

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

LOGO


TRUST SUMMARY		9


Trust Summary as of October 31, 2020 (continued)		BlackRock Long-Term Municipal Advantage Trust (BTA)

Performance

Returns for the six months ended October 31, 2020 were as follows:


	Returns Based On
	Market Price			NAV
BTA^(a)(b)		10.05	%		13.35	%
Lipper General & Insured Municipal Debt Funds (Leveraged)^(c)		11.22			10.27

^(a)

All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. Performance results reflect the Trust’s use of leverage.

^(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.

More information about the Trust’s historical performance can be found in the “Closed End Funds” section of blackrock.com.

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

The Trust benefited from its positions in bonds with maturities of 20 years and above, which outperformed the broader market. The investment adviser’s decision to add duration, or interest-rate sensitivity, to the portfolio was a further plus. The Trust’s use of leverage, which enhanced portfolio income and amplified the impact of rising prices, was an additional contributor. Positions in lower-rated investment-grade bonds also performed particularly well, as did those rated below investment grade. At the sector level, holdings in tobacco, state tax-backed and health care issues generated strong returns.

The Trust used U.S. Treasury futures briefly in the latter part of the period to help mitigate the potential for interest rate risk and volatility heading into the presidential election. This strategy made a small contribution to performance.

Conversely, the Trust’s positions in shorter duration bonds, including pre-refunded securities, underperformed. (Duration is a measure of interest rate sensitivity.)


10		2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS


Trust Summary as of October 31, 2020 (continued)		BlackRock Long-Term Municipal Advantage Trust (BTA)

Overview of the Trust’s Total Investments

SECTOR COMPOSITION


Sector^(a)(b)	10/31/20			04/30/20
County/City/Special District/School District		19	%		19	%
Health		14			15
Transportation		13			16
Utilities		13			16
State		11			8
Tobacco		10			11
Education		10			8
Corporate		7			5
Housing		3			2

CALL/MATURITY SCHEDULE


Calendar Year Ended December 31,^(a)(c)	Percentage
2020		5	%
2021		11
2022		4
2023		9
2024		6

CREDIT QUALITY ALLOCATION


Credit Rating^(a)(d)	10/31/20			04/30/20
AAA/Aaa		3	%		3	%
AA/Aa		28			31
A		18			17
BBB/Baa		16			19
BB/Ba		9			9
B		4			4
C		1			1
N/R^(e)		21			16

^(a)

Excludes short-term securities.

^(b)

^(c)

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

^(d)

^(e)


TRUST SUMMARY		11


Trust Summary as of October 31, 2020		BlackRock Municipal Income Trust (BFK)

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 New York Stock Exchange		BFK
Initial Offering Date		July 31, 2001
Yield on Closing Market Price as of October 31, 2020 ($13.78)^(a)		5.09%
Tax Equivalent Yield^(b)		8.60%
Current Monthly Distribution per Common Share^(c)		$0.0585
Current Annualized Distribution per Common Share^(c)		$0.7020
Leverage as of October 31, 2020^(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 is not an indication of future results.

^(b)

^(c)

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

^(d)

Market Price and Net Asset Value Per Share Summary


	10/31/20		04/30/20		Change			High		Low
Market Price	$	13.78	$	12.14		13.51	%	$	14.97	$	12.03
Net Asset Value		14.09		12.91		9.14			14.64		12.91

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

LOGO


12		2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS


Trust Summary as of October 31, 2020 (continued)		BlackRock Municipal Income Trust (BFK)

Performance

Returns for the six months ended October 31, 2020 were as follows:


	Returns Based On
	Market Price			NAV
BFK^(a)(b)		16.30	%		11.83	%
Lipper General & Insured Municipal Debt Funds (Leveraged)^(c)		11.22			10.27

^(a)

All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. Performance results reflect the Trust’s use of leverage.

^(b)

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

^(c)

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

More information about the Trust’s historical performance can be found in the “Closed End Funds” section of blackrock.com.

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

The Trust’s positions in long-dated investment-grade bonds made the largest contribution to performance. At the sector level, positions in tax-backed, health care and transportation issues were key contributors. The Trust’s use of leverage also helped results by enhancing income and augmenting the effect of rising prices.

The Trust’s yield curve positioning detracted from performance, as did its positions in securities subject to early redemption by their issuers.


TRUST SUMMARY		13


Trust Summary as of October 31, 2020 (continued)		BlackRock Municipal Income Trust (BFK)

Overview of the Trust’s Total Investments

SECTOR COMPOSITION


Sector^(a)(b)	10/31/20			04/30/20
Transportation		20	%		22	%
State		19			9
Utilities		13			22
Health		13			12
County/City/Special District/School District		11			15
Tobacco		10			10
Corporate		8			4
Education		5			6
Housing		1			—	^(c)

CALL/MATURITY SCHEDULE


Calendar Year Ended December 31,^(a)(d)	Percentage
2020		7	%
2021		11
2022		9
2023		6
2024		6

CREDIT QUALITY ALLOCATION


Credit Rating^(a)(e)	10/31/20			04/30/20
AAA/Aaa		5	%		5	%
AA/Aa		29			29
A		26			25
BBB/Baa		21			22
BB/Ba		7			8
B		2			2
C		1			—
N/R^(f)		9			9

^(a)

Excludes short-term securities.

^(b)

^(c)

Represents less than 1% of the Trust’s total investments.

^(d)

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

^(e)

^(f)


14		2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS


Trust Summary as of October 31, 2020		BlackRock Strategic Municipal Trust (BSD)

Investment Objective

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

On June 16, 2020, the Board of Trustees of BSD and the Board of Trustees of BlackRock Municipal Income Trust II (BLE) each approved the reorganization of BSD into BLE. Subject to approvals by each Trust’s shareholders and the satisfaction of customary closing conditions, the reorganization is expected to occur during the first quarter of 2021.

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

Trust Information


Symbol on New York Stock Exchange		BSD
Initial Offering Date		August 27, 1999
Yield on Closing Market Price as of October 31, 2020 ($13.27)^(a)		5.34%
Tax Equivalent Yield^(b)		9.02%
Current Monthly Distribution per Common Share^(c)		$0.0590
Current Annualized Distribution per Common Share^(c)		$0.7080
Leverage as of October 31, 2020^(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 is not an indication of future results.

^(b)

^(c)

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

^(d)

Market Price and Net Asset Value Per Share Summary


	10/31/20		04/30/20		Change			High		Low
Market Price	$	13.27	$	12.17		9.04	%	$	14.35	$	12.11
Net Asset Value		14.09		12.94		8.89			14.62		12.94

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

LOGO


TRUST SUMMARY		15


Trust Summary as of October 31, 2020 (continued)		BlackRock Strategic Municipal Trust (BSD)

Performance

Returns for the six months ended October 31, 2020 were as follows:


	Returns Based On
	Market Price			NAV
BSD^(a)(b)		11.77	%		11.62	%
Lipper General & Insured Municipal Debt Funds (Leveraged)^(c)		11.22			10.27

^(a)

All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. Performance results reflect the Trust’s use of leverage.

^(b)

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

^(c)

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

More information about the Trust’s historical performance can be found in the “Closed End Funds” section of blackrock.com.

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

The Trust benefited from its positions in bonds with maturities of 20 years and above, which outperformed the broader market. The investment adviser’s decision to add duration, or interest-rate sensitivity, to the portfolio was a further plus. The Trust’s use of leverage, which enhanced portfolio income and amplified the impact of rising prices, was an additional contributor. Positions in lower-rated investment-grade bonds also performed particularly well, as did those rated below investment grade. At the sector level, holdings in state tax-backed, health care and transportation issues generated strong returns.

Conversely, the Trust’s positions in shorter duration bonds, including pre-refunded securities, underperformed. (Duration is a measure of interest rate sensitivity.)


16		2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS


Trust Summary as of October 31, 2020 (continued)		BlackRock Strategic Municipal Trust (BSD)

Overview of the Trust’s Total Investments

SECTOR COMPOSITION


Sector^(a)(b)	10/31/20			04/30/20
Transportation		21	%		23	%
Health		17			16
State		13			8
County/City/Special District/School District		12			15
Utilities		11			13
Tobacco		7			8
Corporate		7			7
Housing		6			4
Education		6			6

CALL/MATURITY SCHEDULE


Calendar Year Ended December 31,^(a)(c)	Percentage
2020		4	%
2021		10
2022		8
2023		8
2024		6

CREDIT QUALITY ALLOCATION


Credit Rating^(a)(d)	10/31/20			04/30/20
AAA/Aaa		4	%		2	%
AA/Aa		33			35
A		23			19
BBB/Baa		21			23
BB/Ba		5			5
B		1			1
C		1			1
N/R^(e)		12			14

^(a)

Excludes short-term securities.

^(b)

^(c)

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

^(d)

^(e)

The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of October 31, 2020 and April 30, 2020, the market value of unrated securities deemed by the investment adviser to be investment grade represents 3% and 3%, respectively, of the Trust’s total investments.


TRUST SUMMARY		17

Schedule of Investments (unaudited)

October 31, 2020

BlackRock Investment Quality Municipal Trust, Inc. (BKN)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Municipal Bonds

Arizona — 6.3%
Arizona Health Facilities Authority, Refunding RB, Series A, 5.00%, 02/01/42	$	3,300	$	3,446,520
Arizona Industrial Development Authority, Refunding RB^(a)
Series A, 5.50%, 07/01/52		215		229,738
Series G, 5.00%, 07/01/47		430		453,559
Pinal County Electric District No. 3, Refunding RB
4.75%, 07/01/21^(b)		680		700,366
4.75%, 07/01/31		3,070		3,157,004
Salt Verde Financial Corp., RB
5.00%, 12/01/37		4,885		6,467,789
Senior, 5.00%, 12/01/32		1,095		1,414,543
University Medical Center Corp., Refunding RB, 6.00%, 07/01/21^(b)		1,600		1,660,784

				17,530,303

Arkansas — 2.5%
Arkansas Development Finance Authority, RB, AMT, 4.50%, 09/01/49^(a)		1,550		1,553,580
City of Benton Arkansas, RB, 4.00%, 06/01/39		755		816,042
City of Fort Smith Arkansas Water & Sewer Revenue, Refunding RB, 4.00%, 10/01/40		1,250		1,361,188
City of Little Rock Arkansas, RB, 4.00%, 07/01/41		2,645		2,739,797
Pulaski County Public Facilities Board, RB, 5.00%, 12/01/42		465		516,443

				6,987,050

California — 15.4%
ABC Unified School District GO, Series C, (NPFGC), 0.00%, 08/01/33^(c)		3,420		2,644,412
California Infrastructure & Economic Development Bank, Refunding RB, Series A, 4.00%, 11/01/45		3,330		3,485,777
California Statewide Communities Development Authority, Refunding RB, Series A, 4.00%, 12/01/53		725		751,230
Carlsbad Unified School District, GO, CAB, Series B, 6.00%, 05/01/34		1,500		1,782,000
Golden State Tobacco Securitization Corp., Refunding RB
Series A-1, 3.50%, 06/01/36		990		1,004,632
Series A-2, 5.00%, 06/01/47		830		851,547
Hartnell Community College District, GO, CAB, Series D, 7.00%, 08/01/34^(d)		2,475		3,117,832
Norman Y Mineta San Jose International Airport SJC, Refunding RB
Series A, AMT, (BAM), 4.00%, 03/01/42		2,460		2,664,943
Series A-1, AMT, 5.75%, 03/01/34		3,000		3,046,740
Norwalk-La Mirada Unified School District, Refunding GO, CAB, Series E, (AGC), 0.00%, 08/01/38^(c)		12,000		7,322,520
Palomar Community College District, GO, CAB
Series B, 0.00%, 08/01/30^(c)		2,270		1,989,496
Series B, Convertible, 6.20%, 08/01/39^(d)		4,000		4,985,800
San Diego Community College District, GO, CAB, 6.00%, 08/01/33		4,200		5,529,888
State of California, GO, 6.00%, 03/01/33		760		762,299


Security	Par (000)		Value

California (continued)

State of California, Refunding GO
5.00%, 02/01/38	$	2,000	$	2,184,380
4.00%, 10/01/44		510		546,746

				42,670,242

Colorado — 0.5%
Colorado Educational & Cultural Facilities Authority, Refunding RB, 5.00%, 10/01/59^(a)		970		978,245
Colorado Health Facilities Authority, Refunding RB, Series A, 4.00%, 08/01/49		295		317,388

				1,295,633

Connecticut — 0.4%
Connecticut Housing Finance Authority, Refunding RB, S/F Housing, Sub-Series E-1, (FHLMC, FNMA, GNMA), 4.00%, 05/15/36		175		188,318
Connecticut State Health & Educational Facilities Authority, Refunding RB, Series F, 5.00%, 07/01/21^(b)		950		980,248

				1,168,566

Delaware — 0.7%
County of Sussex Delaware, RB, 6.00%, 10/01/40		1,800		1,808,730


District of Columbia — 0.9%
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Refunding RB, Series A, 5.00%, 10/01/53		2,505		2,612,565


Florida — 7.7%
Capital Trust Agency, Inc., RB, Series A, 5.00%, 06/15/49^(a)		100		105,296
City of Tampa Florida, RB, CAB^(c)
Series A, 0.00%, 09/01/49		465		155,756
Series A, 0.00%, 09/01/53		500		139,460
County of Miami-Dade Florida Aviation Revenue, Refunding ARB, Series A, AMT, 5.00%, 10/01/38		365		409,304
County of Miami-Dade Florida, RB, CAB^(c)
0.00%, 10/01/32		5,000		3,687,050
0.00%, 10/01/33		15,375		10,849,830
County of Miami-Dade Seaport Department, ARB, Series B, AMT, 6.00%, 10/01/32		3,000		3,393,150
County of Osceola Florida Transportation Revenue, Refunding RB, CAB^(c)
Series A-2, 0.00%, 10/01/41		445		214,005
Series A-2, 0.00%, 10/01/42		595		274,116
Series A-2, 0.00%, 10/01/43		540		238,048
Series A-2, 0.00%, 10/01/44		550		232,100
Series A-2, 0.00%, 10/01/45		465		188,181
Greater Orlando Aviation Authority, ARB, Sub-Series A, AMT, 5.00%, 10/01/52		1,130		1,284,279
Palm Beach County Health Facilities Authority, RB, Series B, 5.00%, 11/15/42		125		145,543

				21,316,118

Georgia — 0.6%
Main Street Natural Gas, Inc., RB, Series A, 5.00%, 05/15/43		525		610,643


18		2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

October 31, 2020

BlackRock Investment Quality Municipal Trust, Inc. (BKN)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Georgia (continued)
Municipal Electric Authority of Georgia, RB
4.00%, 01/01/49	$	415	$	461,024
5.00%, 01/01/56		565		667,909

				1,739,576

Hawaii — 1.3%
State of Hawaii Department of Budget & Finance, Refunding RB
5.25%, 11/15/37		600		640,386
AMT, 4.00%, 03/01/37		2,770		2,967,030

				3,607,416

Idaho — 1.2%
Idaho Health Facilities Authority, RB, Series A, 5.00%, 03/01/39		3,000		3,350,850


Illinois — 7.4%
Chicago Board of Education, GO
Series C, 5.25%, 12/01/35		1,235		1,299,603
Series D, 5.00%, 12/01/46		1,635		1,688,352
Series H, 5.00%, 12/01/36		375		400,624
Chicago Board of Education, Refunding GO
Series C, 5.00%, 12/01/25		550		608,338
Series C, 5.00%, 12/01/34		370		397,502
Series D, 5.00%, 12/01/26		675		754,414
Series F, 5.00%, 12/01/22		505		529,361
Chicago Midway International Airport, Refunding ARB, Series A, 2nd Lien, AMT, 5.00%, 01/01/41		1,900		2,048,485
Chicago O’Hare International Airport, Refunding RB, Series B, AMT, 4.00%, 01/01/29		2,400		2,488,512
Chicago Transit Authority Sales Tax Receipts Fund, RB, 5.25%, 12/01/21^(b)		1,000		1,053,580
Illinois Housing Development Authority, RB, S/F Housing, Series A, (FHLMC, FNMA, GNMA), 4.13%, 10/01/38		1,020		1,154,283
Metropolitan Pier & Exposition Authority, RB, Series A, 5.00%, 06/15/57		590		634,403
Metropolitan Pier & Exposition Authority, Refunding RB, 4.00%, 06/15/50		455		459,127
Railsplitter Tobacco Settlement Authority, RB, 6.00%, 06/01/21^(b)		1,700		1,756,542
State of Illinois, GO
5.00%, 02/01/39		1,000		1,027,770
5.50%, 05/01/39		1,610		1,790,095
Series A, 5.00%, 04/01/38		200		203,570
Series D, 5.00%, 11/01/28		1,585		1,707,410
Upper Illinois River Valley Development Authority, Refunding RB, 5.00%, 01/01/55^(a)		610		615,996

				20,617,967

Indiana^(a)— 0.2%
County of Allen Indiana, RB
Series A-1, 6.63%, 01/15/34		300		281,688
Series A-1, 6.75%, 01/15/43		245		231,552

				513,240

Iowa — 0.8%
Iowa Finance Authority, Refunding RB, Series B, 5.25%, 12/01/50^(e)		2,050		2,169,761


Security	Par (000)		Value

Kansas — 1.1%
City of Lenexa Kansas, Refunding RB, Series A, 5.00%, 05/15/39	$	640	$	687,302
Kansas City Industrial Development Authority, ARB, AMT, (AGM), 4.00%, 03/01/57		1,015		1,075,078
Seward County Unified School District No. 480 Liberal, Refunding GO, 5.00%, 09/01/39		1,085		1,173,818

				2,936,198

Kentucky — 6.0%
County of Boyle KY, Refunding RB, 5.00%, 06/01/37		2,000		2,323,760
Kentucky Economic Development Finance Authority, RB, Series A, 5.38%, 01/01/23^(b)		3,400		3,770,906
Kentucky Economic Development Finance Authority, Refunding RB, Series B, (NPFGC), 0.00%, 10/01/23^(c)		8,500		8,153,540
Kentucky Public Transportation Infrastructure Authority, RB, CAB^(d)
Series C, Convertible, 6.45%, 07/01/34		1,000		1,045,700
Series C, Convertible, 6.60%, 07/01/39		1,395		1,437,296

				16,731,202

Louisiana — 1.5%
City of Alexandria Louisiana Utilities Revenue, RB, 5.00%, 05/01/24^(b)		1,790		2,084,527
Louisiana Local Government Environmental Facilities & Community Development Auth, RB, Series A-1, 6.50%, 11/01/35		1,565		1,571,150
Louisiana Public Facilities Authority, RB, 6.50%, 05/01/21^(b)		600		618,708

				4,274,385

Maine — 0.7%
Maine State Housing Authority, RB, M/F Housing, Series E, 4.25%, 11/15/43		540		540,810
Maine State Housing Authority, RB, S/F Housing
Series C, 3.95%, 11/15/43		505		554,566
Series G, 2.38%, 11/15/40^(f)		780		770,648

				1,866,024

Maryland — 0.4%
Anne Arundel County Consolidated Special Taxing District, ST
5.13%, 07/01/36		260		265,658
5.25%, 07/01/44		260		263,528
Maryland Community Development Administration, Refunding RB, S/F Housing, Series A, 4.10%, 09/01/38		590		636,474

				1,165,660

Massachusetts — 2.1%
Massachusetts Development Finance Agency, RB
Series A, 5.25%, 01/01/42		900		1,009,206
Series A, 5.00%, 01/01/47		1,010		1,112,313
Massachusetts Development Finance Agency, Refunding RB
4.00%, 07/01/39		1,375		1,453,361
5.00%, 04/15/40		600		640,104
Series A, 4.00%, 06/01/49		235		247,819


SCHEDULES OF INVESTMENTS		19

Schedule of Investments (unaudited) (continued)

October 31, 2020

BlackRock Investment Quality Municipal Trust, Inc. (BKN)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Massachusetts (continued)
Massachusetts Housing Finance Agency, RB, M/F Housing
Series A, 3.85%, 06/01/46	$	35	$	37,464
Series C-1, 2.90%, 12/01/39		365		374,884
Massachusetts Housing Finance Agency, Refunding RB, S/F Housing, Series 182, AMT, 3.30%, 12/01/28		1,000		1,067,080

				5,942,231

Michigan — 3.2%
Michigan Finance Authority, RB, Series C-2, AMT, Senior Lien, 5.00%, 07/01/22^(b)		360		387,133
Michigan Finance Authority, Refunding RB, 4.00%, 11/15/46		900		968,103
Michigan State Hospital Finance Authority, Refunding RB, Series C, 4.00%, 12/01/32		4,150		4,367,875
Michigan State Housing Development Authority, RB, S/F Housing
Series A, 4.00%, 06/01/49		875		950,495
Series B, 2.95%, 12/01/39		375		388,973
Series C, 4.13%, 12/01/38		285		297,979
Michigan Strategic Fund, RB, AMT, 5.00%, 12/31/43		1,250		1,423,962

				8,784,520

Minnesota — 1.8%
City of Otsego MN, Refunding RB, Series A, 5.00%, 09/01/44		700		710,738
City of Spring Lake Park Minnesota, RB, 5.00%, 06/15/39		1,760		1,849,883
Housing & Redevelopment Authority of The City of St. Paul Minnesota, RB, Series A, 5.50%, 07/01/52^(a)		305		318,423
Minneapolis-St Paul Metropolitan Airports Commission, Refunding RB, Sub Series D, AMT, 5.00%, 01/01/41		460		520,541
Minnesota Higher Education Facilities Authority, RB
Series 8-K, 4.00%, 03/01/43		615		628,837
Series B, 4.25%, 05/01/40		1,070		970,169

				4,998,591

Mississippi — 0.2%
County of Warren Mississippi, RB, Series A, 5.38%, 12/01/35		600		626,970


Missouri — 2.8%
Health & Educational Facilities Authority of the State of Missouri, RB
5.25%, 10/01/21^(b)		500		522,970
4.13%, 02/15/43		700		713,888
Series A, 5.00%, 10/01/23^(b)		750		853,545
Series A, 5.00%, 06/01/42		860		1,017,690
Series A, 5.00%, 06/01/47		1,230		1,437,156
Series C-2, 5.00%, 10/01/34		1,500		1,684,605
Missouri Development Finance Board, RB, Series B, 5.00%, 11/01/41		1,350		1,397,466

				7,627,320

Nebraska — 1.8%
Central Plains Energy Project, RB, 5.00%, 09/01/42		900		969,120
Douglas County Hospital Authority No. 3, Refunding RB, 5.00%, 11/01/45		600		671,544


Security	Par (000)		Value

Nebraska (continued)
Nebraska Public Power District, Refunding RB
Series A, 5.00%, 01/01/32	$	2,535	$	2,662,764
Series A, 4.00%, 01/01/44		600		618,648

				4,922,076

Nevada — 0.6%
County of Clark Department of Aviation, Refunding RB, Series A-2, Sub Lien, 4.25%, 07/01/36		1,500		1,628,085
Nevada Department of Business & Industry, RB, Series A, 5.00%, 07/15/37^(a)		125		131,865

				1,759,950

New Hampshire^(a)— 0.3%
New Hampshire Business Finance Authority, Refunding RB
Series B, 4.63%, 11/01/42		505		515,236
Series C, AMT, 4.88%, 11/01/42		220		225,839

				741,075

New Jersey — 8.8%
Middlesex County Improvement Authority, RB, Series B, 6.25%, 01/01/37^(g)(h)		1,510		30,200
New Jersey Economic Development Authority, RB
Series B, 4.50%, 06/15/40		1,930		2,103,198
Series DDD, 5.00%, 06/15/42		160		176,686
AMT, (AGM), 5.13%, 07/01/42		300		323,142
Series B, AMT, 5.63%, 11/15/30		990		1,017,225
New Jersey Health Care Facilities Financing Authority, Refunding RB
Series A, 4.63%, 07/01/21^(b)		770		792,007
Series A, 5.63%, 07/01/21^(b)		2,560		2,650,009
Series A, 5.00%, 07/01/25		500		536,530
New Jersey Higher Education Student Assistance Authority, RB, Series B, AMT, 3.50%, 12/01/39		1,120		1,137,002
New Jersey Higher Education Student Assistance Authority, Refunding RB, Series B, AMT, 3.25%, 12/01/39		1,970		1,911,373
New Jersey Transportation Trust Fund Authority, RB
Series A, 5.00%, 06/15/42		395		408,497
Series AA, 5.00%, 06/15/38		290		309,935
Series AA, 5.00%, 06/15/45		1,350		1,443,190
Series AA, 5.00%, 06/15/46		600		640,290
Series B, 5.50%, 06/15/31		2,000		2,052,020
New Jersey Transportation Trust Fund Authority, RB, CAB, Series A, 0.00%, 12/15/35^(c)		1,600		939,344
New Jersey Transportation Trust Fund Authority, Refunding RB
4.00%, 12/15/39		820		863,772
Series A, 5.00%, 12/15/36		240		273,017
New Jersey Turnpike Authority, RB, Series E, 5.00%, 01/01/45		820		922,779
South Jersey Transportation Authority, RB, Series A, 4.00%, 11/01/50		455		491,823
Tobacco Settlement Financing Corp., Refunding RB, Sub-Series B, 5.00%, 06/01/46		4,770		5,386,045

				24,408,084

New Mexico — 0.3%
New Mexico Hospital Equipment Loan Council, Refunding RB, Series VIC, 5.00%, 08/01/44		680		773,758


20		2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

October 31, 2020

BlackRock Investment Quality Municipal Trust, Inc. (BKN)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

New York — 6.0%
Erie Tobacco Asset Securitization Corp., Refunding RB, Series A, 5.00%, 06/01/45	$	1,825	$	1,824,909
Metropolitan Transportation Authority, Refunding RB
Series A, 5.00%, 11/15/41		30		30,593
Series C-1, 4.75%, 11/15/45		1,700		1,800,776
Series C-1, 5.00%, 11/15/50		550		592,889
Series C-1, 5.25%, 11/15/55		810		889,258
Series C-1, 5.00%, 11/15/56		320		336,845
Series D, 5.00%, 11/15/31		650		688,584
New York City Industrial Development Agency, RB
(AMBAC), 5.00%, 01/01/39		1,100		1,101,210
(AGC), 6.50%, 01/01/46		300		301,086
New York City Transitional Finance Authority Future Tax Secured Revenue, RB, Series C, 4.00%, 05/01/45		1,380		1,561,222
New York Counties Tobacco Trust IV, Refunding RB, Series A, 6.25%, 06/01/41^(a)		1,400		1,406,440
New York Counties Tobacco Trust VI, Refunding RB, Series C, 4.00%, 06/01/51		1,000		872,750
New York Liberty Development Corp., Refunding RB, Series 2, Class 2, 5.15%, 11/15/34^(a)		640		663,373
New York Power Authority, Refunding RB, Series A, 4.00%, 11/15/60		350		396,690
New York Transportation Development Corp., RB
AMT, 5.00%, 10/01/35		315		340,030
AMT, 5.00%, 10/01/40		900		965,727
AMT, 4.38%, 10/01/45		85		85,620
Port Authority of New York & New Jersey, Refunding ARB
Consolidated, 186th Series, AMT, 5.00%, 10/15/36		470		526,362
Consolidated, 186th Series, AMT, 5.00%, 10/15/44		950		1,042,283
Westchester Tobacco Asset Securitization Corp., Refunding RB, Sub-Series C, 5.13%, 06/01/51		1,160		1,255,584

				16,682,231

North Carolina — 0.3%
North Carolina Medical Care Commission, RB, 4.00%, 11/01/52		630		705,726


North Dakota — 0.3%
County of Burleigh North Dakota, Refunding RB, Series A, 5.00%, 07/01/21^(b)		720		742,471


Ohio — 4.6%
Buckeye Tobacco Settlement Financing Authority, Refunding RB, Series B-2, Class 2, 5.00%, 06/01/55		3,800		4,043,124
Butler County Port Authority, RB^(a)
Series A-1, 6.25%, 01/15/34		500		477,900
Series A-1, 6.38%, 01/15/43		275		256,509
City of Dayton Ohio Airport Revenue, Refunding RB, Series A, AMT, (AGM), 4.00%, 12/01/32		3,000		3,133,020
County of Montgomery Ohio, Refunding RB, 4.00%, 11/15/42		1,050		1,114,806
Ohio Air Quality Development Authority, RB, AMT, 5.00%, 07/01/49^(a)		650		653,114
Ohio Housing Finance Agency, RB, S/F Housing, Series A, (FHLMC, FNMA, GNMA), 4.00%, 09/01/48		45		48,530
State of Ohio, Refunding RB, Series A, 5.00%, 01/15/41		3,010		3,131,965

				12,858,968

Oklahoma — 0.9%
Oklahoma City Public Property Authority, Refunding RB 5.00%, 10/01/36		800		885,680


Security	Par (000)		Value

Oklahoma (continued)
Oklahoma City Public Property Authority, Refunding RB (continued)
5.00%, 10/01/39	$	280	$	308,383
Oklahoma Development Finance Authority, RB, Series B, 5.50%, 08/15/52		680		791,289
Oklahoma Turnpike Authority, RB, Series A, 4.00%, 01/01/48		420		466,536

				2,451,888

Oregon — 1.5%
Oregon Health & Science University, RB, Series A, 4.00%, 07/01/37		575		643,574
Oregon State Facilities Authority, Refunding RB, Series A, 5.00%, 04/01/45		2,485		2,753,529
State of Oregon Housing & Community Services Department, RB, S/F Housing, Series C, 3.95%, 07/01/43		585		630,414

				4,027,517

Pennsylvania — 9.7%
City of Philadelphia Pennsylvania Airport Revenue, Refunding ARB, Series B, AMT, 5.00%, 07/01/35		575		664,499
Commonwealth Financing Authority, RB, (AGM), 4.00%, 06/01/39		2,785		3,129,727
Delaware River Port Authority, RB, 4.50%, 01/01/32		3,000		3,314,550
Mckeesport Area School District, Refunding GO, CAB, 0.00%, 10/01/31^(c)(i)		500		405,310
Montgomery County Higher Education and Health Authority, Refunding RB, Series A, 4.00%, 09/01/49		565		597,566
Pennsylvania Economic Development Financing Authority, RB
Series A-1, 4.00%, 04/15/50		780		860,816
AMT, 5.00%, 12/31/38		1,610		1,827,849
Pennsylvania Economic Development Financing Authority, Refunding RB, AMT, 5.50%, 11/01/44		810		823,519
Pennsylvania Higher Education Assistance Agency, RB, Series B, AMT, Subordinate, 3.00%, 06/01/47		155		143,366
Pennsylvania Housing Finance Agency, RB, S/F Housing
Series 127B, 3.88%, 10/01/38		670		727,285
Series 128B, 3.85%, 04/01/38		1,505		1,647,117
Pennsylvania Turnpike Commission, RB
Series C, 5.00%, 12/01/39		850		970,598
Series A, Subordinate, 4.00%, 12/01/49		710		779,629
Sub-Series A-1, Subordinate, 5.00%, 12/01/41		2,735		3,103,815
Pottsville Hospital Authority, Refunding RB, Series B, 5.00%, 07/01/45		2,000		2,286,040
School District of Philadelphia, Refunding GO, Series F, 5.00%, 09/01/37		800		926,752
State Public School Building Authority, Refunding RB, Series A, 5.00%, 06/01/34		3,825		4,517,440

				26,725,878

Puerto Rico — 6.5%
Children’s Trust Fund, Refunding RB
5.50%, 05/15/39		495		504,806
5.63%, 05/15/43		530		535,099
Puerto Rico Commonwealth Aqueduct & Sewer Authority, RB
Series A, Senior Lien, 5.00%, 07/01/33		2,145		2,177,196
Series A, Senior Lien, 5.13%, 07/01/37		615		624,336


SCHEDULES OF INVESTMENTS		21

Schedule of Investments (unaudited) (continued)

October 31, 2020

BlackRock Investment Quality Municipal Trust, Inc. (BKN)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Puerto Rico (continued)
Puerto Rico Commonwealth Aqueduct & Sewer Authority, Refunding RB
Series A, Senior Lien, 6.00%, 07/01/38	$	630	$	631,077
Series A, Senior Lien, 6.00%, 07/01/44		1,140		1,141,813
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB
Series A-1, Restructured, 4.75%, 07/01/53		1,593		1,670,006
Series A-1, Restructured, 5.00%, 07/01/58		6,444		6,853,452
Series A-2, Restructured, 4.33%, 07/01/40		861		886,253
Series A-2, Restructured, 4.78%, 07/01/58		1,459		1,531,789
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB, Series A-1, Restructured, 0.00%, 07/01/46^(c)		4,827		1,388,052

				17,943,879

Rhode Island — 3.5%
Rhode Island Health and Educational Building Corp., Refunding RB, Series A, (AGM, GTD), 3.75%, 05/15/32		1,845		2,074,555
Rhode Island Student Loan Authority, RB, Series A, AMT, 3.63%, 12/01/37		1,565		1,566,111
Tobacco Settlement Financing Corp., Refunding RB
Series A, 5.00%, 06/01/40		1,000		1,100,550
Series B, 4.50%, 06/01/45		2,725		2,841,276
Series B, 5.00%, 06/01/50		2,000		2,133,460

				9,715,952

South Carolina — 1.9%
South Carolina Jobs-Economic Development Authority, RB, 5.00%, 01/01/55^(a)		755		688,681
South Carolina Jobs-Economic Development Authority, Refunding RB, Series A, 5.00%, 05/01/38		1,895		2,220,713
South Carolina Public Service Authority, RB, Series E, 5.00%, 12/01/48		2,125		2,351,971

				5,261,365

Tennessee — 3.1%
Chattanooga Health Educational & Housing Facility Board, RB, Series A, 5.25%, 01/01/23^(b)		2,945		3,260,940
Chattanooga-Hamilton County Hospital Authority, Refunding RB, Series A, 5.00%, 10/01/44		875		931,928
Greeneville Health & Educational Facilities Board, Refunding RB, Series A, 4.00%, 07/01/40		615		672,730
Johnson City Health & Educational Facilities Board, RB, Series A, 5.00%, 08/15/42		1,200		1,265,376
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, RB, Series A, 5.00%, 07/01/40		1,075		1,237,174
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Building, RB, Series A, 5.00%, 07/01/46		945		1,078,528

				8,446,676

Texas — 9.2%
Brazos Higher Education Authority, Inc., RB, Series 1B, AMT, Subordinate, 3.00%, 04/01/40		105		96,610
Central Texas Turnpike System, RB
Series C, 5.00%, 08/15/37		1,970		2,227,597
Series C, 5.00%, 08/15/42		1,480		1,647,684
City of Houston Texas Airport System Revenue, Refunding RB, Sub-Series A, AMT, 4.00%, 07/01/47		310		339,493


Security	Par (000)		Value

Texas (continued)
Harris County-Houston Sports Authority, Refunding RB, CAB, Series A, Senior Lien, (AGM, NPFGC), 0.00%, 11/15/38^(c)	$	5,000	$	2,212,400
Leander Independent School District, Refunding GO, CAB^(c)
Series D, (PSF-GTD), 0.00%, 08/15/24^(b)		550		321,629
Series D, (PSF-GTD), 0.00%, 08/15/35		5,450		3,114,457
Midland County Fresh Water Supply District No. 1, RB, CAB, Series A, 0.00%, 09/15/38^(c)		16,780		8,336,975
North Texas Tollway Authority, Refunding RB, 4.25%, 01/01/49		930		1,049,868
Red River Education Finance Corp., RB, 5.25%, 03/15/23^(b)		1,140		1,271,670
Tarrant County Cultural Education Facilities Finance Corp., RB, Series B, 5.00%, 07/01/35		440		539,462
Texas Department of Housing & Community Affairs, RB, S/F Housing, Series A, (GNMA), 4.25%, 09/01/43		300		326,226
Texas Municipal Gas Acquisition & Supply Corp. III, RB, 5.00%, 12/15/32		2,080		2,247,274
Texas Transportation Commission, RB, CAB^(c)
0.00%, 08/01/35		420		244,427
0.00%, 08/01/36		235		129,661
0.00%, 08/01/37		305		159,192
0.00%, 08/01/38		315		155,648
0.00%, 08/01/44		1,370		484,802
0.00%, 08/01/45		1,800		603,756

				25,508,831

Utah — 0.6%
Utah Charter School Finance Authority, Refunding RB
5.25%, 06/15/37^(a)		205		220,523
4.00%, 04/15/42		600		631,080
5.38%, 06/15/48^(a)		260		276,083
Utah Housing Corp., RB, S/F Housing, Series D-2, Class III, (FHA), 4.00%, 01/01/36		405		442,244

				1,569,930

Vermont — 0.1%
Vermont Student Assistance Corp., RB, Series A, AMT, 4.25%, 06/15/32		360		375,664


Virginia — 2.0%
Ballston Quarter Community Development Authority, TA, Series A, 5.38%, 03/01/36		780		754,541
Tobacco Settlement Financing Corp., Refunding RB, Series B-1, 5.00%, 06/01/47		1,030		1,029,979
Virginia Housing Development Authority, RB, M/F Housing, Series E, 3.15%, 12/01/49		1,515		1,590,462
Virginia Small Business Financing Authority, RB
AMT, 5.00%, 01/01/48^(a)(e)		745		740,977
AMT, Senior Lien, 6.00%, 01/01/37		1,440		1,530,576

				5,646,535

Washington — 0.7%
King County Housing Authority, Refunding RB, 3.00%, 06/01/40		725		766,042
Port of Seattle Washington, ARB, Series A, AMT, 5.00%, 05/01/43		625		712,663
Washington Health Care Facilities Authority, Refunding RB, 5.00%, 09/01/55		470		567,967

				2,046,672


22		2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

October 31, 2020

BlackRock Investment Quality Municipal Trust, Inc. (BKN)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

West Virginia — 0.3%
West Virginia Hospital Finance Authority, RB, Series A, 4.00%, 06/01/51	$	730	$	777,706


Wisconsin — 1.0%
Public Finance Authority, RB, Series A, 5.00%, 10/15/50^(a)		875		905,730
Public Finance Authority, Refunding RB, AMT, 4.00%, 08/01/35		435		437,875
WPPI Energy, Refunding RB, Series A, 5.00%, 07/01/37		1,330		1,506,451

				2,850,056


Total Municipal Bonds — 129.7% (Cost: $322,812,970)				359,284,006


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

California — 0.5%
Los Angeles Unified School District, GO, Series B-1, 5.25%, 07/01/42^(k)		1,182		1,458,782


Colorado — 0.8%
City & County of Denver Colorado Airport System Revenue, Refunding ARB, Series A, AMT, 5.25%, 12/01/48^(k)		1,769		2,098,835


Connecticut — 1.6%
Connecticut State Health & Educational Facilities Authority, Refunding RB, 5.00%, 12/01/45		3,902		4,531,865


District of Columbia — 0.8%
District of Columbia Housing Finance Agency, RB, M/F Housing, Series B-2, (FHA), 4.10%, 09/01/39		2,102		2,348,701


Florida — 1.6%
Greater Orlando Aviation Authority, ARB, Series A, AMT, 4.00%, 10/01/49		1,860		2,046,279
Pinellas County School Board, COP, Series A, 5.00%, 07/01/41		2,120		2,525,980

				4,572,259

Georgia — 0.6%
Georgia Housing & Finance Authority, Refunding RB, Series A, 3.70%, 06/01/49		1,581		1,713,303


Louisiana — 0.5%
State of Louisiana Gasoline & Fuels Tax Revenue, Refunding RB, Series A, 1st Lien, 4.00%, 05/01/41		1,200		1,316,868


Maine — 0.3%
Maine State Housing Authority, RB, M/F Housing, Series E, 4.15%, 11/15/38		719		720,515


Maryland — 1.2%
Maryland Stadium Authority, RB, 5.00%, 05/01/42		2,760		3,280,232


Massachusetts — 1.3%
Commonwealth of Massachusetts, GO, Series A, 5.00%, 01/01/46		3,018		3,652,345


Michigan — 1.9%
Michigan Finance Authority, RB, 4.00%, 02/15/47		2,759		3,072,138
Michigan State Housing Development Authority, RB, M/F Housing, Series A, 4.05%, 10/01/48		2,142		2,322,656

				5,394,794


Security	Par (000)		Value

Minnesota — 2.0%
State of Minnesota, RB, Series A, 5.00%, 06/01/38	$	5,000	$	5,518,701


Nebraska — 0.6%
Nebraska Investment Finance Authority, RB, S/F Housing, Series A, (FHLMC, FNMA, GNMA), 3.70%, 03/01/47		1,490		1,592,793


Nevada — 1.0%
County of Clark Nevada, GO, Series A, 5.00%, 06/01/38		2,311		2,818,884


New Jersey — 1.7%
New Jersey Transportation Trust Fund Authority, RB, Series B, 5.25%, 06/15/36^(k)		2,861		2,973,496
New Jersey Turnpike Authority, Refunding RB, Series G, 4.00%, 01/01/43		1,606		1,778,217

				4,751,713

New York — 9.7%
City of New York Water & Sewer System, RB, Series CC, 5.00%, 06/15/47		4,000		4,432,484
City of New York, Refunding GO, Series B, 4.00%, 08/01/32		1,600		1,736,400
Hudson Yards Infrastructure Corp., RB^(k)
5.75%, 02/15/47^(b)		1,083		1,098,787
5.75%, 02/15/47		666		675,940
New York City Housing Development Corp., Refunding RB, Series A, 4.15%, 11/01/38		1,650		1,830,213
New York City Transitional Finance Authority Building Aid Revenue, RB, Series S-1, 4.00%, 07/15/42^(k)		2,145		2,239,144
New York City Water & Sewer System, Refunding RB, Series BB, 4.00%, 06/15/47		6,000		6,235,320
New York Liberty Development Corp., ARB, 5.25%, 12/15/43		4,500		4,700,973
New York State Thruway Authority, Refunding RB, Series A, 5.00%, 03/15/31		2,360		2,450,412
Port Authority of New York & New Jersey, ARB, Series 221, AMT, 4.00%, 07/15/60		1,394		1,529,519

				26,929,192

Ohio — 0.7%
Northeast Ohio Regional Sewer District, Refunding RB, 4.00%, 11/15/49^(k)		1,800		1,958,688


Pennsylvania — 1.4%
Commonwealth of Pennsylvania, GO, 1st Series, 4.00%, 03/01/36^(k)		2,399		2,780,761
Philadelphia Authority for Industrial Development, RB, Series A, 4.00%, 07/01/44		914		965,157

				3,745,918

Rhode Island — 0.8%
Rhode Island Housing and Mortgage Finance Corp., Refunding RB, S/F Housing, Series 69-B, (FHLMC, FNMA, GNMA), 3.55%, 10/01/33		2,040		2,227,354


Texas — 5.1%
Aldine Independent School District, Refunding GO, (PSF-GTD), 5.00%, 02/15/42		2,609		3,182,724
City of San Antonio Texas Electric & Gas Systems Revenue, RB, Junior Lien, 5.00%, 02/01/23^(b)		2,380		2,572,090
Houston Community College System, GO, 4.00%, 02/15/43		2,160		2,302,711


SCHEDULES OF INVESTMENTS		23

Schedule of Investments (unaudited) (continued)

October 31, 2020

BlackRock Investment Quality Municipal Trust, Inc. (BKN)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Texas (continued)
Howe Independent School District, GO, (PSF-GTD), 4.00%, 08/15/43	$	1,680	$	1,891,764
San Antonio Public Facilities Corp., Refunding RB, 4.00%, 09/15/42		1,409		1,475,759
Texas Department of Housing & Community Affairs, RB, S/F Housing
Series A, (GNMA), 3.63%, 09/01/44		699		754,458
Series A, (GNMA), 3.00%, 09/01/45		494		510,925
Series A, (GNMA), 3.75%, 09/01/49		383		413,635
Series A, (GNMA), 3.00%, 03/01/50		936		968,089

				14,072,155


Washington — 0.9%
Washington Health Care Facilities Authority, Refunding RB, Series B, 4.13%, 08/15/43		2,213		2,386,082


Total Municipal Bonds Transferred to Tender Option Bond Trusts — 35.0% (Cost: $91,655,832)				97,089,979


Total Long-Term Investments — 164.7% (Cost: $414,468,802)				456,373,985


	Shares

Short-Term Securities

Money Market Funds — 0.5%
BlackRock Liquidity Funds, MuniCash, Institutional Class, 0.01%^(l)(m)		1,284,310		1,284,439


Total Short-Term Securities — 0.5% (Cost: $1,284,520)				1,284,439


Total Investments — 165.2% (Cost: $415,753,322)				457,658,424

Other Assets Less Liabilities — 0.9%				2,625,754

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (20.7)%				(57,360,137	)

VMTP Shares at Liquidation Value — (45.4)%				(125,900,000	)


Net Assets Applicable to Common Shares — 100.0%			$	277,024,041

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

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

^(c)	Zero-coupon bond.

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

^(e)	Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

^(f)	When-issued security.

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

^(h)	Non-income producing security.

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

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

^(k)

All or a portion of the security is subject to a recourse agreement. The aggregate maximum potential amount the Trust could ultimately be required to pay under the agreements, which expire between December 15, 2020 to February 15, 2047, is $9,555,026. See Note 4 of the Notes to Financial Statements for details.

^(l)	Affiliate of the Trust.

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Trust during the six-months ended October 31, 2020 for purposes of Section 2(a)(3) of the 1940 Act, as amended, were as follows:


Affiliated Issuer	Value at 04/30/20		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 10/31/20		Shares Held at 10/31/20		Income		Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, MuniCash, Institutional Class	$	4,003,899	$	—	$	(2,719,384	)^(a)	$	531	$	(607	)	$	1,284,439		1,284,310	$	132	$	—

^(a)

Represents net amount purchased (sold).


24		2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

October 31, 2020

BlackRock Investment Quality Municipal Trust, Inc. (BKN)

Fair Value Hierarchy as of Period End

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

The following table summarizes the Trust’s investments categorized in the disclosure hierarchy. The breakdown of the Trust’s investments into major categories is disclosed in the Schedule of Investments above.


	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Municipal Bonds	$	—	$	359,284,006	$	—	$	359,284,006
Municipal Bonds Transferred to Tender Option Bond Trusts		—		97,089,979		—		97,089,979
Short-Term Securities
Money Market Funds		1,284,439		—		—		1,284,439

	$	1,284,439	$	456,373,985	$	—	$	457,658,424

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	$	—	$	(57,331,906	)	$	—	$	(57,331,906	)
VMTP Shares at Liquidation Value		—		(125,900,000	)		—		(125,900,000	)

	$	—	$	(183,231,906	)	$	—	$	(183,231,906	)

See notes to financial statements.


SCHEDULES OF INVESTMENTS		25

Schedule of Investments (unaudited)

October 31, 2020

BlackRock Long-Term Municipal Advantage Trust (BTA)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Municipal Bonds

Alabama — 1.7%
County of Jefferson Alabama Sewer Revenue, Refunding RB, Series D, Sub Lien, 6.00%, 10/01/42	$	1,655	$	1,931,848
Health Care Authority of the City of Huntsville, RB
Series B1, 4.00%, 06/01/45		395		434,990
Series B1, (AGM), 3.00%, 06/01/50		100		100,637
Tuscaloosa County Industrial Development Authority, Refunding RB^(a)
Series A, 4.50%, 05/01/32		180		189,652
Series A, 5.25%, 05/01/44		230		251,132

				2,908,259

Alaska — 0.6%
Northern Tobacco Securitization Corp., Refunding RB, Series A, 5.00%, 06/01/46		1,045		1,044,990


Arizona — 3.7%
Arizona Industrial Development Authority, Refunding RB^(a)
Series A, 5.13%, 07/01/37		360		385,963
Series A, 5.38%, 07/01/50		925		983,330
Series A, 5.50%, 07/01/52		855		913,610
Series G, 5.00%, 07/01/47		135		142,397
Industrial Development Authority of the City of Phoenix, RB
Series A, 5.00%, 07/01/33		870		891,828
Series A, 5.00%, 07/01/46^(a)		1,255		1,301,636
Industrial Development Authority of the City of Phoenix, Refunding RB, Series A, 5.00%, 07/01/35^(a)		125		132,413
Maricopa County Industrial Development Authority, Refunding RB, Series A, 4.13%, 09/01/38		375		430,943
Salt Verde Financial Corp., RB, 5.00%, 12/01/37		725		959,907

				6,142,027

Arkansas^(a)— 2.7%
Arkansas Development Finance Authority, RB
AMT, 4.50%, 09/01/49		925		927,137
AMT, 4.75%, 09/01/49		3,570		3,549,865

				4,477,002

California — 3.1%
California County Tobacco Securitization Agency, Refunding RB, Series A, 5.00%, 06/01/47		140		137,389
California Municipal Finance Authority, RB, S/F Housing
Series A, 5.25%, 08/15/39		70		77,116
Series A, 5.25%, 08/15/49		175		188,213
California State Public Works Board, RB, Series I, 5.00%, 11/01/38		355		396,776
Golden State Tobacco Securitization Corp., Refunding RB, Series A-2, 5.00%, 06/01/47		535		548,889
Hastings Campus Housing Finance Authority, RB, CAB, Sub-Series A, 6.75%, 07/01/61^(a)(b)		830		331,436
San Francisco City & County Redevelopment Agency Successor Agency, TA, CAB, Series D, 0.00%, 08/01/31^(a)(c)		1,265		757,608
San Marcos Unified School District, GO, CAB, Series B, 0.00%, 08/01/38^(c)		3,725		2,459,580
Stockton Public Financing Authority, RB, Series A, 6.25%, 10/01/23^(d)		165		193,604

				5,090,611

Colorado — 2.1%
Centerra Metropolitan District No.1, TA, 5.00%, 12/01/47^(a)		275		278,831


Security	Par (000)		Value

Colorado (continued)
Constitution Heights Metropolitan District, Refunding GO, 5.00%, 12/01/49	$	500	$	496,920
Denver Convention Center Hotel Authority, Refunding RB, 5.00%, 12/01/40		1,550		1,658,205
Table Mountain Metropolitan District, GO, Series A, 5.25%, 12/01/21^(d)		991		996,312

				3,430,268

Connecticut^(a)— 0.8%
Connecticut State Health & Educational Facilities Authority, RB
Series A, 5.00%, 01/01/45		160		167,757
Series A, 5.00%, 01/01/55		210		216,046
Mohegan Tribe of Indians of Connecticut, Refunding RB, Series C, 6.25%, 02/01/30		860		913,414

				1,297,217

Delaware — 0.5%
County of Sussex Delaware, RB, 6.00%, 10/01/40		750		753,638


District of Columbia — 1.2%
District of Columbia, Refunding RB, Series A, 6.00%, 07/01/23^(d)		260		299,198
District of Columbia, TA, 5.13%, 06/01/41		750		768,787
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Refunding RB, Series B, Subordinate, 4.00%, 10/01/49		870		944,724

				2,012,709

Florida — 6.1%
Capital Region Community Development District, Refunding SAB
Series A-1, 5.13%, 05/01/39		210		229,738
Series A-2, 4.60%, 05/01/31		515		564,239
Capital Trust Agency, Inc., RB, Series A, 5.75%, 06/01/54^(a)		450		454,176
Charlotte County Industrial Development Authority, RB^(a)
AMT, 5.00%, 10/01/34		120		126,097
AMT, 5.00%, 10/01/49		560		565,919
County of Osceola Florida Transportation Revenue, Refunding RB, CAB^(c)
Series A-2, 0.00%, 10/01/46		775		299,584
Series A-2, 0.00%, 10/01/47		745		277,609
Series A-2, 0.00%, 10/01/48		525		187,320
Series A-2, 0.00%, 10/01/49		435		149,718
Florida Development Finance Corp., RB^(a) 5.25%, 06/01/55^(e)		525		530,224
Series A, AMT, 5.00%, 08/01/29^(f)		740		748,000
Lakewood Ranch Stewardship District, SAB
4.00%, 05/01/21		54		53,984
4.25%, 05/01/26		100		103,006
4.75%, 05/01/29		270		294,559
5.30%, 05/01/39		310		343,124
5.13%, 05/01/46		375		387,683
5.45%, 05/01/48		550		608,047
Mid-Bay Bridge Authority, RB, Series A, 7.25%, 10/01/21^(d).		1,080		1,149,066
Tolomato Community Development District, Refunding SAB, Series 2015-2, 6.61%, 05/01/40^(b)		310		201,503
Tolomato Community Development District, Refunding SAB, CAB, Series A-4, Convertible, 6.61%, 05/01/40^(b)		120		110,014
Tolomato Community Development District, SAB^(g)(h) 3rd Series, 6.65%, 05/01/40		275		3


26		2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

October 31, 2020

BlackRock Long-Term Municipal Advantage Trust (BTA)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Florida (continued)
Tolomato Community Development District, SAB^(g)(h)(continued)
Series 2015-1, 6.61%, 05/01/40^(b)	$	505	$	423,225
Series 2015-3, 6.61%, 05/01/40		340		3
Trout Creek Community Development District, SAB
5.00%, 05/01/28		160		174,269
5.50%, 05/01/49		570		619,054
Village Community Development District No. 10, SAB, 5.13%, 05/01/43		750		781,395
West Villages Improvement District, SAB
4.75%, 05/01/39		220		232,828
5.00%, 05/01/50		450		478,404

				10,092,791

Georgia — 3.5%
Gainesville & Hall County Hospital Authority, Refunding RB, Series A, (GTD), 5.50%, 08/15/54		240		277,625
Main Street Natural Gas, Inc., RB, Series A, 5.00%, 05/15/49		1,770		2,448,795
Municipal Electric Authority of Georgia, RB
4.00%, 01/01/49		865		960,929
4.00%, 01/01/59		1,640		1,809,330
Municipal Electric Authority of Georgia, Refunding RB, Sub-Series A, 4.00%, 01/01/49		320		354,003

				5,850,682

Illinois — 7.9%
Chicago Board of Education, GO
Series C, 5.25%, 12/01/35		795		836,586
Series D, 5.00%, 12/01/46		1,035		1,068,838
Series H, 5.00%, 12/01/36		935		998,889
Chicago Board of Education, Refunding GO
Series C, 5.00%, 12/01/25		350		387,124
Series C, 5.00%, 12/01/27		415		466,120
Series C, 5.00%, 12/01/34		940		1,009,870
Series F, 5.00%, 12/01/22		325		340,678
Chicago O’Hare International Airport, ARB, Series A, 3rd Lien, 5.75%, 01/01/39		400		403,552
Chicago Transit Authority Sales Tax Receipts Fund, RB, 5.25%, 12/01/21^(d)		360		379,289
City of Chicago Illinois, Refunding GO, Series A, 6.00%, 01/01/38		595		650,008
Cook County Community College District No. 508, GO, 5.50%, 12/01/38		350		367,525
Illinois Finance Authority, Refunding RB, Series C, 5.00%, 02/15/41		1,500		1,777,560
Metropolitan Pier & Exposition Authority, RB
Series A, 5.50%, 06/15/53		200		216,454
Series A, 5.00%, 06/15/57		555		596,769
Metropolitan Pier & Exposition Authority, Refunding RB, Series B, 5.00%, 06/15/52		225		238,059
State of Illinois, GO
5.00%, 05/01/27		500		534,425
5.00%, 01/01/28		1,005		1,094,264
5.00%, 03/01/37		755		761,863
Series A, 5.00%, 01/01/33		555		563,763
University of Illinois, RB, Series A, 5.00%, 04/01/44		475		516,287

				13,207,923


Security	Par (000)		Value

Indiana — 5.7%
City of Anderson Indiana, RB, 5.38%, 01/01/40	$	285	$	280,887
City of Valparaiso Indiana, RB
AMT, 6.75%, 01/01/34		365		395,145
AMT, 7.00%, 01/01/44		885		968,898
City of Vincennes Indiana, Refunding RB, 6.25%, 01/01/29^(a)		960		963,389
County of Allen Indiana, RB^(a)
Series A-1, 6.63%, 01/15/34		135		126,760
Series A-1, 6.75%, 01/15/43		200		189,022
Series A-1, 6.88%, 01/15/52		560		526,445
Indiana Finance Authority, RB
Series A, 1st Lien, 5.25%, 10/01/38		1,285		1,337,094
Series A, AMT, 5.00%, 07/01/44		160		169,491
Series A, AMT, 5.00%, 07/01/48		520		547,971
Series A, AMT, 5.25%, 01/01/51		2,190		2,327,181
Indiana Housing & Community Development Authority, RB, 5.38%, 10/01/40^(a)		595		588,175
Indianapolis Local Public Improvement Bond Bank, RB, Series A, 5.00%, 01/15/40		445		483,448
Town of Chesterton Indiana, RB, Series A-1, 6.38%, 01/15/51^(a)		560		495,522

				9,399,428

Iowa — 1.6%
Iowa Finance Authority, Refunding RB 5.25%, 12/01/25		660		700,795
Series B, 5.25%, 12/01/50^(f)		825		873,196
Iowa Student Loan Liquidity Corp., Refunding RB, Series B, AMT, 3.00%, 12/01/39		1,175		1,162,228

				2,736,219

Kansas — 0.6%
Kansas City Industrial Development Authority, ARB, AMT, (AGM), 4.00%, 03/01/57		975		1,032,710


Kentucky — 0.7%
Kentucky Economic Development Finance Authority, RB, Series A, 5.25%, 01/01/23^(d)		460		508,944
Kentucky Public Transportation Infrastructure Authority, RB, CAB, Series C, Convertible, 6.75%, 07/01/43^(b)		565		582,029

				1,090,973

Louisiana — 2.4%
Louisiana Local Government Environmental Facilities & Community Development Auth, RB 5.00%, 07/01/54^(a)		445		431,708
Series A-1, 6.50%, 11/01/35		1,135		1,139,461
Tobacco Settlement Financing Corp., Refunding RB
Series A, 5.50%, 05/15/30		280		280,470
Series A, 5.25%, 05/15/31		300		305,235
Series A, 5.25%, 05/15/32		380		398,187
Series A, 5.25%, 05/15/33		415		434,488
Series A, 5.25%, 05/15/35		945		1,006,094

				3,995,643

Maine — 0.6%
Maine Health & Higher Educational Facilities Authority, RB, 6.75%, 07/01/41		970		987,935


Maryland — 1.9%
County of Frederick Maryland, Refunding TA, 4.63%, 07/01/43^(a)		965		944,224


SCHEDULES OF INVESTMENTS		27

Schedule of Investments (unaudited) (continued)

October 31, 2020

BlackRock Long-Term Municipal Advantage Trust (BTA)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Maryland (continued)
Maryland Economic Development Corp., Refunding RB, 5.75%, 09/01/25	$	540	$	540,875
Maryland Health & Higher Educational Facilities Authority, RB, Series A, 7.00%, 03/01/55^(a)		1,480		1,646,633

				3,131,732

Massachusetts — 2.3%
Massachusetts Development Finance Agency, RB
Series A, 6.50%, 11/15/23^(a)(d)		1,000		1,186,120
Series A, 5.00%, 01/01/47		860		947,118
Massachusetts Development Finance Agency, Refunding RB
Series A, 5.00%, 10/01/35		500		559,835
Series C, (AGM), 4.00%, 10/01/45		465		521,618
Massachusetts Housing Finance Agency, Refunding RB, Series A, AMT, 4.45%, 12/01/42		625		657,469

				3,872,160

Michigan — 2.3%
City of Detroit Michigan Sewage Disposal System Revenue, Refunding RB, Series A, Senior Lien, 5.25%, 07/01/22^(d)		1,970		2,133,687
City of Detroit Michigan, GO
5.00%, 04/01/34		140		149,811
5.00%, 04/01/35		140		149,482
5.00%, 04/01/36		95		101,149
5.00%, 04/01/37		155		164,534
5.00%, 04/01/38		70		74,168
Michigan Finance Authority, RB, Series C-1, Senior Lien, 5.00%, 07/01/22^(d)		410		442,325
Michigan Strategic Fund, RB, AMT, 5.00%, 06/30/48		500		563,655

				3,778,811

Minnesota — 2.2%
Duluth Economic Development Authority, Refunding RB
Series A, 4.25%, 02/15/48		1,940		2,112,970
Series A, 5.25%, 02/15/58		655		764,405
Housing & Redevelopment Authority of The City of St. Paul Minnesota, Refunding RB, Series A, 5.50%, 09/01/36		690		773,497


			3,650,872

Missouri — 0.4%
Health & Educational Facilities Authority of the State of Missouri, Refunding RB, 5.50%, 05/01/43		115		119,172
Industrial Development Authority of the City of St. Louis Missouri, Refunding RB
Series A, 4.38%, 11/15/35		330		282,272
Series A, 4.75%, 11/15/47		365		309,480

				710,924

Nebraska — 0.2%
Central Plains Energy Project, RB, 5.25%, 09/01/37		285		308,661
New Hampshire^(a)(f)— 0.4%
New Hampshire Business Finance Authority, Refunding RB
Series A, 3.63%, 07/01/43		230		224,786
Series B, AMT, 3.75%, 07/01/45		375		361,162

				585,948

New Jersey — 10.0%
Casino Reinvestment Development Authority, Inc., Refunding RB 5.25%, 11/01/39		475		485,954


Security	Par (000)		Value

New Jersey (continued)
Casino Reinvestment Development Authority, Inc., Refunding RB (continued)
5.25%, 11/01/44	$	1,160	$	1,179,395
New Jersey Economic Development Authority, RB
Series EEE, 5.00%, 06/15/43		195		218,827
AMT, 5.13%, 09/15/23		1,090		1,121,828
New Jersey Economic Development Authority, Refunding RB, Series BBB, 5.50%, 06/15/31		1,225		1,418,183
New Jersey Economic Development Authority, Refunding SAB, 5.75%, 04/01/31		785		803,173
New Jersey Higher Education Student Assistance Authority, Refunding RB, Sub-Series C, AMT, 3.63%, 12/01/49		645		636,363
New Jersey Transportation Trust Fund Authority, RB
Series AA, 5.00%, 06/15/45		585		625,383
Series B, 5.25%, 06/15/36		845		864,663
Series S, 5.25%, 06/15/43		2,535		2,894,640
New Jersey Turnpike Authority, RB, Series A, 4.00%, 01/01/48		245		273,126
Tobacco Settlement Financing Corp., Refunding RB
Series A, 5.00%, 06/01/35		730		882,774
Series A, 5.25%, 06/01/46		1,700		1,988,269
Sub-Series B, 5.00%, 06/01/46		2,825		3,189,849

				16,582,427

New York — 22.4%
Erie Tobacco Asset Securitization Corp., Refunding RB, Series A, 5.00%, 06/01/45		910		909,954
Hudson Yards Infrastructure Corp., RB, 5.75%, 02/15/47		2,480		2,510,132
Metropolitan Transportation Authority, RB
Series B, 5.25%, 11/15/38		1,125		1,169,854
Series B, 5.25%, 11/15/39		400		416,152
Metropolitan Transportation Authority, Refunding RB, Series C-1, 4.75%, 11/15/45		985		1,043,391
New York City Industrial Development Agency, Refunding RB 3.00%, 03/01/49		715		697,075
(AGM), 3.00%, 03/01/49		665		670,287
New York City Transitional Finance Authority Future Tax Secured Revenue, RB, Sub-Series B-1, 4.00%, 11/01/45		5,000		5,608,150
New York City Water & Sewer System, Refunding RB, Series HH, 5.00%, 06/15/31		1,330		1,366,668
New York Counties Tobacco Trust IV, Refunding RB
Series A, 6.25%, 06/01/41^(a)		900		904,140
Series A, 5.00%, 06/01/42		1,505		1,518,259
Series A, 5.00%, 06/01/45		555		550,610
New York Counties Tobacco Trust VI, Refunding RB, Series A-2-B, 5.00%, 06/01/51		1,000		1,009,770
New York Liberty Development Corp., ARB, 5.25%, 12/15/43		6,140		6,414,396
New York Liberty Development Corp., Refunding RB 5.75%, 11/15/51		2,220		2,328,847
Series 1, Class 1, 5.00%, 11/15/44^(a)		2,355		2,408,859
Series 2, Class 2, 5.15%, 11/15/34^(a)		160		165,843
Series 2, Class 2, 5.38%, 11/15/40^(a)		395		410,642
New York Power Authority, Refunding RB, Series A, 4.00%, 11/15/60		565		640,371


28		2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

October 31, 2020

BlackRock Long-Term Municipal Advantage Trust (BTA)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

New York (continued)
New York State Dormitory Authority, Refunding RB, 5.00%, 12/01/33^(a)	$	410	$	469,118
New York Transportation Development Corp., ARB, Series A, AMT, 5.25%, 01/01/50		1,000		1,075,040
New York Transportation Development Corp., RB
AMT, 5.00%, 10/01/35		190		205,097
AMT, 5.00%, 10/01/40		535		574,071
AMT, 4.38%, 10/01/45		40		40,292
New York Transportation Development Corp., Refunding ARB, AMT, 5.38%, 08/01/36		730		741,417
Port Authority of New York & New Jersey, ARB 6.00%, 12/01/42		730		732,117
Consolidated, 221st Series, AMT, 4.00%, 07/15/50		855		937,525
Westchester Tobacco Asset Securitization Corp., Refunding RB, Sub-Series C, 4.00%, 06/01/42		1,635		1,721,966

				37,240,043

North Carolina — 0.2%
North Carolina Medical Care Commission, Refunding RB, Series A, 7.75%, 03/01/21^(d)		260		266,406


Ohio — 5.0%
Buckeye Tobacco Settlement Financing Authority, Refunding RB, Series B-2, Class 2, 5.00%, 06/01/55		4,570		4,862,389
County of Hamilton Ohio, Refunding RB, 4.00%, 08/15/50		800		897,264
Ohio Air Quality Development Authority, RB, AMT, 5.00%, 07/01/49^(a)		400		401,916
Southern Ohio Port Authority, RB, Series A, AMT, 7.00%, 12/01/42		805		802,657
State of Ohio, RB, AMT, 5.00%, 06/30/53		1,220		1,323,151

				8,287,377

Oklahoma — 2.5%
Oklahoma Development Finance Authority, RB
Series B, 5.00%, 08/15/38		1,450		1,675,069
Series B, 5.25%, 08/15/43		1,305		1,514,687
Tulsa County Industrial Authority, Refunding RB, 5.25%, 11/15/45		925		971,713

				4,161,469

Oregon — 0.2%
Clackamas County School District No. 12 North Clackamas, GO, CAB, Series A, 0.00%, 06/15/38^(c)		625		332,625


Pennsylvania — 2.1%
Allentown Neighborhood Improvement Zone Development Authority, RB, 5.00%, 05/01/42^(a)		470		487,202
Hospitals & Higher Education Facilities Authority of Philadelphia, RB, Series A, 5.63%, 07/01/42		300		315,249
Pennsylvania Economic Development Financing Authority, RB, AMT, 5.00%, 12/31/38		465		527,919
Pennsylvania Economic Development Financing Authority, Refunding RB, AMT, 5.50%, 11/01/44		720		732,017
Pennsylvania Higher Educational Facilities Authority, RB, 4.00%, 08/15/44		805		913,224
Pennsylvania Turnpike Commission, RB, Series A, 5.00%, 12/01/44		520		586,087

				3,561,698

Puerto Rico — 7.2%
Children’s Trust Fund, RB, Series B, 0.00%, 05/15/57^(c)		19,900		738,091
Children’s Trust Fund, Refunding RB, 5.63%, 05/15/43		820		827,888


Security	Par (000)		Value

Puerto Rico (continued)
Puerto Rico Commonwealth Aqueduct & Sewer Authority, RB, Series A, Senior Lien, 5.25%, 07/01/42	$	1,875	$	1,897,087
Puerto Rico Commonwealth Aqueduct & Sewer Authority, Refunding RB
Series A, Senior Lien, 6.00%, 07/01/38		395		395,675
Series A, Senior Lien, 6.00%, 07/01/44		715		716,137
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB
Series A-1, Restructured, 4.75%, 07/01/53		1,529		1,602,912
Series A-1, Restructured, 5.00%, 07/01/58		3,066		3,260,814
Series A-2, Restructured, 4.33%, 07/01/40		923		950,067
Series A-2, Restructured, 4.78%, 07/01/58		1,038		1,089,786
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB, Series A-1, Restructured, 0.00%, 07/01/46^(c)		1,914		550,390

				12,028,847

Rhode Island — 2.6%
Rhode Island Student Loan Authority, RB, Series A, AMT, 3.63%, 12/01/37		515		515,366
Tobacco Settlement Financing Corp., Refunding RB
Series A, 5.00%, 06/01/40		420		462,231
Series B, 4.50%, 06/01/45		1,875		1,955,006
Series B, 5.00%, 06/01/50		1,360		1,450,753

				4,383,356

South Carolina — 3.2%
South Carolina Jobs-Economic Development Authority, RB, Series A, 5.00%, 11/15/54		165		162,886
South Carolina Jobs-Economic Development Authority, Refunding RB, Series A, 5.00%, 05/01/43		1,110		1,284,858
South Carolina Public Service Authority, RB
Series A, 5.50%, 12/01/54		1,840		2,059,917
Series E, 5.00%, 12/01/48		420		464,860
Series E, 5.50%, 12/01/53		750		831,818
South Carolina Public Service Authority, Refunding RB, Series E, 5.25%, 12/01/55		430		490,858

				5,295,197

Tennessee — 1.6%
Memphis-Shelby County Industrial Development Board, Refunding TA
Series A, 5.50%, 07/01/37		490		403,104
Series A, 5.63%, 01/01/46		570		490,599
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, RB, Series A, 5.25%, 10/01/58		1,430		1,547,689
Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd, Refunding RB, Series A, 4.00%, 10/01/49		290		279,267

				2,720,659

Texas — 6.7%
Brazoria County Industrial Development Corp., RB, AMT, 7.00%, 03/01/39		325		325,539
Brazos Higher Education Authority, Inc., RB, Series 1B, AMT, Subordinate, 3.00%, 04/01/40		285		262,226
City of Houston Texas Airport System Revenue, Refunding ARB, AMT, 5.00%, 07/15/27		125		127,355
City of Houston Texas Airport System Revenue, Refunding RB, Series C, AMT, 5.00%, 07/15/27		800		814,456


SCHEDULES OF INVESTMENTS		29

Schedule of Investments (unaudited) (continued)

October 31, 2020

BlackRock Long-Term Municipal Advantage Trust (BTA)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Texas (continued)
Harris County Cultural Education Facilities Finance Corp., RB, Series B, 7.00%, 01/01/23^(d)	$	210	$	240,209
Harris County-Houston Sports Authority, Refunding RB, CAB, Series A, Senior Lien, (AGM, NPFGC), 0.00%, 11/15/34^(c)		3,000		1,730,730
Midland County Fresh Water Supply District No.1, RB, CAB, Series A, 0.00%, 09/15/37^(c)		5,200		2,724,592
Mission Economic Development Corp., Refunding RB, AMT, Senior Lien, 4.63%, 10/01/31^(a)		430		455,486
Newark Higher Education Finance Corp., RB^(a)
Series A, 5.50%, 08/15/35		135		149,217
Series A, 5.75%, 08/15/45		275		299,478
North Texas Tollway Authority, Refunding RB, 4.25%, 01/01/49		1,890		2,133,602
Texas Private Activity Bond Surface Transportation Corp., RB, AMT, Senior Lien, 5.00%, 12/31/55		1,025		1,111,643
Texas Transportation Commission, RB, CAB, 0.00%, 08/01/43^(c)		2,205		825,927

				11,200,460

Vermont — 0.5%
Vermont Student Assistance Corp., RB, Series A, AMT, 3.38%, 06/15/36		850		848,062


Virginia — 2.5%
Ballston Quarter Community Development Authority, TA
Series A, 5.00%, 03/01/26		260		261,256
Series A, 5.13%, 03/01/31		510		499,953
Norfolk Redevelopment & Housing Authority, RB
Series A, 5.00%, 01/01/34		235		247,523
Series A, 5.00%, 01/01/49		455		465,761
Tobacco Settlement Financing Corp., Refunding RB, Series B-1, 5.00%, 06/01/47		1,025		1,024,979
Virginia Small Business Financing Authority, RB, AMT, Senior Lien, 6.00%, 01/01/37		1,540		1,636,866

				4,136,338

Washington — 0.9%
Port of Seattle Washington, ARB, Series C, AMT, 5.00%, 04/01/40		350		386,522
Washington Health Care Facilities Authority, RB, Series A, 5.75%, 01/01/23^(d)		1,020		1,133,404

				1,519,926

Wisconsin — 4.1%
Public Finance Authority, RB
5.00%, 06/15/41^(a)		165		165,738
5.00%, 01/01/42^(a)		290		294,773
5.00%, 06/15/55^(a)		440		418,858
5.00%, 01/01/56^(a)		710		707,352
Series A, 6.25%, 10/01/31^(a)		290		336,934
Series A, 5.00%, 11/15/41		95		110,845
Series A, 7.00%, 10/01/47^(a)		290		330,046
Series A, 5.00%, 10/15/50^(a)		530		548,614
Series A-1, 4.50%, 01/01/35^(a)		600		600,216
Series A-1, 5.50%, 12/01/48^(a)(g)(h)		9		8,819
Series A-1, 5.00%, 01/01/55^(a)		1,290		1,269,089
Series B, 0.00%, 01/01/35^(a)(c)		1,135		452,978
Series B, 0.00%, 01/01/60^(a)(c)		13,585		799,341


Security	Par (000)		Value

Wisconsin (continued)
Public Finance Authority, Refunding RB, Series A, 3.00%, 01/01/50	$	125	$	117,881
Wisconsin Health & Educational Facilities Authority, Refunding RB
5.00%, 11/01/46		230		232,178
5.00%, 11/01/54		380		381,524

				6,775,186


Total Municipal Bonds — 126.9% (Cost: $198,937,096)				210,930,209


Municipal Bonds Transferred to Tender Option Bond Trusts⁽ⁱ⁾

California — 2.2%
City of Los Angeles Department of Airports, ARB, Series B, AMT, 5.00%, 05/15/46		2,700		3,035,016
Sacramento Area Flood Control Agency, Refunding SAB, 5.00%, 10/01/47		495		581,814

				3,616,830

Colorado — 1.2%
Colorado Health Facilities Authority, Refunding RB, Series A, 4.00%, 08/01/49^(j)		1,810		1,947,361


Florida — 1.5%
Escambia County Health Facilities Authority, Refunding RB, 4.00%, 08/15/45^(j)		2,321		2,465,358


Georgia — 0.7%
Dalton Whitfield County Joint Development Authority, RB, 4.00%, 08/15/48		1,025		1,128,002


Idaho — 1.4%
Idaho State Building Authority, RB, Series A, 4.00%, 09/01/48		2,120		2,350,084


Illinois — 2.5%
Illinois Finance Authority, RB, Series A, (AGM), 6.00%, 08/15/41		2,340		2,428,031
Illinois State Toll Highway Authority, RB, Series C, 5.00%, 01/01/38		1,498		1,708,396

				4,136,427

Iowa — 1.2%
Iowa Finance Authority, Refunding RB, Series E, 4.00%, 08/15/46		1,815		1,941,342


Massachusetts — 5.8%
Massachusetts Housing Finance Agency, Refunding RB, Series A, AMT, 4.50%, 12/01/47		2,058		2,207,017
Massachusetts School Building Authority, RB, Series B, 5.00%, 10/15/21^(d)		7,113		7,433,410

				9,640,427

Michigan — 1.3%
Michigan Finance Authority, RB, 4.00%, 02/15/47		2,000		2,227,300


New Jersey — 0.8%
New Jersey Higher Education Student Assistance Authority, Refunding RB, Series C, AMT, 4.25%, 12/01/50		1,338		1,357,733


30		2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

October 31, 2020

BlackRock Long-Term Municipal Advantage Trust (BTA)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

New York — 4.3%
New York City Housing Development Corp., Refunding RB, Series A, 4.15%, 11/01/38	$	2,390	$	2,651,036
New York City Transitional Finance Authority Future Tax Secured Revenue, RB, Series C, 3.00%, 05/01/46		1,187		1,218,744
Port Authority of New York & New Jersey, ARB, Series 221, AMT, 4.00%, 07/15/60		1,725		1,893,325
Port Authority of New York & New Jersey, Refunding ARB, 194th Series, 5.25%, 10/15/55		1,215		1,390,981

				7,154,086

North Carolina — 1.6%
North Carolina Capital Facilities Finance Agency, Refunding RB, Series B, 5.00%, 10/01/25^(d)		1,180		1,444,745
North Carolina Housing Finance Agency, RB, S/F Housing, Series 39-B, (FHLMC, FNMA, GNMA), 4.00%, 01/01/48 .		1,126		1,195,241

				2,639,986

Pennsylvania — 2.8%
County of Lehigh Pennsylvania, Refunding RB, Series A, 4.00%, 07/01/49^(j)		2,501		2,748,592
Pennsylvania Turnpike Commission, RB, Sub-Series A, 5.50%, 12/01/42		1,680		1,995,874

				4,744,466

Rhode Island — 1.6%
Rhode Island Health and Educational Building Corp., RB, Series A, 4.00%, 09/15/47		2,448		2,672,956


Texas^(d)— 7.9%
City of San Antonio Texas Electric & Gas Systems Revenue, RB, Junior Lien, 5.00%, 02/01/23		11,000		11,887,810
Metropolitan Transit Authority of Harris County Sales & Use Tax Revenue, Refunding RB, Series A, 5.00%, 11/01/21 .		1,170		1,224,382

				13,112,192

Virginia^(j)— 2.1%
Hampton Roads Transportation Accountability Commission, RB
Series A, Senior Lien, 5.50%, 07/01/57		2,224		2,696,445
Series A, Senior Lien, 4.00%, 07/01/60		795		895,846

				3,592,291

West Virginia — 1.3%
Morgantown Utility Board, Inc., RB, Series B, 4.00%, 12/01/48^(j)		1,891		2,124,578


Total Municipal Bonds Transferred to Tender Option Bond Trusts — 40.2% (Cost: $63,239,228)				66,851,419


Total Long-Term Investments — 167.1% (Cost: $262,176,324)				277,781,628


Security	Shares		Value

Short-Term Securities

Money Market Funds — 0.1%
BlackRock Liquidity Funds, MuniCash, Institutional Class, 0.01%^(k)(l)		241,848	$	241,872


Total Short-Term Securities — 0.1% (Cost: $241,872)				241,872


Total Investments — 167.2% (Cost: $262,418,196)				278,023,500

Other Assets Less Liabilities — 1.6%				2,568,641

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (23.3)%				(38,732,077	)

VRDP Shares at Liquidation Value, Net of Deferred Offering Costs — (45.5)%				(75,619,677	)


Net Assets Applicable to Common Shares — 100.0%			$	166,240,387

^(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)	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.

^(c)	Zero-coupon bond.

^(d)	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.

^(e)	When-issued security.

^(f)	Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

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

^(h)	Non-income producing security.

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

^(j)

All or a portion of the 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 January 1, 2026 to July 1, 2028, is $6,953,518. See Note 4 of the Notes to Financial Statements for details.

^(k)	Affiliate of the Trust.

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


SCHEDULE OF INVESTMENTS		31

Schedule of Investments (unaudited) (continued)

October 31, 2020

BlackRock Long-Term Municipal Advantage Trust (BTA)

Affiliates

Investments in issuers considered to be affiliate(s) of the Trust during the six-months ended October 31, 2020 for purposes of Section 2(a)(3) of the 1940 Act, as amended, were as follows:


Affiliated Issuer	Value at 04/30/20		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 10/31/20		Shares Held at 10/31/20		Income		Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, MuniCash, Institutional Class	$	677,105	$	—	$	(434,933	)^(a)	$	(293	)	$	(7	)	$	241,872		241,848	$	147	$	—

^(a)

Represents net amount purchased (sold).

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		56		12/21/20	$	7,740	$	42,797
U.S. Long Treasury Bond		30		12/21/20		5,174		63,828

							$	106,625

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
Unrealized appreciation on futures contracts^(a)	$	—	$	—	$	—	$	—	$	106,625	$	—	$	106,625

^(a)

Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the six months ended October 31, 2020, 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 Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	—	$	—	$	106,625	$	—	$	106,625

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts
Average notional value of contracts — short	$	6,457,156

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


32		2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

October 31, 2020

BlackRock Long-Term Municipal Advantage Trust (BTA)

Fair Value Hierarchy as of Period End

The following table summarizes the Trust’s investments and derivative financial instruments categorized in the disclosure hierarchy. The breakdown of the Trust’s investments into major categories is disclosed in the Schedule of Investments above.


	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Municipal Bonds	$	—	$	210,930,209	$	—	$	210,930,209
Municipal Bonds Transferred to Tender Option Bond Trusts		—		66,851,419		—		66,851,419
Short-Term Securities
Money Market Funds		241,872		—		—		241,872

	$	241,872	$	277,781,628	$	—	$	278,023,500

Derivative Financial Instruments^(a)
Assets
Interest Rate Contracts	$	106,625	$	—	$	—	$	106,625

^(a)

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


	Level 1		Level 2			Level 3		Total
Liabilities
TOB Trust Certificates	$	—	$	(38,714,418	)	$	—	$	(38,714,418	)
VRDP Shares at Liquidation Value		—		(76,000,000	)		—		(76,000,000	)

	$	—	$	(114,714,418	)	$	—	$	(114,714,418	)

See notes to financial statements.


SCHEDULE OF INVESTMENTS		33

Schedule of Investments (unaudited)

October 31, 2020

BlackRock Municipal Income Trust (BFK)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Municipal Bonds

Alabama — 2.5%
County of Jefferson Alabama Sewer Revenue, Refunding RB
Series A, Senior Lien, (AGM), 5.00%, 10/01/44	$	1,555	$	1,711,884
Series A, Senior Lien, (AGM), 5.25%, 10/01/48		2,275		2,520,518
Series D, Sub Lien, 6.00%, 10/01/42		5,740		6,700,187
Series D, Sub Lien, 7.00%, 10/01/51		1,765		2,104,480
Lower Alabama Gas District, RB, Series A, 5.00%, 09/01/46		2,110		2,888,949

				15,926,018

Arizona — 4.2%
Industrial Development Authority of the City of Phoenix, RB, Series A, 5.00%, 07/01/46^(a)		3,400		3,526,344
Salt Verde Financial Corp., RB 5.00%, 12/01/37		7,460		9,877,115
Senior, 5.00%, 12/01/32		10,030		12,956,954

				26,360,413

Arkansas — 0.8%
Arkansas Development Finance Authority, RB, AMT, 4.50%, 09/01/49^(a)		4,985		4,996,515


California — 6.0%
California Educational Facilities Authority, RB, Series V-1, 5.00%, 05/01/49		4,230		6,681,116
California Health Facilities Financing Authority, Refunding RB
Series A, 5.00%, 07/01/33		2,465		2,743,151
Series A, 4.00%, 04/01/45		790		869,600
California Municipal Finance Authority, RB, S/F Housing
Series A, 5.25%, 08/15/39		290		319,481
Series A, 5.25%, 08/15/49		715		768,982
California Pollution Control Financing Authority, RB, Series A, AMT, 5.00%, 11/21/45^(a)		2,970		3,061,565
California State Public Works Board, RB, Series I, 5.00%, 11/01/38		1,495		1,670,932
Golden State Tobacco Securitization Corp., Refunding RB
Series A-1, 5.25%, 06/01/47		1,070		1,101,779
Series A-2, 5.00%, 06/01/47		4,335		4,447,537
Riverside County Transportation Commission, RB, CAB^(b)
Series B, Senior Lien, 0.00%, 06/01/41		5,000		2,662,550
Series B, Senior Lien, 0.00%, 06/01/42		6,000		3,065,460
Series B, Senior Lien, 0.00%, 06/01/43		5,000		2,448,400
San Marcos Unified School District, GO, CAB
Series B, 0.00%, 08/01/34^(b)		3,500		2,655,660
Series B, 0.00%, 08/01/36^(b)		4,000		2,825,880
State of California, GO, 6.00%, 03/01/33		1,670		1,675,037
Stockton Public Financing Authority, RB, Series A, 6.25%, 10/01/23^(c)		690		809,646

				37,806,776

Colorado — 1.8%
Arapahoe County School District No. 6 Littleton, GO, Series A, 5.50%, 12/01/43		3,485		4,530,535


Security	Par (000)		Value

Colorado (continued)
Colorado Health Facilities Authority, Refunding RB, Series A, 4.00%, 08/01/44	$	3,565	$	3,846,243
State of Colorado, COP, Series O, 4.00%, 03/15/44		2,580		2,900,178

				11,276,956

Connecticut — 0.4%
State of Connecticut Special Tax Revenue, RB
Series A, 4.00%, 05/01/36		670		777,274
Series A, 4.00%, 05/01/39		420		485,482
State of Connecticut, GO, Series A, 4.00%, 01/15/38		1,300		1,498,705

				2,761,461

Delaware — 2.4%
County of Sussex Delaware, RB, 6.00%, 10/01/40		2,225		2,235,791
Delaware State Economic Development Authority, RB, 5.38%, 10/01/45		10,080		10,108,627
Delaware Transportation Authority, RB, 5.00%, 06/01/55		2,280		2,597,559

				14,941,977

District of Columbia — 5.9%
District of Columbia Tobacco Settlement Financing Corp., Refunding RB, 6.75%, 05/15/40		23,035		23,641,281
District of Columbia, Refunding RB
5.00%, 04/01/35		865		1,035,267
5.00%, 10/01/48		4,590		5,330,826
Series A, 6.00%, 07/01/23^(c)		1,480		1,703,125
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Refunding RB
Series A, 5.00%, 10/01/53		3,990		4,161,331
Series B, Subordinate, 4.00%, 10/01/49		1,550		1,683,129

				37,554,959

Florida — 3.1%
Capital Projects Finance Authority, Refunding RB
Series A-1, 5.00%, 10/01/32		395		441,503
Series A-1, 5.00%, 10/01/33		435		481,971
Series A-1, 5.00%, 10/01/34		435		479,065
Series A-1, 5.00%, 10/01/35		145		158,927
Collier County Health Facilities Authority, Refunding RB, Series A, 5.00%, 05/01/45		2,620		2,915,693
Florida Development Finance Corp., RB
Series A, 5.00%, 06/15/40		435		483,281
Series A, 5.00%, 06/15/50		1,455		1,605,200
Series A, 5.00%, 06/15/55		875		964,504
Mid-Bay Bridge Authority, RB, Series A, 7.25%, 10/01/21^(c)		5,885		6,261,346
Stevens Plantation Community Development District, SAB, Series A, 7.10%, 05/01/35^(d)(e)		3,395		1,867,250
Volusia County Educational Facility Authority, Refunding RB, 5.00%, 10/15/49		3,535		4,168,437

				19,827,177

Georgia — 2.4%
Gainesville & Hall County Hospital Authority, Refunding RB, Series A, (GTD), 5.50%, 08/15/54		1,010		1,168,338
Georgia Housing & Finance Authority, RB, S/F Housing, Series B, 2.50%, 06/01/50		1,455		1,447,085
Main Street Natural Gas, Inc., RB Series A, 5.00%, 05/15/35		990		1,296,296


34		2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

October 31, 2020

BlackRock Municipal Income Trust (BFK)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Georgia (continued)
Main Street Natural Gas, Inc., RB (continued)
Series A, 5.00%, 05/15/36	$	990	$	1,302,404
Series A, 5.00%, 05/15/37		1,085		1,435,748
Series A, 5.00%, 05/15/38		600		798,714
Series A, 5.00%, 05/15/49		1,990		2,753,165
Municipal Electric Authority of Georgia, RB, 4.00%, 01/01/49		3,145		3,456,889
Municipal Electric Authority of Georgia, Refunding RB, Sub-Series A, 4.00%, 01/01/49		1,230		1,360,700

				15,019,339

Hawaii — 0.4%
State of Hawaii Harbor System Revenue, ARB, Series A, 5.25%, 07/01/30		2,660		2,669,337


Idaho — 0.3%
Idaho Health Facilities Authority, RB, Series 2017, 5.00%, 12/01/46		1,485		1,740,851


Illinois — 11.9%
Chicago Board of Education, GO
Series C, 5.25%, 12/01/35		2,905		3,056,961
Series D, 5.00%, 12/01/46		3,805		3,929,199
Series H, 5.00%, 12/01/36		920		982,864
Chicago Board of Education, Refunding GO
Series C, 5.00%, 12/01/25		1,280		1,415,770
Series D, 5.00%, 12/01/25		1,650		1,825,015
Series F, 5.00%, 12/01/22		1,250		1,310,300
Series G, 5.00%, 12/01/34		915		983,012
Chicago O’Hare International Airport, ARB, Series C, 3rd Lien, 6.50%, 01/01/21^(c)		7,425		7,499,547
Chicago O’Hare International Airport, Refunding RB, Series A, Senior Lien, 4.00%, 01/01/37		1,895		2,126,133
Chicago Transit Authority Sales Tax Receipts Fund, RB, 5.25%, 12/01/21^(c)		2,055		2,165,107
City of Chicago Illinois Waterworks Revenue, Refunding RB, 2nd Lien, 5.00%, 11/01/42		2,000		2,142,600
Cook County Community College District No. 508, GO, 5.50%, 12/01/38		1,525		1,601,357
Illinois Finance Authority, RB
Series A, 5.00%, 02/15/47		475		457,601
Series A, 5.00%, 02/15/50		265		252,518
Illinois State Toll Highway Authority, RB, Series C, 5.00%, 01/01/37		5,455		6,273,959
Metropolitan Pier & Exposition Authority, RB, Series A, 5.00%, 06/15/57		1,760		1,892,458
Metropolitan Pier & Exposition Authority, Refunding RB, 4.00%, 06/15/50		2,710		2,734,580
Metropolitan Pier & Exposition Authority, Refunding RB, CAB, Series B, (AGM), 0.00%, 06/15/43^(b)		10,455		4,528,060
Railsplitter Tobacco Settlement Authority, RB, 6.00%, 06/01/21^(c)		2,245		2,319,669
State of Illinois, GO
5.00%, 02/01/39		2,990		3,073,032
Series A, 5.00%, 04/01/38		9,030		9,191,185
State of Illinois, Refunding GO
Series A, 5.00%, 10/01/30		10,400		11,296,896
Series B, 5.00%, 10/01/28		1,965		2,174,724
University of Illinois, RB, Series A, 5.00%, 04/01/44		1,910		2,076,017

				75,308,564


Security	Par (000)		Value

Indiana — 3.1%
City of Valparaiso Indiana, RB
AMT, 6.75%, 01/01/34	$	1,525	$	1,650,950
AMT, 7.00%, 01/01/44		3,680		4,028,864
Indiana Finance Authority, RB
Series A, 1st Lien, 5.25%, 10/01/38		6,305		6,560,605
Series A, AMT, 5.00%, 07/01/44		880		932,201
Series A, AMT, 5.00%, 07/01/48		2,905		3,061,260
Series A, AMT, 5.25%, 01/01/51		790		839,486
Indianapolis Local Public Improvement Bond Bank, RB, Series A, 5.00%, 01/15/40		2,490		2,705,136

				19,778,502

Iowa — 1.4%
Iowa Finance Authority, Refunding RB
5.25%, 12/01/25		2,125		2,256,346
5.88%, 12/01/26^(a)		805		830,688
Series B, 5.25%, 12/01/50^(f)		5,515		5,837,186

				8,924,220

Kentucky — 1.2%
Kentucky Economic Development Finance Authority, RB, Series A, 5.25%, 01/01/23^(c)		1,915		2,118,756
Kentucky Economic Development Finance Authority, Refunding RB, Series A, (AGM), 5.00%, 12/01/45		2,515		2,921,902
Kentucky Public Transportation Infrastructure Authority, RB, CAB, Series C, Convertible, 6.75%, 07/01/43^(g)		2,325		2,395,075

				7,435,733

Louisiana — 2.5%
Louisiana Local Government Environmental Facilities & Community Development Auth, RB, Series A-1, 6.50%, 11/01/35		6,535		6,560,683
Tobacco Settlement Financing Corp., Refunding RB
Series A, 5.50%, 05/15/30		1,570		1,572,638
Series A, 5.25%, 05/15/31		1,690		1,719,490
Series A, 5.25%, 05/15/32		2,160		2,263,378
Series A, 5.25%, 05/15/33		2,345		2,455,121
Series A, 5.25%, 05/15/35		985		1,048,680

				15,619,990

Maryland — 1.0%
Maryland Economic Development Corp., Refunding RB, 5.75%, 09/01/25		1,210		1,211,960
Maryland Health & Higher Educational Facilities Authority, RB, Series 2017, 5.00%, 12/01/46		840		977,626
Maryland Health & Higher Educational Facilities Authority, Refunding RB, 6.25%, 01/01/21^(c)		4,295		4,335,716

				6,525,302

Michigan — 2.5%
City of Detroit Michigan Sewage Disposal System Revenue, Refunding RB, Series A, Senior Lien, 5.25%, 07/01/22^(c)		8,665		9,384,975
Michigan Finance Authority, Refunding RB, Series A, 4.00%, 12/01/49		1,640		1,834,766
Michigan State University, Refunding RB, Series B, 5.00%, 02/15/48		2,000		2,411,780
Michigan Strategic Fund, RB, AMT, 5.00%, 06/30/48		2,120		2,389,897

				16,021,418


SCHEDULE OF INVESTMENTS		35

Schedule of Investments (unaudited) (continued)

October 31, 2020

BlackRock Municipal Income Trust (BFK)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Minnesota — 1.1%
Duluth Economic Development Authority, Refunding RB
Series A, 4.25%, 02/15/48	$	2,030	$	2,210,995
Series A, 5.25%, 02/15/53		4,060		4,737,857

				6,948,852

Missouri — 1.1%
Health & Educational Facilities Authority of the State of Missouri, RB, 4.00%, 06/01/53		5,830		6,429,441
Health & Educational Facilities Authority of the State of Missouri, Refunding RB, 5.50%, 05/01/43		480		497,414

				6,926,855

Nebraska — 0.8%
Central Plains Energy Project, RB
5.25%, 09/01/37		1,610		1,743,662
5.00%, 09/01/42		2,815		3,031,192

				4,774,854

New Hampshire^(a)— 0.7%
New Hampshire Business Finance Authority, Refunding RB
Series B, 4.63%, 11/01/42		3,055		3,116,925
Series C, AMT, 4.88%, 11/01/42		1,585		1,627,066

				4,743,991

New Jersey — 15.8%
Casino Reinvestment Development Authority, Inc., Refunding RB
5.25%, 11/01/39		3,280		3,355,637
5.25%, 11/01/44		2,980		3,029,826
Hudson County Improvement Authority, RB, 4.00%, 10/01/46		3,350		3,908,981
Middlesex County Improvement Authority, RB, Series B, 6.25%, 01/01/37^(d)(e)		3,680		73,600
New Jersey Economic Development Authority, RB
4.00%, 11/01/38		1,030		1,064,248
4.00%, 11/01/39		825		850,814
5.00%, 06/15/49		4,650		5,194,794
Series EEE, 5.00%, 06/15/48		7,320		8,104,924
AMT, 5.38%, 01/01/43		2,285		2,514,802
Series B, AMT, 5.63%, 11/15/30		2,035		2,090,962
New Jersey Economic Development Authority, Refunding ARB, AMT, 5.00%, 10/01/47		2,905		3,097,776
New Jersey Economic Development Authority, Refunding SAB, 6.50%, 04/01/28		8,000		8,728,160
New Jersey Transportation Trust Fund Authority, RB
Series A, 5.50%, 06/15/21^(c)		8,000		8,254,240
Series AA, 5.00%, 06/15/44		3,765		3,973,639
Series B, 5.25%, 06/15/36		4,810		4,921,929
Series BB, 4.00%, 06/15/50		3,010		3,085,701
Series BB, 5.00%, 06/15/50		9,895		10,938,725
New Jersey Turnpike Authority, RB
Series A, 5.00%, 01/01/43		3,035		3,212,669
Series E, 5.00%, 01/01/45		5,095		5,733,607
Tobacco Settlement Financing Corp., Refunding RB
Series A, 5.25%, 06/01/46		1,070		1,251,440
Sub-Series B, 5.00%, 06/01/46		14,320		16,169,428

				99,555,902

New York — 15.8%
City of New York New York, GO, Series C, 5.00%, 08/01/42		2,255		2,777,912


Security	Par (000)		Value

New York (continued)
Metropolitan Transportation Authority, RB
Series B, 5.25%, 11/15/38	$	4,640	$	4,824,997
Series B, 5.25%, 11/15/39		1,650		1,716,627
Metropolitan Transportation Authority, Refunding RB
Series C-1, 4.75%, 11/15/45		3,210		3,400,289
Series C-1, 5.00%, 11/15/50		1,040		1,121,099
Series C-1, 5.25%, 11/15/55		1,545		1,696,178
Monroe County Industrial Development Corp., Refunding RB
4.00%, 12/01/46^(h)		1,055		1,147,545
Series A, 4.00%, 07/01/50		2,155		2,423,987
New York City Housing Development Corp., RB, M/F Housing, Series A, 3.00%, 11/01/55		2,135		2,164,442
New York City Transitional Finance Authority Future Tax Secured Revenue, RB
Series C, 4.00%, 05/01/45		2,190		2,477,591
Sub-Series C-1, 4.00%, 05/01/40		875		1,010,984
Sub-Series E-1, 5.00%, 02/01/42		4,805		5,025,165
New York Counties Tobacco Trust II, RB, 5.75%, 06/01/43		840		842,276
New York Counties Tobacco Trust IV, Refunding RB, Series A, 6.25%, 06/01/41^(a)		3,500		3,516,100
New York Counties Tobacco Trust VI, Refunding RB, Series A-2-B, 5.00%, 06/01/45		9,395		9,832,901
New York Liberty Development Corp., Refunding RB^(a)
Series 1, Class 1, 5.00%, 11/15/44		7,830		8,009,072
Series 2, Class 2, 5.15%, 11/15/34		660		684,103
Series 2, Class 2, 5.38%, 11/15/40		1,655		1,720,538
New York State Dormitory Authority, Refunding RB, Series D, 5.00%, 02/15/37		6,655		7,000,927
New York State Environmental Facilities Corp., RB, Series B, Subordinate, 5.00%, 06/15/48		3,535		4,301,176
New York State Urban Development Corp., RB
Series A, 4.00%, 03/15/49		15,980		17,949,056
Series A, 3.00%, 03/15/50		2,595		2,629,487
New York Transportation Development Corp., ARB, Series A, AMT, 5.25%, 01/01/50		1,165		1,252,422
New York Transportation Development Corp., RB
AMT, 5.00%, 10/01/35		715		771,814
AMT, 5.00%, 10/01/40		2,020		2,167,521
AMT, 4.38%, 10/01/45		165		166,203
Port Authority of New York & New Jersey, ARB
6.00%, 12/01/42		1,960		1,965,684
Series 8, 6.00%, 12/01/36		2,525		2,534,494
Triborough Bridge & Tunnel Authority, RB
Series A, 4.00%, 11/15/54		530		596,594
Series A, 5.00%, 11/15/54		1,705		2,091,336
Westchester County Healthcare Corp., RB, Series A, Senior Lien, 5.00%, 11/01/44		1,620		1,762,671

				99,581,191

North Carolina — 0.9%
North Carolina Medical Care Commission, RB
Series A, 4.00%, 10/01/40		235		252,296
Series A, 5.00%, 10/01/40		350		406,931
Series A, 4.00%, 10/01/45		215		226,898
Series A, 5.00%, 10/01/45		620		712,262
Series A, 4.00%, 10/01/50		260		274,422
Series A, 5.00%, 10/01/50		700		800,408


36		2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

October 31, 2020

BlackRock Municipal Income Trust (BFK)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

North Carolina (continued)
North Carolina Medical Care Commission, Refunding RB, Series A, 7.75%, 03/01/21^(c)	$	1,130	$	1,157,843
University of North Carolina at Chapel Hill, RB, 5.00%, 02/01/49		1,080		1,623,705

				5,454,765

North Dakota — 0.3%
County of Cass North Dakota, Refunding RB, Series B, 5.25%, 02/15/58		1,885		2,191,595


Ohio — 3.3%
Buckeye Tobacco Settlement Financing Authority, Refunding RB
Series A-2, Class 1, 4.00%, 06/01/37		580		670,787
Series A-2, Class 1, 4.00%, 06/01/38		580		668,079
Series A-2, Class 1, 4.00%, 06/01/39		580		665,492
Series A-2, Class 1, 4.00%, 06/01/48		1,525		1,656,958
Series B-2, Class 2, 5.00%, 06/01/55		6,705		7,133,986
County of Franklin Ohio, RB
Series 2017, 5.00%, 12/01/46		800		925,936
Series A, 6.13%, 07/01/22^(c)		75		82,285
Series A, 6.13%, 07/01/40		1,205		1,280,698
Series A, 4.00%, 12/01/49		1,015		1,128,020
County of Hamilton Ohio, Refunding RB
4.00%, 08/15/50		1,200		1,345,896
Series A, 3.75%, 08/15/50		2,110		2,291,376
Ohio Air Quality Development Authority, RB, AMT, 5.00%, 07/01/49^(a)		1,480		1,487,089
State of Ohio, RB, AMT, 5.00%, 06/30/53		1,585		1,719,012

				21,055,614

Oklahoma — 1.8%
Oklahoma Development Finance Authority, RB, Series B, 5.25%, 08/15/48		2,350		2,704,474
Oklahoma Turnpike Authority, RB
Series A, 4.00%, 01/01/48		4,065		4,515,402
Series C, 4.00%, 01/01/42		3,845		4,255,877

				11,475,753

Oregon — 1.3%
Medford Hospital Facilities Authority, Refunding RB, Series A, 4.00%, 08/15/50		3,390		3,748,967
Port of Portland Oregon Airport Revenue, Refunding ARB, Series 27-A, AMT, 5.00%, 07/01/45		3,630		4,346,526

				8,095,493

Pennsylvania — 2.6%
Allentown Neighborhood Improvement Zone
Development Authority, RB^(a)
Subordinate, 5.00%, 05/01/28		420		441,781
Subordinate, 5.13%, 05/01/32		470		492,457
Subordinate, 5.38%, 05/01/42		870		887,878
Hospitals & Higher Education Facilities Authority of Philadelphia, RB, Series A, 5.63%, 07/01/42		1,240		1,303,029
Montgomery County Higher Education and Health Authority, Refunding RB
Series A, 5.00%, 09/01/43		2,505		2,885,259
Series A, 4.00%, 09/01/49		1,135		1,200,421


Security	Par (000)		Value

Pennsylvania (continued)
Pennsylvania Economic Development Financing Authority, RB, AMT, 5.00%, 06/30/42	$	1,660	$	1,838,633
Pennsylvania Higher Educational Facilities Authority, RB, 4.00%, 08/15/49		4,665		5,258,015
Pennsylvania Turnpike Commission, RB, Series A, 5.00%, 12/01/44		2,155		2,428,879

				16,736,352

Puerto Rico — 6.5%
Children’s Trust Fund, Refunding RB
5.50%, 05/15/39		1,365		1,392,041
5.63%, 05/15/43		1,360		1,373,083
Puerto Rico Commonwealth Aqueduct & Sewer Authority, RB
Series A, Senior Lien, 5.00%, 07/01/33		4,920		4,993,849
Series A, Senior Lien, 5.13%, 07/01/37		1,410		1,431,404
Puerto Rico Commonwealth Aqueduct & Sewer Authority, Refunding RB
Series A, Senior Lien, 6.00%, 07/01/38		1,455		1,457,488
Series A, Senior Lien, 6.00%, 07/01/44		2,630		2,634,182
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB
Series A-1, Restructured, 4.75%, 07/01/53		4,044		4,239,487
Series A-1, Restructured, 5.00%, 07/01/58		14,252		15,157,572
Series A-2, Restructured, 4.33%, 07/01/40		1,950		2,007,193
Series A-2, Restructured, 4.78%, 07/01/58		3,325		3,490,884
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB, Series A-1, Restructured, 0.00%, 07/01/46^(b)		10,294		2,960,143

				41,137,326

Rhode Island — 2.4%
Tobacco Settlement Financing Corp., Refunding RB
Series A, 5.00%, 06/01/35		3,060		3,408,901
Series B, 4.50%, 06/01/45		5,175		5,395,817
Series B, 5.00%, 06/01/50		5,765		6,149,699

				14,954,417

South Carolina — 5.6%
South Carolina Jobs-Economic Development Authority, RB
5.00%, 04/01/44		160		171,272
4.00%, 04/01/49		150		144,613
5.00%, 04/01/49		480		511,090
4.00%, 04/01/54		370		352,943
5.00%, 04/01/54		875		929,731
South Carolina Jobs-Economic Development Authority, Refunding RB
5.00%, 02/01/36		5,115		5,938,720
Series A, 5.00%, 05/01/48		6,075		6,976,773
South Carolina Public Service Authority, RB, Series A, 5.50%, 12/01/54		12,065		13,507,009
South Carolina Public Service Authority, Refunding RB
Series A, 5.00%, 12/01/50		2,805		3,131,053
Series E, 5.25%, 12/01/55		3,335		3,807,002

				35,470,206


SCHEDULE OF INVESTMENTS		37

Schedule of Investments (unaudited) (continued)

October 31, 2020

BlackRock Municipal Income Trust (BFK)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Tennessee — 0.6%
Chattanooga Health Educational & Housing Facility Board, Refunding RB, Series A, 4.00%, 08/01/44	$	315	$	340,691
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, RB
Series A, 5.00%, 07/01/40		1,350		1,553,661
Series A, 5.25%, 10/01/58		1,925		2,083,428

				3,977,780

Texas — 9.2%
Central Texas Regional Mobility Authority, RB, Series E, Senior Lien, 4.00%, 01/01/50^(h)		4,370		4,821,246
Central Texas Regional Mobility Authority, Refunding RB^(c)
Senior Lien, 6.25%, 01/01/21		4,210		4,250,500
Sub Lien, 5.00%, 01/01/23		700		770,105
City of Austin Texas Airport System Revenue, ARB, AMT, 5.00%, 11/15/39		385		429,687
City of San Antonio Texas Electric & Gas Systems Revenue, Refunding RB, Series A, 5.00%, 02/01/48		2,295		2,849,174
Fort Bend County Industrial Development Corp., RB, Series B, 4.75%, 11/01/42		470		486,868
Harris County Cultural Education Facilities Finance Corp., RB, Series B, 7.00%, 01/01/23^(c)		880		1,006,588
Harris County-Houston Sports Authority, Refunding RB^(b)
Series A, 3rd Lien, (NPFGC), 0.00%, 11/15/24^(c)		6,000		2,711,280
Series A, 3rd Lien, (NPFGC), 0.00%, 11/15/37		10,120		4,100,219
Harris County-Houston Sports Authority, Refunding RB, CAB^(b)
Series H, Junior Lien, (NPFGC), 0.00%, 11/15/35		5,000		2,639,150
Series A, Senior Lien, (AGM, NPFGC), 0.00%, 11/15/38		12,580		5,566,399
Midland County Fresh Water Supply District No.1, RB, CAB^(b)
Series A, 0.00%, 09/15/40		9,780		4,374,203
Series A, 0.00%, 09/15/41		5,420		2,298,622
New Hope Cultural Education Facilities Finance Corp., RB, Series A, 5.00%, 04/01/25^(c)		355		425,918
New Hope Cultural Education Facilities Finance Corp., Refunding RB, Series A, 5.00%, 08/15/46^(a)		1,980		1,986,316
San Antonio Water System, Refunding RB, Series A, Junior Lien, 5.00%, 05/15/48		2,555		3,138,383
Tarrant County Cultural Education Facilities Finance Corp., RB, Series B, 5.00%, 07/01/48		9,025		10,752,836
Texas Municipal Gas Acquisition & Supply Corp. III, RB, 5.00%, 12/15/32		2,835		3,062,991
Texas Transportation Commission, RB, Series A, 5.00%, 08/01/57		2,310		2,635,133

				58,305,618

Utah — 1.1%
County of Utah UT, RB
Series A, 4.00%, 05/15/43		440		507,615
Series A, 3.00%, 05/15/50		1,985		2,046,714
Salt Lake City Corp. Airport Revenue, ARB
Series A, AMT, 5.00%, 07/01/47		1,830		2,085,742
Series A, AMT, 5.00%, 07/01/48		1,735		2,009,685

				6,649,756


Security	Par (000)		Value

Virginia — 1.4%
Front Royal & Warren County Industrial Development Authority, RB, 4.00%, 01/01/50	$	1,465	$	1,589,642
Virginia Small Business Financing Authority, RB
AMT, Senior Lien, 5.25%, 01/01/32		3,155		3,328,083
AMT, Senior Lien, 6.00%, 01/01/37		3,790		4,028,391

				8,946,116

Washington — 1.7%
Port of Seattle Washington, ARB
Series A, AMT, 5.00%, 05/01/43		2,980		3,397,975
Series C, AMT, 5.00%, 04/01/40		1,475		1,628,916
Washington Health Care Facilities Authority, RB, Series A, 5.75%, 01/01/23^(c)		4,420		4,911,416
Washington Health Care Facilities Authority, Refunding RB, Series A, 4.00%, 08/01/44		685		740,519

				10,678,826

Total Municipal Bonds — 127.8% (Cost: $758,716,118)				808,156,770


Municipal Bonds Transferred to Tender Option Bond Trusts⁽ⁱ⁾

California — 1.1%
Bay Area Toll Authority, Refunding RB, 4.00%, 04/01/42^(j)		6,196		6,970,719


Colorado — 0.8%
City & County of Denver Colorado Airport System Revenue, Refunding ARB, Series A, AMT, 5.25%, 12/01/48^(j)		4,475		5,308,551


District of Columbia — 0.6%
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Refunding RB, Series B, Subordinate, (AGM), 4.00%, 10/01/53		3,638		3,970,042


Georgia — 1.7%
Dalton Whitfield County Joint Development Authority, RB, 4.00%, 08/15/48		7,220		7,945,538
Georgia Housing & Finance Authority, Refunding RB, Series A, 3.60%, 12/01/44		2,898		3,140,199

				11,085,737

Illinois — 0.5%
Illinois Finance Authority, Refunding RB
Series C, 4.00%, 02/15/27^(c)		5		6,005
Series C, 4.00%, 02/15/41		2,800		3,104,477

				3,110,482

Massachusetts — 3.1%
Commonwealth of Massachusetts Transportation Fund Revenue, RB, Series A, 4.00%, 06/01/45		4,153		4,502,095
Massachusetts Development Finance Agency, Refunding RB, 5.00%, 07/01/47		9,088		10,508,104
Massachusetts School Building Authority, RB, Series B, 5.00%, 10/15/21^(c)		4,427		4,626,278

				19,636,477

New York — 15.6%
Hudson Yards Infrastructure Corp., RB^(j)
5.75%, 02/15/47^(c)		1,938		1,965,259
5.75%, 02/15/47		1,192		1,208,968
New York City Water & Sewer System, Refunding RB, Series HH, 5.00%, 06/15/31^(j)		16,395		16,848,649


38		2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

October 31, 2020

BlackRock Municipal Income Trust (BFK)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

New York (continued)
New York Liberty Development Corp., ARB, 5.25%, 12/15/43	$	20,864	$	21,796,845
New York Liberty Development Corp., Refunding RB, 5.75%, 11/15/51^(j)		12,611		13,228,987
New York Power Authority, Refunding RB, Series A, 4.00%, 11/15/60		2,655		3,009,177
New York State Dormitory Authority, Refunding RB, Series D, 4.00%, 02/15/47		12,060		13,483,924
New York State Thruway Authority, Refunding RB, Series B, Subordinate, 4.00%, 01/01/50		5,805		6,442,150
New York State Urban Development Corp., RB, Series A, 4.00%, 03/15/46		13,155		14,533,381
Port Authority of New York & New Jersey, Refunding ARB, 194th Series, 5.25%, 10/15/55		5,070		5,804,339

				98,321,679

North Carolina — 1.0%
North Carolina Capital Facilities Finance Agency, Refunding RB, Series B, 5.00%, 10/01/25^(c)		4,960		6,072,826


Pennsylvania — 0.9%
Pennsylvania Turnpike Commission, RB, Sub-Series A, 5.50%, 12/01/42		4,652		5,526,959


Rhode Island — 0.5%
Narragansett Bay Commission, Refunding RB, Series A, 4.00%, 09/01/22^(c)		3,137		3,354,046


Texas — 7.1%
Board of Regents of the University of Texas System, Refunding RB, Series B, 5.00%, 08/15/43		6,003		6,429,130
City of San Antonio Texas Electric & Gas Systems Revenue, RB, Junior Lien, 5.00%, 02/01/23^(c)		4,900		5,295,479
Lower Colorado River Authority, Refunding RB, 4.00%, 05/15/43		4,140		4,274,012
Metropolitan Transit Authority of Harris County Sales & Use Tax Revenue, Refunding RB, Series A, 5.00%, 11/01/21^(c)		6,650		6,959,092
San Antonio Public Facilities Corp., Refunding RB, 4.00%, 09/15/42		5,505		5,764,946
Texas Water Development Board, RB, Series A, 4.00%, 10/15/49		13,920		16,170,864

				44,893,523

Virginia — 2.5%
Hampton Roads Transportation Accountability Commission, RB, Series A, Senior Lien, 4.00%, 07/01/60^(j)		4,346		4,896,929
Virginia Small Business Financing Authority, Refunding RB, Series A, 4.00%, 12/01/49		9,677		10,714,211

				15,611,140


Security	Par (000)		Value

Wisconsin — 1.0%
Wisconsin Health & Educational Facilities Authority, Refunding RB, 4.00%, 12/01/46	$	5,575	$	6,079,814


Total Municipal Bonds Transferred to Tender Option Bond Trusts — 36.4% (Cost: $219,083,844)				229,941,995


Total Long-Term Investments — 164.2% (Cost: $977,799,962)				1,038,098,765


	Shares

Short-Term Securities

Money Market Funds — 0.2%
BlackRock Liquidity Funds, MuniCash, Institutional Class, 0.01%^(k)(l)		1,191,582		1,191,701


Total Short-Term Securities — 0.2% (Cost: $1,191,641)				1,191,701


Total Investments — 164.4% (Cost: $978,991,603)				1,039,290,466

Other Assets Less Liabilities — 0.6%				3,721,983

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (22.2)%				(140,199,146	)

VMTP Shares at Liquidation Value — (42.8)%				(270,800,000	)


Net Assets Applicable to Common Shares — 100.0%			$	632,013,303

^(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)	Zero-coupon bond.

^(c)	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.

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

^(e)	Non-income producing security.

^(f)	Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

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

^(h)	When-issued security.

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

^(j)

All or a portion of the security is subject to a recourse agreement. The aggregate maximum potential amount the Trust could ultimately be required to pay under the agreements, which expire between December 15, 2020 to February 15, 2047, is $30,543,457. See Note 4 of the Notes to Financial Statements for details.

^(k)	Affiliate of the Trust.

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


SCHEDULE OF INVESTMENTS		39

Schedule of Investments (unaudited) (continued)

October 31, 2020

BlackRock Municipal Income Trust (BFK)

Affiliates

Investments in issuers considered to be affiliate(s) of the Trust during the six-months ended October 31, 2020 for purposes of Section 2(a)(3) of the 1940 Act, as amended, were as follows:


Affiliated Issuer	Value at 04/30/20		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 10/31/20		Shares Held at 10/31/20		Income		Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, MuniCash, Institutional Class	$	13,735,179	$	—	$	(12,544,347	)^(a)	$	6,174	$	(5,305	)	$	1,191,701		1,191,582	$	638	$	—

^(a)

Represents net amount purchased (sold).

Fair Value Hierarchy as of Period End


	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Municipal Bonds	$	—	$	808,156,770	$	—	$	808,156,770
Municipal Bonds Transferred to Tender Option Bond Trusts		—		229,941,995		—		229,941,995
Short-Term Securities
Money Market Funds		1,191,701		—		—		1,191,701

	$	1,191,701	$	1,038,098,765	$	—	$	1,039,290,466


	Level 1		Level 2			Level 3		Total
Liabilities
TOB Trust Certificates	$	—	$	(140,129,513	)	$	—	$	(140,129,513	)
VMTP Shares at Liquidation Value		—		(270,800,000	)		—		(270,800,000	)

	$	—	$	(410,929,513	)	$	—	$	(410,929,513	)

See notes to financial statements.


40		2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited)

October 31, 2020

BlackRock Strategic Municipal Trust (BSD)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Municipal Bonds

Alabama — 1.7%
County of Jefferson Alabama Sewer Revenue, Refunding RB, Series D, Sub Lien, 7.00%, 10/01/51	$	1,115	$	1,329,459
Health Care Authority of the City of Huntsville, RB
Series B1, 4.00%, 06/01/45		250		275,310
Series B1, (AGM), 3.00%, 06/01/50		160		161,019

				1,765,788

Alaska — 0.1%
Northern Tobacco Securitization Corp., Refunding RB, Series A, 4.63%, 06/01/23		50		50,075


Arizona — 2.0%
Industrial Development Authority of the City of Phoenix, RB, 5.00%, 07/01/59		465		477,625
Maricopa County Industrial Development Authority, Refunding RB, Series A, 4.13%, 09/01/38		230		264,311
Salt Verde Financial Corp., RB, 5.00%, 12/01/37		1,000		1,324,010

				2,065,946

Arkansas — 0.8%
Arkansas Development Finance Authority, RB, AMT, 4.50%, 09/01/49^(a)		835		836,929


California — 4.7%
California County Tobacco Securitization Agency, Refunding RB, Series A, 5.00%, 06/01/36		350		349,993
California Health Facilities Financing Authority, Refunding RB
Series A, 5.00%, 07/01/33		400		445,136
Series A, 4.00%, 04/01/45		230		253,175
California Municipal Finance Authority, RB, S/F Housing
Series A, 5.25%, 08/15/39		45		49,575
Series A, 5.25%, 08/15/49		115		123,682
California Pollution Control Financing Authority, RB, Series A, AMT, 5.00%, 11/21/45^(a)		475		489,644
California School Finance Authority, Refunding RB, Series A, 5.00%, 07/01/51^(a)		500		546,565
California State Public Works Board, RB
Series F, 5.25%, 09/01/33		915		1,030,217
Series I, 5.00%, 11/01/38		240		268,243
Golden State Tobacco Securitization Corp., Refunding RB, Series A-2, 5.00%, 06/01/47		880		902,845
State of California, GO, 6.00%, 03/01/33		270		270,815
Stockton Public Financing Authority, RB, Series A, 6.25%, 10/01/23^(b)		110		129,069

				4,858,959

Colorado — 1.4%
Denver Convention Center Hotel Authority, Refunding RB, 5.00%, 12/01/40		1,325		1,417,498


Delaware — 0.8%
County of Sussex Delaware, RB, 6.00%, 10/01/40		820		823,977


District of Columbia — 1.2%
District of Columbia, TA, 5.13%, 06/01/41		690		707,284
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Refunding RB, Series B, Subordinate, 4.00%, 10/01/49		530		575,522

				1,282,806


Security	Par (000)		Value

Florida — 2.6%
County of Broward Florida Airport System Revenue, ARB, Series A, AMT, 4.00%, 10/01/49	$	330	$	358,723
County of Osceola Florida Transportation Revenue, Refunding RB, CAB^(c)
Series A-2, 0.00%, 10/01/46		475		183,616
Series A-2, 0.00%, 10/01/47		460		171,410
Series A-2, 0.00%, 10/01/48		325		115,960
Series A-2, 0.00%, 10/01/49		265		91,208
Mid-Bay Bridge Authority, RB, Series A, 7.25%, 10/01/21^(b).		950		1,010,752
Village Community Development District No. 10, SAB, 5.13%, 05/01/43		685		713,674

				2,645,343

Georgia — 4.4%
Gainesville & Hall County Hospital Authority, Refunding RB, Series A, (GTD), 5.50%, 08/15/54		160		185,083
Main Street Natural Gas, Inc., RB, Series A, 5.00%, 05/15/49		1,780		2,462,630
Municipal Electric Authority of Georgia, RB
4.00%, 01/01/49		535		594,332
4.00%, 01/01/59		1,010		1,114,282
Municipal Electric Authority of Georgia, Refunding RB, Sub-Series A, 4.00%, 01/01/49		200		221,252

				4,577,579

Hawaii — 0.4%
State of Hawaii Harbor System Revenue, ARB, Series A, 5.25%, 07/01/30		425		426,492


Illinois — 14.1%
Chicago Board of Education, GO
Series C, 5.25%, 12/01/35		490		515,632
Series D, 5.00%, 12/01/46		635		655,666
Chicago Board of Education, Refunding GO
Series C, 5.00%, 12/01/25		215		237,805
Series D, 5.00%, 12/01/27		280		314,490
Series D, 5.00%, 12/01/31		150		163,416
Series F, 5.00%, 12/01/22		205		214,889
Series G, 5.00%, 12/01/44		150		157,992
Chicago O’Hare International Airport, ARB
Series A, 3rd Lien, 5.63%, 01/01/35		155		156,345
Series A, 3rd Lien, 5.75%, 01/01/39		240		242,131
Series C, 3rd Lien, 6.50%, 01/01/21^(b)		1,855		1,873,624
Chicago Transit Authority Sales Tax Receipts Fund, RB, 5.25%, 12/01/21^(b)		330		347,681
City of Chicago Illinois Waterworks Revenue, Refunding RB, 2nd Lien, 5.00%, 11/01/42		500		535,650
Cook County Community College District No. 508, GO, 5.50%, 12/01/38		245		257,267
Illinois Finance Authority, Refunding RB
Series A, 5.00%, 11/15/21^(b)		305		319,887
Series A, 4.00%, 05/15/50		260		285,782
Series C, 5.00%, 02/15/41		1,600		1,896,064
Metropolitan Pier & Exposition Authority, RB, Series A, 5.00%, 06/15/57		340		365,589
Metropolitan Pier & Exposition Authority, Refunding RB, 4.00%, 06/15/50		350		353,175
Metropolitan Pier & Exposition Authority, Refunding RB, CAB, Series B, (AGM), 0.00%, 06/15/44^(c)		2,980		1,233,273
Railsplitter Tobacco Settlement Authority, RB^(b)
5.50%, 06/01/21		175		180,269
6.00%, 06/01/21		940		971,265


SCHEDULE OF INVESTMENTS		41

Schedule of Investments (unaudited) (continued)

October 31, 2020

BlackRock Strategic Municipal Trust (BSD)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Illinois (continued)
State of Illinois, GO
5.00%, 03/01/37	$	455	$	459,136
Series A, 5.00%, 04/01/35		1,000		1,020,550
Series A, 5.00%, 04/01/38		1,135		1,155,260
Series D, 5.00%, 11/01/28		165		177,743
State of Illinois, Refunding GO, Series B, 5.00%, 10/01/27		60		66,350
University of Illinois, RB, Series A, 5.00%, 04/01/44		310		336,945

				14,493,876

Indiana — 4.0%
City of Valparaiso Indiana, RB
AMT, 6.75%, 01/01/34		245		265,235
AMT, 7.00%, 01/01/44		1,090		1,193,332
Indiana Finance Authority, RB
Series A, 1st Lien, 5.25%, 10/01/38		1,020		1,061,351
Series A, AMT, 5.00%, 07/01/44		140		148,305
Series A, AMT, 5.00%, 07/01/48		465		490,012
Series A, AMT, 5.25%, 01/01/51		125		132,830
Indiana Finance Authority, Refunding RB, 4.75%, 03/01/32		350		359,908
Indianapolis Local Public Improvement Bond Bank, RB, Series A, 5.00%, 01/15/40		400		434,560

				4,085,533

Iowa — 2.3%
Iowa Finance Authority, Refunding RB
5.25%, 12/01/25		145		153,962
5.88%, 12/01/26^(a)		130		134,148
Series B, 5.25%, 12/01/50^(d)		890		941,994
Iowa Student Loan Liquidity Corp., Refunding RB, Series B, AMT, 3.00%, 12/01/39		1,150		1,137,500

				2,367,604

Kansas — 1.0%
Kansas City Industrial Development Authority, ARB, AMT, (AGM), 4.00%, 03/01/57		975		1,032,710

Kentucky — 5.3%
Kentucky Economic Development Finance Authority, RB, Series A, 5.25%, 01/01/23^(b)		325		359,580
Kentucky Economic Development Finance Authority, Refunding RB, Series B, (NPFGC), 0.00%, 10/01/24^(c)		5,000		4,693,000
Kentucky Public Transportation Infrastructure Authority, RB, CAB, Series C, Convertible, 6.75%, 07/01/43^(e)		375		386,303

				5,438,883

Louisiana — 2.4%
Louisiana Local Government Environmental Facilities & Community Development Auth, RB, Series A-1, 6.50%, 11/01/35		1,055		1,059,146
Tobacco Settlement Financing Corp., Refunding RB
Series A, 5.50%, 05/15/30		255		255,428
Series A, 5.25%, 05/15/31		270		274,712
Series A, 5.25%, 05/15/32		345		361,512
Series A, 5.25%, 05/15/33		375		392,610
Series A, 5.25%, 05/15/35		160		170,344

				2,513,752


Security	Par (000)		Value

Maine — 0.7%
Maine State Housing Authority, RB, S/F Housing, Series G, 2.38%, 11/15/40^(f)	$	760	$	750,888


Maryland — 1.2%
Maryland Economic Development Corp., Refunding RB, 5.75%, 09/01/25		540		540,875
Maryland Health & Higher Educational Facilities Authority, Refunding RB, 6.25%, 01/01/21^(b)		690		696,541

				1,237,416

Massachusetts — 0.9%
Massachusetts Development Finance Agency, RB, Series A, 5.00%, 01/01/47		540		594,702
Massachusetts Development Finance Agency, Refunding RB, Series C, (AGM), 4.00%, 10/01/45		320		358,963

				953,665

Michigan^(b)— 2.3%
City of Detroit Michigan Sewage Disposal System Revenue, Refunding RB, Series A, Senior Lien, 5.25%, 07/01/22		1,925		2,084,948
Michigan Finance Authority, RB, Series C-1, Senior Lien, 5.00%, 07/01/22		275		296,681

				2,381,629

Minnesota — 1.7%
Duluth Economic Development Authority, Refunding RB
Series A, 4.25%, 02/15/48		1,190		1,296,100
Series A, 5.25%, 02/15/58		400		466,812
				1,762,912

Missouri — 0.6%
Health & Educational Facilities Authority of the State of Missouri, Refunding RB, 5.50%, 05/01/43		80		82,902
St Louis County Industrial Development Authority, Refunding RB, 5.00%, 09/01/37		500		548,015

				630,917

Nebraska — 0.8%
Central Plains Energy Project, RB
5.25%, 09/01/37		260		281,585
5.00%, 09/01/42		455		489,944

				771,529

New Hampshire^(a)— 0.8%
New Hampshire Business Finance Authority, Refunding RB
Series B, 4.63%, 11/01/42		490		499,932
Series C, AMT, 4.88%, 11/01/42		285		292,564

				792,496

New Jersey — 11.8%
Casino Reinvestment Development Authority, Inc., Refunding RB
5.25%, 11/01/39		320		327,379
5.25%, 11/01/44		610		620,199
Middlesex County Improvement Authority, RB, Series B, 6.25%, 01/01/37^(g)(h)		645		12,900
New Jersey Economic Development Authority, RB Series EEE,
5.00%, 06/15/43		1,540		1,728,173
AMT, 5.13%, 09/15/23		840		864,528


42		2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

October 31, 2020

BlackRock Strategic Municipal Trust (BSD)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

New Jersey (continued)
New Jersey Economic Development Authority, RB (continued)
AMT, 5.38%, 01/01/43	$	500	$	550,285
New Jersey Economic Development Authority, Refunding RB, Series BBB, 5.50%, 06/15/31		775		897,218
New Jersey Economic Development Authority, Refunding SAB, 5.75%, 04/01/31		705		721,321
New Jersey Transportation Trust Fund Authority, RB
Series A, 5.50%, 06/15/21^(b)		575		593,274
Series A, 5.00%, 06/15/28		500		581,820
Series AA, 5.00%, 06/15/45		415		443,647
Series B, 5.25%, 06/15/36		790		808,383
Rutgers The State University of New Jersey, Refunding RB, Series L, 5.00%, 05/01/23^(b)		165		184,204
Tobacco Settlement Financing Corp., Refunding RB
Series A, 5.00%, 06/01/35		450		544,176
Series A, 5.25%, 06/01/46		1,065		1,245,592
Sub-Series B, 5.00%, 06/01/46		1,755		1,981,658

				12,104,757

New York — 13.3%
Buffalo & Erie County Industrial Land Development Corp., Refunding RB, Series A, 5.00%, 06/01/35		500		551,315
Metropolitan Transportation Authority, RB, Series B, 5.25%, 11/15/38		750		779,902
Metropolitan Transportation Authority, Refunding RB, Series C-1, 4.75%, 11/15/45		610		646,161
Monroe County Industrial Development Corp., Refunding RB^(f)
4.00%, 12/01/38		155		171,610
4.00%, 12/01/46		150		163,158
New York City Housing Development Corp., RB, M/F Housing
Series A, 3.00%, 11/01/55		945		958,032
Series C-1A, 4.20%, 11/01/44		1,500		1,572,735
New York City Industrial Development Agency, Refunding RB
(AGM), 3.00%, 03/01/49		615		619,889
3.00%, 03/01/49		475		463,092
New York City Transitional Finance Authority Future Tax Secured Revenue, RB, Sub-Series E-1, 5.00%, 02/01/42		770		805,281
New York Counties Tobacco Trust IV, Refunding RB, Series A, 6.25%, 06/01/41^(a)		600		602,760
New York Liberty Development Corp., Refunding RB^(a)
Series 1, Class 1, 5.00%, 11/15/44		1,365		1,396,218
Series 2, Class 2, 5.15%, 11/15/34		105		108,835
Series 2, Class 2, 5.38%, 11/15/40		265		275,494
New York Power Authority, Refunding RB, Series A, 4.00%, 11/15/60		350		396,690
New York State Thruway Authority, Refunding RB, Series B, Subordinate, 4.00%, 01/01/45		805		908,547
New York Transportation Development Corp., ARB, Series A, AMT, 5.25%, 01/01/50		1,000		1,075,040
New York Transportation Development Corp., RB
AMT, 5.00%, 10/01/35		120		129,535
AMT, 5.00%, 10/01/40		340		364,830
AMT, 4.38%, 10/01/45		30		30,219
Port Authority of New York & New Jersey, ARB 6.00%, 12/01/42		395		396,145


Security	Par (000)		Value

New York (continued)
Port Authority of New York & New Jersey, ARB (continued)
Series 8, 6.00%, 12/01/36	$	410	$	411,542
Consolidated, 221st Series, AMT, 4.00%, 07/15/50		535		586,638
Westchester County Healthcare Corp., RB, Series A, Senior Lien, 5.00%, 11/01/44		265		288,083

				13,701,751

North Carolina — 0.4%
North Carolina Medical Care Commission, RB, Series A, 4.00%, 10/01/45		195		205,791
North Carolina Medical Care Commission, Refunding RB, Series A, 7.75%, 03/01/21^(b)		185		189,559

				395,350

Ohio — 2.6%
Buckeye Tobacco Settlement Financing Authority, Refunding RB, Series B-2, Class 2, 5.00%, 06/01/55		1,125		1,196,977
County of Allen Ohio Hospital Facilities Revenue, Refunding RB, Series A, 4.00%, 11/01/44		450		475,060
County of Franklin Ohio, RB
Series A, 6.13%, 07/01/22^(b)		15		16,457
Series A, 6.13%, 07/01/40		195		207,250
County of Hamilton Ohio, Refunding RB, 4.00%, 08/15/50		500		560,790
Ohio Air Quality Development Authority, RB, AMT, 5.00%, 07/01/49^(a)		250		251,198

				2,707,732

Oklahoma — 1.0%
Oklahoma Development Finance Authority, RB, Series B, 5.25%, 08/15/48		390		448,828
Tulsa County Industrial Authority, Refunding RB, 5.25%, 11/15/45		585		614,542

				1,063,370

Oregon — 0.9%
Clackamas County School District No. 12 North Clackamas, GO, CAB, Series A, 0.00%, 06/15/38^(c)		395		210,219
Oregon State Facilities Authority, RB, (AGM), 5.00%, 07/01/44		715		750,607

				960,826

Pennsylvania — 2.6%
Allentown Neighborhood Improvement Zone Development Authority, RB^(a)
Subordinate, 5.00%, 05/01/28		90		94,668
Subordinate, 5.13%, 05/01/32		100		104,778
Subordinate, 5.38%, 05/01/42		145		147,980
Hospitals & Higher Education Facilities Authority of Philadelphia, RB, Series A, 5.63%, 07/01/42		200		210,166
Pennsylvania Economic Development Financing Authority, RB, AMT, 5.00%, 06/30/42		650		719,946
Pennsylvania Economic Development Financing Authority, Refunding RB, AMT, 5.50%, 11/01/44		480		488,011
Pennsylvania Higher Educational Facilities Authority, RB, 4.00%, 08/15/44		490		555,876
Pennsylvania Turnpike Commission, RB, Series A, 5.00%, 12/01/44		345		388,846

				2,710,271

Puerto Rico — 6.6%
Children’s Trust Fund, Refunding RB, 5.63%, 05/15/43		395		398,800


SCHEDULE OF INVESTMENTS		43

Schedule of Investments (unaudited) (continued)

October 31, 2020

BlackRock Strategic Municipal Trust (BSD)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Puerto Rico (continued)
Puerto Rico Commonwealth Aqueduct & Sewer Authority, RB
Series A, Senior Lien, 5.00%, 07/01/33	$	830	$	842,458
Series A, Senior Lien, 5.13%, 07/01/37		240		243,643
Puerto Rico Commonwealth Aqueduct & Sewer Authority, Refunding RB
Series A, Senior Lien, 6.00%, 07/01/38		245		245,419
Series A, Senior Lien, 6.00%, 07/01/44		440		440,700
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB
Series A-1, Restructured, 4.75%, 07/01/53		647		678,276
Series A-1, Restructured, 5.00%, 07/01/58		2,509		2,668,422
Series A-2, Restructured, 4.33%, 07/01/40		345		355,119
Series A-2, Restructured, 4.78%, 07/01/58		567		595,288
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB, Series A-1, Restructured, 0.00%, 07/01/46^(c)		1,190		342,196

				6,810,321

Rhode Island — 2.8%
Rhode Island Student Loan Authority, RB, Series A, AMT, 3.63%, 12/01/37		320		320,227
Tobacco Settlement Financing Corp., Refunding RB
Series B, 4.50%, 06/01/45		830		865,416
Series B, 5.00%, 06/01/50		1,580		1,685,434

				2,871,077

South Carolina — 3.9%
South Carolina Jobs-Economic Development Authority, Refunding RB, Series A, 5.00%, 05/01/43		680		787,121
South Carolina Ports Authority, ARB, AMT, 5.25%, 07/01/25^(b)		335		406,636
South Carolina Public Service Authority, RB
Series A, 5.50%, 12/01/54		1,235		1,382,607
Series E, 5.50%, 12/01/53		500		554,545
South Carolina Public Service Authority, Refunding RB
Series A, 3.00%, 12/01/41^(f)		225		226,663
Series E, 5.25%, 12/01/55		540		616,426

				3,973,998

South Dakota — 0.6%
South Dakota Health & Educational Facilities Authority, Refunding RB, Series A, 4.00%, 09/01/50		550		601,849


Tennessee — 0.5%
Chattanooga Health Educational & Housing Facility Board, RB, Series A, 5.25%, 01/01/23^(b)		440		487,203


Texas — 7.8%
Brazos Higher Education Authority, Inc., RB, Series 1B, AMT, Subordinate, 3.00%, 04/01/40		175		161,016
Central Texas Regional Mobility Authority, Refunding RB^(b)
Senior Lien, 6.25%, 01/01/21		680		686,542
Sub Lien, 5.00%, 01/01/23		115		126,517
City of Houston Texas Airport System Revenue, Refunding RB, AMT, 5.00%, 07/01/29		135		136,401
Clifton Higher Education Finance Corp., RB, 6.00%, 08/15/43		230		252,048
Harris County Cultural Education Facilities Finance Corp., RB, Series B, 7.00%, 01/01/23^(b)		145		165,858


Security	Par (000)		Value

Texas (continued)
Harris County-Houston Sports Authority, Refunding RB, CAB, Series A, Senior Lien, (AGM, NPFGC), 0.00%, 11/15/38^(c)	$	4,750	$	2,101,780
Midland County Fresh Water Supply District No.1, RB, CAB, Series A, 0.00%, 09/15/37^(c)		4,485		2,349,961
North Texas Tollway Authority, RB, CAB, Series B, 0.00%, 09/01/31^(b)(c)		640		338,067
North Texas Tollway Authority, Refunding RB, 4.25%, 01/01/49		565		637,823
Texas Private Activity Bond Surface Transportation Corp., RB, AMT, Senior Lien, 5.00%, 12/31/55		450		488,038
Texas Transportation Commission, RB, CAB^(c)
0.00%, 08/01/40		500		220,555
0.00%, 08/01/42		855		338,443

				8,003,049

Vermont — 0.5%
Vermont Student Assistance Corp., RB, Series A, AMT, 3.38%, 06/15/36		525		523,803


Virginia — 2.1%
Ballston Quarter Community Development Authority, TA
Series A, 5.00%, 03/01/26		165		165,797
Series A, 5.13%, 03/01/31		320		313,696
Virginia Small Business Financing Authority, RB
AMT, Senior Lien, 5.25%, 01/01/32		250		263,715
AMT, Senior Lien, 6.00%, 01/01/37		1,320		1,403,028

				2,146,236

Washington — 1.0%
Port of Seattle Washington, ARB, Series C, AMT, 5.00%, 04/01/40		235		259,522
Washington Health Care Facilities Authority, RB, Series A, 5.75%, 01/01/23^(b)		715		794,494

				1,054,016

Wisconsin — 0.2%
Public Finance Authority, RB, Series A, 5.00%, 11/15/41		60		70,008
Public Finance Authority, Refunding RB, Series A, 3.00%, 01/01/50		85		80,159

				150,167


Total Municipal Bonds — 116.8% (Cost: $111,841,844)				120,230,978


Municipal Bonds Transferred to Tender Option Bond Trusts⁽ⁱ⁾

California — 4.7%
City of Los Angeles Department of Airports, ARB, Series B, AMT, 5.00%, 05/15/46		2,000		2,248,160
Sacramento Area Flood Control Agency, Refunding SAB, Series A, 5.00%, 10/01/43		2,160		2,573,662

				4,821,822

Colorado — 2.4%
Colorado Health Facilities Authority, Refunding RB, Series A, 4.00%, 08/01/49^(j)		1,130		1,215,756
County of Adams Colorado, Refunding COP, 4.00%, 12/01/45		1,180		1,274,589

				2,490,345


44		2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

October 31, 2020

BlackRock Strategic Municipal Trust (BSD)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

District of Columbia — 0.6%
District of Columbia Housing Finance Agency, RB, M/F Housing, Series B-2, (FHA), 4.10%, 09/01/39	$	520	$	581,064


Florida — 1.8%
Escambia County Health Facilities Authority, Refunding RB, 4.00%, 08/15/45^(j)		1,751		1,859,645


Georgia — 1.1%
Dalton Whitfield County Joint Development Authority, RB, 4.00%, 08/15/48		1,025		1,128,002


Idaho — 1.4%
Idaho State Building Authority, RB, Series A, 4.00%, 09/01/48		1,330		1,474,345


Illinois — 2.2%
Illinois State Toll Highway Authority, RB, Series C, 5.00%, 01/01/38		1,997		2,276,802


Iowa — 1.2%
Iowa Finance Authority, Refunding RB, Series E, 4.00%, 08/15/46		1,125		1,203,311


Massachusetts — 2.1%
Massachusetts Housing Finance Agency, Refunding RB, Series A, AMT, 4.50%, 12/01/47		1,305		1,398,815
Massachusetts School Building Authority, RB, Series B, 5.00%, 10/15/21^(b)		720		752,751

				2,151,566

Michigan — 3.6%
Michigan Finance Authority, RB, 4.00%, 02/15/47		1,248		1,389,969
Michigan State Housing Development Authority, RB, M/F Housing, Series A, 4.15%, 10/01/53		2,117		2,287,799

				3,677,768

New Jersey — 0.8%
New Jersey Higher Education Student Assistance Authority, Refunding RB, Series C, AMT, 4.25%, 12/01/50		827		839,048


New York — 13.1%
Hudson Yards Infrastructure Corp., RB^(j)
5.75%, 02/15/47^(b)		310		313,939
5.75%, 02/15/47		190		193,126
New York City Housing Development Corp., Refunding RB, Series A, 4.15%, 11/01/38		1,460		1,619,461
New York City Transitional Finance Authority Future Tax Secured Revenue, RB, Series C, 3.00%, 05/01/46		3,020		3,100,855
New York Liberty Development Corp., ARB, 5.25%, 12/15/43		3,375		3,525,730
New York Liberty Development Corp., Refunding RB, 5.75%, 11/15/51^(j)		2,030		2,129,647
Port Authority of New York & New Jersey, ARB, Series 221, AMT, 4.00%, 07/15/60		1,575		1,728,689
Port Authority of New York & New Jersey, Refunding ARB, 194th Series, 5.25%, 10/15/55		810		927,320

				13,538,767


Security	Par (000)		Value

North Carolina — 1.7%
North Carolina Capital Facilities Finance Agency, Refunding RB, Series B, 5.00%, 10/01/25^(b)	$	800	$	979,488
North Carolina Housing Finance Agency, RB, S/F Housing, Series 39-B, (FHLMC, FNMA, GNMA), 4.00%, 01/01/48		697		739,440

				1,718,928

Pennsylvania — 6.9%
County of Lehigh Pennsylvania, Refunding RB, Series A, 4.00%, 07/01/49^(j)		2,502		2,748,592
Pennsylvania Turnpike Commission, RB, Sub-Series A, 5.50%, 12/01/42		1,379		1,638,491
Pennsylvania Turnpike Commission, Refunding RB, Sub- Series B-2, (AGM), 5.00%, 06/01/35		1,280		1,555,226
Westmoreland County Municipal Authority, Refunding RB, (BAM), 5.00%, 08/15/38		1,034		1,193,786

				7,136,095

Rhode Island — 1.6%
Rhode Island Health and Educational Building Corp., RB, Series A, 4.00%, 09/15/47		1,531		1,672,647


Texas — 2.9%
Board of Regents of the University of Texas System, Refunding RB, Series B, 5.00%, 08/15/43		975		1,044,734
City of San Antonio Texas Electric & Gas Systems Revenue, RB, Junior Lien, 5.00%, 02/01/23^(b)		780		842,954
Metropolitan Transit Authority of Harris County Sales & Use Tax Revenue, Refunding RB, Series A, 5.00%, 11/01/21^(b)		1,080		1,130,198

				3,017,886

Virginia^(j)— 2.2%
Hampton Roads Transportation Accountability Commission, RB
Series A, Senior Lien, 5.50%, 07/01/57		1,413		1,712,607
Series A, Senior Lien, 4.00%, 07/01/60		495		557,791

				2,270,398

West Virginia — 1.3%
Morgantown Utility Board, Inc., RB, Series B, 4.00%, 12/01/48^(j)		1,161		1,303,974


Total Municipal Bonds Transferred to Tender Option Bond Trusts — 51.6% (Cost: $50,248,839)				53,162,413


Total Long-Term Investments — 168.4% (Cost: $162,090,683)				173,393,391


SCHEDULE OF INVESTMENTS		45

Schedule of Investments (unaudited) (continued)

October 31, 2020

BlackRock Strategic Municipal Trust (BSD)

(Percentages shown are based on Net Assets)


Security	Shares		Value

Short-Term Securities

Money Market Funds — 0.3%
BlackRock Liquidity Funds, MuniCash, Institutional Class, 0.01%^(k)(l)		384,011	$	384,050


Total Short-Term Securities — 0.3% (Cost: $384,050)				384,050


Total Investments — 168.7% (Cost: $162,474,733)				173,777,441

Other Assets Less Liabilities — 1.7%				1,707,668

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (28.7)%				(29,603,795	)

VMTP Shares at Liquidation Value — (41.7)%				(42,900,000	)


Net Assets Applicable to Common Shares — 100.0%			$	102,981,314

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

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

^(c)	Zero-coupon bond.

^(d)	Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

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

^(f)	When-issued security.

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

^(h)	Non-income producing security.

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

^(j)	All or a portion of the 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 15, 2021 to February 15, 2047, is $6,491,909.

See Note 4 of the Notes to Financial Statements for details.

^(k)	Affiliate of the Trust.

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Trust during the six-months ended October 31, 2020 for purposes of Section 2(a)(3) of the 1940 Act, as amended, were as follows:


Affiliated Issuer	Value at 04/30/20		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 10/31/20		Shares Held at 10/31/20		Income		Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, MuniCash, Institutional Class,	$	1,394,299	$	—	$	(1,010,038	)^(a)	$	(211	)	$	—	$	384,050		384,011	$	146	$	—

^(a)

Represents net amount purchased (sold).

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		35		12/21/20	$	4,838	$	26,748
U.S. Long Treasury Bond		19		12/21/20		3,277		40,427

							$	67,175


46		2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

October 31, 2020

BlackRock Strategic Municipal Trust (BSD)

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
Unrealized appreciation on futures contracts^(a)	$	—	$	—	$	—	$	—	$	67,175	$	—	$	67,175

^(a)

For the six months ended October 31, 2020, 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 Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	—	$	—	$	67,175	$	—	$	67,175

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — short	$	4,057,281

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


	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Municipal Bonds	$	—	$	120,230,978	$	—	$	120,230,978
Municipal Bonds Transferred to Tender Option Bond Trusts		—		53,162,413		—		53,162,413
Short-Term Securities
Money Market Funds		384,050		—		—		384,050

	$	384,050	$	173,393,391	$	—	$	173,777,441


Derivative Financial Instruments^(a)
Assets
Interest Rate Contracts	$	67,175	$	—	$	—	$	67,175

^(a)

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


SCHEDULE OF INVESTMENTS		47

Schedule of Investments (unaudited) (continued)

October 31, 2020

BlackRock Strategic Municipal Trust (BSD)


	Level 1		Level 2			Level 3		Total
Liabilities
TOB Trust Certificates	$	—	$	(29,588,179	)	$	—	$	(29,588,179	)
VMTP Shares at Liquidation Value		—		(42,900,000	)		—		(42,900,000	)

	$	—	$	(72,488,179	)	$	—	$	(72,488,179	)

See notes to financial statements.


48		2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Assets and Liabilities (unaudited)

October 31, 2020


	BKN		BTA		BFK		BSD

ASSETS
Investments at value — unaffiliated^(a)	$	456,373,985	$	277,781,628	$	1,038,098,765	$	173,393,391
Investments at value — affiliated^(b)		1,284,439		241,872		1,191,701		384,050
Cash pledged for futures contracts		—		231,000		—		145,000
Receivables:
Investments sold		—		514,553		34,707		1,473,017
Dividends — affiliated		7		6		53		12
Interest — unaffiliated		5,433,818		3,787,102		13,696,404		2,244,479
Variation margin on futures contracts		—		21,751		—		13,693
Prepaid expenses		19,695		28,713		21,034		18,153

Total assets		463,111,944		282,606,625		1,053,042,664		177,671,795


ACCRUED LIABILITIES
Bank overdraft		188,495		80,714		515,990		50,628
Payables:
Investments purchased		1,091,813		1,018,364		5,965,555		1,391,178
Administration fees		58,728		—		—		—
Income dividend distributions — Common Shares		1,168,854		678,076		2,623,349		431,182
Interest expense and fees		28,231		17,659		69,633		15,616
Investment advisory fees		136,979		141,298		530,789		89,267
Trustees’ and Officer’s fees		68,874		22,282		230,599		16,299
Other accrued expenses		114,023		73,750		163,933		76,714
Reorganization costs		—		—		—		131,418

Total accrued liabilities		2,855,997		2,032,143		10,099,848		2,202,302


OTHER LIABILITIES
TOB Trust Certificates		57,331,906		38,714,418		140,129,513		29,588,179
VRDP Shares, at liquidation value of $ 100,000 per share, net of deferred offering costs^(c)(d)(e)		—		75,619,677		—		—
VMTP Shares, at liquidation value of $ 100,000 per share^(c)(d)(e)		125,900,000		—		270,800,000		42,900,000

Total other liabilities		183,231,906		114,334,095		410,929,513		72,488,179

Total liabilities		186,087,903		116,366,238		421,029,361		74,690,481


NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS	$	277,024,041	$	166,240,387	$	632,013,303	$	102,981,314


NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS CONSIST OF
Paid-in capital^(f)(g)(h)	$	238,779,640	$	156,294,167	$	591,065,148	$	94,243,839
Accumulated earnings		38,244,401		9,946,220		40,948,155		8,737,475

NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS	$	277,024,041	$	166,240,387	$	632,013,303	$	102,981,314


Net asset value per Common Share	$	16.12	$	12.38	$	14.09	$	14.09


^(a) Investments at cost — unaffiliated	$	414,468,802	$	262,176,324	$	977,799,962	$	162,090,683
^(b) Investments at cost — affiliated	$	1,284,520	$	241,872	$	1,191,641	$	384,050
^(c)Preferred Shares outstanding		1,259		760		2,708		429
^(d) Preferred Shares authorized		7,121		Unlimited		Unlimited		Unlimited
^(e) Par value per Preferred Share	$	0.01	$	0.001	$	0.001	$	0.001
^(f)Common Shares outstanding		17,189,025		13,427,241		44,843,572		7,308,173
^(g) Common Shares authorized		199,992,879		Unlimited		Unlimited		Unlimited
^(h) Par value per Common Share	$	0.01	$	0.001	$	0.001	$	0.001

See notes to financial statements.


FINANCIAL STATEMENTS		49

Statements of Operations (unaudited)

Six Months Ended October 31, 2020


	BKN			BTA			BFK			BSD

INVESTMENT INCOME
Dividends — affiliated	$	132		$	147		$	638		$	146
Interest — unaffiliated		9,172,403			5,998,244			21,208,014			3,653,059

Total investment income		9,172,535			5,998,391			21,208,652			3,653,205


EXPENSES
Investment advisory		810,458			831,482			3,139,238			525,261
Administration		347,339			—			—			—
Accounting services		34,832			14,684			42,390			19,862
Professional		31,184			38,683			49,575			28,082
Rating agency		24,809			16,336			24,809			27,351
Transfer agent		15,521			10,907			24,134			10,084
Trustees and Officer		13,900			7,017			35,750			4,866
Custodian		7,228			2,764			6,182			1,458
Registration		4,172			4,181			7,668			4,172
Printing and postage		1,119			1,297			3,368			663
Liquidity fees		—			3,904			—			—
Remarketing fees on Preferred Shares		—			3,831			—			—
Reorganization		—			—			—			144,737
Miscellaneous		5,712			4,860			7,053			3,786
Total expenses excluding interest expense, fees and amortization of offering costs		1,296,274			939,946			3,340,167			770,322
Interest expense, fees and amortization of offering costs^(a)		861,808			524,418			1,903,413			331,575
Total expenses		2,158,082			1,464,364			5,243,580			1,101,897
Less:
Fees waived and/or reimbursed by the Manager		(535	)		(396	)		(4,671	)		(442	)

Total expenses after fees waived and/or reimbursed		2,157,547			1,463,968			5,238,909			1,101,455

Net investment income		7,014,988			4,534,423			15,969,743			2,551,750


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		82,381			745,533			1,005,401			321,793
Investments — affiliated		531			(293	)		6,174			(211	)

		82,912			745,240			1,011,575			321,582

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		20,504,415			14,563,021			51,207,995			7,927,231
Investments — affiliated		(607	)		(7	)		(5,305	)		—
Futures contracts		—			106,625			—			67,175

		20,503,808			14,669,639			51,202,690			7,994,406

Net realized and unrealized gain		20,586,720			15,414,879			52,214,265			8,315,988


NET INCREASE IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS RESULTING FROM OPERATIONS	$	27,601,708		$	19,949,302		$	68,184,008		$	10,867,738

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

See notes to financial statements.


50		2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets


	BKN						BTA
	Six Months Ended						Six Months Ended
	10/31/20 (unaudited)			Year Ended 04/30/20			10/31/20 (unaudited)			Year Ended 04/30/20

INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS

OPERATIONS
Net investment income	$	7,014,988		$	12,218,008		$	4,534,423		$	8,008,105
Net realized gain (loss)		82,912			(3,880,936	)		745,240			(3,215,979	)
Net change in unrealized appreciation (depreciation)		20,503,808			(11,335,729	)		14,669,639			(13,792,670	)

Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations		27,601,708			(2,998,657	)		19,949,302			(9,000,544	)


DISTRIBUTIONS TO COMMON SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to Common Shareholders		(6,513,932	)		(11,823,871	)		(4,068,261	)		(8,135,464	)


CAPITAL SHARE TRANSACTIONS
Reinvestment of common distributions		51,983			—			15,397			48,840


NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS
Total increase (decrease) in net assets applicable to Common Shareholders		21,139,759			(14,822,528	)		15,896,438			(17,087,168	)
Beginning of period		255,884,282			270,706,810			150,343,949			167,431,117

End of period	$	277,024,041		$	255,884,282		$	166,240,387		$	150,343,949

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

See notes to financial statements.


FINANCIAL STATEMENTS		51

Statements of Changes in Net Assets (continued)


	BFK						BSD
	Six Months Ended						Six Months Ended
	10/31/20 (unaudited)			Year Ended 04/30/20			10/31/20 (unaudited)			Year Ended 04/30/20

INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS

OPERATIONS
Net investment income	$	15,969,743		$	30,101,645		$	2,551,750		$	4,845,700
Net realized gain (loss)		1,011,575			(8,059,523	)		321,582			(2,185,074	)
Net change in unrealized appreciation (depreciation)		51,202,690			(49,080,595	)		7,994,406			(6,685,226	)

Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations		68,184,008			(27,038,473	)		10,867,738			(4,024,600	)


DISTRIBUTIONS TO COMMON SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to Common Shareholders		(15,154,958	)		(29,230,034	)		(2,440,930	)		(4,852,594	)


CAPITAL SHARE TRANSACTIONS
Reinvestment of common distributions		177,232			—			—			2,164


NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS
Total increase (decrease) in net assets applicable to Common Shareholders		53,206,282			(56,268,507	)		8,426,808			(8,875,030	)
Beginning of period		578,807,021			635,075,528			94,554,506			103,429,536

End of period	$	632,013,303		$	578,807,021		$	102,981,314		$	94,554,506

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

See notes to financial statements.


52		2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Cash Flows (unaudited)

Six Months Ended October 31, 2020


	BKN			BTA			BFK			BSD

CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES
Net increase in net assets resulting from operations	$	27,601,708		$	19,949,302		$	68,184,008		$	10,867,738
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used for) operating activities
Proceeds from sales of long-term investments		27,584,316			53,809,706			80,820,139			25,655,930
Purchases of long-term investments		(31,239,431	)		(56,428,470	)		(100,414,381	)		(30,644,567	)
Net proceeds from sales of short-term securities		2,719,384			434,933			12,544,347			1,010,038
Amortization of premium and accretion of discount on investments and other fees		(612,519	)		137,330			1,239,414			(22,547	)
Net realized gain on investments		(82,912	)		(745,240	)		(1,011,575	)		(321,582	)
Net unrealized appreciation on investments		(20,503,808	)		(14,563,014	)		(51,202,690	)		(7,927,231	)
(Increase) Decrease in Assets
Receivables
Dividends — affiliated		716			115			5,775			79
Interest — unaffiliated		(154,894	)		71,703			312,367			13,881
Variation margin on futures contracts		—			(21,751	)		—			(13,693	)
Prepaid expenses		3,965			10,243			1,399			5,999
Increase (Decrease) in Liabilities
Payables
Administration fees		(53,302	)		—			—			—
Interest expense and fees		(234,652	)		(125,664	)		(430,573	)		(92,778	)
Investment advisory fees		(124,131	)		(122,107	)		(476,224	)		(78,708	)
Trustees’ and Officer’s fees		5,188			1,536			16,921			1,171
Other accrued expenses		(10,881	)		(20,446	)		(17,742	)		(13,266	)
Reorganization costs		—			—			—			131,418

Net cash provided by (used for) operating activities		4,898,747			2,388,176			9,571,185			(1,428,118	)


CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES
Cash dividends paid to Common Shareholders		(6,307,061	)		(4,052,802	)		(14,752,854	)		(2,411,698	)
Repayments of TOB Trust Certificates		(424,173	)		(3,238,393	)		(3,102,244	)		(1,391,714	)
Repayments of Loan for TOB Trust Certificates		—			(1,680,000	)		(3,102,244	)		(1,378,400	)
Proceeds from TOB Trust Certificates		1,643,992			5,044,938			7,767,923			5,325,466
Proceeds from Loan for TOB Trust Certificates		—			1,680,000			3,102,244			1,378,400
Increase in bank overdraft		188,495			80,714			515,990			50,628
Amortization of deferred offering costs		—			7,665			—			—

Net cash provided by (used for) for financing activities		(4,898,747	)		(2,157,878	)		(9,571,185	)		1,572,682


CASH
Net increase in restricted and unrestricted cash		—			230,298			—			144,564
Restricted and unrestricted cash at beginning of period		—			702			—			436

Restricted and unrestricted cash at end of period	$	—		$	231,000		$	—		$	145,000


SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid during the period for interest expense	$	1,096,460		$	642,417		$	2,333,986		$	424,353


NON-CASH FINANCING ACTIVITIES
Capital shares issued in reinvestment of distributions paid to Common Shareholders	$	51,983		$	15,397		$	177,232		$	—


RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AT THE END OF PERIOD TO THE STATEMENTS OF ASSETS AND LIABILITIES OF ASSETS AND LIABILITIES
Cash pledged
Futures contracts		—			231,000			—			145,000

	$	—		$	231,000		$	—		$	145,000

See notes to financial statements.


FINANCIAL STATEMENTS		53

Financial Highlights

(For a share outstanding throughout each period)


	BKN
	Six Months Ended 10/31/20			Year Ended April 30,
	(unaudited)			2020			2019			2018			2017			2016


Net asset value, beginning of period	$	14.89		$	15.75		$	15.26		$	15.39		$	16.83		$	16.09

Net investment income^(a)		0.41			0.71			0.71			0.73			0.79			0.88
Net realized and unrealized gain (loss)		1.20			(0.88	)		0.46			0.02			(1.12	)		0.77

Net increase (decrease) from investment operations		1.61			(0.17	)		1.17			0.75			(0.33	)		1.65


Distributions to Common Shareholders^(b)
From net investment income		(0.38	)		(0.69	)		(0.68	)		(0.73	)		(0.85	)		(0.91	)
From net realized gain		—			—			(0.00	)^(c)		(0.15	)		(0.26	)		—

Total distributions to Common Shareholders		(0.38	)		(0.69	)		(0.68	)		(0.88	)		(1.11	)		(0.91	)


Net asset value, end of period	$	16.12		$	14.89		$	15.75		$	15.26		$	15.39		$	16.83


Market price, end of period	$	15.72		$	14.75		$	14.31		$	13.57		$	14.59		$	16.94


Total Return Applicable to Common Shareholders^(d)
Based on net asset value		10.85	%^(e)		(1.16	)%		8.45	%		5.34	%		(1.84	)%		10.92	%

Based on market price		9.12	%^(e)		7.77	%		10.81	%		(1.20	)%		(7.55	)%		15.15	%


Ratios to Average Net Assets Applicable to Common Shareholders
Total expenses		1.55	%^(f)		2.31	%		2.53	%		2.12	%		1.84	%		1.46	%

Total expenses after fees waived and/or reimbursed		1.55	%^(f)		2.31	%		2.53	%		2.11	%		1.84	%		1.46	%

Total expenses after fees waived and/or reimbursed and excluding interest expense, fees, and amortization of offering costs^(g)		0.93	%^(f)		0.93	%		0.94	%		0.90	%		0.90	%		0.89	%

Net investment income to Common Shareholders		5.03	%^(f)		4.39	%		4.64	%		4.64	%		4.87	%		5.48	%


Supplemental Data
Net assets applicable to Common Shareholders, end of period (000)	$	277,024		$	255,884		$	270,707		$	262,198		$	264,551		$	289,003

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

Asset coverage per VMTP Shares at $100,000 liquidation value, end of period	$	320,035		$	303,244		$	315,017		$	308,259		$	310,128		$	329,549

Borrowings outstanding, end of period (000)	$	57,332		$	56,112		$	51,999		$	41,043		$	30,783		$	31,286

Portfolio turnover rate		6	%		16	%		29	%		31	%		36	%		28	%

^(a)	Based on average Common Shares outstanding.

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

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

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

^(e)	Aggregate total return.

^(f)	Annualized.

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

See notes to financial statements.


54		2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)


	BTA
	Six Months Ended 10/31/20			Year Ended April 30,
	(unaudited)			2020			2019			2018			2017			2016


Net asset value, beginning of period	$	11.20		$	12.47		$	12.28		$	12.27		$	12.89		$	12.51

Net investment income^(a)		0.34			0.60			0.62			0.65			0.67			0.68
Net realized and unrealized gain (loss)		1.14			(1.26	)		0.20			0.01			(0.63	)		0.40

Net increase (decrease) from investment operations		1.48			(0.66	)		0.82			0.66			0.04			1.08

Distributions to Common Shareholders from net investment income^(b)		(0.30	)		(0.61	)		(0.63	)		(0.65	)		(0.66	)		(0.70	)


Net asset value, end of period	$	12.38		$	11.20		$	12.47		$	12.28		$	12.27		$	12.89


Market price, end of period	$	11.72		$	10.92		$	11.88		$	11.20		$	11.66		$	12.28


Total Return Applicable to Common Shareholders^(c)
Based on net asset value		13.35	%^(d)		(5.70	)%		7.34	%		5.76	%		0.53	%		9.51	%

Based on market price		10.05	%^(d)		(3.49	)%		12.12	%		1.50	%		0.28	%		14.39	%


Ratios to Average Net Assets Applicable to Common Shareholders
Total expenses		1.76	%^(e)		2.54	%		2.67	%		2.33	%		2.00	%		1.59	%

Total expenses after fees waived and/or reimbursed		1.76	%^(e)		2.54	%		2.67	%		2.33	%		2.00	%		1.59	%

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

Net investment income to Common Shareholders		5.45	%^(e)		4.71	%		5.11	%		5.21	%		5.32	%		5.45	%


Supplemental Data
Net assets applicable to Common Shareholders, end of period (000)	$	166,240		$	150,344		$	167,431		$	164,787		$	164,745		$	173,050

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

Asset coverage per VRDP Shares at $100,000 liquidation value, end of period	$	318,737		$	297,821		$	320,304		$	316,825		$	316,770		$	327,697

Borrowings outstanding, end of period (000)	$	38,714		$	36,908		$	34,595		$	36,025		$	32,093		$	25,970

Portfolio turnover rate		19	%		34	%		31	%		44	%		43	%		29	%

^(a)	Based on average Common Shares outstanding.

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

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

^(d)	Aggregate total return.

^(e)	Annualized.

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

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


	Six Months Ended 10/31/20			Year Ended April 30,
	(unaudited)			2020			2019			2018			2017			2016
Expense ratios		1.13	%		1.12	%		1.12	%		1.47	%		1.52	%		—	%

See notes to financial statements.


FINANCIAL HIGHLIGHTS		55

Financial Highlights (continued)

(For a share outstanding throughout each period)


	BFK
	Six Months Ended 10/31/20			Year Ended April 30,
	(unaudited)			2020			2019			2018			2017			2016


Net asset value, beginning of period	$	12.91		$	14.17		$	13.98		$	14.24		$	15.20		$	14.91

Net investment income^(a)		0.36			0.67			0.68			0.73			0.81			0.87
Net realized and unrealized gain (loss)		1.16			(1.28	)		0.21			(0.22	)		(0.92	)		0.32

Net increase (decrease) from investment operations		1.52			(0.61	)		0.89			0.51			(0.11	)		1.19

Distributions to Common Shareholders from net investment income^(b)		(0.34	)		(0.65	)		(0.70	)		(0.77	)		(0.85	)		(0.90	)


Net asset value, end of period	$	14.09		$	12.91		$	14.17		$	13.98		$	14.24		$	15.20


Market price, end of period	$	13.78		$	12.14		$	13.79		$	12.78		$	14.00		$	15.44


Total Return Applicable to Common Shareholders^(c)
Based on net asset value		11.83	%^(d)		(4.51	)%		6.98	%		3.74	%		(0.78	)%		8.57	%

Based on market price		16.30	%^(d)		(7.74	)%		13.89	%		(3.54	)%		(3.96	)%		14.76	%


Ratios to Average Net Assets Applicable to Common Shareholders
Total expenses		1.65	%^(e)		2.30	%		2.55	%		2.31	%		1.99	%		1.61	%

Total expenses after fees waived and/or reimbursed		1.65	%^(e)		2.30	%		2.55	%		2.27	%		1.98	%		1.61	%

Total expenses after fees waived and/or reimbursed and excluding interest expense, fees, and amortization of offering costs^(f)		1.05	%^(e)		1.02	%		1.04	%		1.03	%		1.06	%		1.03	%

Net investment income to Common Shareholders		5.03	%^(e)		4.68	%		4.87	%		5.06	%		5.45	%		5.85	%


Supplemental Data
Net assets applicable to Common Shareholders, end of period (000)	$	632,013		$	578,807		$	635,076		$	626,604		$	638,047		$	680,502

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

Asset coverage per VMTP Shares at $100,000 liquidation value, end of period	$	333,387		$	313,740		$	334,518		$	331,390		$	335,616		$	351,293

Borrowings outstanding, end of period (000)	$	140,130		$	135,464		$	119,624		$	128,156		$	146,562		$	128,554

Portfolio turnover rate		7	%		17	%		19	%		9	%		13	%		7	%

^(a)	Based on average Common Shares outstanding.

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

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

^(d)	Aggregate total return.

^(e)	Annualized.

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

See notes to financial statements.


56		2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)


	BSD
	Six Months Ended 10/31/20			Year Ended April 30,
	(unaudited)			2020			2019			2018			2017			2016


Net asset value, beginning of period	$	12.94		$	14.15		$	13.96		$	14.21		$	15.04		$	14.76

Net investment income^(a)		0.35			0.66			0.68			0.72			0.78			0.82
Net realized and unrealized gain (loss)		1.13			(1.21	)		0.20			(0.20	)		(0.82	)		0.31

Net increase (decrease) from investment operations		1.48			(0.55	)		0.88			0.52			(0.04	)		1.13

Distributions to Common Shareholders from net investment income^(b)		(0.33	)		(0.66	)		(0.69	)		(0.77	)		(0.79	)		(0.85	)


Net asset value, end of period	$	14.09		$	12.94		$	14.15		$	13.96		$	14.21		$	15.04


Market price, end of period	$	13.27		$	12.17		$	13.21		$	12.65		$	13.67		$	15.02


Total Return Applicable to Common Shareholders^(c)
Based on net asset value		11.62	%^(d)		(4.10	)%		6.99	%		3.89	%		(0.19	)%		8.32	%

Based on market price		11.77	%^(d)		(3.38	)%		10.23	%		(2.15	)%		(3.85	)%		14.05	%


Ratios to Average Net Assets Applicable to Common Shareholders
Total expenses		2.13	%^(e)(f)		2.60	%		2.81	%		2.46	%		2.08	%		1.72	%

Total expenses after fees waived and/or reimbursed		2.13	%^(e)(f)		2.60	%		2.81	%		2.46	%		2.08	%		1.72	%

Total expenses after fees waived and/or reimbursed and excluding interest expense, fees, and amortization of offering costs^(g)		1.49	%^(e)(f)		1.21	%		1.19	%		1.20	%		1.15	%		1.15	%

Net investment income to Common Shareholders		4.94	%^(f)		4.61	%		4.92	%		5.05	%		5.28	%		5.61	%


Supplemental Data
Net assets applicable to Common Shareholders, end of period (000)	$	102,981		$	94,555		$	103,430		$	101,995		$	103,827		$	109,864

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

Asset coverage per VMTP Shares at $100,000 liquidation value, end of period	$	340,050		$	320,407		$	341,094		$	337,750		$	342,022		$	356,093

Borrowings outstanding, end of period (000)	$	29,588		$	25,654		$	26,839		$	27,378		$	24,984		$	20,839

Portfolio turnover rate		15	%		33	%		28	%		34	%		45	%		11	%

^(a)	Based on average Common Shares outstanding.

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

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

^(d)	Aggregate total return.

^(e)

Includes non-recurring expenses of reorganization costs. Without these costs, total expenses, total expenses after fees waived and/or reimbursed and total expenses after fees waived and/or reimbursed and excluding interest expense, fees, and amortization of offering costs would have been 1.85%, 1.85% and 1.21%, respectively.

^(f)	Annualized.

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

See notes to financial statements.


FINANCIAL HIGHLIGHTS		57

Notes to Financial Statements (unaudited)

1.	*ORGANIZATION*

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


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

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

The Trusts, together with certain other registered investment companies advised by BlackRock Advisors, LLC (the “Manager”) or its affiliates, are included in a complex of non-index fixed-income mutual funds and all BlackRock-advised closed-end funds referred to as the BlackRock Fixed-Income Complex.

2.	*SIGNIFICANT ACCOUNTING POLICIES*

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

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.

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

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

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

Deferred Compensation Plan: Under the Deferred Compensation Plan (the “Plan”) approved by each Trust’s Board, the trustees who are not “interested persons” of the Trusts, as defined in the 1940 Act (“Independent Trustees”), may defer a portion of their annual complex-wide compensation. Deferred amounts earn an approximate return as though equivalent dollar amounts had been invested in common shares of certain funds in the BlackRock Fixed-Income Complex selected by the Independent Trustees. This has the same economic effect for the Independent Trustees as if the Independent Trustees had invested the deferred amounts directly in certain funds in the BlackRock Fixed-Income Complex.

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

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

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


58		2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS


Notes to Financial Statements (unaudited) (continued)

3.	*INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS*

Investment Valuation Policies: The Trusts’ investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Trust is open for business and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price the Trusts would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Trusts determine the fair values of their financial instruments using various independent dealers or pricing services under policies approved by the Board. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Trust’s assets and liabilities:

•

Fixed-income investments for which market quotations are readily available are generally valued using the last available bid prices or current market quotations provided by independent dealers or third party pricing services. Floating rate loan interests are valued at the mean of the bid prices from one or more independent brokers or dealers as obtained from a third party pricing service. Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and offers), market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity.

•

Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.

•

Futures contracts are valued based on that day’s last reported settlement price on the exchange where the contract is traded.

If events (e.g., a market closure, market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that the application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, or its delegate, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee will include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Global Valuation Committee, or its delegate, seeks to determine the price that each Trust might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.

Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

•

Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Trust has the ability to access

•

Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market–corroborated inputs)

•

Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Global Valuation Committee’s assumptions used in determining the fair value of financial instruments)

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

4.	*SECURITIES AND OTHER INVESTMENTS*

Zero-Coupon Bonds: Zero-coupon bonds are normally issued at a significant discount from face value and do not provide for periodic interest payments. These bonds may experience greater volatility in market value than other debt obligations of similar maturity which provide for regular interest payments.

Forward Commitments, When-Issued and Delayed Delivery Securities: Certain Trusts may purchase securities on a when-issued basis and may purchase or sell securities on a forward commitment basis. Settlement of such transactions normally occurs within a month or more after the purchase or sale commitment is made. A Trust may purchase securities under such conditions with the intention of actually acquiring them, but may enter into a separate agreement to sell the securities before the settlement


NOTES TO FINANCIAL STATEMENTS		59

Notes to Financial Statements (unaudited) (continued)

date. Since the value of securities purchased may fluctuate prior to settlement, a Trust may be required to pay more at settlement than the security is worth. In addition, a Trust is not entitled to any of the interest earned prior to settlement. When purchasing a security on a delayed delivery basis, a Trust assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations. In the event of default by the counterparty, a Trusts’ maximum amount of loss is the unrealized appreciation of unsettled when-issued transactions.

Municipal Bonds Transferred to TOB Trusts: Certain Trusts leverage their assets through the use of “TOB Trust” transactions. The funds transfer municipal bonds into a special purpose trust (a “TOB Trust”). A TOB Trust issues two classes of beneficial interests: short-term floating rate interests (“TOB Trust Certificates”), which are sold to third party investors, and residual inverse floating rate interests (“TOB Residuals”), which are issued to the participating funds that contributed the municipal bonds to the TOB Trust. The TOB Trust Certificates have interest rates that reset weekly and their holders have the option to tender such certificates to the TOB Trust for redemption at par and any accrued interest at each reset date. The TOB Residuals held by a fund provide the fund with the right to cause the holders of a proportional share of the TOB Trust Certificates to tender their certificates to the TOB Trust at par plus accrued interest. The funds may withdraw a corresponding share of the municipal bonds from the TOB Trust. Other funds managed by the investment adviser may also contribute municipal bonds to a TOB Trust into which a fund has contributed bonds. If multiple BlackRock-advised funds participate in the same TOB Trust, the economic rights and obligations under the TOB Residuals will be shared among the funds ratably in proportion to their participation in the TOB Trust.

TOB Trusts are supported by a liquidity facility provided by a third party bank or other financial institution (the “Liquidity Provider”) that allows the holders of the TOB Trust Certificates to tender their certificates in exchange for payment of par plus accrued interest on any business day. The tendered TOB Trust Certificates are remarketed by a Remarketing Agent. In the event of a failed remarketing, the TOB Trust may draw upon a loan from the Liquidity Provider to purchase the tendered TOB Trust Certificates. Any loans made by the Liquidity Provider will be secured by the purchased TOB Trust Certificates held by the TOB Trust and will be subject to an increased interest rate based on number of days the loan is outstanding.

The TOB Trust may be collapsed without the consent of a fund, upon the occurrence of a termination event as defined in the TOB Trust agreement. Upon the occurrence of a termination event, a TOB Trust would be liquidated with the proceeds applied first to any accrued fees owed to the trustee of the TOB Trust, the Remarketing Agent and the Liquidity Provider. Upon certain termination events, TOB Trust Certificates holders will be paid before the TOB Residuals holders (i.e., the Trusts) whereas in other termination events, TOB Trust Certificates holders and TOB Residuals holders will be paid pro rata.

While a fund’s investment policies and restrictions expressly permit investments in inverse floating rate securities, such as TOB Residuals, they restrict the ability of a fund to borrow money for purposes of making investments. Each fund’s transfer of the municipal bonds to a TOB Trust is considered a secured borrowing for financial reporting purposes. The cash received by the TOB Trust from the sale of the TOB Trust Certificates, less certain transaction expenses, is paid to a fund. A fund typically invests the cash received in additional municipal bonds.

Accounting for TOB Trusts: The municipal bonds deposited into a TOB Trust are presented in a fund’s Schedule of Investments and the TOB Trust Certificates are shown in Other Liabilities in the Statements of Assets and Liabilities. Any loans drawn by the TOB Trust pursuant to the liquidity facility to purchase tendered TOB Trust Certificates are shown as Loan for TOB Trust Certificates. The carrying amount of a fund’s payable to the holder of the TOB Trust Certificates, as reported in the Statements of Assets and Liabilities as TOB Trust Certificates, approximates its fair value.

Interest income, including amortization and accretion of premiums and discounts, from the underlying municipal bonds is recorded by a fund on an accrual basis. Interest expense incurred on the TOB Trust transaction and other expenses related to remarketing, administration, trustee, liquidity and other services to a TOB Trust are shown as interest expense, fees and amortization of offering costs in the Statements of Operations. Fees paid upon creation of the TOB Trust are recorded as debt issuance costs and are amortized to interest expense, fees and amortization of offering costs in the Statements of Operations to the expected maturity of the TOB Trust. In connection with the restructurings of the TOB Trusts to non-bank sponsored TOB Trusts, a fund incurred non-recurring, legal and restructuring fees, which are recorded as interest expense, fees and amortization of offering costs in the Statements of Operations. Amounts recorded within interest expense, fees and amortization of offering costs in the Statements of Operations are:


Trust Name	Interest Expense		Liquidity Fees		Other Expenses		Total
BKN	$	49,958	$	119,181	$	39,489	$	208,628
BTA		35,543		79,790		29,063		144,396
BFK		129,594		276,496		92,390		498,480
BSD		27,068		57,703		24,235		109,006

For the six months ended October 31, 2020, the following table is a summary of each Trust’s TOB Trusts:


Trust Name	Underlying Municipal Bonds Transferred to TOB Trusts^(a)		Liability for TOB Trust Certificates^(b)		Range of Interest Rates on TOB Trust Certificates at Period End	Average TOB Trust Certificates Outstanding		Daily Weighted Average Rate of Interest and Other Expenses on TOB Trusts
BKN	$	97,089,979	$	57,331,906	0.14% — 0.37%	$	56,945,735		0.73	%
BTA		66,851,419		38,714,418	0.14 — 0.40		37,202,581		0.76
BFK		229,941,995		140,129,513	0.13 — 0.40		137,013,789		0.72


60		2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)


Trust Name	Underlying Municipal Bonds Transferred to TOB Trusts^(a)		Liability for TOB Trust Certificates^(b)		Range of Interest Rates on TOB Trust Certificates at Period End		Average TOB Trust Certificates Outstanding		Daily Weighted Average Rate of Interest and Other Expenses on TOB Trusts
BSD	$	53,162,413	$	29,588,179		0.14% — 0.40%	$	28,165,349		0.76	%

^(a)

The municipal bonds transferred to a TOB Trust are generally high grade municipal bonds. In certain cases, when municipal bonds transferred are lower grade municipal bonds, the TOB Trust transaction may include a credit enhancement feature that provides for the timely payment of principal and interest on the bonds to the TOB Trust by a credit enhancement provider in the event of default of the municipal bond. The TOB Trust would be responsible for the payment of the credit enhancement fee and the funds, as TOB Residuals holders, would be responsible for reimbursement of any payments of principal and interest made by the credit enhancement provider. The maximum potential amounts owed by the funds, for such reimbursements, as applicable, are included in the maximum potential amounts disclosed for recourse TOB Trusts.

^(b)

TOB Trusts may be structured on a non-recourse or recourse basis. When a Trust invests in TOB Trusts on a non-recourse basis, the Liquidity Provider may be required to make a payment under the liquidity facility to allow the TOB Trust to repurchase TOB Trust Certificates. The Liquidity Provider will be reimbursed from the liquidation of bonds held in the TOB Trust. If a fund invests in a TOB Trust on a recourse basis, a fund enters into a reimbursement agreement with the Liquidity Provider where a fund is required to reimburse the Liquidity Provider for any shortfall between the amount paid by the Liquidity Provider and proceeds received from liquidation of municipal bonds held in the TOB Trust (the “Liquidation Shortfall”). As a result, if a fund invests in a recourse TOB Trust, a fund will bear the risk of loss with respect to any Liquidation Shortfall. If multiple funds participate in any such TOB Trust, these losses will be shared ratably, including the maximum potential amounts owed by a fund at October 31, 2020, in proportion to their participation in the TOB Trust. The recourse TOB Trusts are identified in the Schedules of Investments including the maximum potential amounts owed by a fund at October 31, 2020.

For the six months ended October 31, 2020, the following table is a summary of each Trust’s Loan for TOB Trust Certificates:


Trust Name	Loans Outstanding at Period End		Range of Interest Rates on Loans at Period End			Average Loans Outstanding		Daily Weighted Average Rate of Interest and Other Expenses on Loans
BTA	$	—		—	%	$	167,391		0.71	%
BFK		—		—			455,221		0.71
BSD		—		—			137,415		0.71

5.	*DERIVATIVE FINANCIAL INSTRUMENTS*

The Trusts engage in various portfolio investment strategies using derivative contracts both to increase the returns of the Trusts and/or to manage their exposure to certain risks such as credit risk, equity risk, interest rate risk, foreign currency exchange rate risk, commodity price risk or other risks (e.g., inflation risk). Derivative financial instruments categorized by risk exposure are included in the Schedules of Investments. These contracts may be transacted on an exchange or over-the-counter (“OTC”).

Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

Futures contracts are exchange-traded agreements between the Trusts and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Trusts are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.

Securities deposited as initial margin are designated in the Schedules of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Trusts agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest, foreign currency exchange rates or underlying assets.

6.	*INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES*

Investment Advisory: Each Trust entered into an Investment Advisory Agreement with the Manager, the Trusts’ investment adviser and an indirect, wholly-owned subsidiary of BlackRock, Inc. (“BlackRock”), to provide investment advisory and administrative services. The Manager is responsible for the management of each Trust’s portfolio and provides the personnel, facilities, equipment and certain other services necessary to the operations of each Trust.

For such services, each Trust, except BTA, pays the Manager a monthly fee at an annual rate equal to the following percentages of the average weekly value of each Trust’s managed assets. For such services, BTA pays the Manager a monthly fee at an annual rate equal to a percentage of the average weekly value of the Trust’s net assets.


Trust Name	Investment Advisory Fees
BKN		0.35	%
BTA		1.00


NOTES TO FINANCIAL STATEMENTS		61

Notes to Financial Statements (unaudited) (continued)


Trust Name	Investment Advisory Fees
BFK		0.60	%
BSD		0.60

For purposes of calculating these fees, “managed assets” are determined as total assets of the Trust (including any assets attributable to money borrowed for investment purposes) less the sum of its accrued liabilities (other than money borrowed for investment purposes).

For purposes of calculating this fee, “net assets” mean the total assets of BTA minus the sum of its accrued liabilities (which does not include liabilities represented by TOB Trusts and the liquidation preference of any outstanding preferred shares). It is understood that the liquidation preference of any outstanding preferred stock (other than accumulated dividends) and TOB Trusts is not considered a liability in determining the Trust’s net asset value.

Administration: BKN has an Administration Agreement with the Manager. The administration fee paid monthly to the Manager is computed at an annual rate of 0.15% of the Trust’s average weekly managed assets. For BKN, the Manager may reduce or discontinue these arrangements at any time without notice.

Waivers: With respect to each Trust, the Manager contractually agreed to waive its investment advisory fees by the amount of investment advisory fees each Trust pays to the Manager indirectly through its investment in affiliated money market funds (the “affiliated money market fund waiver”) through June 30, 2022. The contractual agreement may be terminated upon 90 days’ notice by a majority of the Independent Trustees, or by a vote of a majority of the outstanding voting securities of a Trust. Prior to December 1, 2019, this waiver was voluntary. These amounts are included in fees waived and/or reimbursed by the Manager in the Statements of Operations. For the six months ended October 31, 2020, the amounts waived were as follows:


Trust Name	Amounts Waived
BKN	$	535
BTA		396
BFK		4,671
BSD		442

The Manager contractually agreed to waive its investment advisory fee with respect to any portion of each Trust’s assets invested in affiliated equity and fixed-income mutual funds and affiliated exchange-traded funds that have a contractual management fee through June 30, 2022. The agreement can be renewed for annual periods thereafter, and may be terminated on 90 days’ notice, each subject to approval by a majority of the Trusts’ Independent Trustees. For the six months ended October 31, 2020, there were no fees waived by the Manager pursuant to this arrangement.

Trustees and Officers: Certain trustees and/or officers of the Corporation are directors and/or officers of BlackRock or its affiliates. The Trusts reimburse the Manager for a portion of the compensation paid to the Corporation’s Chief Compliance Officer, which is included in Trustees and Officer in the Statements of Operations.

7.	*PURCHASES AND SALES*

For the six months ended October 31, 2020, purchases and sales of investments, excluding short-term investments, were as follows:


Trust Name	Purchases		Sales
BKN	$	31,475,788	$	26,014,659
BTA		56,059,392		52,616,594
BFK		103,581,539		70,763,833
BSD		31,446,841		25,255,356

8.	*INCOME TAX INFORMATION*

It is each Trust’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Each Trust files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on each Trust’s U.S. federal tax returns generally remains open for a period of three fiscal years after they are filed. The statutes of limitations on each Trust’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.

Management has analyzed tax laws and regulations and their application to the Trusts as of October 31, 2020, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Trusts’ financial statements.

As of April 30, 2020, the Trusts had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:


BKN		BTA		BFK		BSD
$	5,567,479	$	7,394,560	$	23,510,500	$	3,167,920


62		2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS


Notes to Financial Statements (unaudited) (continued)

As of October 31, 2020, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:


	BKN			BTA			BFK			BSD
Tax cost	$	358,560,208		$	223,510,254		$	838,743,935		$	132,871,320

Gross unrealized appreciation	$	44,087,583		$	17,578,209		$	67,335,897		$	12,220,516
Gross unrealized depreciation		(2,397,730	)		(1,927,793	)		(7,319,656	)		(878,927	)

Net unrealized appreciation (depreciation)	$	41,689,853		$	15,650,416		$	60,016,241		$	11,341,589

9.	*PRINCIPAL RISKS*

In the normal course of business, certain Trusts invest in securities or other instruments and may enter into certain transactions, and such activities subject each Trust to various risks, including among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate and price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Trusts and their investments.

The Trusts may hold a significant amount of bonds subject to calls by the issuers at defined dates and prices. When bonds are called by issuers and the Trusts reinvest the proceeds received, such investments may be in securities with lower yields than the bonds originally held, and correspondingly, could adversely impact the yield and total return performance of a Trust.

A Trust structures and “sponsors” the TOB Trusts in which it holds TOB Residuals and has certain duties and responsibilities, which may give rise to certain additional risks including, but not limited to, compliance, securities law and operational risks.

Should short-term interest rates rise, the Trusts’ investments in the TOB Trusts may adversely affect the Trusts’ net investment income and dividends to Common Shareholders. Also, fluctuations in the market value of municipal bonds deposited into the TOB Trust may adversely affect the Trusts’ NAVs per share.

The U.S. Securities and Exchange Commission (“SEC”) and various federal banking and housing agencies have adopted credit risk retention rules for securitizations (the “Risk Retention Rules”). The Risk Retention Rules would require the sponsor of a TOB Trust to retain at least 5% of the credit risk of the underlying assets supporting the TOB Trust’s municipal bonds. The Risk Retention Rules may adversely affect the Trusts’ ability to engage in TOB Trust transactions or increase the costs of such transactions in certain circumstances.

TOB Trusts constitute an important component of the municipal bond market. Any modifications or changes to rules governing TOB Trusts may adversely impact the municipal market and the Trusts, including through reduced demand for and liquidity of municipal bonds and increased financing costs for municipal issuers. The ultimate impact of any potential modifications on the TOB Trust market and the overall municipal market is not yet certain.

Each Trust may invest without limitation in illiquid or less liquid investments or investments in which no secondary market is readily available or which are otherwise illiquid, including private placement securities. A Trust may not be able to readily dispose of such investments at prices that approximate those at which a Trust could sell such investments if they were more widely traded and, as a result of such illiquidity, a Trust may have to sell other investments or engage in borrowing transactions if necessary to raise funds to meet its obligations. Limited liquidity can also affect the market price of investments, thereby adversely affecting a Trust’s net asset value and ability to make dividend distributions. Privately issued debt securities are often of below investment grade quality, frequently are unrated and present many of the same risks as investing in below investment grade public debt securities.

Market Risk: Each Trust may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force each Trust to reinvest in lower yielding securities. Each Trust may also be exposed to reinvestment risk, which is the risk that income from each Trust’s portfolio will decline if each Trust invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below each Trust portfolio’s current earnings rate.

Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions, credit rating downgrades, or the bankruptcy of the issuer could have a significant effect on an issuer’s ability to make payments of principal and/or interest or otherwise affect the value of such securities. Municipal securities can be significantly affected by political or economic changes, including changes made in the law after issuance of the securities, as well as uncertainties in the municipal market related to, taxation, legislative changes or the rights of municipal security holders, including in connection with an issuer insolvency. Municipal securities backed by current or anticipated revenues from a specific project or specific assets can be negatively affected by the discontinuance of the tax benefits supporting the project or assets or the inability to collect revenues for the project or from the assets. Municipal securities may be less liquid than taxable bonds, and there may be less publicly available information on the financial condition of municipal security issuers than for issuers of other securities.

An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. The duration of this pandemic and its effects cannot be determined with certainty.


NOTES TO FINANCIAL STATEMENTS		63

Notes to Financial Statements (unaudited) (continued)

Counterparty Credit Risk: The Trusts may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Trusts manage counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Trusts to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Trusts’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Trusts.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

With exchange-traded futures, there is less counterparty credit risk to the Trusts since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Trust does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Trusts.

Concentration Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within certain Trust’s portfolio are disclosed in its Schedule of Investments.

Certain Trusts invest a substantial amount of their assets in issuers located in a single state or limited number of states. When a Trust concentrates its investments in this manner, it assumes the risk that economic, regulatory, political or social conditions affecting that state or group of states could have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio. Investment percentages in specific states or U.S. territories are presented in the Schedules of Investments.

Certain Trusts invest a significant portion of their assets in high yield securities. High yield securities that are rated below investment-grade (commonly referred to as “junk bonds”) or are unrated may be deemed speculative, involve greater levels of risk than higher-rated securities of similar maturity and are more likely to default. High yield securities may be issued by less creditworthy issuers, and issuers of high yield securities may be unable to meet their interest or principal payment obligations. High yield securities are subject to extreme price fluctuations, may be less liquid than higher rated fixed-income securities, even under normal economic conditions, and frequently have redemption features.

Certain Trusts invest a significant portion of their assets in fixed-income securities and/or use derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will increase as interest rates fall and decrease as interest rates rise. The Trusts may be subject to a greater risk of rising interest rates due to the current period of historically low rates.

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”) by the end of 2021, and it is expected that LIBOR will cease to be published after that time. The Trusts may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against, instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Trusts is uncertain.

10.

CAPITAL SHARE TRANSACTIONS

BTA, BFK, and BSD are authorized to issue an unlimited number of shares, all of which were initially classified as Common Shares. BKN is authorized to issue 200 million shares, all of which were initially classified as Common Shares. The par value for each Trust’s Common Shares is $0.001, except for BKN, which is $0.01. The par value for each Trust’s Preferred Shares outstanding is $0.001, except for BKN, which is $0.01. The Board is authorized, however, to reclassify any unissued Common Shares to Preferred Shares without the approval of Common Shareholders.

Common Shares

For the periods shown, shares issued and outstanding increased by the following amounts as a result of dividend reinvestment:


Trust Name	Six Months Ended 10/31/20		Year Ended 04/30/20
BKN		3,166		—
BTA		1,214		3,780
BFK		12,232		—
BSD		—		148

The Trusts participate in an open market share repurchase program (the “Repurchase Program”). From December 1, 2019 through November 30, 2020, each Trust may repurchase up to 5% of its outstanding common shares under the Repurchase Program, based on common shares outstanding as of the close of business on November 30, 2019, subject to certain conditions. For the six months ended October 31, 2020, the Trusts did not repurchase any shares.


64		2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS


Notes to Financial Statements (unaudited) (continued)

On September 28, 2020, each Trust announced a continuation of its open market share repurchase program. Commencing on December 1, 2020, each Trust may repurchase through November 30, 2021, up to 5% of its common shares outstanding as of the close of business on November 30, 2020, subject to certain conditions. There is no assurance that the Trusts will purchase shares in any particular amounts.

Preferred Shares

A Trust’s Preferred Shares rank prior to its Common Shares as to the payment of dividends by the Trust and distribution of assets upon dissolution or liquidation of the Trust. The 1940 Act prohibits the declaration of any dividend on Common Shares or the repurchase of Common Shares if the Trust fails to maintain asset coverage of at least 200% of the liquidation preference of the Trust’s outstanding Preferred Shares. In addition, pursuant to the Preferred Shares’ governing instruments, a Trust is restricted from declaring and paying dividends on classes of shares ranking junior to or on parity with its Preferred Shares or repurchasing such shares if the Trust fails to declare and pay dividends on the Preferred Shares, redeem any Preferred Shares required to be redeemed under the Preferred Shares’ governing instruments or comply with the basic maintenance amount requirement of the ratings agencies rating the Preferred Shares.

Holders of Preferred Shares have voting rights equal to the voting rights of holders of Common Shares (one vote per share) and vote together with holders of Common Shares (one vote per share) as a single class on certain matters. Holders of Preferred Shares, voting as a separate class, are also entitled to (i) elect two members of the Board, (ii) elect the full Board if dividends on the Preferred Shares are not paid for a period of two years and (iii) a separate class vote to amend the Preferred Share governing documents. In addition, the 1940 Act requires the approval of the holders of a majority of any outstanding Preferred Shares, voting as a separate class, to (a) adopt any plan of reorganization that would adversely affect the Preferred Shares, (b) change a Trust’s sub-classification as a closed-end investment company or change its fundamental investment restrictions or (c) change its business so as to cease to be an investment company.

VRDP Shares

BTA (for purposes of this section, a “VRDP Trust”) has issued Series W-7 VRDP Shares, $100,000 liquidation preference per share, in one or more privately negotiated offerings to qualified institutional buyers as defined pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). The VRDP Shares include a liquidity feature and may be subject to a special rate period. As of period end, the VRDP Shares outstanding were as follows:

Trust Name

Issue
Date

Shares
Issued

Aggregate
Principal

Maturity
Date

BTA

10/29/15

760

76,000,000

11/01/45

Redemption Terms: A VRDP Trust is required to redeem its VRDP Shares on the maturity date, unless earlier redeemed or repurchased. Six months prior to the maturity date, a VRDP Trust is required to begin to segregate liquid assets with the Trust’s custodian to fund the redemption. In addition, a VRDP Trust is required to redeem certain of its outstanding VRDP Shares if it fails to comply with certain asset coverage, basic maintenance amount or leverage requirements.

Subject to certain conditions, the VRDP Shares may also be redeemed, in whole or in part, at any time at the option of a VRDP Trust. The redemption price per VRDP Share is equal to the liquidation preference per share plus any outstanding unpaid dividends.

Liquidity Feature: VRDP Shares are subject to a fee agreement between the VRDP Trust and the liquidity provider that requires a per annum liquidity fee and, in some cases, an upfront or initial commitment fee, payable to the liquidity provider. These fees, if applicable, are shown as liquidity fees in the Statements of Operations. As of period end, the fee agreement is set to expire, unless renewed or terminated in advance, as follows:


	BTA
Expiration date		04/15/21

The VRDP Shares are also subject to a purchase agreement in connection with the liquidity feature. In the event a purchase agreement is not renewed or is terminated in advance, and the VRDP Shares do not become subject to a purchase agreement with an alternate liquidity provider, the VRDP Shares will be subject to mandatory purchase by the liquidity provider prior to the termination of the purchase agreement. In the event of such mandatory purchase, a VRDP Trust is required to redeem the VRDP Shares six months after the purchase date. Immediately after such mandatory purchase, the VRDP Trust is required to begin to segregate liquid assets with its custodian to fund the redemption. There is no assurance that a VRDP Trust will replace such redeemed VRDP Shares with any other preferred shares or other form of leverage.

Remarketing: A VRDP Trust may incur remarketing fees on the aggregate principal amount of all its VRDP Shares, which, if any, are included in remarketing fees on Preferred Shares in the Statements of Operations. During any special rate period (as described below), a VRDP Trust may incur nominal or no remarketing fees.

Ratings: As of period end, the VRDP Shares were assigned the following ratings:


Trust Name	Fitch Ratings, Inc. Long-Term Ratings
BTA		AAA


NOTES TO FINANCIAL STATEMENTS		65

Notes to Financial Statements (unaudited) (continued)

Any short-term ratings on VRDP Shares are directly related to the short-term ratings of the liquidity provider for such VRDP Shares. Changes in the credit quality of the liquidity provider could cause a change in the short-term credit ratings of the VRDP Shares as rated by Fitch. The liquidity provider may be terminated prior to the scheduled termination date if the liquidity provider fails to maintain short-term debt ratings in one of the two highest rating categories.

Special Rate Period: A VRDP Trust has commenced a “special rate period” with respect to its VRDP Shares, during which the VRDP Shares will not be subject to any remarketing and the dividend rate will be based on a predetermined methodology. During a special rate period, short-term ratings on VRDP Shares are withdrawn. BTA’s special rate period has commenced on October 29, 2015 and has a current expiration date of April 15, 2021.

Prior to the expiration date, the VRDP Trust and the VRDP Shares holder may mutually agree to extend the special rate period. If a special rate period is not extended, the VRDP Shares will revert to remarketable securities upon the termination of the special rate period and will be remarketed and available for purchase by qualified institutional investors.

During the special rate period: (i) the liquidity and fee agreements remain in effect, (ii) VRDP Shares remain subject to mandatory redemption by the VRDP Trust on the maturity date, (iii) VRDP Shares will not be remarketed or subject to optional or mandatory tender events, (iv) the VRDP Trust is required to comply with the same asset coverage, basic maintenance amount and leverage requirements for the VRDP Shares as is required when the VRDP Shares are not in a special rate period, (v) the VRDP Trust will pay dividends monthly based on the sum of an agreed upon reference rate and a percentage per annum based on the long-term ratings assigned to the VRDP Shares and (vi) the VRDP Trust will pay nominal or no fees to the liquidity provider and remarketing agent.

Dividends: Except during the Special Rate Period as described above, dividends on the VRDP Shares are payable monthly at a variable rate set weekly by the remarketing agent. Such dividend rates are generally based upon a spread over a base rate and cannot exceed a maximum rate. A change in the short-term credit rating of the liquidity provider or the VRDP Shares may adversely affect the dividend rate paid on such shares, although the dividend rate paid on the VRDP Shares is not directly based upon either short-term rating. In the event of a failed remarketing, the dividend rate of the VRDP Shares will be reset to a maximum rate. The maximum rate is determined based on, among other things, the long-term preferred share rating assigned to the VRDP Shares and the length of time that the VRDP Shares fail to be remarketed.

For the six months ended October 31, 2020, the annualized dividend rate for the VRDP Shares was 0.98%.

For the six months ended October 31, 2020, VRDP Shares issued and outstanding of BTA remained constant.

VMTP Shares

BKN, BFK and BSD (for purposes of this section, each a “VMTP Trust”) have issued Series W-7 VMTP Shares, $100,000 liquidation preference per share, in one or more privately negotiated offerings to qualified institutional buyers as defined pursuant to Rule 144A under the Securities Act. The VMTP Shares are subject to certain restrictions on transfer, and a VMTP Trust may also be required to register its VMTP Shares for sale under the Securities Act under certain circumstances. As of period end, the VMTP Shares outstanding and assigned long-term ratings were as follows:

Trust Name

Issue
Date

Shares
Issued

Aggregate
Principal

Term
Redemption
Date

Moody’s
Rating

Fitch
Rating

BKN

12/16/11

1,259

125,900,000

07/02/21

Aa1

AAA

BFK

12/16/11

2,708

270,800,000

07/02/21

Aa1

AAA

BSD

12/16/11

429

42,900,000

07/02/21

Aa1

AAA

Redemption Terms: Each VMTP Trust is required to redeem its VMTP Shares on the term redemption date, unless earlier redeemed or repurchased or unless extended. There is no assurance that a term will be extended further or that any VMTP Shares will be replaced with any other preferred shares or other form of leverage upon the redemption or repurchase of the VMTP Shares. Six months prior to the term redemption date, a VMTP Trust is required to begin to segregate liquid assets with its custodian to fund the redemption. In addition, a VMTP Trust is required to redeem certain of its outstanding VMTP Shares if it fails to comply with certain asset coverage, basic maintenance amount or leverage requirements.

Subject to certain conditions, VMTP Shares may be redeemed, in whole or in part, at any time at the option of the VMTP Trust. The redemption price per VMTP Share is equal to the liquidation preference per share plus any outstanding unpaid dividends.

Dividends: Dividends on the VMTP Shares are declared daily and payable monthly at a variable rate set weekly at a fixed rate spread to the Securities Industry and Financial Markets Association (“SIFMA”) Municipal Swap Index or to a percentage of the one-month LIBOR rate, as set forth in the VMTP Shares governing instrument. The fixed spread is determined based on the long-term preferred share rating assigned to the VMTP Shares by the ratings agencies then rating the VMTP Shares.

The dividend rate on VMTP Shares is subject to a step-up spread if the VMTP Trust fails to comply with certain provisions, including, among other things, the timely payment of dividends, redemptions or gross-up payments, and complying with certain asset coverage and leverage requirements.

For the six months ended October 31, 2020, the average annualized dividend rates for the VMTP Shares were as follows:


	BKN			BFK			BSD
Dividend rates		1.04	%		1.04	%		1.04	%

For the six months ended October 31, 2020, VMTP Shares issued and outstanding of each VMTP Trust remained constant.


66		2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS


Notes to Financial Statements (unaudited) (continued)

Offering Costs: The Trusts incurred costs in connection with the issuance of VRDP and VMTP Shares, which were recorded as a direct deduction from the carrying value of the related debt liability and will be amortized over the life of the VRDP and VMTP Shares with the exception of any upfront fees paid by a VRDP Trust to the liquidity provider which, if any, were amortized over the life of the liquidity agreement. Amortization of these costs is included in interest expense, fees and amortization of offering costs in the Statements of Operations.

Financial Reporting: The VRDP and VMTP Shares are considered debt of the issuer; therefore, the liquidation preference, which approximates fair value of the VRDP and VMTP Shares, is recorded as a liability in the Statements of Assets and Liabilities net of deferred offering costs. Unpaid dividends are included in interest expense and fees payable in the Statements of Assets and Liabilities, and the dividends accrued and paid on the VRDP and VMTP Shares are included as a component of interest expense, fees and amortization of offering costs in the Statements of Operations. The VRDP and VMTP Shares are treated as equity for tax purposes. Dividends paid to holders of the VRDP and VMTP Shares are generally classified as tax-exempt income for tax-reporting purposes. Dividends and amortization of deferred offering costs on VRDP and VMTP Shares are included in interest expense, fees and amortization of offering costs in the Statements of Operations:


Trust Name	Dividends Accrued		Deferred Offering Costs Amortization
BKN	$	653,180	$	—
BTA		372,357		7,665
BFK		1,404,933		—
BSD		222,569		—

11.

SUBSEQUENT EVENTS

Management’s evaluation of the impact of all subsequent events on the Trusts’ financial statements was completed through the date the financial statements were issued and the following items were noted:

The Trusts declared and paid distributions to Common Shareholders and Preferred Shareholders as follows:


	Dividend Per Common Share						Preferred Shares^(a)
Trust Name	Paid^(b)		Declared^(c)		Declared^(d)		Shares		Series		Declared
BKN	$	0.068000	$	0.068000	$	—		VMTP		W-7	$	103,930
BTA		0.050500		0.050500		0.003870		VRDP		W-7		57,270
BFK		0.058500		0.058500		0.000230		VMTP		W-7		223,545
BSD		0.059000		0.059000		—		VMTP		W-7		35,414

^(a)

Dividends declared for period November 1, 2020 to November 30, 2020.

^(b)

Net investment income dividend paid on December 1, 2020 to Common Shareholders of record on November 16, 2020.

^(c)

Net investment income dividend declared on December 4, 2020, payable to Common Shareholders of record on December 15, 2020.

^(d)

Net investment income special dividend declared on December 4, 2020, payable to Common Shareholders of record on December 15, 2020.


NOTES TO FINANCIAL STATEMENTS		67

Disclosure of Investment Advisory Agreements

The Boards of Directors/Trustees, as applicable (collectively, the “Board,” the members of which are referred to as “Board Members”) of BlackRock Investment Quality Municipal Trust, Inc. (“BKN”), BlackRock Long-Term Municipal Advantage Trust (“BTA”), BlackRock Municipal Income Trust (“BFK”) and BlackRock Strategic Municipal Trust (“BSD,” and together with BKN, BTA and BFK, the “Funds” and each, a “Fund”) met on April 16, 2020 (the “April Meeting”) and May 20-21, 2020 (the “May Meeting”) to consider the approval of the investment advisory agreements (the “Advisory Agreements” or the “Agreements”) between each Fund and BlackRock Advisors, LLC (the “Manager” or “BlackRock”), each Fund’s investment advisor.

Activities and Composition of the Board

On the date of the May Meeting, the Board consisted of ten individuals, eight of whom were not “interested persons” of each Fund as defined in the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Board Members”). The Board Members are responsible for the oversight of the operations of each Fund and perform the various duties imposed on the directors of investment companies by the 1940 Act. The Independent Board Members have retained independent legal counsel to assist them in connection with their duties. The Co-Chairs of the Board are Independent Board Members. The Board has established five standing committees: an Audit Committee, a Governance and Nominating Committee, a Compliance Committee, a Performance Oversight Committee and an Executive Committee, each of which is chaired by an Independent Board Member and composed of Independent Board Members (except for the Executive Committee, which also has one interested Board Member).

The Agreements

Consistent with the requirements of the 1940 Act, the Board considers the continuation of the Agreements on an annual basis. The Board has four quarterly meetings per year, each typically extending for two days, and additional in-person and telephonic meetings throughout the year, as needed. While the Board also has a fifth one-day meeting to consider specific information surrounding the renewal of the Agreements, the Board’s consideration entails a year-long deliberative process whereby the Board and its committees assess BlackRock’s services to each Fund. In particular, the Board assessed, among other things, the nature, extent and quality of the services provided to each Fund by BlackRock, BlackRock’s personnel and affiliates, including (as applicable): investment management services; accounting oversight; administrative and shareholder services; oversight of each Fund’s service providers; risk management and oversight; and legal, regulatory and compliance services. Throughout the year, including during the contract renewal process, the Independent Board Members were advised by independent legal counsel, and met with independent legal counsel in various executive sessions outside of the presence of BlackRock’s management.

During the year, the Board, acting directly and through its committees, considers information that is relevant to its annual consideration of the renewal of the Agreements, including the services and support provided by BlackRock to each Fund and its shareholders. BlackRock also furnished additional information to the Board in response to specific questions from the Board. This additional information is discussed further in the section titled “Board Considerations in Approving the Agreements.” Among the matters the Board considered were: (a) investment performance for one-year, three-year, five-year, and/or since inception periods, as applicable, against peer funds, applicable benchmarks, and other performance metrics, as applicable, as well as BlackRock senior management’s and portfolio managers’ analyses of the reasons for any outperformance or underperformance relative to its peers, benchmarks, and other performance metrics, as applicable; (b) leverage management, as applicable; (c) fees, including advisory, administration, if applicable, and other amounts paid to BlackRock and its affiliates by each Fund for services; (d) Fund operating expenses and how BlackRock allocates expenses to each Fund; (e) the resources devoted to risk oversight of, and compliance reports relating to, implementation of each Fund’s investment objective, policies and restrictions, and meeting regulatory requirements; (f) BlackRock’s and each Fund’s adherence to applicable compliance policies and procedures; (g) the nature, character and scope of non-investment management services provided by BlackRock and its affiliates and the estimated cost of such services; (h) BlackRock’s and other service providers’ internal controls and risk and compliance oversight mechanisms; (i) BlackRock’s implementation of the proxy voting policies approved by the Board; (j) execution quality of portfolio transactions; (k) BlackRock’s implementation of each Fund’s valuation and liquidity procedures; (l) an analysis of management fees for products with similar investment mandates across the open-end fund, closed-end fund, sub-advised mutual fund, collective investment trust and institutional separate account product channels, as applicable, and the similarities and differences between these products and the services provided as compared to each Fund; (m) BlackRock’s compensation methodology for its investment professionals and the incentives and accountability it creates, along with investment professionals’ investments in the fund(s) they manage; (n) periodic updates on BlackRock’s business; and (o) each Fund’s market discount/premium compared to peer funds.

Board Considerations in Approving the Agreements

The Approval Process: Prior to the April Meeting, the Board requested and received materials specifically relating to the Agreements. The Independent Board Members are continuously engaged in a process with their independent legal counsel and BlackRock to review the nature and scope of the information provided to the Board to better assist its deliberations. The materials provided in connection with the April Meeting included, among other things: (a) information independently compiled and prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), based on Lipper classifications, regarding each Fund’s fees and expenses as compared with a peer group of funds as determined by Broadridge (“Expense Peers”) and the investment performance of each Fund as compared with a peer group of funds (“Performance Peers”); (b) information on the composition of the Expense Peers and Performance Peers and a description of Broadridge’s methodology; (c) information on the estimated profits realized by BlackRock and its affiliates pursuant to the Agreements and a discussion of fall-out benefits to BlackRock and its affiliates; (d) a general analysis provided by BlackRock concerning investment management fees received in connection with other types of investment products, such as institutional accounts, sub-advised mutual funds, closed-end funds, and open-end funds, under similar investment mandates, as applicable; (e) a review of non-management fees; (f) the existence, impact and sharing of potential economies of scale, if any, with each Fund; (g) a summary of aggregate amounts paid by each Fund to BlackRock; and (h) various additional information requested by the Board as appropriate regarding BlackRock’s and each Fund’s operations.

At the April Meeting, the Board reviewed materials relating to its consideration of the Agreements. As a result of the discussions that occurred during the April Meeting, and as a culmination of the Board’s year-long deliberative process, the Board presented BlackRock with questions and requests for additional information. BlackRock responded to these questions and requests with additional written information in advance of the May Meeting. Topics covered included: (a) the methodology for measuring estimated fund profitability; (b) fund expenses and potential fee waivers; (c) differences in services provided and management fees between closed-end funds and other product channels; and (d) BlackRock’s option overwrite strategy.


68		2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Disclosure of Investment Advisory Agreements (continued)

At the May Meeting, the Board concluded its assessment of, among other things: (a) the nature, extent and quality of the services provided by BlackRock; (b) the investment performance of each Fund as compared to its Performance Peers and to other metrics, as applicable; (c) the advisory fee and the estimated cost of the services and estimated profits realized by BlackRock and its affiliates from their relationship with each Fund; (d) each Fund’s fees and expenses compared to its Expense Peers; (e) the existence and sharing of potential economies of scale; (f) any fall-out benefits to BlackRock and its affiliates as a result of BlackRock’s relationship with each Fund; and (g) other factors deemed relevant by the Board Members.

The Board also considered other matters it deemed important to the approval process, such as other payments made to BlackRock or its affiliates relating to securities lending and cash management, and BlackRock’s services related to the valuation and pricing of Fund portfolio holdings. The Board noted the willingness of BlackRock’s personnel to engage in open, candid discussions with the Board. The Board did not identify any particular information as determinative, and each Board Member may have attributed different weights to the various items considered.

A. Nature, Extent and Quality of the Services Provided by BlackRock

The Board, including the Independent Board Members, reviewed the nature, extent and quality of services provided by BlackRock, including the investment advisory services, and the resulting performance of each Fund. Throughout the year, the Board compared Fund performance to the performance of a comparable group of closed-end funds, relevant benchmarks, and performance metrics, as applicable. The Board met with BlackRock’s senior management personnel responsible for investment activities, including the senior investment officers. The Board also reviewed the materials provided by each Fund’s portfolio management team discussing each Fund’s performance, investment strategies and outlook.

The Board considered, among other factors, with respect to BlackRock: the number, education and experience of investment personnel generally and each Fund’s portfolio management team; research capabilities; investments by portfolio managers in the funds they manage; portfolio trading capabilities; use of technology; commitment to compliance; credit analysis capabilities; risk analysis and oversight capabilities; and the approach to training and retaining portfolio managers and other research, advisory and management personnel. The Board also considered BlackRock’s overall risk management program, including the continued efforts of BlackRock and its affiliates to address cybersecurity risks and the role of BlackRock’s Risk & Quantitative Analysis Group. The Board engaged in a review of BlackRock’s compensation structure with respect to each Fund’s portfolio management team and BlackRock’s ability to attract and retain high-quality talent and create performance incentives.

In addition to investment advisory services, the Board considered the nature and quality of the administrative and other non-investment advisory services provided to each Fund. BlackRock and its affiliates provide each Fund with certain administrative, shareholder and other services (in addition to any such services provided to each Fund by third-parties) and officers and other personnel as are necessary for the operations of each Fund. In particular, BlackRock and its affiliates provide each Fund with administrative services including, among others: (i) responsibility for disclosure documents, such as the prospectus and the statement of additional information in connection with the initial public offering and periodic shareholder reports; (ii) preparing communications with analysts to support secondary market trading of each Fund; (iii) oversight of daily accounting and pricing; (iv) responsibility for periodic filings with regulators and stock exchanges; (v) overseeing and coordinating the activities of third-party service providers including, among others, each Fund’s custodian, fund accountant, transfer agent, and auditor; (vi) organizing Board meetings and preparing the materials for such Board meetings; (vii) providing legal and compliance support; (viii) furnishing analytical and other support to assist the Board in its consideration of strategic issues such as the merger, consolidation or repurposing of certain closed-end funds; and (ix) performing or managing administrative functions necessary for the operation of each Fund, such as tax reporting, expense management, fulfilling regulatory filing requirements, and shareholder call center and other services. The Board reviewed the structure and duties of BlackRock’s fund administration, shareholder services, and legal & compliance departments and considered BlackRock’s policies and procedures for assuring compliance with applicable laws and regulations.

B. The Investment Performance of each Fund and BlackRock

The Board, including the Independent Board Members, also reviewed and considered the performance history of each Fund. In preparation for the April Meeting, the Board was provided with reports independently prepared by Broadridge, which included an analysis of each Fund’s performance as of December 31, 2019, as compared to its Performance Peers. The performance information is based on net asset value (NAV), and utilizes Lipper data. Lipper’s methodology calculates a fund’s total return assuming distributions are reinvested on the ex-date at a fund’s ex-date NAV. Broadridge ranks funds in quartiles, ranging from first to fourth, where first is the most desirable quartile position and fourth is the least desirable. In connection with its review, the Board received and reviewed information regarding the investment performance of each Fund as compared to its Performance Peers and a custom peer group of funds as defined by BlackRock (“Customized Peer Group”) and a composite measuring a blend of total return and yield (“Composite”). The Board and its Performance Oversight Committee regularly review and meet with Fund management to discuss the performance of each Fund throughout the year.

In evaluating performance, the Board focused particular attention on funds with less favorable performance records. The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including in particular, that notable differences may exist between a fund and its Performance Peers (for example, the investment objectives and strategies). Further, the Board recognized that the performance data reflects a snapshot of a period as of a particular date and that selecting a different performance period could produce significantly different results. The Board also acknowledged that long-term performance could be impacted by even one period of significant outperformance or underperformance, and that a single investment theme could have the ability to disproportionately affect long-term performance.

The Board noted that for the one-, three- and five-year periods reported, BKN ranked in the first, first and second quartiles, respectively, against its Customized Peer Group Composite. The Board noted that BlackRock believes that the Customized Peer Group Composite is an appropriate performance metric for BKN, and that BlackRock has explained its rationale for this belief to the Board.

The Board noted that for each of the one-, three- and five-year periods reported, BTA ranked in the first quartile against its Customized Peer Group Composite. The Board noted that BlackRock believes that the Customized Peer Group Composite is an appropriate performance metric for BTA, and that BlackRock has explained its rationale for this belief to the Board.


DISCLOSURE OF INVESTMENT ADVISORY AGREEMENTS		69

Disclosure of Investment Advisory Agreements (continued)

The Board noted that for each of the one-, three- and five-year periods reported, BFK ranked in the first quartile against its Customized Peer Group Composite. The Board noted that BlackRock believes that the Customized Peer Group Composite is an appropriate performance metric for BFK, and that BlackRock has explained its rationale for this belief to the Board.

The Board noted that for each of the one-, three- and five-year periods reported, BSD ranked in the first quartile against its Customized Peer Group Composite. The Board noted that BlackRock believes that the Customized Peer Group Composite is an appropriate performance metric for BSD, and that BlackRock has explained its rationale for this belief to the Board.

C. Consideration of the Advisory/Management Fees and the Estimated Cost of the Services and Estimated Profits Realized by BlackRock and its Affiliates from their Relationship with each Fund

The Board, including the Independent Board Members, reviewed each Fund’s contractual management fee rate compared with those of its Expense Peers. The contractual management fee rate represents a combination of the advisory fee and any administrative fees, before taking into account any reimbursements or fee waivers. The Board also compared each Fund’s total expense ratio, as well as its actual management fee rate as a percentage of managed assets, which is the total assets of each Fund (including any assets attributable to money borrowed for investment purposes) minus the sum of each Fund’s accrued liabilities (other than money borrowed for investment purposes) to those of its Expense Peers. The total expense ratio represents a fund’s total net operating expenses, excluding any investment related expenses. The total expense ratio gives effect to any expense reimbursements or fee waivers, and the actual management fee rate gives effect to any management fee reimbursements or waivers. The Board considered the services provided and the fees charged by BlackRock and its affiliates to other types of clients with similar investment mandates, as applicable, including institutional accounts and sub-advised mutual funds (including mutual funds sponsored by third parties).

The Board received and reviewed statements relating to BlackRock’s financial condition. The Board reviewed BlackRock’s profitability methodology and was also provided with an estimated profitability analysis that detailed the revenues earned and the expenses incurred by BlackRock for services provided to each Fund. The Board reviewed BlackRock’s estimated profitability with respect to each Fund and other funds the Board currently oversees for the year ended December 31, 2019 compared to available aggregate estimated profitability data provided for the prior two years. The Board reviewed BlackRock’s estimated profitability with respect to certain other U.S. fund complexes managed by the Manager and/or its affiliates. The Board reviewed BlackRock’s assumptions and methodology of allocating expenses in the estimated profitability analysis, noting the inherent limitations in allocating costs among various advisory products. The Board recognized that profitability may be affected by numerous factors including, among other things, fee waivers and expense reimbursements by the Manager, the types of funds managed, precision of expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at the individual fund level is difficult.

The Board noted that, in general, individual fund or product line profitability of other advisors is not publicly available. The Board reviewed BlackRock’s overall operating margin, in general, compared to that of certain other publicly traded asset management firms. The Board considered the differences between BlackRock and these other firms, including the contribution of technology at BlackRock, BlackRock’s expense management, and the relative product mix.

The Board considered whether BlackRock has the financial resources necessary to attract and retain high quality investment management personnel to perform its obligations under the Agreements and to continue to provide the high quality of services that is expected by the Board. The Board further considered factors including but not limited to BlackRock’s commitment of time, assumption of risk, and liability profile in servicing each Fund, including in contrast to what is required of BlackRock with respect to other products with similar investment mandates across the open-end fund, closed-end fund, sub-advised mutual fund, collective investment trust, and institutional separate account product channels, as applicable.

The Board noted that BKN’s contractual management fee rate ranked in the first quartile, and that the actual management fee rate and total expense ratio each ranked in the first quartile, relative to the Expense Peers.

The Board noted that BTA’s contractual management fee rate ranked in the fourth quartile, and that the actual management fee rate and total expense ratio each ranked in the third quartile relative to the Expense Peers.

The Board noted that BFK’s contractual management fee rate ranked in the third quartile, and that the actual management fee rate and total expense ratio ranked in the third and fourth quartiles, respectively, relative to the Expense Peers.

The Board noted that BSD’s contractual management fee rate ranked in the second quartile, and that the actual management fee rate and total expense ratio ranked in the third and fourth quartiles, respectively, relative to the Expense Peers. Given BSD’s relatively small size, the Board and BlackRock discussed potential strategic actions for BSD.

D. Economies of Scale

The Board, including the Independent Board Members, considered the extent to which economies of scale might be realized as the assets of each Fund increase. The Board also considered the extent to which each Fund benefits from such economies of scale in a variety of ways, and whether there should be changes in the advisory fee rate or breakpoint structure in order to enable each Fund to more fully participate in these economies of scale. The Board considered each Fund’s asset levels and whether the current fee was appropriate.

Based on the Board’s review and consideration of the issue, the Board concluded that most closed-end funds do not have fund level breakpoints because closed-end funds generally do not experience substantial growth after the initial public offering. Closed-end funds are typically priced at scale at a fund’s inception.

E. Other Factors Deemed Relevant by the Board Members

The Board, including the Independent Board Members, also took into account other ancillary or “fall-out” benefits that BlackRock or its affiliates may derive from BlackRock’s respective relationships with each Fund, both tangible and intangible, such as BlackRock’s ability to leverage its investment professionals who manage other portfolios and its risk management personnel, an increase in BlackRock’s profile in the investment advisory community, and the engagement of BlackRock’s affiliates as service providers to


70		2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Disclosure of Investment Advisory Agreements (continued)

each Fund, including for administrative, securities lending and cash management services. The Board also considered BlackRock’s overall operations and its efforts to expand the scale of, and improve the quality of, its operations. The Board also noted that, subject to applicable law, BlackRock may use and benefit from third-party research obtained by soft dollars generated by certain registered fund transactions to assist in managing all or a number of its other client accounts.

In connection with its consideration of the Agreements, the Board also received information regarding BlackRock’s brokerage and soft dollar practices. The Board received reports from BlackRock which included information on brokerage commissions and trade execution practices throughout the year.

The Board noted the competitive nature of the closed-end fund marketplace, and that shareholders are able to sell their Fund shares in the secondary market if they believe that each Fund’s fees and expenses are too high or if they are dissatisfied with the performance of each Fund.

The Board also considered the various notable initiatives and projects BlackRock performed in connection with its closed-end fund product line. These initiatives included developing equity shelf programs; efforts to eliminate product overlap with fund mergers; ongoing services to manage leverage that has become increasingly complex; periodic evaluation of share repurchases and other support initiatives for certain BlackRock funds; and continued communication efforts with shareholders, fund analysts and financial advisers. With respect to the latter, the Independent Board Members noted BlackRock’s continued commitment to supporting the secondary market for the common shares of its closed-end funds through a comprehensive secondary market communication program designed to raise investor and analyst awareness and understanding of closed-end funds. BlackRock’s support services included, among other things: sponsoring and participating in conferences; communicating with closed-end fund analysts covering the BlackRock funds throughout the year; providing marketing and product updates for the closed-end funds; and maintaining and enhancing its closed-end fund website.

Conclusion

The Board, including the Independent Board Members, unanimously approved the continuation of the Advisory Agreements between the Manager and each Fund for a one-year term ending June 30, 2021. Based upon its evaluation of all of the aforementioned factors in their totality, as well as other information, the Board, including the Independent Board Members, was satisfied that the terms of the Agreements were fair and reasonable and in the best interest of each Fund and its shareholders. In arriving at its decision to approve the Agreements, the Board did not identify any single factor or group of factors as all-important or controlling, but considered all factors together, and different Board Members may have attributed different weights to the various factors considered. The Independent Board Members were also assisted by the advice of independent legal counsel in making this determination.


DISCLOSURE OF INVESTMENT ADVISORY AGREEMENTS		71

Additional Information

Proxy Results

The Annual Meeting of Shareholders was held on July 27, 2020, for shareholders of record on May 29, 2020, to elect trustee nominees for each Trust. There were no broker non-votes with regard to any of the Trusts.

Shareholders elected the Class I Trustees as follows:


	Michael J. Castellano				R. Glenn Hubbard				John M. Perlowski				W. Carl Kester^(a)
Trust Name	Votes For		Votes Withheld		Votes For		Votes Withheld		Votes For		Votes Withheld		Votes For		Votes Withheld
BKN		14,128,858		551,167		14,051,409		628,616		14,128,846		551,179		1,259		0
BTA		11,369,454		495,495		11,355,211		509,738		11,386,881		478,068		760		0
BFK		38,848,696		1,022,343		38,724,473		1,146,566		38,992,755		878,284		2,708		0
BSD		6,240,118		206,024		6,148,445		297,697		6,246,764		199,378		429		0

For the Trusts listed above, Trustees whose term of office continued after the Annual Meeting of Shareholders because they were not up for election are Richard E. Cavanagh, Cynthia L. Egan, Robert Fairbairn, Catherine A. Lynch, Karen P. Robards and Frank J. Fabozzi.

^(a)

Voted on by holders of Preferred Shares only.

Trust Certification

The Trusts are listed for trading on the NYSE and have filed with the NYSE their annual chief executive officer certification regarding compliance with the NYSE’s listing standards. The Trusts filed with the SEC the certification of its chief executive officer and chief financial officer required by Section 302 of the Sarbanes-Oxley Act.

Dividend Policy

Each Trust’s dividend policy is to distribute all or a portion of its net investment income to its shareholders on a monthly/quarterly basis. In order to provide shareholders with a more stable level of distributions, the Trusts may at times pay out less than the entire amount of net investment income earned in any particular month/quarter and may at times in any particular month/quarter pay out such accumulated but undistributed income in addition to net investment income earned in that month/quarter. As a result, the distributions paid by the Trusts for any particular month/quarter may be more or less than the amount of net investment income earned by the Trusts during such month/quarter. The Trusts’ current accumulated but undistributed net investment income, if any, is disclosed as accumulated earnings (loss) in the Statements of Assets and Liabilities, which comprises part of the financial information included in this report.

General Information

The Trusts do not make available copies of their Statements of Additional Information because the Trusts’ shares are not continuously offered, which means that the Statement of Additional Information of each Trust has not been updated after completion of the respective Trust’s offerings and the information contained in each Trust’s Statement of Additional Information may have become outdated.

The following information is a summary of certain changes since April 30, 2020. This information may not reflect all of the changes that have occurred since you purchased the Trusts.

Effective October 19, 2020, BKN has elected to be subject to the Maryland Control Share Acquisition Act (the “MCSAA”). In general, the MCSAA limits the ability of holders of “control shares” to vote those shares above various threshold levels that start at 10% unless the other stockholders of BKN reinstate those voting rights at a meeting of stockholders as provided in the MCSAA. “Control shares” are generally defined in the MCSAA as shares of stock that, if aggregated with all other shares of stock that are either (i) owned by a person or (ii) as to which that person is entitled to exercise or direct the exercise of voting power, except solely by virtue of a revocable proxy, would entitle that person to exercise voting power in electing directors above various thresholds of voting power starting at 10%. BKN’s Bylaws also provide that the provisions of the MCSAA shall not apply to the voting rights of the holders of any shares of preferred stock of BKN (but only with respect to such preferred stock).

Except if noted otherwise herein, there were no changes to the Trusts’ charters or by-laws that would delay or prevent a change of control of the Trusts that were not approved by the shareholders. Except if noted otherwise herein, there have been no changes in the persons who are primarily responsible for the day-to-day management of the Trusts’ portfolios.

In accordance with Section 23(c) of the Investment Company Act of 1940, each Trust may from time to time purchase shares of its common stock in the open market or in private transactions.

Quarterly performance, semi-annual and annual reports, current net asset value and other information regarding the Trusts may be found on BlackRock’s website, which can be accessed at blackrock.com. Any reference to BlackRock’s website in this report is intended to allow investors public access to information regarding the Trusts and does not, and is not intended to, incorporate BlackRock’s website in this report.

Electronic Delivery

Shareholders can sign up for e-mail notifications of quarterly statements, annual and semi-annual shareholder reports by enrolling in the electronic delivery program. Electronic copies of shareholder reports are available on BlackRock’s website.


72		2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Additional Information (continued)

To enroll in electronic delivery:

Shareholders Who Hold Accounts with Investment Advisers, Banks or Brokerages:

Please contact your financial adviser. Please note that not all investment advisers, banks or brokerages may offer this service.

Householding

The Trusts will mail only one copy of shareholder documents, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Trusts at (800) 882-0052.

Availability of Quarterly Schedule of Investments

The Trusts file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Trusts’ Forms N-PORT are available on the SEC’s website at sec.gov.

Availability of Proxy Voting Policies and Procedures

A description of the policies and procedures that the Trusts use to determine how to vote proxies relating to portfolio securities is available upon request and without charge (1) by calling (800) 882-0052; (2) at blackrock.com; and (3) on the SEC’s website at sec.gov.

Availability of Proxy Voting Record

Information about how the Trusts voted proxies relating to securities held in the Trusts’ portfolios during the most recent 12-month period ended June 30 is available upon request and without charge (1) at blackrock.com; or by calling (800) 882-0052 and (2) on the SEC’s website at sec.gov.

Availability of Trust Updates

BlackRock will update performance and certain other data for the Trusts on a monthly basis on its website in the “Closed-end Funds” section of blackrock.com as well as certain other material information as necessary from time to time. Investors and others are advised to check the website for updated performance information and the release of other material information about the Trusts. This reference to BlackRock’s website is intended to allow investors public access to information regarding the Trusts and does not, and is not intended to, incorporate BlackRock’s website in this report.

BlackRock Privacy Principles

BlackRock is committed to maintaining the privacy of its current and former fund investors and individual clients (collectively, “Clients”) and to safeguarding their non-public personal information. The following information is provided to help you understand what personal information BlackRock collects, how we protect that information and why in certain cases we share such information with select parties.

If you are located in a jurisdiction where specific laws, rules or regulations require BlackRock to provide you with additional or different privacy-related rights beyond what is set forth below, then BlackRock will comply with those specific laws, rules or regulations.

BlackRock obtains or verifies personal non-public information from and about you from different sources, including the following: (i) information we receive from you or, if applicable, your financial intermediary, on applications, forms or other documents; (ii) information about your transactions with us, our affiliates, or others; (iii) information we receive from a consumer reporting agency; and (iv) from visits to our websites.

BlackRock does not sell or disclose to non-affiliated third parties any non-public personal information about its Clients, except as permitted by law or as is necessary to respond to regulatory requests or to service Client accounts. These non-affiliated third parties are required to protect the confidentiality and security of this information and to use it only for its intended purpose.

We may share information with our affiliates to service your account or to provide you with information about other BlackRock products or services that may be of interest to you. In addition, BlackRock restricts access to non-public personal information about its Clients to those BlackRock employees with a legitimate business need for the information. BlackRock maintains physical, electronic and procedural safeguards that are designed to protect the non-public personal information of its Clients, including procedures relating to the proper storage and disposal of such information.


ADDITIONAL INFORMATION		73

Additional Information (continued)

Trust and Service Providers

Investment Adviser

BlackRock Advisors, LLC

Wilmington, DE 19809

Custodian and Accounting Agent

State Street Bank and Trust Company

Boston, MA 02111

Transfer Agent

Computershare Trust Company, N.A.

Canton, MA 02021

VRDP Liquidity Provider

Bank of America, N.A.

New York, NY 10036

VRDP Remarketing Agent

BofA Securities, Inc.

New York, NY 10036

VRDP Tender and Paying Agent and VMTP Redemption and Paying Agent

The Bank of New York Mellon

New York, NY 10286

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

Boston, MA 02116

Legal Counsel

Willkie Farr & Gallagher LLP

New York, NY 10019

Address of the Trusts

100 Bellevue Parkway

Wilmington, DE 19809


74		2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Glossary of Terms Used in this Report


Portfolio Abbreviation

AGC		Assured Guaranty Corp.

AGM		Assured Guaranty Municipal Corp.

AMBAC		AMBAC Assurance Corp.

AMT		Alternative Minimum Tax

ARB		Airport Revenue Bonds

BAM		Build America Mutual Assurance Co.

CAB		Capital Appreciation Bonds

COP		Certificates of Participation

FHA		Federal Housing Administration

FHLMC		Federal Home Loan Mortgage Corp.

FNMA		Federal National Mortgage Association

GNMA		Government National Mortgage Association

GO		General Obligation Bonds

GTD		GTD Guaranteed

M/F		Multi-Family

NPFGC		National Public Finance Guarantee Corp.

PSF-GTD		Permanent School Fund Guaranteed

RB		Revenue Bond

S/F		Single-Family

SAB		Special Assessment Bonds

ST		Special Tax

TA		Tax Allocation

UT		Unlimited Tax


GLOSSARY OF TERMS USED IN THIS REPORT		75

Want to know more?

blackrock.com | 800-882-0052

This report is intended for current holders. It is not a prospectus. Past performance results shown in this report should not be considered a representation of future performance. The Trusts have leveraged their Common Shares, which creates risks for Common Shareholders, including the likelihood of greater volatility of net asset value and market price of the Common Shares, and the risk that fluctuations in short-term interest rates may reduce the Common Shares’ yield. Statements and other information herein are as dated and are subject to change.

CEMUNI5-10/20-SAR

Item 2 –

Code of Ethics – Not Applicable to this semi-annual report

Item 3 –

Audit Committee Financial Expert – Not Applicable to this semi-annual report

Item 4 –

Principal Accountant Fees and Services – Not Applicable to this semi-annual report

Item 5 –

Audit Committee of Listed Registrant – Not Applicable to this semi-annual report

Item 6 –

Investments

(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this Form.

(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.

Item 7 –

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable to this semi-annual report

Item 8 –

Portfolio Managers of Closed-End Management Investment Companies

(a) Not Applicable to this semi-annual report

(b) As of the date of this filing, there have been no changes in any of the portfolio managers identified in the most recent annual report on Form N-CSR.

Item 9 –

Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable due to no such purchases during the period covered by this report.

Item 10 –

Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.

Item 11 –

Controls and Procedures

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12 –

Disclosure of Securities Lending Activities for Closed-End Management Investment

Companies – Not Applicable

Item 13 –

Exhibits attached hereto

(a)(1) Code of Ethics – Not Applicable to this semi-annual report

(a)(2) Section 302 Certifications are attached

(a)(3) Not Applicable

(a)(4) Not Applicable

(b) Section 906 Certifications are attached

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

BlackRock Long-Term Municipal Advantage Trust


		By:		/s/ John M. Perlowski
				John M. Perlowski
				Chief Executive Officer (principal executive officer) of
				BlackRock Long-Term Municipal Advantage Trust

Date: December 31, 2020

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


		By:		/s/ John M. Perlowski
				John M. Perlowski
				Chief Executive Officer (principal executive officer) of
				BlackRock Long-Term Municipal Advantage Trust

Date: December 31, 2020


		By:		/s/ Neal J. Andrews
				Neal J. Andrews
				Chief Financial Officer (principal financial officer) of
				BlackRock Long-Term Municipal Advantage Trust

Date: December 31, 2020