Certified Annual Shareholder Report for Management Investment Companies (n-csr)

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: 811-09401

Name of Fund: BlackRock Strategic Municipal Trust (BSD)

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Strategic

Municipal 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: 04/30/2020

Date of reporting period: 04/30/2020

Item 1 – Report to Stockholders


		APRIL 30, 2020



		2020 Annual Report

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.

You may elect to receive all future reports in paper free of charge. If you hold accounts directly with BlackRock, you can call Computershare at (800) 699-1236 to request that you continue receiving paper copies of your shareholder reports. If you hold accounts through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Please note that not all financial intermediaries may offer this service. Your election to receive reports in paper will apply to all funds advised by BlackRock Advisors, LLC or its affiliates, or all funds held with your financial intermediary, as applicable.

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 last 12 months have been a time of sudden change in global financial markets, as a long period of growth and positive returns was interrupted in early 2020 by the emergence and spread of the coronavirus. For much of the reporting period, U.S. equities and bonds both delivered impressive 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, leading countries around the world took economically disruptive countermeasures, causing equity prices to fall sharply. While markets have since recovered some of these losses as countries around the world begin reopening, there is still significant uncertainty surrounding the long-term impact of the pandemic on the global economy.

Returns for most securities were robust for the first three quarters of the reporting period, as investors began to realize that the U.S. economy was maintaining the modest yet steady growth that had characterized this economic cycle. However, once stay-at-home orders and closures of non-essential businesses became widespread, many workers were laid off and unemployment claims spiked. With large portions of the global economy on hold, all types of international equities ended the reporting period with negative performance, while in the U.S. only large-capitalization stocks delivered a slightly positive return.

The performance of different types of fixed-income securities diverged substantially due to a reduced investor appetite for risk. Treasuries benefited from the risk-off environment, and posted healthy returns, as the 10-year yield (which is inversely related to bond prices) fell to an all-time low. Investment-grade corporate bonds also delivered a positive return, while high-yield corporates were down due to credit concerns.

The U.S. Federal Reserve (the “Fed”) reduced interest rates three times in 2019, to support slowing economic growth. After the coronavirus outbreak, the Fed instituted two emergency rate cuts, pushing short-term interest rates close to zero. To stabilize credit markets, the Fed also announced 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 disruption is certain to hurt worldwide economic growth, the global expansion is likely to continue once the impact of the outbreak subsides. Nonetheless, there are promising signs that a strong coordinated monetary and fiscal response is underway, both in the United States and abroad. With measures being taken to contain the virus and provide support to impacted businesses and individuals, we anticipate a sharp increase in economic activity as life returns to normal.

Overall, we favor a neutral stance toward risk, given the uncertainty surrounding the economic impact of coronavirus countermeasures. Among equities, we see an advantage in U.S. stocks compared to other developed markets, given the diversity of the U.S. economy and the impressive scope of monetary and fiscal stimulus. In bonds, the swift action taken by the world’s central banks means there are attractive opportunities in credit, and we expect credit spreads to narrow as markets stabilize. Both U.S. Treasuries and sustainable investments can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments.

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

Sincerely,

LOGO

Rob Kapito

President, BlackRock Advisors, LLC

LOGO

Rob Kapito

President, BlackRock Advisors, LLC


Total Returns as of April 30, 2020
	6-month	12-month
U.S. large cap equities (S&P 500^® Index)	(3.16)%	0.86%
U.S. small cap equities (Russell 2000^® Index)	(15.47)	(16.39)
International equities (MSCI Europe, Australasia, Far East Index)	(14.21)	(11.34)
Emerging market equities (MSCI Emerging Markets Index)	(10.50)	(12.00)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.85	2.07
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	10.73	19.78
U.S. investment grade bonds (Bloomberg Barclays U.S. Aggregate Bond Index)	4.86	10.84
Tax-exempt municipal bonds (S&P Municipal Bond Index)	(1.26)	2.21
U.S. high yield bonds (Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index)	(6.60)	(4.08)
Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.


2		THIS PAGE IS NOT PART OF YOUR FUND REPORT

Table of Contents


	Page
The Markets in Review		2
Annual Report:
Municipal Market Overview		4
The Benefits and Risks of Leveraging		5
Derivative Financial Instruments		5
Trust Summaries		6
Financial Statements:
Schedules of Investments		14
Statements of Assets and Liabilities		42
Statements of Operations		43
Statements of Changes in Net Assets		44
Statements of Cash Flows		46
Financial Highlights		47
Notes to Financial Statements		51
Report of Independent Registered Public Accounting Firm		61
Automatic Dividend Reinvestment Plan		62
Trustee and Officer Information		63
Additional Information		66
Glossary of Terms Used in this Report		68


			3

Municipal Market Overview For the Reporting Period Ended April 30, 2020

Municipal Market Conditions

Municipal bonds posted modestly positive total returns amid a bifurcated market narrative in which rallying interest rates and favorable technicals drove strong performance early in the period before sentiment changed as implications of the coronavirus pandemic materialized. During the month of March, municipal bonds experienced volatility that was worse than during the height of the global financial crisis, as performance plummeted -10.87% during a two-week period before rebounding on aggressive valuation-based buying (For comparison, the -11.86% correction in 2008 spanned more than a month.) Performance continued to be hindered in April by the negative fundamental impacts of the prolonged economic shutdown, despite numerous stimulus efforts by the Fed.



Technical support waned during the period as a streak of 60-consecutive weeks of inflows turned to record outflows. During the 12 months ended April 30, 2020, municipal bond funds experienced net inflows totaling $38 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 elevated from a historical perspective at $417 billion but slowed materially as market liquidity became constrained amid a flight to quality spurred by the pandemic.		S&P Municipal Bond Index
		Total Returns as of April 30, 2020
		6 months: (1.26)%
		12 months: 2.21%

A Closer Look at Yields

LOGO

From April 30, 2019 to April 30, 2020, yields on AAA-rated 30-year municipal bonds decreased by 27 basis points (“bps”) from 2.55% to 2.28%, while ten-year rates decreased by 40 bps from 1.86% to 1.46% and five-year rates decreased by 54 bps from 1.63% to 1.09% (as measured by Thomson Municipal Market Data). As a result, the municipal yield curve steepened over the 12-month period with the spread between two- and 30-year maturities steepening by 39 bps, on par with the 41 bps of steepening in the comparable U.S. Treasury curve.

During the same time period, tax-exempt municipal bonds significantly underperformed U.S. Treasuries across the yield curve. Relative valuations, which had been broadly stretched since the passage of tax reform, reset to levels not seen since 2008. This has resulted in increased participation from crossover investors in a market that has mainly been driven by retail over the past few years.

Financial Conditions of Municipal Issuers

The coronavirus pandemic is an unprecedented shock to the system impacting nearly every sector in the municipal market. Luckily, most states and municipalities were in excellent fiscal health before the crisis and the federal government has provided an incredible amount of support. Ongoing stability is expected in high-quality states as well as school districts and local governments given that property taxes have proven resilient in past economic downturns. Essential public services such as power, water, and sewer are protected segments. State housing authority bonds, flagship universities, and strong national and regional health systems are well positioned to absorb the impact of the economic shock. However, some segments are facing daunting financial challenges and federal support may be insufficient, requiring issuers to draw down reserves and/or borrow to meet financial obligations. Critical providers (such as safety net hospitals, mass transit and airports) with limited resources will require funding from the states and broader municipalities they serve. We anticipate that a small subset of the market, mainly non-rated stand-alone projects, will experience significant credit deterioration. Assuming the worst case, a prolonged recession would likely mean a spate of defaults, primarily in non-rated credits, and the migration of the municipal market’s overall credit quality from double-A to a still-strong single-A rating. As a result, we advocate careful credit selection and anticipate increased credit dispersion as the market navigates near-term uncertainty.

The opinions expressed are those of BlackRock as of April 30, 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 no guarantee of future results. Index performance is shown for illustrative purposes only. It is not possible to invest directly in an index.


4		2020 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS

The Benefits and Risks of Leveraging

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

In general, the concept of leveraging is based on the premise that the financing cost of leverage, which is based on short-term interest rates, is normally lower than the income earned by a Trust on its longer-term portfolio investments purchased with the proceeds from leverage. To the extent that the total assets of 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 the 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 a Trusts’ portfolio investments generally varies inversely with the direction of long-term interest rates, although other factors can influence the value of portfolio investments. In contrast, the value of each 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 NAVs positively or negatively. Changes in the future direction of interest rates are very difficult to predict accurately, and there is no assurance that a Trust’s intended leveraging strategy will be successful.

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 the Trusts’ investment adviser will be higher than if the Trusts did not use leverage.

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

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

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

Derivative Financial Instruments

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


THE BENEFITS AND RISKS OF LEVERAGING / DERIVATIVE FINANCIAL INSTRUMENTS			5


Trust Summary as of April 30, 2020		BlackRock Investment Quality Municipal Trust, Inc.

Investment Objective

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

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

Trust Information


Symbol on New York Stock Exchange (“NYSE”)		BKN
Initial Offering Date		February 19, 1993
Yield on Closing Market Price as of April 30, 2020 ($14.75)^(a)		4.80%
Tax Equivalent Yield^(b)		8.11%
Current Monthly Distribution per Common Share^(c)		$0.0590
Current Annualized Distribution per Common Share^(c)		$0.7080
Leverage as of April 30, 2020^(d)		42%

^(a)

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

^(b)

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

^(c)

The monthly distribution per Common Share, declared on June 1, 2020, was increased to $0.0630 per share. The yield on closing market price, tax equivalent yield, current monthly distribution per Common Share, and current annualized distribution per Common Share do not reflect the new distribution rate. The new distribution rate is not constant and is subject to change in the future.

^(d)

Represents 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 and Derivative Financial Instruments on page 5.

Performance

Returns for the 12 months ended April 30, 2020 were as follows:


	Returns Based On
	Market Price			NAV
BKN^(a)(b)		7.77	%		(1.16	)%
Lipper General & Insured Municipal Debt Funds (Leveraged)^(c)		(3.22	)		(2.24	)

^(a)

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

^(b)

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

^(c)

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

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

Past performance is not indicative of future results.

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

Municipal bonds performed well for most of the period due to the accommodative Fed policy and favorable supply-and-demand trends in the market. This supportive backdrop changed abruptly in March once the spread of the coronavirus pandemic led to travel restrictions, business closures and stay-at-home orders. The prospect of a sharp economic downturn led to significant, broad-based weakness across the financial markets. Tax-exempt issues were hard hit in the sell-off, as investors withdrew cash from municipal bond funds and a lack of market liquidity inhibited efficient pricing. Municipal bonds subsequently recovered in April following aggressive stimulus from the Fed and U.S. Congress, allowing the category to close the period with a narrow gain.

The Trust’s use of U.S. Treasury futures to manage interest rate risk proved detrimental to the Trust’s performance given the breakdown in correlation between the Treasury and municipal markets arising from the coronavirus pandemic. While municipal bond yields rose due to a substantial increase in yield spreads, Treasury yields declined amid investors’ “flight to quality.” (Prices and yields move in opposite directions.) The Trust’s use of leverage also weighed on the Trust’s results at a time of falling bond prices.

Positions in lower-rated securities also detracted, as this market segment underperformed by a wide margin at a time of heightened uncertainty. Lower-quality states such as Illinois and New Jersey were especially notable laggards. Both are facing a likely reduction in tax revenues due to the stay-at-home orders and business closures that resulted from the coronavirus pandemic.

Portfolio income contributed to performance. Positions in higher-rated securities and issuers that focus on essential services also helped Trust returns, particularly during the market turmoil in March.

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


6		2020 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS


Trust Summary as of April 30, 2020 (continued)		BlackRock Investment Quality Municipal Trust, Inc.

Market Price and Net Asset Value Per Share Summary


	04/30/20		04/30/19		Change			High		Low
Market Price	$	14.75	$	14.31		3.07	%	$	16.26	$	10.76
Net Asset Value		14.89		15.75		(5.46	)		17.13		13.41

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

LOGO

Overview of the Trust’s Total Investments*

SECTOR ALLOCATION


Sector	04/30/20			04/30/19
County/City/Special District/School District		20	%		20	%
Transportation		16			16
Health		16			15
Utilities		12			10
State		11			11
Education		10			10
Tobacco		6			6
Housing		6			5
Corporate		3			7

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

CALL/MATURITY SCHEDULE^(c)


Calendar Year Ended December 31,
2020	5	%
2021	8
2022	11
2023	10
2024	10

^(c)

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

Excludes short-term securities.

CREDIT QUALITY ALLOCATION^(a)


Credit Rating	04/30/20			04/30/19
AAA/Aaa		5	%		4	%
AA/Aa		36			37
A		28			27
BBB/Baa		13			17
BB/Ba		4			2
B/B		2			4
CC		1			1
N/R^(b)		11			8

^(a)

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 (“Moody’s”) if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

^(b)

The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of April 30, 2020 and April 30, 2019, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 2% and 1%, respectively, of the Trust’s total investments.


TRUST SUMMARY			7


Trust Summary as of April 30, 2020		BlackRock Long-Term Municipal Advantage Trust

Investment Objective

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

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

Trust Information


Symbol on NYSE		BTA
Initial Offering Date		February 28, 2006
Yield on Closing Market Price as of April 30, 2020 ($10.92)^(a)		5.55%
Tax Equivalent Yield^(b)		9.38%
Current Monthly Distribution per Common Share^(c)		$0.0505
Current Annualized Distribution per Common Share^(c)		$0.6060
Leverage as of April 30, 2020^(d)		43%

^(a)

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

^(b)

^(c)

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

^(d)

Represents VRDP Shares and TOB Trusts as a percentage of total managed assets, which is the total assets of the Trust, including any assets attributable to VRDP Shares and TOB Trusts, minus the sum of its accrued liabilities. 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 and Derivative Financial Instruments on page 5.

Performance

Returns for the 12 months ended April 30, 2020 were as follows:


	Returns Based On
	Market Price			NAV
BTA^(a)(b)		(3.49	)%		(5.70	)%
Lipper General & Insured Municipal Debt Funds (Leveraged)^(c)		(3.22	)		(2.24	)

^(a)

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

^(b)

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

^(c)

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

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

Past performance is not indicative of future results.

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

The Trust’s use of U.S. Treasury futures to manage interest rate risk proved detrimental to the Trust’s performance given the breakdown in correlation between the Treasury and municipal markets arising from the coronavirus pandemic. While municipal bond yields rose due to a substantial increase in yield spreads, Treasury yields declined as a result of investors’ “flight to quality.” (Prices and yields move in opposite directions.) The Trust’s use of leverage, while augmenting income, also weighed on the Trust’s results at a time of falling bond prices.

The portfolio’s allocation to BBB issues and lower-rated securities, particularly those with maturities of 25 years and above, detracted from Trust performance. Yield spreads on lower-quality issues widened (significantly in some cases) as the market began to price in the uncertainties around the fundamental impact of the coronavirus pandemic.

Positions in education and health care issues, which were among the sectors hit hardest in the sell-off, also detracted from the Trust’s performance. Positions in the tax-backed state sector further detracted as lower-rated issuers such as Illinois, New Jersey and Puerto Rico underperformed.

Portfolio income contributed to performance. Positions in higher-rated securities (those rated A and above) also helped Trust returns. This segment included more seasoned portfolio positions, highlighted by pre-refunded securities and holdings in the utilities sector.


8		2020 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS


Trust Summary as of April 30, 2020 (continued)		BlackRock Long-Term Municipal Advantage Trust

Market Price and Net Asset Value Per Share Summary


	04/30/20		04/30/19		Change			High		Low
Market Price	$	10.92	$	11.88		(8.08	)%	$	13.76	$	8.61
Net Asset Value		11.20		12.47		(10.18	)		13.36		10.23

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

LOGO

Overview of the Trust’s Total Investments*

SECTOR ALLOCATION


Sector	04/30/20			04/30/19
County/City/Special District/School District		19	%		17	%
Utilities		16			14
Transportation		16			16
Health		15			17
Tobacco		11			11
State		8			8
Education		8			8
Corporate		5			5
Housing		2			4

CALL/MATURITY SCHEDULE^(c)


Calendar Year Ended December 31,
2020	9	%
2021	15
2022	5
2023	10
2024	8

^(c)

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

Excludes short-term securities.

CREDIT QUALITY ALLOCATION^(a)


Credit Rating	04/30/20			04/30/19
AAA/Aaa		3	%		2	%
AA/Aa		31			32
A		17			15
BBB/Baa		19			20
BB/Ba		9			6
B/B		4			7
CC		1			—
N/R^(b)		16			18

^(a)

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

^(b)

The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of April 30, 2020 and April 30, 2019, the market value of unrated securities deemed by the investment adviser to be investment grade represents 2% and less than 1%, respectively, of the Trust’s total investments.


TRUST SUMMARY			9


Trust Summary as of April 30, 2020		BlackRock Municipal Income Trust

Investment Objective

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

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

Trust Information


Symbol on NYSE		BFK
Initial Offering Date		July 27, 2001
Yield on Closing Market Price as of April 30, 2020 ($12.14)^(a)		5.29%
Tax Equivalent Yield^(b)		8.94%
Current Monthly Distribution per Common Share^(c)		$0.0535
Current Annualized Distribution per Common Share^(c)		$0.6420
Leverage as of April 30, 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 does not guarantee future results.

^(b)

^(c)

The monthly distribution per Common Share, declared on June 1, 2020, was increased to $0.0565 per share. The yield on closing market price, tax equivalent yield, current monthly distribution per Common Share, and current annualized distribution per Common Share do not reflect the new distribution rate. The new distribution rate is not constant and is subject to change in the future.

^(d)

Performance

Returns for the 12 months ended April 30, 2020 were as follows:


	Returns Based On
	Market Price			NAV
BFK^(a)(b)		(7.74	)%		(4.51	)%
Lipper General & Insured Municipal Debt Funds (Leveraged)^(c)		(3.22	)		(2.24	)

^(a)

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

^(b)

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

^(c)

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

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

Past performance is not indicative of future results.

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

Prior to the March downturn, the Trust benefited from its investments in longer-dated securities with maturities of 20 years and above. Holdings in bonds on the lower end of the investment-grade spectrum (A and BBB) also aided Trust performance in this time, as did positions in the tax-backed, transportation and tobacco sectors. Once the market turned lower, these same factors detracted from the Trust’s results and were the primary reason for the Trust’s negative return for the full period.

On the positive side, holdings in AAA and AA rated debt performed better in the sell-off compared to other areas of the market.

The investment adviser increased the Trust’s duration, thereby moving away from the more defensive posture it held for the majority of the period. This change reflected the investment adviser’s belief that yields had fallen to low levels that indicated little additional upside potential from rate movements.


10		2020 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS


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

Market Price and Net Asset Value Per Share Summary


	04/30/20		04/30/19		Change			High		Low
Market Price	$	12.14	$	13.79		(11.97	)%	$	15.16	$	9.26
Net Asset Value		12.91		14.17		(8.89	)		15.17		11.87

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

LOGO

Overview of the Trust’s Total Investments*

SECTOR ALLOCATION


Sector	04/30/20			04/30/19
Transportation		22	%		24	%
Utilities		22			20
County/City/Special District/School District		15			12
Health		12			15
Tobacco		10			9
State		9			9
Education		6			6
Corporate		4			4
Housing		—	^(a)		1

^(a)

Rounds to less than 1%.

CALL/MATURITY SCHEDULE^(d)


Calendar Year Ended December 31,
2020	11	%
2021	13
2022	10
2023	7
2024	7

^(d)

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

Excludes short-term securities.

CREDIT QUALITY ALLOCATION^(b)


Credit Rating	04/30/20			04/30/19
AAA/Aaa		5	%		3	%
AA/Aa		29			32
A		25			24
BBB/Baa		22			24
BB/Ba		8			4
B/B		2			4
CC		—			1
N/R^(c)		9			8

^(b)

^(c)

The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of April 30, 2020 and April 30, 2019, the market value of unrated securities deemed by the investment adviser to be investment grade each represents 2% and less than 1% respectively of the Trust’s total investments.


TRUST SUMMARY			11


Trust Summary as of April 30, 2020		BlackRock Strategic Municipal Trust

Investment Objective

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

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

Trust Information


Symbol on NYSE		BSD
Initial Offering Date		August 25, 1999
Yield on Closing Market Price as of April 30, 2020 ($12.17)^(a)		5.42%
Tax Equivalent Yield^(b)		9.16%
Current Monthly Distribution per Common Share^(c)		$0.0550
Current Annualized Distribution per Common Share^(c)		$0.6600
Leverage as of April 30, 2020^(d)		42%

^(a)

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

^(b)

^(c)

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

^(d)

Performance

Returns for the 12 months ended April 30, 2020 were as follows:


	Returns Based On
	Market Price			NAV
BSD^(a)(b)		(3.38	)%		(4.10	)%
Lipper General & Insured Municipal Debt Funds (Leveraged)^(c)		(3.22	)		(2.24	)

^(a)

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

^(b)

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

^(c)

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

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

Past performance is not indicative of future results.

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

The Trust’s use of U.S. Treasury futures to manage interest rate risk proved detrimental to the Trust’s performance given the breakdown in correlation between the Treasury and municipal markets arising from the pandemic. While municipal bond yields rose due to a substantial increase in yield spreads, Treasury yields declined as a result of investors’ “flight to quality.” (Prices and yields move in opposite directions.) The Trust’s use of leverage, while augmenting income, also weighed on the Trust’s results at a time of falling bond prices.

The portfolio’s allocation to BBB issues and lower-rated securities detracted from performance. Yield spreads on lower-quality issues widened (significantly in some cases) as the market began to price in the uncertainties around the fundamental impact of the coronavirus pandemic.

Positions in the tax-backed state sector detracted as lower-rated issuers such as Illinois, New Jersey and Puerto Rico underperformed. An allocation to the corporate sector was an additional detractor.


12		2020 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS


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

Market Price and Net Asset Value Per Share Summary


	04/30/20		04/30/19		Change			High		Low
Market Price	$	12.17	$	13.21		(7.87	)%	$	15.39	$	9.96
Net Asset Value		12.94		14.15		(8.55	)		15.15		11.88

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

LOGO

Overview of the Trust’s Total Investments*

SECTOR ALLOCATION


Sector	04/30/20			04/30/19
Transportation		23	%		22	%
Health		16			18
County/City/Special District/School District		15			12
Utilities		13			11
State		8			8
Tobacco		8			8
Corporate		7			9
Education		6			7
Housing		4			5

CALL/MATURITY SCHEDULE^(c)


Calendar Year Ended December 31,
2020	8	%
2021	12
2022	9
2023	8
2024	10

^(c)

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

Excludes short-term securities.

CREDIT QUALITY ALLOCATION^(a)


Credit Rating	04/30/20			04/30/19
AAA/Aaa		2	%		4	%
AA/Aa		35			32
A		19			20
BBB/Baa		23			22
BB/Ba		5			3
B/B		1			3
CC		1			—
N/R^(b)		14			16

^(a)

^(b)

The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of April 30, 2020 and April 30, 2019, the market value of unrated securities deemed by the investment adviser to be investment grade each represents 3% and less than 1%, respectively, of the Trust’s total investments.


TRUST SUMMARY			13

Schedule of Investments

April 30, 2020

BlackRock Investment Quality Municipal Trust, Inc. (BKN)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Municipal Bonds — 131.7%

Arizona — 6.6%
Arizona Health Facilities Authority, Refunding RB, Phoenix Children’s Hospital, Series A, 5.00%, 02/01/42	$	3,300	$	3,433,848
Arizona IDA, Refunding RB, Odyssey Preparatory Academy Project, Series A, 5.50%, 07/01/52^(a)		215		190,208
Arizona Industrial Development Authority, Refunding RB, Series G, 5.00%, 07/01/47^(a)		430		374,100
County of Pinal Arizona Electric District No. 3, Refunding RB:
4.75%, 07/01/21^(b)		680		709,947
4.75%, 07/01/31		3,070		3,191,726
Salt Verde Financial Corp., RB, Senior:
5.00%, 12/01/32		1,095		1,332,166
5.00%, 12/01/37		4,885		6,028,041
University Medical Center Corp., Refunding RB, 6.00%, 07/01/21^(b)		1,600		1,695,824

				16,955,860

Arkansas — 2.6%
Arkansas Development Finance Authority, RB, Big River Steel Project, AMT, 4.50%, 09/01/49^(a)		1,550		1,323,622
City of Benton Arkansas, RB, 4.00%, 06/01/39		755		798,745
City of Fort Smith Arkansas Water & Sewer Revenue, Refunding RB, 4.00%, 10/01/40		1,250		1,343,850
City of Little Rock Arkansas, RB, 4.00%, 07/01/41		2,645		2,750,165
County of Pulaski Arkansas Public Facilities Board, RB, 5.00%, 12/01/42		465		493,142

				6,709,524

California — 17.8%
ABC Unified School District, GO, Series C, 0.00%, 08/01/33^(d)		3,420		2,310,791
California Infrastructure & Economic Development Bank, Refunding RB, Academy Motion Picture Arts and Sciences, Series A, 4.00%, 11/01/45		3,330		3,446,650
California Statewide Communities Development Authority, Refunding RB, John Muir Health, Series A, 4.00%, 12/01/53		725		741,182
Carlsbad California Unified School District, GO, Election of 2006, Series B, 6.00%, 05/01/34		1,500		1,785,945
City of San Jose California, Refunding ARB, Norman Y Mineta San Jose International Airport SJC, AMT:
Series A (BAM), 4.00%, 03/01/42		2,460		2,618,301
Series A-1, 5.75%, 03/01/34		3,000		3,086,550
Golden State Tobacco Securitization Corp., Refunding RB:
Series A-1, 3.50%, 06/01/36		1,110		1,084,559
Series A-2, 5.00%, 06/01/47		830		809,731
Hartnell Community College District California, GO, CAB, Election of 2002, Series D, 7.00%, 08/01/34^(c)		2,475		2,948,294
Norwalk-La Mirada Unified School District, GO, Refunding, CAB, Election of 2002, Series E (AGC), 0.00%, 08/01/38^(d)		12,000		6,423,720
Palomar Community College District, GO, CAB, Election of 2006, Series B:
0.00%, 08/01/30^(d)		2,270		1,861,037
0.00%, 08/01/33^(d)		4,250		1,816,450
0.00%, 08/01/39^(c)		4,000		4,582,800
San Diego Community College District, GO, CAB, Election of 2002, 6.00%, 08/01/33		4,200		5,356,512
State of California, GO, Refunding:
Various Purpose, 5.00%, 02/01/38		2,000		2,175,680
Various Purposes, 4.00%, 10/01/44		510		534,424
State of California, GO:
6.00%, 03/01/33		760		762,629
5.50%, 03/01/40		3,255		3,263,919

				45,609,174


Security	Par (000)		Value

Colorado — 0.3%
Colorado Educational & Cultural Facilities Authority, Refunding RB, Rocky Mountain Classical Academy Project, 5.00%, 10/01/59^(a)	$	970	$	854,279


Connecticut — 0.6%
Connecticut Housing Finance Authority, Refunding RB, S/F Housing, Sub-Series E-1 (Ginnie Mae, Fannie Mae & Freddie Mac), 4.00%, 05/15/36		585		636,030
Connecticut State Health & Educational Facility Authority, Refunding RB, Lawrence & Memorial Hospital, Series F, 5.00%, 07/01/21^(b)		950		996,692

				1,632,722

Delaware — 0.7%
County of Sussex Delaware, RB, NRG Energy, Inc., Indian River Power LLC Project, 6.00%, 10/01/40		1,800		1,820,682


District of Columbia — 1.0%
Metropolitan Washington Airports Authority, Refunding ARB, Dulles Metrorail And Capital Improvement Projects, Series A, 5.00%, 10/01/53		2,505		2,572,334


Florida — 7.7%
Capital Trust Agency, Inc., RB, Renaissance Charter School, Inc., Series A, 5.00%, 06/15/49^(a)		100		82,159
County of Miami-Dade Florida, RB:
CAB, Subordinate Special Obligation, 0.00%, 10/01/32^(d)		5,000		3,491,250
CAB, Subordinate Special Obligation, 0.00%, 10/01/33^(d)		15,375		10,139,659
Series B, AMT, 6.00%, 10/01/32		3,000		3,341,010
County of Miami-Dade Florida, Refunding ARB, Series A, AMT, 5.00%, 10/01/38		365		395,207
County of Osceola Transportation Revenue, Refunding RB, Series A-2^(d):
0.00%, 10/01/41		445		185,285
0.00%, 10/01/42		595		237,500
0.00%, 10/01/43		540		206,388
0.00%, 10/01/44		550		201,471
0.00%, 10/01/45		465		163,131
Greater Orlando Aviation Authority, RB, Priority Subordinated, Sub-Series A, AMT, 5.00%, 10/01/52		1,130		1,211,371

				19,654,431

Georgia — 0.6%
Main Street Natural Gas, Inc., RB, Series A, 5.00%, 05/15/43		525		561,808
Municipal Electric Authority of Georgia, RB, Plant Vogtle Units 3 & 4 Project:
4.00%, 01/01/49		415		399,284
5.00%, 01/01/56		565		595,956

				1,557,048

Hawaii — 1.4%
State of Hawaii Department of Budget & Finance, Refunding RB:
Hawaiian Electric Co., Inc. AMT, 4.00%, 03/01/37		2,770		2,860,745
Special Purpose, Senior Living, Kahala Nui, 5.25%, 11/15/37		600		624,078

				3,484,823

Idaho — 1.2%
Idaho Health Facilities Authority, RB, St. Lukes Health System Project, Series A, 5.00%, 03/01/39		3,000		3,159,510


Illinois — 6.9%
Chicago Board of Education, GO:
Dedicated Revenues, Series H, 5.00%, 12/01/36		375		361,478
Project, 5.25%, 12/01/35		1,235		1,223,354


14		2020 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

April 30, 2020

BlackRock Investment Quality Municipal Trust, Inc. (BKN)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Illinois (continued)
Chicago Board of Education, GO, Refunding:
Dedicated Revenues, 5.00%, 12/01/34	$	370	$	359,181
Dedicated Revenues, Series F, 5.00%, 12/01/22		505		514,146
5.00%, 12/01/25		550		561,357
Chicago Board of Education, GO, Series C, Series D:
5.00%, 12/01/46		455		409,550
5.00%, 12/01/46		1,180		1,020,606
Refunding Dedicated Revenues, 5.00%, 12/01/26		675		685,935
City of Chicago Illinois, Refunding ARB, O’Hare International Airport Passenger Facility Charge, Series B, AMT, 4.00%, 01/01/29		2,400		2,422,320
City of Chicago Illinois Midway International Airport, Refunding GARB, 2nd Lien, Series A, AMT, 5.00%, 01/01/41		1,900		1,983,030
City of Chicago Illinois Transit Authority, RB, Sales Tax Receipts, 5.25%, 12/01/40		1,000		1,051,470
Illinois Finance Authority, Refunding RB, OSF Healthcare System, 6.00%, 05/15/39		155		155,147
Illinois Housing Development Authority, RB, S/F Housing, 4.13%, 10/01/38		1,040		1,134,744
Metropolitan Pier & Exposition Authority, RB, McCormick Place Expansion Project Bonds, Series A, 5.00%, 06/15/57		590		525,407
Metropolitan Pier & Exposition Authority, Refunding RB, McCormick Place Expansion Project, 4.00%, 06/15/50		455		378,883
Railsplitter Tobacco Settlement Authority, RB, 6.00%, 06/01/21^(b)		1,700		1,793,993
State of Illinois, GO:
5.00%, 02/01/39		1,000		887,730
Series A, 5.00%, 04/01/38		200		178,090
Series D, 5.00%, 11/01/28		1,585		1,543,742
Upper Illinois River Valley Development Authority, Refunding RB, Prairie Crossing Charter School, 5.00%, 01/01/55^(a)		610		514,297

				17,704,460

Indiana — 0.2%
County of Allen Indiana, RB, StoryPoint Fort Wayne Project, Series A-1^(a):
6.63%, 01/15/34		300		296,574
6.75%, 01/15/43		245		234,534

				531,108

Iowa — 0.8%
Iowa Finance Authority, Refunding RB, Iowa Fertilizer Co. Project, Series B, 5.25%, 12/01/50^(e)		2,050		1,954,593


Kansas — 0.7%
City of Lenexa Kansas, Refunding RB, Lakeview Village, Inc., Series A, 5.00%, 05/15/39		640		594,304
County of Seward Kansas Unified School District No. 480 Liberal, GO, Refunding, 5.00%, 09/01/39		1,085		1,180,784

				1,775,088

Kentucky — 6.3%
County of Boyle Kentucky, Refunding RB, Centre College of Kentucky, 5.00%, 06/01/37		2,000		2,223,420
Kentucky Economic Development Finance Authority, RB, Catholic Health Initiatives, Series A, 5.38%, 01/01/23 ^(b)		3,400		3,753,430
Kentucky Economic Development Finance Authority, Refunding RB, Norton Healthcare, Inc., Series B (NPFGC), 0.00%, 10/01/23^(d)		8,500		7,793,650
Kentucky Public Transportation Infrastructure Authority, RB, Downtown Crossing Project, Convertible CAB, 1st Tier, Series C^(c):
6.45%, 07/01/34		1,000		947,160
6.60%, 07/01/39		1,395		1,303,153

				16,020,813


Security	Par (000)		Value

Louisiana — 1.6%
City of Alexandria Louisiana Utilities, RB, 5.00%, 05/01/39	$	1,790	$	1,998,195
Louisiana Local Government Environmental Facilities & Community Development Authority, RB, Westlake Chemical Corp. Project, Series A-1, 6.50%, 11/01/35		1,565		1,584,672
Louisiana Public Facilities Authority, RB, Belle Chasse Educational Foundation Project, 6.50%, 05/01/21^(b)		600		633,654

				4,216,521

Maine — 0.4%
State of Maine Housing Authority, RB:
M/F Housing, Series E, 4.25%, 11/15/43		540		581,364
S/F Housing, Series C, 3.95%, 11/15/43		505		525,316

				1,106,680

Maryland — 0.5%
County of Anne Arundel Maryland Consolidated, RB, Special Taxing District, Villages at Two Rivers Project:
5.13%, 07/01/36		260		234,080
5.25%, 07/01/44		260		218,694
Maryland Community Development Administration, Refunding RB, S/F Housing, Series A, 4.10%, 09/01/38		875		931,604

				1,384,378

Massachusetts — 2.2%
Massachusetts Development Finance Agency, RB, Emerson College Issue, Series A:
5.25%, 01/01/42		900		973,998
5.00%, 01/01/47		1,010		1,053,066
Massachusetts Development Finance Agency, Refunding RB:
Atrius Health Issue, Series A, 4.00%, 06/01/49		235		235,670
International Charter School, 5.00%, 04/15/40		600		619,698
Suffolk University, 4.00%, 07/01/39		1,375		1,392,463
Massachusetts HFA, RB, M/F Housing, Series A, 3.85%, 06/01/46		35		36,204
Massachusetts HFA, Refunding RB, AMT, Series 182, 3.30%, 12/01/28		1,000		1,054,810
Massachusetts Housing Finance Agency, RB, M/F Housing, Series C-1, 2.90%, 12/01/39		365		354,871

				5,720,780

Michigan — 3.6%
Michigan Finance Authority, RB, Detroit Water & Sewage Disposal System, Senior Lien, Series 2014 C-2, AMT, 5.00%, 07/01/44		360		369,421
Michigan Finance Authority, Refunding RB, Henry Ford Health System, 4.00%, 11/15/46		900		864,783
Michigan State Housing Development Authority, RB, Series B, 2.95%, 12/01/39		375		373,024
Michigan Strategic Fund, RB, I-75 Improvement Project, AMT, 5.00%, 12/31/43		1,250		1,259,875
State of Michigan Hospital Finance Authority, Refunding RB, Trinity Health Credit Group, Series C, 4.00%, 12/01/32		4,150		4,282,592
State of Michigan Housing Development Authority, RB, S/F Housing:
Series A, 4.00%, 06/01/49		875		928,139
Series C, 4.13%, 12/01/38		1,110		1,192,529

				9,270,363

Minnesota — 1.9%
City of Otsego Minnesota, Refunding RB, Kaleidoscope Charter School Project, Series A, 5.00%, 09/01/44		700		595,035
City of Spring Lake Park Michigan, RB, Academy for Higher Learning Project, 5.00%, 06/15/39		1,760		1,554,678
Housing & Redevelopment Authority of The City of Saint Paul Minnesota, RB, Great River School Project, Series A, 5.50%, 07/01/52^(a)		305		261,806


SCHEDULES OF INVESTMENTS			15

Schedule of Investments (continued)

April 30, 2020

BlackRock Investment Quality Municipal Trust, Inc. (BKN)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Minnesota (continued)
Minneapolis-St. Paul Metropolitan Airports Commission, Refunding ARB, Sub Series D, AMT, 5.00%, 01/01/41	$	460	$	503,222
Minnesota Higher Education Facilities Authority, RB:
Augsburg College, Series B, 4.25%, 05/01/40		1,685		1,336,946
College of St. Benedict, Series 8-K, 4.00%, 03/01/43		615		578,998

				4,830,685

Mississippi — 0.6%
County of Warren Mississippi, RB, Gulf Opportunity Zone Bonds, International Paper Co. Project, Series A, 5.38%, 12/01/35		600		620,328
Mississippi Development Bank, RB, CAB, Special Obligation, Hinds Community College District (AGM), 5.00%, 04/01/21^(b)		910		944,261

				1,564,589

Missouri — 3.0%
Missouri Development Finance Board, RB, Annual Appropriation Sewer System, Series B, 5.00%, 11/01/41		1,350		1,408,009
Missouri State Health & Educational Facilities Authority, RB:
A.T. Still University of Health Sciences, 5.25%, 10/01/21^(b)		500		530,520
A.T. Still University of Health Sciences, 5.00%, 10/01/23^(b)		750		849,833
Heartland Regional Medical Center, 4.13%, 02/15/43		700		706,146
University of Central Missouri, Series C-2, 5.00%, 10/01/34		1,500		1,658,565
Missouri State Health & Educational Facilities Authority, Refunding RB, Kansas City University of Medicine and Biosciences, Series A:
5.00%, 06/01/42		860		993,584
5.00%, 06/01/47		1,230		1,409,297

				7,555,954

Nebraska — 1.9%
Central Plains Energy Project, RB, Gas Project No. 3, 5.00%, 09/01/42		900		952,353
County of Douglas Nebraska Hospital Authority No. 3, Refunding RB, Health Facilities Nebraska Methodist Health System, 5.00%, 11/01/45		600		640,224
Nebraska Public Power District, Refunding RB, Series A:
5.00%, 01/01/32		2,535		2,689,356
4.00%, 01/01/44		600		615,684

				4,897,617

Nevada — 0.7%
County of Clark Nevada, Refunding ARB, Department of Aviation, Subordinate Lien, Series A-2, 4.25%, 07/01/36		1,500		1,569,060
Nevada Department of Business & Industry, RB, Series A, 5.00%, 07/15/37^(a)		125		118,994

				1,688,054

New Hampshire — 0.3%
New Hampshire Business Finance Authority, Refunding RB, Resource Recovery, Covanta Project^(a):
Series B, 4.63%, 11/01/42		505		452,728
Series C, AMT, 4.88%, 11/01/42		220		198,873

				651,601

New Jersey — 8.5%
County of Middlesex New Jersey Improvement Authority, RB, Heldrich Center Hotel, Sub-Series B, 6.25%, 01/01/37^(f)(g)		1,510		21,518
New Jersey EDA, RB:
Continental Airlines, Inc. Project, Series B, AMT, 5.63%, 11/15/30		990		983,159


Security	Par (000)		Value

New Jersey (continued)
Goethals Bridge Replacement Project (AGM), AMT, 5.13%, 07/01/42	$	300	$	316,305
S/F Housing, State House Project, Series B, 4.50%, 06/15/40		1,930		1,744,295
School Facilities Construction Bonds, Series DDD, 5.00%, 06/15/42		160		155,491
New Jersey Health Care Facilities Financing Authority, Refunding RB, St. Barnabas Health Care System, Series A:
4.63%, 07/01/21^(b)		770		801,085
5.63%, 07/01/21^(b)		2,560		2,692,710
5.00%, 07/01/25		500		532,560
New Jersey Higher Education Student Assistance Authority, Refunding RB, Series B, AMT, 3.25%, 12/01/39		1,970		1,941,514
New Jersey State Turnpike Authority, RB, Series E, 5.00%, 01/01/45		820		890,340
New Jersey Transportation Trust Fund Authority, RB:
CAB, Transportation System, Series A, 0.00%, 12/15/35^(d)		1,600		801,392
Transportation System, Series A, 5.50%, 06/15/21^(b)		500		527,455
Transportation System, Series A, 5.00%, 06/15/42		395		383,869
Transportation System, Series B, 5.50%, 06/15/31		2,000		2,015,280
Transportation Program, Series AA, 5.00%, 06/15/38		290		284,368
Transportation Program, Series AA, 5.00%, 06/15/45		1,350		1,298,957
Transportation Program, Series AA, 5.00%, 06/15/46		600		574,542
New Jersey Transportation Trust Fund Authority, Refunding RB, Transportation System:
Bond, 4.00%, 12/15/39		820		723,724
Series A, 5.00%, 12/15/36		240		237,108
Tobacco Settlement Financing Corp., Refunding RB, Sub-Series B, 5.00%, 06/01/46		4,770		4,795,376

				21,721,048

New Mexico — 0.3%
New Mexico Hospital Equipment Loan Council, Refunding RB, Presbyterian Healthcare Services, 5.00%, 08/01/44		680		731,796


New York — 3.9%
City of New York Industrial Development Agency, RB, PILOT:
(AMBAC), 5.00%, 01/01/39		1,100		1,100,550
Queens Baseball Stadium (AGC), 6.50%, 01/01/46		300		301,014
Counties of New York Tobacco Trust IV, Refunding RB, Settlement Pass-Through Turbo, Series A, 6.25%, 06/01/41^(a)		1,400		1,396,500
Counties of New York Tobacco Trust VI, Refunding RB, Settlement Pass-Through Turbo, Series C, 4.00%, 06/01/51		1,000		731,920
Erie Tobacco Asset Securitization Corp., Refunding RB, Asset-Backed, Series A, 5.00%, 06/01/45		1,825		1,668,214
Metropolitan Transportation Authority, RB, Series E, 5.00%, 11/15/43		30		30,495
Metropolitan Transportation Authority, Refunding RB, Series C-1, 5.00%, 11/15/56		320		327,130
New York Liberty Development Corp., Refunding RB, 3 World Trade Center Project, Class 2, 5.15%, 11/15/34^(a)		640		613,466
New York Transportation Development Corp., Refunding ARB, American Airlines, Inc., AMT, 5.00%, 08/01/31		820		796,490
Port Authority of New York & New Jersey, Refunding ARB, AMT:
Consolidated, 186th Series, 5.00%, 10/15/36		470		510,176
Consolidated,186th Series, 5.00%, 10/15/44		950		1,014,068
State of New York Power Authority, Refunding RB, Series A, 4.00%, 11/15/60^(h)		350		369,043
Westchester Tobacco Asset Securitization Corp., Refunding RB, Tobacco Settlement Bonds, Sub-Series C, 5.13%, 06/01/51		1,160		1,055,936

				9,915,002


16		2020 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

April 30, 2020

BlackRock Investment Quality Municipal Trust, Inc. (BKN)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

North Carolina — 0.4%
North Carolina Medical Care Commission, RB, Novant Health Obligated Group, 4.00%, 11/01/52	$	630	$	655,610
North Carolina Turnpike Authority, RB, Senior Lien, Triangle Express Way System:
4.00%, 01/01/55		155		138,737
(AGM), 4.00%, 01/01/55		110		112,329

				906,676

North Dakota — 0.3%
County of Burleigh North Dakota, Refunding RB, St. Alexius Medical Center Project, Series A, 5.00%, 07/01/21^(b)		720		752,875


Ohio — 4.5%
Buckeye Tobacco Settlement Financing Authority, Refunding RB, Senior, Class 2, Series B-2, 5.00%, 06/01/55		3,495		3,091,957
City of Dayton Ohio Airport Revenue, Refunding ARB, James M. Cox Dayton International Airport, Series A (AGM), AMT, 4.00%, 12/01/32		3,000		3,073,800
County of Butler Port Authority, RB, Series A-1^(a):
Storypoint Fairfield Project, 6.25%, 01/15/34		500		473,930
StoryPoint Fairfield Project, 6.38%, 01/15/43		275		251,619
County of Montgomery Ohio, Refunding RB, Premier Health Partners Obligated Group, 4.00%, 11/15/42		1,050		881,349
Ohio Air Quality Development Authority, RB, AMG Vanadium Project, AMT, 5.00%, 07/01/49^(a)		650		590,551
Ohio Housing Finance Agency, RB, S/F Housing, Series A (Ginnie Mae, Fannie Mae & Freddie Mac), 4.00%, 09/01/48		50		51,774
State of Ohio, Refunding RB, University Hospitals Health System, Series A, 5.00%, 01/15/41		3,010		3,109,992

				11,524,972

Oklahoma — 0.9%
City of Oklahoma Public Property Authority, Refunding RB:
5.00%, 10/01/36		800		906,000
5.00%, 10/01/39		280		314,149
City of Oklahoma Turnpike Authority, RB, Series A, 4.00%, 01/01/48		420		454,264
Oklahoma Development Finance Authority, RB, OU Medicine Project, Series B, 5.50%, 08/15/52		680		715,611

				2,390,024

Oregon — 1.5%
Oregon Health & Science University, RB, Series A, 4.00%, 07/01/37		575		633,133
State of Oregon Housing & Community Services Department, RB, S/F Housing, Mortgage Program, Series C, 3.95%, 07/01/43		620		647,788
State of Oregon State Facilities Authority, Refunding RB, University of Portland Project, Series A, 5.00%, 04/01/45		2,485		2,644,313

				3,925,234

Pennsylvania — 9.9%
City of Philadelphia Pennsylvania Airport Revenue, Refunding ARB, Series B, AMT, 5.00%, 07/01/35		575		616,636
Commonwealth Financing Authority, RB, Tobacco Master Settlement Payment (AGM), 4.00%, 06/01/39		2,785		2,930,210
County of Montgomery Higher Education & Health Authority, Refunding RB, Thomas Jefferson University, Series A, 4.00%, 09/01/49		565		568,418
Delaware River Port Authority, RB, 4.50%, 01/01/32		3,000		3,276,420
Mckeesport Area School District, GO, CAB, Refunding (NPFGC), 0.00%, 10/01/31^(d)(i)		500		380,950
Pennsylvania Economic Development Financing Authority, RB:
Pennsylvania Rapid Bridge Replacement, 5.00%, 12/31/38		1,610		1,628,547
Series A-1, 4.00%, 04/15/50		780		790,585


Security	Par (000)		Value

Pennsylvania (continued)
Pennsylvania Economic Development Financing Authority, Refunding RB, National Gypsum Co., AMT, 5.50%, 11/01/44	$	810	$	695,077
Pennsylvania Higher Education Assistance Agency, RB, AMT, Series B, 3.00%, 06/01/47		155		129,667
Pennsylvania Housing Finance Agency, RB, S/F Housing:
Series 127-B, 3.88%, 10/01/38		670		709,764
Series 128B, 3.85%, 04/01/38		1,505		1,603,412
Pennsylvania Turnpike Commission, RB:
Series C, 5.00%, 12/01/39		850		914,897
Sub-Series A-1, 5.00%, 12/01/41		2,735		2,954,949
Subordinate, Series A, 4.00%, 12/01/49		710		727,054
Pottsville Hospital Authority, Refunding RB, Lehigh Valley Health Network, Series B, 5.00%, 07/01/45		2,000		2,155,360
School District of Philadelphia, Refunding, GOL, Series F, 5.00%, 09/01/37		800		910,232
State Public School Building Authority, Refunding RB, The School District of Philadelphia Project, Series A, 5.00%, 06/01/34		3,825		4,432,869

				25,425,047

Puerto Rico — 5.7%
Children’s Trust Fund, Refunding RB, Tobacco Settlement Asset-Backed Bonds:
5.50%, 05/15/39		495		495,391
5.63%, 05/15/43		530		522,103
Commonwealth of Puerto Rico Aqueduct & Sewer Authority, RB, Senior Lien, Series A:
5.00%, 07/01/33		2,145		2,037,428
5.13%, 07/01/37		615		580,677
Commonwealth of Puerto Rico Aqueduct & Sewer Authority, Refunding RB, Senior Lien, Series A:
6.00%, 07/01/38		630		624,784
6.00%, 07/01/44		1,140		1,139,795
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, Restructured:
CAB, Series A-1, 0.00%, 07/01/46^(d)		1,362		313,205
Series A-1, 4.75%, 07/01/53		1,372		1,235,939
Series A-1, 5.00%, 07/01/58		5,829		5,444,403
Series A-2, 4.33%, 07/01/40		861		768,959
Series A-2, 4.78%, 07/01/58		1,459		1,313,377

				14,476,061

Rhode Island — 3.1%
Rhode Island Health & Educational Building Corp., Refunding RB, Series A (AGM), 3.75%, 05/15/32		1,845		1,980,183
Tobacco Settlement Financing Corp., Refunding RB:
Series A, 5.00%, 06/01/40		1,000		1,031,620
Series B, 4.50%, 06/01/45		2,725		2,777,729
Series B, 5.00%, 06/01/50		2,000		2,090,120

				7,879,652

South Carolina — 1.9%
South Carolina Jobs EDA, Refunding RB, Prisma Health Obligated Group, Series A, 5.00%, 05/01/38		1,895		2,067,786
South Carolina Jobs-Economic Development Authority, RB, Hilton Head Christian Academy, 5.00%, 01/01/55^(a)		755		586,862
State of South Carolina Public Service Authority, RB, Series E, 5.00%, 12/01/48		2,125		2,195,125

				4,849,773

Tennessee — 3.2%
Chattanooga Health Educational & Housing Facility Board, RB, Catholic Health Initiatives, Series A, 5.25%, 01/01/23^(b)		2,945		3,262,883
City of Johnson Health & Educational Facilities Board, RB, Mountain States Health, Series A, 5.00%, 08/15/42		1,200		1,220,208


SCHEDULES OF INVESTMENTS			17

Schedule of Investments (continued)

April 30, 2020

BlackRock Investment Quality Municipal Trust, Inc. (BKN)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Tennessee (continued)
County of Chattanooga-Hamilton Tennessee Hospital Authority, Refunding RB, Series A, 5.00%, 10/01/44	$	875	$	879,699
County of Nashville & Davidson Metropolitan Government Health & Educational Facilities Board, RB, Vanderbilt University Medical Center, Series A, 5.00%, 07/01/40		1,075		1,164,332
Greeneville Health & Educational Facilities Board, Refunding RB, Ballad Health Obligation Group, Series A, 4.00%, 07/01/40		615		592,356
Metropolitan Government of Nashville & Davidson County Health & Educational Facilities Board, RB, Vanderbilt University Medical Center, Series A, 5.00%, 07/01/46		945		1,016,943

				8,136,421

Texas — 11.3%
Brazos Higher Education Authority, Inc., RB, Subordinate, Student Loan Program, Series 1B (AMT), 3.00%, 04/01/40		105		88,849
Central Texas Turnpike System, RB, Series C:
5.00%, 08/15/37		1,970		2,014,857
5.00%, 08/15/42		1,480		1,534,819
County of Harris Texas-Houston Sports Authority, Refunding RB, CAB, Senior Lien, Series A (NPFGC) (AGM), 0.00%, 11/15/38^(d)		5,000		2,186,650
County of Midland Texas Fresh Water Supply District No. 1, RB, CAB, City of Midland Project, Series A, 0.00%, 09/15/38^(d)		16,780		7,989,461
County of Tarrant Texas Cultural Education Facilities Finance Corp., RB, Christus Health, Series B, 5.00%, 07/01/35		440		502,181
Leander ISD, GO, Refunding CAB, Series D (PSF-GTD)^(d):
0.00%, 08/15/24^(b)		550		311,262
0.00%, 08/15/35		5,450		2,996,355
North Texas Tollway Authority, Refunding RB, 4.25%, 01/01/49		930		1,005,683
Red River Texas Education Financing Corp., RB, Texas Christian University Project, 5.25%, 03/15/23^(b)		1,140		1,279,034
Texas Department of Housing & Community Affairs, RB, S/F Housing Mortgage, Series A (Ginnie Mae), 4.25%, 09/01/43		300		320,613
Texas Municipal Gas Acquisition & Supply Corp. III, RB, Natural Gas Utility Improvements, 5.00%, 12/15/32		2,080		2,154,110
Texas Private Activity Bond Surface Transportation Corp., RB, Senior Lien, LBJ Infrastructure Group LLC, 7.00%, 06/30/40		3,000		3,007,260
Texas Transportation Commission, RB, First Tier Toll Revenue^(d):
0.00%, 08/01/35		420		213,910
0.00%, 08/01/36		235		113,684
0.00%, 08/01/37		305		140,035
0.00%, 08/01/38		315		136,874
0.00%, 08/01/44		1,370		428,358
0.00%, 08/01/45		1,800		534,222
University of Texas System, Refunding RB, Series A, 3.50%, 08/15/50		1,545		1,922,135

				28,880,352

Utah — 0.6%
State of Utah Charter School Finance Authority, Refunding RB:
Mountainville Academy, 4.00%, 04/15/42		600		622,896
The Freedom Academy Foundation Project, 5.25%, 06/15/37^(a)		205		187,850
The Freedom Academy Foundation Project, 5.38%, 06/15/48^(a)		260		226,652
Utah Housing Corp., RB, S/F Housing, Class III, Series D-2 (FHA), 4.00%, 01/01/36		435		471,601

				1,508,999


Security	Par (000)		Value

Vermont — 0.2%
Vermont Student Assistance Corp., RB, AMT, Series A, 4.25%, 06/15/32	$	455	$	463,604


Virginia — 2.1%
Ballston Quarter Community Development Authority, Tax Allocation Bonds, Series A, 5.38%, 03/01/36		780		719,293
Tobacco Settlement Financing Corp., Refunding RB, Senior Series B-1, 5.00%, 06/01/47		1,030		975,925
Virginia Housing Development Authority, RB, Series E, 3.15%, 12/01/49		1,515		1,473,050
Virginia Small Business Financing Authority, RB, AMT:
Covanta Project, 5.00%, 01/01/48^(a)(e)		745		697,491
Senior Lien, Elizabeth River Crossings OpCo LLC Project, 6.00%, 01/01/37		1,440		1,484,395

				5,350,154

Washington — 0.3%
Port of Seattle Washington, ARB, Series A, AMT, 5.00%, 05/01/43		625		677,669


West Virginia — 0.3%
West Virginia Hospital Finance Authority, RB, Improvement, West Virginia University Health System Obligated Group, Series A, 4.00%, 06/01/51		730		745,060


Wisconsin — 0.7%
Public Finance Authority, Refunding RB, National Gypsum Co., AMT, 4.00%, 08/01/35		435		364,221
WPPI Energy Power Supply Systems, Refunding RB, Series A, 5.00%, 07/01/37		1,330		1,461,311


			1,825,532


Total Municipal Bonds — 131.7% (Cost — $318,481,431)				336,969,622


Municipal Bonds Transferred to Tender Option Bond Trusts — 36.2%^(j)

California — 0.5%
Los Angeles California Unified School District, GO, Election of 2008, Series B-1, 5.25%, 07/01/42^(k)		1,182		1,401,321

				1,401,321

Colorado — 0.8%
City & County of Denver Colorado Airport System Revenue, Refunding ARB, Subordinate System, Series A, AMT, 5.25%, 12/01/48^(k)		1,769		1,975,328


Connecticut — 1.7%
State of Connecticut Health & Educational Facility Authority, Refunding RB, Trinity Health Credit Group, 5.00%, 12/01/45		3,902		4,228,630


District of Columbia — 0.9%
District of Columbia Housing Finance Agency, RB, M/F Housing, Series B-2 (FHA), 4.10%, 09/01/39		2,102		2,283,164


Florida — 1.7%
County of Pinellas Florida School Board, COP, Master Lease Program, Series A, 5.00%, 07/01/41		2,120		2,447,010
Greater Orlando Aviation Authority, ARB, Series A, AMT, 4.00%, 10/01/49		1,860		1,887,026

				4,334,036

Georgia — 0.6%
Georgia Housing & Finance Authority, Refunding RB, S/F Mortgage Bonds, Series A, 3.70%, 06/01/49		1,581		1,622,995


Louisiana — 0.5%
State of Louisiana Gasoline & Fuels Tax Revenue, Refunding RB, First Lien, Series A, 4.00%, 05/01/41		1,200		1,276,320


18		2020 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

April 30, 2020

BlackRock Investment Quality Municipal Trust, Inc. (BKN)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Maine — 0.3%
State of Maine Housing Authority, RB, M/F Housing, Series E, 4.15%, 11/15/38	$	719	$	774,917


Maryland — 1.2%
State of Maryland Stadium Authority, RB, Construction and Revitalization Program, 5.00%, 05/01/42		2,760		3,204,222


Massachusetts — 1.4%
Commonwealth of Massachusetts, GO, Series A, 5.00%, 01/01/46		3,018		3,536,061


Michigan — 2.0%
Michigan Finance Authority, RB, Multi Model- McLaren Health Care, 4.00%, 02/15/47		2,759		2,851,944
State of Michigan Housing Development Authority, RB, M/F Housing, Series A, 4.05%, 10/01/48		2,142		2,267,091

				5,119,035

Minnesota — 2.2%
State of Minnesota, RB, Series A, 5.00%, 06/01/38		5,000		5,521,749


Nebraska — 0.7%
Nebraska Investment Finance Authority, RB, S/F Housing, Series A (Ginnie Mae, Fannie Mae & Freddie Mac), 3.70%, 03/01/47		1,665		1,745,190


Nevada — 1.1%
County of Clark Nevada, GOL, Stadium Improvement, Series A, 5.00%, 06/01/38		2,311		2,749,950


New Jersey — 1.8%
New Jersey State Turnpike Authority, Refunding RB, Series G, 4.00%, 01/01/43		1,606		1,698,932
New Jersey Transportation Trust Fund Authority, RB, Transportation System, Series B, 5.25%, 06/15/36		2,861		2,866,238

				4,565,170

New York — 9.9%
City of New York, GO, Refunding, Fiscal 2015, Series B, 4.00%, 08/01/32		1,600		1,707,408
City of New York Housing Development Corp., Refunding RB, Sustainable Neighborhood Bonds, Series A, 4.15%, 11/01/38		1,650		1,763,685
City of New York Transitional Finance Authority, BARB, Series S-1, 4.00%, 07/15/42^(k)		2,145		2,198,389
City of New York Water & Sewer System, Refunding RB, 2nd General Resolution, Fiscal 2013:
Series BB, 4.00%, 06/15/47		6,000		6,194,100
Series CC, 5.00%, 06/15/47		4,000		4,421,541
Hudson Yards Infrastructure Corp., RB, Senior-Fiscal 2012:
5.75%, 02/15/21^(b)(k)		1,083		1,121,569
5.75%, 02/15/47^(k)		666		689,955
New York Liberty Development Corp., ARB, 1 World Trade Center Port Authority Consolidated Bonds, 5.25%, 12/15/43		4,500		4,718,793
State of New York Thruway Authority, Refunding RB, Transportation, Personal Income Tax, Series A, 5.00%, 03/15/31		2,360		2,467,663

				25,283,103

Ohio — 0.7%
Northeast Ohio Regional Sewer District, Refunding RB, 4.00%, 11/15/49^(k)		1,800		1,913,058


Pennsylvania — 1.4%
Commonwealth of Pennsylvania, GO, 1st Series, 4.00%, 03/01/36^(k)		2,399		2,647,891


Security	Par (000)		Value

Pennsylvania (continued)
Philadelphia Authority for Industrial Development, RB, Childrens Hospital of Philadelphia Project, Series A, 4.00%, 07/01/44	$	914	$	944,344

				3,592,235

Rhode Island — 1.1%
Rhode Island Housing & Mortgage Finance Corp., Refunding RB, S/F Housing, Home Ownership Opportunity Bonds, Series 69-B (Ginnie Mae, Fannie Mae & Freddie Mac):
3.55%, 10/01/33		2,040		2,168,051
3.95%, 10/01/43		673		766,119

				2,934,170

Texas — 4.8%
Aldine Independent School District, GO, Refunding (PSF-GTD), 5.00%, 02/15/42		2,609		3,064,121
City of Houston Texas Community College, GO, Limited Tax, 4.00%, 02/15/43		2,160		2,253,182
City of San Antonio Texas Electric & Gas Systems Revenue, RB, Junior Lien, 5.00%, 02/01/43		2,380		2,589,273
Howe Independent School District, GO, School Building (PSF-GTD), 4.00%, 08/15/43		1,680		1,842,540
San Antonio Public Facilities Corp., Refunding RB, Convention Center Refinancing and Expansion Project, 4.00%, 09/15/42		1,409		1,463,485
Texas Department of Housing & Community Affairs, RB, S/F Housing, Series A (Ginnie Mae):
3.63%, 09/01/44		699		750,926
3.75%, 09/01/49		383		411,699

				12,375,226

Washington — 0.9%
Washington Health Care Facilities Authority, Refunding RB, Multicare Health System, Series B, 4.13%, 08/15/43		2,213		2,308,039


Total Municipal Bonds Transferred to Tender Option Bond Trusts — 36.2% (Cost — $89,828,960)				92,743,919


Total Long-Term Investments — 167.9% (Cost — $408,310,391)				429,713,541


	Shares

Short-Term Securities — 1.6%
BlackRock Liquidity Funds, MuniCash, Institutional Class, 0.15%^(l)(m)		4,003,098		4,003,899


Total Short-Term Securities — 1.6% (Cost — $4,003,373)				4,003,899


Total Investments — 169.5% (Cost — $412,313,764)				433,717,440

Other Assets Less Liabilities — 1.7%				4,441,813

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (22.0)%				(56,374,971	)

VMTP Shares, at Liquidation Value — (49.2)%				(125,900,000	)


Net Assets Applicable to Common Shares — 100.0%			$	255,884,282

^(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.


SCHEDULES OF INVESTMENTS			19

Schedule of Investments (continued)

April 30, 2020

BlackRock Investment Quality Municipal Trust, Inc. (BKN)

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

^(d)	Zero-coupon bond.

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

^(f)	Non-income producing security.

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

^(h)	When-issued 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 August 15, 2020 to June 01, 2026, is $7,331,721. See Note 4 of the Notes to Financial Statements for details.

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

^(m)	Investments in issuers considered to be an affiliate/affiliates of the Trust during the year ended April 30, 2020 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended were as follows:


Affiliated Issuer	Shares Held at 04/30/19		Shares Purchased			Shares Sold		Shares Held at 04/30/20		Value at 04/30/20		Income		Net Realized Gain (Loss)^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds, MuniCash, Institutional Class		903,538		3,099,560	^(b)		—		4,003,098	$	4,003,899	$	14,579	$	3,034	$	526

^(a)

Includes net capital gain distributions, if applicable.

^(b)

Represents net shares purchased(sold).

Derivative Financial Instruments Categorized by Risk Exposure

For the year ended April 30, 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 Realized Gain (Loss) from:
Futures contracts	$	—	$	—	$	—	$	—	$	(4,804,290	)	$	—	$	(4,804,290	)

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	—	$	—	$	165,984		$	—	$	165,984

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	—	^(a)
Average notional value of contracts — short		16,068,395

^(a)

Derivative not held at any quarter-end. The risk exposure table serves as an indicator of activity during the period.

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


20		2020 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

April 30, 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 investments. For information about the Trust’s policy regarding valuation of investments, refer to the Notes to Financial Statements.

The following tables summarize the Trust’s investments categorized in the disclosure hierarchy:


	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Long-Term Investments^(a)	$	—	$	429,713,541	$	—	$	429,713,541
Short-Term Securities		4,003,899		—		—		4,003,899

	$	4,003,899	$	429,713,541	$	—	$	433,717,440

^(a)

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

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	$	—	$	(56,112,087	)	$	—	$	(56,112,087	)
VMTP Shares at Liquidation Value		—		(125,900,000	)		—		(125,900,000	)

	$	—	$	(182,012,087	)	$	—	$	(182,012,087	)

See notes to financial statements.


SCHEDULES OF INVESTMENTS			21

Schedule of Investments

April 30, 2020

BlackRock Long-Term Municipal Advantage Trust (BTA)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Municipal Bonds — 130.5%

Alabama — 1.9%
County of Jefferson Alabama Sewer, Refunding RB, Sub-Lien, Series D, 6.00%, 10/01/42	$	1,655	$	1,865,086
County of Tuscaloosa IDA, Refunding RB, Hunt Refining Project, Series A^(a):
4.50%, 05/01/32		180		165,541
5.25%, 05/01/44		230		220,618
Madison Water & Wastewater Board, RB, 3.00%, 12/01/50		615		609,256

				2,860,501

Alaska — 0.7%
Northern Tobacco Securitization Corp., Refunding RB, Tobacco Settlement, Asset-Backed, Series A, 5.00%, 06/01/46		1,045		1,023,640


Arizona — 3.7%
Arizona IDA, RB, Doral Academy of Nevada — Fire Mesa & Red Rock Campus Projects, Series A, 5.00%, 07/15/39^(a)		250		230,305
Arizona IDA, Refunding RB, Series A^(a):
Basis Schools, Inc. Projects, 5.13%, 07/01/37		360		337,392
Basis Schools, Inc. Projects, 5.38%, 07/01/50		925		842,934
Odyssey Preparatory Academy Project, 5.50%, 07/01/52		855		756,410
Arizona Industrial Development Authority, Refunding RB, Series G, 5.00%, 07/01/47^(a)		135		117,450
City of Phoenix Arizona IDA, RB, Series A:
Facility, Eagle College Preparatory Project, 5.00%, 07/01/33		870		809,056
Legacy Traditional Schools Projects, 5.00%, 07/01/46^(a)		1,255		1,145,237
City of Phoenix Arizona IDA, Refunding RB, Basis Schools, Inc. Projects, Series A, 5.00%, 07/01/35^(a)		125		117,669
County of Maricopa IDA, Refunding RB, Honor health, Series A, 4.13%, 09/01/38		375		395,074
Salt Verde Financial Corp., RB, Senior, 5.00%, 12/01/37		725		894,643

				5,646,170

Arkansas — 0.5%
Arkansas Development Finance Authority, RB, Big River Steel Project, AMT, 4.50%, 09/01/49^(a)		925		789,904


California — 5.9%
California Municipal Finance Authority, RB, Senior, Caritas Affordable Housing, Inc. Projects, S/F Housing, Series A:
5.25%, 08/15/39		70		75,603
5.25%, 08/15/49		175		185,451
City & County of San Francisco California Redevelopment Agency, Tax Allocation Bonds, Mission Bay South Redevelopment Project, Series D, 0.00%, 08/01/31^(a)(b)		1,265		708,640
City of Los Angeles California Department of Airports, Refunding ARB, Los Angeles International Airport, Senior, Series A, 5.00%, 05/15/40		800		801,472
City of Stockton California Public Financing Authority, RB, Delta Water Supply Project, Series A, 6.25%, 10/01/23^(c)		165		194,916
County of California Tobacco Securitization Agency, Refunding RB, Golden Gate Tobacco Funding Corp., Series A, 5.00%, 06/01/47		140		134,420
County of Los Angeles California Tobacco Securitization Agency, RB, Asset-Backed, Los Angeles County Securitization Corp.^(d):
5.70%, 06/01/46		1,000		999,990
5.60%, 06/01/36		2,000		1,999,980
Golden State Tobacco Securitization Corp., Refunding RB, Series A-2, 5.00%, 06/01/47		535		521,935
San Marcos Unified School District, GO, CAB, SAN, Election of 2010, Series B, 0.00%, 08/01/38^(b)		3,725		2,174,618
State of California, GO, Refunding, Various Purposes, 4.00%, 03/01/40		655		731,805


Security	Par (000)		Value

California (continued)
State of California Public Works Board, LRB, Various Capital Projects, Series I, 5.00%, 11/01/38	$	355	$	386,414

				8,915,244

Colorado — 1.8%
Centerra Metropolitan District No. 1, Tax Allocation Bonds, 5.00%, 12/01/47^(a)		275		229,119
Denver Convention Center Hotel Authority, Refunding RB, 5.00%, 12/01/40		1,550		1,549,969
Table Mountain Metropolitan District, GO, Series A, 5.25%, 12/01/45		991		925,901

				2,704,989

Connecticut — 0.6%
Mohegan Tribe of Indians of Connecticut, Refunding RB, Public Improvement, Priority Distribution, Series C, 6.25%, 02/01/30^(a)		860		889,231


Delaware — 2.3%
County of Sussex Delaware, RB, NRG Energy, Inc., Indian River Power LLC Project, 6.00%, 10/01/40		750		758,617
State of Delaware EDA, RB, Exempt Facilities, Indian River Power LLC Project, 5.38%, 10/01/45		2,670		2,670,561

				3,429,178

District of Columbia — 1.3%
District of Columbia, Refunding RB, Kipp Charter School, Series A, 6.00%, 07/01/23^(c)		260		299,047
District of Columbia, Tax Allocation Bonds, City Market at O Street Project, 5.13%, 06/01/41		750		777,667
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Refunding RB, Subordinate, Dulles Metrorail and Capital Improvement Projects, 4.00%, 10/01/49		870		823,542

				1,900,256

Florida — 5.8%
Capital Region Community Development District, Refunding, Special Assessment, Capital Improvement:
Revenue Bond, Series A-1, 5.13%, 05/01/39		210		188,057
Series A-2, 4.60%, 05/01/31		515		474,181
Capital Trust Agency, Inc., RB, Paragon Academy of Technology and Sunshine, Series A, 5.75%, 06/01/54^(a)		450		372,991
County of Charlotte Florida IDA, RB, Town & Country Utilities Project, AMT^(a):
5.00%, 10/01/34		120		114,550
5.00%, 10/01/49		560		483,286
County of Osceola Florida Transportation Revenue, Refunding RB, Series A-2^(b):
0.00%, 10/01/46		775		260,276
0.00%, 10/01/47		745		239,666
0.00%, 10/01/48		525		161,653
0.00%, 10/01/49		435		128,086
Florida Development Finance Corp., RB, Solid Waste Disposal Facility, Waste Pro USA, Inc. Project, AMT, 5.00%, 08/01/29^(a)(e)		740		739,660
Lakewood Ranch Stewardship District, Special Assessment Bonds, Northeast Sector Project — Phase 1B, Village of Lakewood Ranch Sector Projects:
5.30%, 05/01/39		310		323,401
4.75%, 05/01/29		270		266,863
5.45%, 05/01/48		550		572,797
Lakewood Ranch Stewardship District Special Assessment Bonds:
4.00%, 05/01/21		54		53,929
4.25%, 05/01/26		100		101,090
5.13%, 05/01/46		380		341,153


22		2020 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

April 30, 2020

BlackRock Long-Term Municipal Advantage Trust (BTA)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Florida (continued)
Mid-Bay Florida Bridge Authority, RB, Springing Lien, Series A, 7.25%, 10/01/21^(c)	$	1,080	$	1,175,224
Tolomato Community Development District, Refunding, Special Assessment Bonds^(d):
Convertible CAB, Series A4, 0.00%, 05/01/40		120		98,567
Series 2015-2, 0.00%, 05/01/40		310		177,078
Tolomato Community Development District^(f)(g):
Series 1, 0.00%, 05/01/40^(d)		505		378,063
Series 3, 6.61%, 05/01/40		340		3
Series 3, 6.65%, 05/01/40		275		3
Trout Creek Community Development District, Special Assessment Bonds:
5.50%, 05/01/49		570		577,792
5.00%, 05/01/28		160		165,168
Village Community Development District No. 10, Special Assessment Bonds, 5.13%, 05/01/43		765		777,990
West Villages Improvement District, Special Assessment Bonds:
4.75%, 05/01/39		220		201,280
5.00%, 05/01/50		450		395,212

				8,768,019

Georgia — 2.9%
County of Gainesville Georgia & Hall Hospital Authority, Refunding RB, Northeast Georgia Health System, Inc. Project, Series A (GTD), 5.50%, 08/15/54		240		262,318
Main Street Natural Gas, Inc., RB, Series A, 5.00%, 05/15/49		1,270		1,474,661
Municipal Electric Authority of Georgia, RB, Plant Vogtle Units 3 & 4 Project:
4.00%, 01/01/49		865		832,242
4.00%, 01/01/59		1,640		1,523,494
Municipal Electric Authority of Georgia, Refunding RB, Series A, 4.00%, 01/01/49		320		307,882

				4,400,597

Illinois — 10.5%
Chicago Board of Education, GO, Series D:
Dedicated Revenues, Series H, 5.00%, 12/01/36		935		901,284
Project, Series C, 5.25%, 12/01/35		795		787,503
Chicago Board of Education, GO, Refunding:
Dedicated Revenues, Series C, 5.00%, 12/01/27		415		420,150
Dedicated Revenues, Series C, 5.00%, 12/01/34		940		912,514
Dedicated Revenues, Series F, 5.00%, 12/01/22		325		330,886
Series C, 5.00%, 12/01/25		350		357,227
Chicago Board of Education, GO:
5.00%, 12/01/46		290		261,032
5.00%, 12/01/46		745		644,365
City of Chicago Illinois, GO, Refunding, Series A, 6.00%, 01/01/38		595		609,518
City of Chicago Illinois O’Hare International Airport, GARB, 3rd Lien, Series A, 5.75%, 01/01/39		400		408,132
City of Chicago Illinois Transit Authority, RB, Sales Tax Receipts, 5.25%, 12/01/40		360		378,529
County of Cook Illinois Community College District No. 508, GO, City College of Chicago, 5.50%, 12/01/38		350		354,704
Illinois Finance Authority, Refunding RB, Presence Health Network, Series C, 5.00%, 02/15/41		1,500		1,691,205
Metropolitan Pier & Exposition Authority, RB, Series A, McCormick Place Expansion Project:
Bonds, 5.00%, 06/15/57		555		494,239
5.50%, 06/15/53		200		194,454
Metropolitan Pier & Exposition Authority, Refunding RB:
McCormick Place Expansion Project, 4.00%, 06/15/50		570		474,645
McCormick Place Expansion Project, Series B (AGM), 5.00%, 06/15/50		1,790		1,794,296


Security	Par (000)		Value

Illinois (continued)
McCormick Place Expansion Project, Series B-2, 5.00%, 06/15/50	$	1,400	$	1,400,042
McCormik Place Expansion Project, Series B, 5.00%, 06/15/52		225		203,913
State of Illinois, GO:
5.00%, 05/01/27		500		491,785
5.00%, 01/01/28		1,005		984,910
5.00%, 03/01/37		755		675,378
Series A, 5.00%, 01/01/33		555		516,028
University of Illinois, RB, Auxiliary Facilities System, Series A, 5.00%, 04/01/44		475		491,872

				15,778,611

Indiana — 5.6%
City of Valparaiso Indiana, RB, Exempt Facilities, Pratt Paper LLC Project, AMT:
6.75%, 01/01/34		365		381,921
7.00%, 01/01/44		885		927,392
City of Vincennes Indiana, Refunding RB, Southwest Indiana Regional Youth Village Project, 6.25%, 01/01/29^(a)		960		960,653
County of Allen Indiana, RB, Story Point Fort Wayne Project, Series A-1^(a):
6.63%, 01/15/34		135		133,458
6.75%, 01/15/43		200		191,456
6.88%, 01/15/52		560		529,810
Indiana Finance Authority, RB, Series A:
CWA Authority Project, 1st Lien, 5.25%, 10/01/38		1,285		1,352,861
Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.00%, 07/01/44		160		163,749
Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.00%, 07/01/48		520		533,728
Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.25%, 01/01/51		2,190		2,243,699
Indianapolis Local Public Improvement Bond Bank, RB, Series A, 5.00%, 01/15/40		445		485,250
Town of Chesterton Indiana, RB, Story Point Chesterton Project, Series A-1, 6.38%, 01/15/51^(a)		560		497,017

				8,400,994

Iowa — 1.7%
Iowa Finance Authority, Refunding RB, Iowa Fertilizer Co. Project:
Series B, 5.25%, 12/01/50^(e)		825		786,605
Midwestern Disaster Area, 5.25%, 12/01/25		660		656,746
Iowa Student Loan Liquidity Corp., Refunding RB, AMT, Series B, 3.00%, 12/01/39		1,175		1,105,839

				2,549,190

Kentucky — 0.7%
Kentucky Economic Development Finance Authority, RB, Catholic Health Initiatives, Series A, 5.25%, 01/01/23^(c)		460		506,326
Kentucky Public Transportation Infrastructure Authority, RB, Downtown Crossing Project, Convertible CAB, 1st Tier, Series C, 0.00%, 07/01/43^(d)		565		527,925

				1,034,251

Louisiana — 2.7%
Louisiana Local Government Environmental Facilities & Community Development Authority, RB:
S/F Housing, University of Louisiana Monroe Project, 5.00%, 07/01/54^(a)		445		382,446
Westlake Chemical Corp. Project, Series A-1, 6.50%, 11/01/35		1,135		1,149,267
Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, Series A:
5.50%, 05/15/30		350		350,490


SCHEDULES OF INVESTMENTS			23

Schedule of Investments (continued)

April 30, 2020

BlackRock Long-Term Municipal Advantage Trust (BTA)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Louisiana (continued)
5.25%, 05/15/31	$	300	$	308,046
5.25%, 05/15/32		380		399,145
5.25%, 05/15/33		415		435,667
5.25%, 05/15/35		945		1,001,917

				4,026,978

Maine — 0.7%
Maine Health & Higher Educational Facilities Authority, RB, Maine General Medical Center, 6.75%, 07/01/41		970		993,464


Maryland — 1.2%
Maryland EDC, Refunding RB, CNX Marine Terminal, Inc., 5.75%, 09/01/25		645		648,721
Maryland Health & Higher Educational Facilities Authority, RB, Legends Charter School Project, 7.00%, 03/01/55^(a)		1,480		1,155,377

				1,804,098

Massachusetts — 2.8%
Massachusetts Development Finance Agency, RB:
Emerson College Issue, Series A, 5.00%, 01/01/47		860		896,670
North Hill Communities Issue, Series A, 6.50%, 11/15/23^(a)(c)		1,000		1,195,590
UMass Boston Student Housing Project, 5.00%, 10/01/48		945		941,929
Massachusetts Development Finance Agency, Refunding RB, Emmanuel College Issue, Series A, 5.00%, 10/01/35		500		548,050
Massachusetts HFA, Refunding RB, Series A, AMT, 4.45%, 12/01/42		625		645,038

				4,227,277

Michigan — 2.4%
City of Detroit Michigan, GO:
5.00%, 04/01/34		140		139,608
5.00%, 04/01/35		140		139,440
5.00%, 04/01/36		95		94,405
5.00%, 04/01/37		155		153,752
5.00%, 04/01/38		70		69,266
City of Detroit Michigan Sewage Disposal System, Refunding RB, Senior Lien, Series A, 5.25%, 07/01/39		1,970		2,091,884
Michigan Finance Authority, Refunding RB, Detroit Water & Sewage Department Project, Senior Lien, Series C-1, 5.00%, 07/01/44		410		425,847
Michigan Strategic Fund, RB, I-75 Improvement Projects, AMT, 5.00%, 06/30/48		500		503,505

				3,617,707

Minnesota — 2.2%
Duluth Economic Development Authority, Refunding RB, Essentia Health Obligated Group, Series A:
4.25%, 02/15/48		1,940		1,970,710
5.25%, 02/15/58		655		712,968
Housing & Redevelopment Authority of The City of State Paul Minnesota, Refunding RB, Hmong College Academy Project, Series A, 5.50%, 09/01/36		690		684,521

				3,368,199

Missouri — 0.6%
Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Refunding RB, Combined Lien, Series A, 5.00%, 10/01/44		85		91,520
City of St. Louis Missouri IDA, Refunding RB, BallPark Village Development Project, Series A:
4.38%, 11/15/35		330		310,467
4.75%, 11/15/47		365		330,289
State of Missouri Health & Educational Facilities Authority, Refunding RB, St. Louis College of Pharmacy Project, 5.50%, 05/01/43		115		120,250

				852,526


Security	Par (000)		Value

Nebraska — 0.2%
Central Plains Nebraska Energy Project, RB, Gas Project No. 3, 5.25%, 09/01/37	$	285	$	303,400


New Jersey — 10.6%
Casino Reinvestment Development Authority, Inc., Refunding RB:
5.25%, 11/01/39		475		457,093
5.25%, 11/01/44		1,160		1,078,359
County of Essex New Jersey Improvement Authority, RB, AMT, 5.25%, 07/01/45^(a)		505		506,202
New Jersey EDA, ARB, Continental Airlines, Inc. Project, 5.13%, 09/15/23		1,410		1,401,822
New Jersey EDA, RB, School Facilities Construction, Series EEE, 5.00%, 06/15/43		195		189,170
New Jersey EDA, Refunding RB, Series BBB, 5.50%, 06/15/31		1,225		1,274,416
New Jersey EDA, Refunding, Special Assessment Bonds, Kapkowski Road Landfill Project, 5.75%, 04/01/31		785		765,304
New Jersey Higher Education Student Assistance Authority, Refunding RB, Sub-Series C, AMT, 3.63%, 12/01/49		645		586,163
New Jersey Transportation Trust Fund Authority, RB:
Transportation Program Bonds, Series S, 5.25%, 06/15/43		2,535		2,540,552
Transportation Program, Series AA, 5.00%, 06/15/45		585		562,881
Transportation System, Series B, 5.25%, 06/15/36		845		846,648
New Jersey Turnpike Authority, RB, Series A, 4.00%, 01/01/48		245		255,209
Tobacco Settlement Financing Corp., Refunding RB:
Series A, 5.00%, 06/01/35		730		815,658
Series A, 5.25%, 06/01/46		1,700		1,811,656
Sub-Series B, 5.00%, 06/01/46		2,825		2,840,029

				15,931,162

New York — 25.0%
City of New York, GO, Multi Modal, Series D-1, 4.00%, 03/01/44		615		660,264
City of New York Water & Sewer System, Refunding RB, 2nd General Resolution, Series HH, 5.00%, 06/15/31		2,830		2,943,398
Counties of New York Tobacco Trust IV, Refunding RB, Settlement Pass-Through Turbo, Series A:
6.25%, 06/01/41^(a)		900		897,750
5.00%, 06/01/42		1,505		1,456,479
5.00%, 06/01/45		555		522,211
Counties of New York Tobacco Trust VI, Refunding RB, Tobacco Settlement Pass-Through, Series A-2B, 5.00%, 06/01/51		1,000		873,730
Erie Tobacco Asset Securitization Corp., Refunding RB, Asset-Backed, Series A, 5.00%, 06/01/45		910		831,822
Hudson Yards Infrastructure Corp., RB, Senior, Fiscal 2012:
5.75%, 02/15/21^(c)		4,030		4,186,928
5.75%, 02/15/47		2,480		2,552,639
Metropolitan Transportation Authority, RB, Series B:
5.25%, 11/15/38		1,125		1,166,963
5.25%, 11/15/39		400		414,600
New York City Transitional Finance Authority Future Tax Secured Revenue, RB, Series B-1, 4.00%, 11/01/45		5,000		5,355,300
New York Liberty Development Corp., RB, World Trade Center Port Authority Consolidated, 5.25%, 12/15/43		6,140		6,438,711
New York Liberty Development Corp., Refunding RB:
3 World Trade Center Project, Class 1, 5.00%, 11/15/44^(a)		2,355		2,170,580
3 World Trade Center Project, Class 2, 5.15%, 11/15/34^(a)		160		153,366
3 World Trade Center Project, Class 2, 5.38%, 11/15/40^(a)		395		388,336
4 World Trade Center Project, 5.75%, 11/15/51		2,220		2,315,393
New York Transportation Development Corp., ARB, LaGuardia Airport Terminal B Redevelopment Project, Series A, AMT, 5.25%, 01/01/50		1,000		1,019,500


24		2020 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

April 30, 2020

BlackRock Long-Term Municipal Advantage Trust (BTA)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

New York (continued)
Port Authority of New York & New Jersey, ARB, Special Project, JFK International Air Terminal LLC Project, Series 8, 6.00%, 12/01/42	$	730	$	734,424
State of New York Dormitory Authority, Refunding RB, Orange Regional Medical Center, 5.00%, 12/01/33^(a)		410		441,160
State of New York Power Authority, Refunding RB, Series A, 4.00%, 11/15/60^(h)		565		595,742
Westchester Tobacco Asset Securitization Corp., Refunding RB, Tobacco Settlement Bonds, Sub-Series C, 4.00%, 06/01/42		1,690		1,430,585

				37,549,881

North Carolina — 0.4%
North Carolina Medical Care Commission, Refunding RB, 1st Mortgage, Retirement Facilities Whitestone Project, Series A, 7.75%, 03/01/21^(c)		260		274,745
North Carolina Turnpike Authority, RB, Senior Lien, Triangle Express Way System (AGM), 4.00%, 01/01/55		320		326,774

				601,519

Ohio — 4.7%
Buckeye Tobacco Settlement Financing Authority, Refunding RB, Senior, Class 2, Series B-2, 5.00%, 06/01/55		6,070		5,370,008
Ohio Air Quality Development Authority, RB, AMG Vanadium Project, AMT, 5.00%, 07/01/49^(a)		400		363,416
State of Ohio, RB, Portsmouth Bypass Project, AMT, 5.00%, 06/30/53		1,220		1,338,523

				7,071,947

Oklahoma — 2.5%
Oklahoma Development Finance Authority, RB, OU Medicine Project, Series B:
5.00%, 08/15/38		1,450		1,474,621
5.25%, 08/15/43		1,305		1,342,493
Tulsa County Industrial Authority, Refunding RB, Montereau, Inc. Project, 5.25%, 11/15/45		925		886,113

				3,703,227

Oregon — 0.2%
County of Clackamas Oregon School District No. 12 North Clackamas, GO, CAB, Series A, 0.00%, 06/15/38^(b)		625		316,050


Pennsylvania — 2.2%
Allentown Neighborhood Improvement Zone Development Authority, RB, City Center Project, 5.00%, 05/01/42^(a)		470		451,811
City of Philadelphia Pennsylvania Hospitals & Higher Education Facilities Authority, RB, Temple University Health System, Series A, 5.63%, 07/01/42		300		310,479
Pennsylvania Economic Development Financing Authority, RB, Pennsylvania Rapid Bridge Replacement, 5.00%, 12/31/38		465		470,357
Pennsylvania Economic Development Financing Authority, Refunding RB, National Gypsum Co., AMT, 5.50%, 11/01/44		720		617,846
Pennsylvania Higher Educational Facilities Authority, RB, University of Pennsylvania Health System Obligation, 4.00%, 08/15/44		805		850,982
Pennsylvania Turnpike Commission, RB, Series A, 5.00%, 12/01/44		520		559,785

				3,261,260

Puerto Rico — 6.2%
Children’s Trust Fund, Refunding RB, Tobacco Settlement Asset-Backed Bonds, 5.63%, 05/15/43		820		807,782
Commonwealth of Puerto Rico Aqueduct & Sewer Authority, RB, Senior Lien, Series A, 5.25%, 07/01/42		2,125		1,997,458
Commonwealth of Puerto Rico Aqueduct & Sewer Authority, Refunding RB, Senior Lien, Series A:
6.00%, 07/01/38		395		391,729


Security	Par (000)		Value

Puerto Rico (continued)
6.00%, 07/01/44	$	715	$	714,871
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, Restructured:
Series A-1, 4.75%, 07/01/53		1,374		1,237,741
Series A-1, 5.00%, 07/01/58		2,589		2,418,178
Series A-2, 4.33%, 07/01/40		851		760,028
Series A-2, 4.78%, 07/01/58		1,038		934,397
Series A-2, 4.33%, 07/01/40		72		64,055

				9,326,239

Rhode Island — 2.5%
Tobacco Settlement Financing Corp., Refunding RB:
Series A, 5.00%, 06/01/40		420		433,280
Series B, 4.50%, 06/01/45		1,875		1,911,281
Series B, 5.00%, 06/01/50		1,360		1,421,282

				3,765,843

South Carolina — 3.3%
South Carolina Jobs-Economic Development Authority, RB, The Woodlands at Furman Project, Series A, 5.00%, 11/15/54		165		137,932
State of South Carolina Jobs EDA, Refunding RB, Prisma Health Obligated Group, Series A, 5.00%, 05/01/43		1,110		1,199,233
State of South Carolina Public Service Authority, RB:
Santee Cooper, Series A, 5.50%, 12/01/54		1,840		1,942,009
Series E, 5.00%, 12/01/48		420		433,860
Series E, 5.50%, 12/01/53		750		788,295
State of South Carolina Public Service Authority, Refunding RB, Series E, 5.25%, 12/01/55		430		455,284

				4,956,613

Tennessee — 1.8%
County of Memphis-Shelby Tennessee Industrial Development Board, Refunding, Tax Allocation Bonds, Senior Tax Increment, Graceland Project, Series A:
5.50%, 07/01/37		490		455,940
5.63%, 01/01/46		570		515,018
County of Nashville & Davidson Metropolitan Government Health & Educational Facilities Board, Refunding RB, Lipscomb University Project, Series A:
4.00%, 10/01/49		290		270,448
5.25%, 10/01/58		1,430		1,524,423

				2,765,829

Texas — 7.3%
Brazos Higher Education Authority, Inc., RB, Subordinate, Student Loan Program, Series 1B (AMT), 3.00%, 04/01/40		285		241,161
Central Texas Regional Mobility Authority, Refunding RB, Senior Lien, 6.25%, 01/01/21^(c)		730		756,543
County of Brazoria Industrial Development Corp., RB, Gladieux Metals Recycling, AMT, 7.00%, 03/01/39		325		322,511
County of Harris Texas Cultural Education Facilities Finance Corp., RB, 1st Mortgage, Brazos Presbyterian Homes, Inc. Project, Series B, 7.00%, 01/01/23^(c)		210		243,260
County of Midland Texas Fresh Water Supply District No. 1, RB, CAB, City of Midland Projects, Series A, 0.00%, 09/15/37^(b)		5,200		2,612,428
Harris County-Houston Sports Authority, Refunding RB, CAB, Series A (AGM) (NPFGC), 0.00%, 11/15/34^(b)		3,000		1,732,800
Mission EDC, Refunding RB, Senior Lien, NatGasoline Project, AMT, 4.63%, 10/01/31^(a)		430		422,565
Newark Higher Education Finance Corp., RB, Series A^(a):
5.50%, 08/15/35		135		143,690
5.75%, 08/15/45		275		290,032
North Texas Tollway Authority, Refunding RB, 4.25%, 01/01/49		1,890		2,043,808


SCHEDULES OF INVESTMENTS			25

Schedule of Investments (continued)

April 30, 2020

BlackRock Long-Term Municipal Advantage Trust (BTA)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Texas (continued)
Texas Private Activity Bond Surface Transportation Corp., RB, Senior Lien:
Blueridge Transportation Group, AMT, 5.00%, 12/31/55	$	1,025	$	969,209
LBJ Infrastructure Group LLC, 7.00%, 06/30/40		500		501,210
Texas Transportation Commission, RB, First Tier Toll Revenue, 0.00%, 08/01/43^(b)		2,205		728,311

				11,007,528

Virginia — 2.8%
Ballston Quarter Community Development Authority, Tax Allocation Bonds, Series A:
5.00%, 03/01/26		260		257,093
5.13%, 03/01/31		510		489,049
Norfolk Redevelopment & Housing Authority, RB, Fort Norfolk Retirement Community, Inc. — Harbor’s Edge Project, Series A:
5.00%, 01/01/34		235		231,118
5.00%, 01/01/49		455		411,006
Tobacco Settlement Financing Corp., Refunding RB, Senior Series B-1, 5.00%, 06/01/47		1,025		971,188
Virginia College Building Authority, RB, Green Bond, Marymount University Project, Series B, 5.00%, 07/01/45^(a)		240		208,246
Virginia Small Business Financing Authority, RB, Senior Lien, Elizabeth River Crossings OpCo LLC Project, AMT, 6.00%, 01/01/37		1,540		1,587,478

				4,155,178

Washington — 1.0%
Port of Seattle Washington, RB, Intermediate Lien, Series C, AMT, 5.00%, 04/01/40		350		371,168
Washington Health Care Facilities Authority, RB, Catholic Health Initiatives, Series A, 5.75%, 01/01/45		1,020		1,093,440

				1,464,608

Wisconsin — 1.3%
Public Finance Authority, RB^(a):
Alabama Proton Therapy Center, Series A, 6.25%, 10/01/31		290		286,981
Alabama Proton Therapy Center, Series A, 7.00%, 10/01/47		290		279,864
Minnesota College of Osteopathic Medicine, Series A-1, 5.50%, 12/01/48^(f)(g)		10		7,119
Public Finance Authority, Refunding RB, Wingate University, Series A, 5.25%, 10/01/48		695		743,838
Wisconsin Health & Educational Facilities Authority, RB, ST. Camillus Health System:
5.00%, 11/01/39		210		182,868
5.00%, 11/01/46		230		190,270
5.00%, 11/01/54		380		303,324


			1,994,264


Total Municipal Bonds — 130.5% (Cost — $197,033,853)				196,155,572


Municipal Bonds Transferred to Tender Option Bond Trusts (i) — 41.9%

California — 2.3%
City of Los Angeles California Department of Airports, ARB, Los Angeles International Airport, Series B, AMT, 5.00%, 05/15/46		2,700		2,916,216
Sacramento Area Flood Control Agency, Refunding, Consolidated Capital Assessment District No. 2 Bonds, 5.00%, 10/01/47		495		571,450

				3,487,666

Colorado — 1.2%
Colorado Health Facilities Authority, Refunding RB, Common spirit Health, Series A, 4.00%, 08/01/49^(j)		1,810		1,744,949


Security	Par (000)		Value

Florida — 1.5%
Escambia County Health Facilities Authority, Refunding RB, Health Care Facilities Revenue Bonds, 4.00%, 08/15/45^(j)	$	2,321	$	2,270,889


Georgia — 0.7%
County of Dalton Whitfield Joint Development Authority, RB, Hamilton Health Care System Obligation, 4.00%, 08/15/48		1,025		1,057,154


Idaho — 1.5%
Idaho State Building Authority, RB, State Office Campus Project, Series A, 4.00%, 09/01/48		2,120		2,309,125


Illinois — 2.7%
Illinois Finance Authority, RB, The Carle Foundation, Series A (AGM), 6.00%, 08/15/41		2,340		2,462,031
State of Illinois Toll Highway Authority, RB, Series C, 5.00%, 01/01/38		1,498		1,637,072

				4,099,103

Iowa — 1.2%
Iowa Finance Authority, Refunding RB, UnityPoint Health, Series E, 4.00%, 08/15/46		1,815		1,857,235


Massachusetts — 6.5%
Massachusetts Housing Finance Agency, Refunding RB, Series A, AMT, 4.50%, 12/01/47		2,058		2,163,737
Massachusetts School Building Authority, RB, Senior, Series B, 5.00%, 10/15/21^(c)		7,112		7,548,846

				9,712,583

Michigan — 1.4%
Michigan Finance Authority, RB, Multi Model- McLaren Health Care, 4.00%, 02/15/47		2,000		2,067,659


New York — 2.6%
City of New York Housing Development Corp., Refunding RB, Sustainable Neighborhood Bonds, Series A, 4.15%, 11/01/38		2,390		2,554,671
Port Authority of New York & New Jersey, Refunding ARB, Series 194th, 5.25%, 10/15/55		1,215		1,339,100

				3,893,771

North Carolina — 1.7%
North Carolina Capital Facilities Finance Agency, Refunding RB, Duke University Project, Series B, 5.00%, 10/01/55		1,180		1,345,802
North Carolina Housing Finance Agency, RB, S/F Housing, Series 39-B (Ginnie Mae, Fannie Mae & Freddie Mac), 4.00%, 01/01/48		1,163		1,241,175

				2,586,977

Pennsylvania — 3.0%
County of Lehigh Pennsylvania, Refunding RB, Lehigh Valley Health Network, 4.00%, 07/01/49^(j)		2,501		2,528,291
Pennsylvania Turnpike Commission, RB, Sub-Series A, 5.50%, 12/01/42		1,680		1,888,942

				4,417,233

Rhode Island — 1.8%
Rhode Island Health & Educational Building Corp., RB, Series A, 4.00%, 09/15/47		2,447		2,679,662


Texas — 8.8%
City of San Antonio Texas Electric & Gas Systems Revenue, RB, Junior Lien, 5.00%, 02/01/43		11,000		11,967,230
County of Harris Texas Metropolitan Transit Authority, Refunding RB, Series A, 5.00%, 11/01/21^(c)		1,170		1,243,160

				13,210,390

Virginia — 3.7%
Hampton Roads Transportation Accountability Commission, RB, Transportation Fund, Senior Lien, Series A, 5.50%, 07/01/57^(j)		2,224		2,669,578


26		2020 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

April 30, 2020

BlackRock Long-Term Municipal Advantage Trust (BTA)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Virginia (continued)
Virginia Small Business Financing Authority, Refunding RB, Sentara Healthcare, 8.29%, 11/01/40	$	2,949	$	2,949,371

				5,618,949

West Virginia — 1.3%
Morgantown Utility Board, Inc., RB, Series B, 4.00%, 12/01/48^(j)		1,891		1,998,689


Total Municipal Bonds Transferred to Tender Option Bond Trusts — 41.9% (Cost — $61,091,006)				63,012,034


Total Long-Term Investments — 172.4% (Cost — $258,124,859)				259,167,606


	Shares

Short-Term Securities — 0.4%
BlackRock Liquidity Funds, MuniCash, Institutional Class, 0.15%^(k)(l)		676,970		677,105


Total Short-Term Securities — 0.4% (Cost — $677,098)				677,105


Total Investments — 172.8% (Cost — $258,801,957)				259,844,711

Other Assets Less Liabilities — 2.1%				3,162,446

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (24.6)%				(37,051,196	)

VRDP Shares, at Liquidation Value, Net of Deferred Offering Costs — (50.3)%				(75,612,012	)


Net Assets Applicable to Common Shares — 100.0%			$	150,343,949

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

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

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

^(g)	Non-income producing security.

^(h)	When-issued security.

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

^(j)

All or a portion of 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 February 15, 2028, is $6,412,176. See Note 4 of the Notes to Financial Statements for details.

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

^(l)	Investments in issuers considered to be an affiliate/affiliates of the during the year ended April 30, 2020 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:


Affiliated Issuer	Shares Held at 04/30/19		Shares Purchased			Shares Sold		Shares Held at 04/30/20		Value at 04/30/20		Income		Net Realized Gain (Loss)^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds, MuniCash, Institutional Class		393,555		283,415	^(b)		—		676,970	$	677,105	$	9,324	$	774	$	7

^(a)

Includes net capital gain distributions, if applicable.

^(b)

Represents net shares purchased(sold).

Derivative Financial Instruments Categorized by Risk Exposure

For the year ended April 30, 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 Realized Gain (Loss) from:
Futures contracts	$	—	$	—	$	—	$	—	$	(3,083,691	)	$	—	$	(3,083,691	)

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	—	$	—	$	60,522		$	—	$	60,522


SCHEDULES OF INVESTMENTS			27

Schedule of Investments (continued)

April 30, 2020

BlackRock Long-Term Municipal Advantage Trust (BTA)

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — Long	$	—	^(a)
Average notional value of contracts — Short	$	9,306,465

^(a)

Derivative not held at any quarter-end. The risk exposure table serves as an indicator of activity during the period.

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

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

The following tables summarize the Trust’s investments categorized in the disclosure hierarchy:


	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Long-Term Investments^(a)	$	—	$	259,167,606	$	—	$	259,167,606
Short-Term Securities		677,105		—		—		677,105

	$	677,105	$	259,167,606	$	—	$	259,844,711

^(a)

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


	Level 1		Level 2			Level 3		Total
Liabilities:
TOB Trust Certificates	$	—	$	(36,907,873	)	$	—	$	(36,907,873	)
VRDP Shares at Liquidation Value		—		(76,000,000	)		—		(76,000,000	)

	$	—	$	(112,907,873	)	$	—	$	(112,907,873	)

See notes to financial statements.


28		2020 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments

April 30, 2020

BlackRock Municipal Income Trust (BFK)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Municipal Bonds — 127.5%

Alabama — 2.7%
County of Jefferson Alabama Sewer, Refunding RB:
Senior Lien, Series A (AGM), 5.00%, 10/01/44	$	1,555	$	1,702,865
Senior Lien, Series A (AGM), 5.25%, 10/01/48		2,275		2,511,372
Sub-Lien, Series D, 6.00%, 10/01/42		5,740		6,468,636
Sub-Lien, Series D, 7.00%, 10/01/51		1,765		2,045,635
Lower Alabama Gas District, RB, Series A, 5.00%, 09/01/46		2,110		2,638,260

				15,366,768

Arizona — 4.7%
City of Phoenix Arizona IDA, RB, Legacy Traditional Schools Projects, Series A, 5.00%, 07/01/46^(a)		3,400		3,102,636
City of Phoenix Civic Improvement Corp., ARB, Series A, 4.00%, 07/01/45		2,610		2,610,966
Salt Verde Financial Corp., RB, Senior:
5.00%, 12/01/32		10,030		12,202,398
5.00%, 12/01/37		7,460		9,205,565

				27,121,565

Arkansas — 0.7%
Arkansas Development Finance Authority, RB, Big River Steel Project, AMT, 4.50%, 09/01/49^(a)		4,985		4,256,941


California — 7.5%
California Educational Facilities Authority, RB, Stanford University, Series V-1, 5.00%, 05/01/49		4,230		6,667,664
California Health Facilities Financing Authority, RB, Sutter Health, Series B, 6.00%, 08/15/20^(b)		3,115		3,160,915
California Health Facilities Financing Authority, Refunding RB, St. Joseph Health System, Series A, 5.00%, 07/01/33		2,465		2,687,170
California Municipal Finance Authority, RB, Senior, Caritas Affordable Housing, Inc. Projects, S/F Housing, Series A:
5.25%, 08/15/39		290		313,212
5.25%, 08/15/49		715		757,700
California Pollution Control Financing Authority, RB, Poseidon Resources (Channel Side) LP Desalination Project, AMT, 5.00%, 11/21/45^(a)		2,970		3,003,709
California Statewide Communities Development Authority, RB, Loma Linda University Medical Center, Series A^(a):
5.00%, 12/01/41		1,030		1,024,181
5.00%, 12/01/46		885		865,857
City of Los Angeles California Department of Airports, Refunding ARB, Los Angeles International Airport, Senior, Series A, 5.00%, 05/15/40		4,575		4,583,418
City of Stockton California Public Financing Authority, RB, Delta Water Supply Project, Series A, 6.25%, 10/01/23^(b)		690		814,994
County of Riverside Transportation Commission, RB, CAB, Senior Lien, Series B^(c):
0.00%, 06/01/41		5,000		1,950,850
0.00%, 06/01/42		6,000		2,212,380
0.00%, 06/01/43		5,000		1,736,900
Golden State Tobacco Securitization Corp., Refunding RB:
Series A-1, 5.25%, 06/01/47		1,070		1,071,402
Series A-2, 5.00%, 06/01/47		4,335		4,229,139
San Marcos Unified School District, GO, CAB, Election of 2010, Series B^(c):
0.00%, 08/01/34		3,500		2,390,535
0.00%, 08/01/36		4,000		2,518,200
State of California, GO, Various Purposes, 6.00%, 03/01/33		1,670		1,675,778
State of California Public Works Board, LRB, Various Capital Projects, Series I, 5.00%, 11/01/38		1,495		1,627,293

				43,291,297


Security	Par (000)		Value

Colorado — 1.8%
Arapahoe County School District No. 6 Littleton, GO, Series A, 5.50%, 12/01/43	$	3,485	$	4,314,465
Colorado Health Facilities Authority, Refunding RB, Commonspirit Health, Series A, 4.00%, 08/01/44		3,565		3,463,362
State of Colorado, COP, Building Excellent Schools, Series O, 4.00%, 03/15/44		2,580		2,838,051

				10,615,878

Connecticut — 1.1%
State of Connecticut, GO, Series A, 4.00%, 01/15/38		6,300		6,568,443


Delaware — 2.6%
County of Sussex Delaware, RB, NRG Energy, Inc., Indian River Power LLC Project, 6.00%, 10/01/40		2,225		2,250,565
Delaware Transportation Authority, RB, U.S. 301 Project, 5.00%, 06/01/55		2,280		2,539,327
State of Delaware EDA, RB, Exempt Facilities, Indian River Power LLC Project, 5.38%, 10/01/45		10,080		10,082,117

				14,872,009

District of Columbia — 6.4%
District of Columbia, Refunding RB:
Georgetown University, 5.00%, 04/01/35		865		958,965
Kipp Charter School, Series A, 6.00%, 07/01/23^(b)		1,480		1,702,267
The Catholic University of America Issue, 5.00%, 10/01/48		4,590		5,116,932
District of Columbia Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, 6.75%, 05/15/40		23,035		23,428,668
Metropolitan Washington Airports Authority, Refunding ARB, Dulles Metrorail And Capital Improvement Projects, Series A, 5.00%, 10/01/53		3,990		4,097,251
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Refunding RB, Subordinate, Dulles Metrorail And Capital Improvement Projects, Series B, 4.00%, 10/01/53		1,550		1,480,157

				36,784,240

Florida — 3.0%
County of Collier Florida Health Facilities Authority, Refunding RB, Series A, 5.00%, 05/01/45		2,620		2,881,948
County of Miami-Dade Florida Aviation, Refunding ARB, Miami International Airport, Series A-1, 5.38%, 10/01/20^(b)		2,280		2,321,701
County of Volusia Educational Facility Authority, Refunding RB, Embry Riddle Aeronautical Project:
5.00%, 10/15/44		1,160		1,296,683
5.00%, 10/15/49		2,375		2,656,438
Mid-Bay Florida Bridge Authority, RB, Springing Lien, Series A, 7.25%, 10/01/21^(b)		5,885		6,403,880
Stevens Plantation Community Development District, RB, Special Assessment, Series A, 7.10%, 05/01/35^(d)(e)(f)		3,395		1,629,600

				17,190,250

Georgia — 2.0%
County of Gainesville Georgia & Hall Hospital Authority, Refunding RB, Northeast Georgia Health System, Inc. Project, Series A (GTD), 5.50%, 08/15/54		1,010		1,103,920
Main Street Natural Gas, Inc., RB, Series A:
5.00%, 05/15/35		990		1,127,966
5.00%, 05/15/36		990		1,124,115
5.00%, 05/15/37		1,085		1,236,792
5.00%, 05/15/38		600		679,416
5.00%, 05/15/49		1,990		2,310,689
Municipal Electric Authority of Georgia, RB, Plant Vogtle Units 3 & 4 Project, 4.00%, 01/01/49		3,145		2,827,575


SCHEDULES OF INVESTMENTS			29

Schedule of Investments (continued)

April 30, 2020

BlackRock Municipal Income Trust (BFK)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Georgia (continued)
Municipal Electric Authority of Georgia, Refunding RB, Series A, 4.00%, 01/01/49	$	1,230	$	1,183,420

				11,593,893

Hawaii — 0.5%
State of Hawaii Harbor System, ARB, Series A, 5.25%, 07/01/30		2,660		2,677,157


Idaho — 0.3%
Idaho Health Facilities Authority, RB, Trinity Health Credit Group, Series A, 5.00%, 12/01/46		1,485		1,635,015


Illinois — 15.4%
Chicago Board of Education, GO, Series C:
Dedicated Revenues, Series H, 5.00%, 12/01/36		920		886,825
Project, 5.25%, 12/01/35		2,905		2,877,606
Chicago Board of Education, GO, Refunding:
Dedicated Revenues, Series D, 5.00%, 12/01/25		1,650		1,684,072
Dedicated Revenues, Series F, 5.00%, 12/01/22		1,250		1,272,637
Dedicated Revenues, Series G, 5.00%, 12/01/34		915		883,277
5.00%, 12/01/25		1,280		1,306,432
Chicago Board of Education, GO:
5.00%, 12/01/46		1,060		954,117
5.00%, 12/01/46		2,745		2,374,205
City of Chicago Illinois O’Hare International Airport, GARB, 3rd Lien, Series C, 6.50%, 01/01/21^(b)		11,385		11,810,230
City of Chicago Illinois Transit Authority, RB, Sales Tax Receipts, 5.25%, 12/01/40		2,055		2,160,771
City of Chicago Illinois Waterworks, Refunding RB, 2nd Lien Project, 5.00%, 11/01/42		2,000		2,011,460
County of Cook Illinois Community College District No. 508, GO, City College of Chicago, 5.50%, 12/01/38		1,525		1,545,496
Illinois Finance Authority, RB, Chicago LLC, University of Illinois at Chicago Project, Series A:
5.00%, 02/15/47		405		401,610
5.00%, 02/15/50		205		202,278
Metropolitan Pier & Exposition Authority, RB, McCormick Place Expansion Project Bonds, Series A, 5.00%, 06/15/57		1,760		1,567,315
Metropolitan Pier & Exposition Authority, Refunding RB, McCormick Place Expansion Project:
4.00%, 06/15/50		2,710		2,256,644
Series B (AGM), 0.00%, 06/15/43 ^(c)		10,455		3,695,947
Series B (AGM), 5.00%, 06/15/50		14,710		14,745,304
Series B-2, 5.00%, 06/15/50		3,905		3,905,117
Rail splitter Tobacco Settlement Authority, RB, 6.00%, 06/01/21^(b)		2,245		2,369,126
State of Illinois, GO, 5.00%, 02/01/39		2,990		2,654,313
State of Illinois, GO, Refunding:
Series A, 5.00%, 10/01/30		10,400		9,934,808
Series B, 5.00%, 10/01/28		1,965		1,915,168
State of Illinois, GO, Series A, 5.00%, 04/01/38		9,030		8,040,763
State of Illinois Toll Highway Authority, RB, Series C, 5.00%, 01/01/37		5,455		5,971,534
University of Illinois, RB, Auxiliary Facilities System, Series A, 5.00%, 04/01/44		1,910		1,977,843

				89,404,898

Indiana — 3.4%
City of Valparaiso Indiana, RB, Exempt Facilities, Pratt Paper LLC Project, AMT:
6.75%, 01/01/34		1,525		1,595,699
7.00%, 01/01/44		3,680		3,856,272
Indiana Finance Authority, RB, Series A:
CWA Authority Project, 1st Lien, 5.25%, 10/01/38		6,305		6,637,967


Security	Par (000)		Value

Indiana (continued)
Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.00%, 07/01/44	$	880	$	900,618
Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.00%, 07/01/48		2,905		2,981,692
Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.25%, 01/01/51		790		809,371
Indianapolis Local Public Improvement Bond Bank, RB, Series A, 5.00%, 01/15/40		2,490		2,715,221

				19,496,840

Iowa — 1.4%
Iowa Finance Authority, Refunding RB, Iowa Fertilizer Co. Project:
Series B, 5.25%, 12/01/50^(g)		5,515		5,258,332
Midwestern Disaster Area, 5.25%, 12/01/25		2,125		2,114,524
Midwestern Disaster Area, 5.88%, 12/01/26^(a)		805		816,946

				8,189,802

Kentucky — 1.2%
Kentucky Economic Development Finance Authority, RB, Catholic Health Initiatives, Series A, 5.25%, 01/01/23 ^(b)		1,915		2,107,860
Kentucky Economic Development Finance Authority, Refunding RB, Louisville Arena Authority, Inc. (AGM), 5.00%, 12/01/45		2,515		2,799,572
Kentucky Public Transportation Infrastructure Authority, RB, Downtown Crossing Project, Convertible CAB, 1st Tier, Series C, 6.75%, 07/01/43^(h)		2,325		2,172,433

				7,079,865

Louisiana — 2.8%
Louisiana Local Government Environmental Facilities & Community Development Authority, RB, Westlake Chemical Corp. Project, Series A-1, 6.50%, 11/01/35		6,535		6,617,145
Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, Series A:
5.50%, 05/15/30		1,980		1,982,772
5.25%, 05/15/31		1,690		1,735,326
5.25%, 05/15/32		2,160		2,268,821
5.25%, 05/15/33		2,345		2,461,781
5.25%, 05/15/35		985		1,044,326

				16,110,171

Maryland — 1.2%
Maryland EDC, Refunding RB, CNX Marine Terminal, Inc., 5.75%, 09/01/25		1,440		1,448,309
Maryland Health & Higher Educational Facilities Authority, RB, Trinity Health Credit Group, Series 2017, 5.00%, 12/01/46		840		924,857
Maryland Health & Higher Educational Facilities Authority, Refunding RB, Charlestown Community Project, 6.25%, 01/01/21^(b)		4,295		4,440,858

				6,814,024

Michigan — 3.2%
City of Detroit Michigan Sewage Disposal System, Refunding RB, Senior Lien, Series A, 5.25%, 07/01/39		8,665		9,201,104
Kalamazoo Hospital Finance Authority, Refunding RB, Bronson Methodist Hospital, 5.50%, 05/15/36		1,210		1,211,367
Michigan Finance Authority, Refunding RB:
Detroit Water & Sewage Department Project, Senior Lien, Series C-1, 5.00%, 07/01/44		1,710		1,776,092
Series A, 4.00%, 12/01/49		1,640		1,685,313
Michigan State University, Refunding RB, Board of Trustees, Series B, 5.00%, 02/15/48		2,000		2,368,340
Michigan Strategic Fund, RB, I-75 Improvement Projects, AMT, 5.00%, 06/30/48		2,120		2,134,861

				18,377,077


30		2020 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

April 30, 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, Essentia Health Obligated Group, Series A:
4.25%, 02/15/48	$	2,030	$	2,062,135
5.25%, 02/15/53		4,060		4,436,565

				6,498,700

Missouri — 0.2%
Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Refunding RB, Combined Lien, Series A, 5.00%, 10/01/44		495		532,971
State of Missouri Health & Educational Facilities Authority, Refunding RB, St. Louis College of Pharmacy Project, 5.50%, 05/01/43		480		501,912

				1,034,883

Nebraska — 0.8%
Central Plains Energy Project, RB, Gas Project No. 3:
5.25%, 09/01/37		1,610		1,713,942
5.00%, 09/01/42		2,815		2,978,748

				4,692,690

New Hampshire — 0.7%
New Hampshire Business Finance Authority, Refunding RB, Resource Recovery, Covanta Project^(a):
Series B, 4.63%, 11/01/42		3,055		2,738,777
Series C, AMT, 4.88%, 11/01/42		1,585		1,432,792

				4,171,569

New Jersey — 15.5%
Casino Reinvestment Development Authority, Inc., Refunding RB:
5.25%, 11/01/39		3,280		3,156,344
5.25%, 11/01/44		2,980		2,770,268
County of Essex New Jersey Improvement Authority, RB, AMT, 5.25%, 07/01/45^(a)		2,115		2,120,034
County of Middlesex New Jersey Improvement Authority, RB, Heldrich Center Hotel, Sub-Series B, 6.25%, 01/01/37^(e)(f)		3,680		52,440
New Jersey EDA, RB:
Continental Airlines, Inc. Project, Series B, AMT, 5.63%, 11/15/30		2,035		2,020,938
Goethals Bridge Replacement Project, AMT, Private Activity Bond, 5.38%, 01/01/43		2,285		2,323,182
School Facilities Construction, 5.00%, 06/15/49		4,650		4,422,197
Series EEE, 5.00%, 06/15/48		7,320		6,972,739
Transit transportation Project, 4.00%, 11/01/38		1,030		914,434
Transit transportation Project, 4.00%, 11/01/39		825		729,531
New Jersey EDA, Refunding ARB, Port Network Container Terminal LLC Project, AMT, 5.00%, 10/01/47		2,905		2,719,341
New Jersey EDA, Refunding RB, Special Assessment, Kapkowski Road Landfill Project, 6.50%, 04/01/28		8,000		8,611,440
New Jersey State Turnpike Authority, RB:
Series A, 5.00%, 01/01/43		3,035		3,191,758
Series E, 5.00%, 01/01/45		5,095		5,532,049
New Jersey Transportation Trust Fund Authority, RB:
Series BB, 4.00%, 06/15/50		3,010		2,571,533
Series BB, 5.00%, 06/15/50		9,895		9,402,328
Transportation Program, Series AA, 5.00%, 06/15/44		3,765		3,637,630
Transportation System, Series A, 5.50%, 06/15/21^(b)		8,000		8,439,280
Transportation System, Series B, 5.25%, 06/15/36		4,810		4,819,380
Tobacco Settlement Financing Corp., Refunding RB:
Series A, 5.25%, 06/01/46		1,070		1,140,278
Sub-Series B, 5.00%, 06/01/46		14,320		14,396,182

				89,943,306


Security	Par (000)		Value

New York — 9.8%
City of New York Transitional Finance Authority Future Tax Secured Revenue, RB, Fiscal 2012, Sub-Series E-1, 5.00%, 02/01/42	$	4,805	$	5,048,469
Counties of New York Tobacco Trust II, RB, Settlement Pass-Through, 5.75%, 06/01/43		840		841,999
Counties of New York Tobacco Trust IV, Refunding RB, Settlement Pass-Through Turbo, Series A, 6.25%, 06/01/41^(a)		3,600		3,591,000
Counties of New York Tobacco Trust VI, Refunding RB, Tobacco Settlement Pass-Through, Series A-2B, 5.00%, 06/01/45		9,395		8,635,790
County of Westchester New York Healthcare Corp., RB, Senior Lien, Series A, 5.00%, 11/01/44		1,655		1,740,682
Metropolitan Transportation Authority, RB, Series B:
5.25%, 11/15/38		4,640		4,813,072
5.25%, 11/15/39		1,650		1,710,225
New York Liberty Development Corp., Refunding RB, 3 World Trade Center Project^(a):
Class 1, 5.00%, 11/15/44		7,830		7,216,833
Class 2, 5.15%, 11/15/34		660		632,636
Class 2, 5.38%, 11/15/40		1,655		1,627,080
New York State Dormitory Authority, Refunding RB, Series D, 5.00%, 02/15/37		6,655		6,996,135
New York Transportation Development Corp., ARB, LaGuardia Airport Terminal B Redevelopment Project, Series A, AMT, 5.25%, 01/01/50		1,165		1,187,718
New York Transportation Development Corp., Refunding ARB, American Airlines, Inc., AMT, 5.00%, 08/01/31		1,065		1,034,466
Port Authority of New York & New Jersey, ARB, Special Project, JFK International Air Terminal LLC Project, Series 8:
6.00%, 12/01/36		2,525		2,570,298
6.00%, 12/01/42		1,960		1,971,878
State of New York Environmental Facilities Corp., RB, Subordinated SRF Bonds, Series B, 5.00%, 06/15/48		3,535		4,181,905
State of New York Power Authority, RB, Series A, 4.00%, 11/15/60⁽ⁱ⁾		2,655		2,799,459

				56,599,645

North Carolina — 0.4%
North Carolina Medical Care Commission, Refunding RB, 1st Mortgage, Retirement Facilities Whitestone Project, Series A, 7.75%, 03/01/21^(b)		1,130		1,194,082
University of North Carolina at Chapel Hill, RB, University of North Carolina Hospital at Chapel Hills, 5.00%, 02/01/49		1,080		1,381,039

				2,575,121

North Dakota — 0.3%
County of Cass North Dakota, Refunding RB, Essentia Health Obligated Group, Series B, 5.25%, 02/15/58		1,885		2,053,425


Ohio — 2.7%
Buckeye Tobacco Settlement Financing Authority, Refunding RB, Senior:
Class 1, Series A-2, 4.00%, 06/01/37		580		620,896
Class 1, Series A-2, 4.00%, 06/01/38		580		620,913
Class 1, Series A-2, 4.00%, 06/01/39		580		615,798
Class 1, Series A-2, 4.00%, 06/01/48		1,525		1,505,602
Class 2, Series B-2, 5.00%, 06/01/55		6,705		5,931,779
County of Franklin Ohio, RB:
OPRS Communities Obligation Group, Series A, 6.13%, 07/01/22^(b)		75		83,480
OPRS Communities Obligation Group, Series A, 6.13%, 07/01/40		1,205		1,224,593


SCHEDULES OF INVESTMENTS			31

Schedule of Investments (continued)

April 30, 2020

BlackRock Municipal Income Trust (BFK)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Ohio (continued)
Series A, 4.00%, 12/01/49	$	1,015	$	1,069,739
Trinity Health Credit Group, Series 2017, 5.00%, 12/01/46		800		889,888
Ohio Air Quality Development Authority, RB, AMG Vanadium Project, AMT, 5.00%, 07/01/49^(a)		1,480		1,344,639
State of Ohio, RB, Portsmouth Bypass Project, AMT, 5.00%, 06/30/53		1,585		1,738,983

				15,646,310

Oklahoma — 1.9%
City of Oklahoma Turnpike Authority, RB, Series A, 4.00%, 01/01/48		4,065		4,396,623
Oklahoma Development Finance Authority, RB, OU Medicine Project, Series B, 5.25%, 08/15/48		2,350		2,418,103
Oklahoma Turnpike Authority, RB, 2nd Series C, 4.00%, 01/01/42		3,845		4,178,938

				10,993,664

Pennsylvania — 2.7%
Allentown Neighborhood Improvement Zone Development Authority, RB, Subordinate, City Center Project^(a):
5.00%, 05/01/28		420		422,915
5.13%, 05/01/32		470		469,253
5.38%, 05/01/42		870		831,589
City of Philadelphia Pennsylvania Hospitals & Higher Education Facilities Authority, RB, Temple University Health System, Series A, 5.63%, 07/01/42		1,240		1,283,313
County of Montgomery Higher Education & Health Authority, Refunding RB, Thomas Jefferson University, Series A:
4.00%, 09/01/49		1,135		1,141,867
5.00%, 09/01/43		2,505		2,749,814
Pennsylvania Economic Development Financing Authority, RB, AMT, 5.00%, 06/30/42		1,660		1,672,051
Pennsylvania Higher Educational Facilities Authority, RB, University of Pennsylvania Health System Obligation, 4.00%, 08/15/49		4,665		4,914,484
Pennsylvania Turnpike Commission, RB, Series A, 5.00%, 12/01/44		2,155		2,319,879

				15,805,165

Puerto Rico — 5.6%
Children’s Trust Fund, Refunding RB, Tobacco Settlement Asset-Backed Bonds:
5.50%, 05/15/39		1,365		1,366,078
5.63%, 05/15/43		1,360		1,339,736
Commonwealth of Puerto Rico Aqueduct & Sewer Authority, RB, Senior Lien, Series A:
5.00%, 07/01/33		4,920		4,673,262
5.13%, 07/01/37		1,410		1,331,308
Commonwealth of Puerto Rico Aqueduct & Sewer Authority, Refunding RB, Senior Lien, Series A:
6.00%, 07/01/38		1,455		1,442,953
6.00%, 07/01/44		2,630		2,629,526
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, Restructured:
CAB, Series A-1, 0.00%, 07/01/46^(c)		3,084		709,197
Series A-1, 4.75%, 07/01/53		3,143		2,831,309
Series A-1, 5.00%, 07/01/58		12,112		11,312,850
Series A-2, 4.33%, 07/01/40		1,950		1,741,545
Series A-2, 4.78%, 07/01/58		3,325		2,993,132

				32,370,896

Rhode Island — 2.5%
Tobacco Settlement Financing Corp., Refunding RB:
Series A, 5.00%, 06/01/35		3,060		3,221,048
Series B, 4.50%, 06/01/45		5,175		5,275,136


Security	Par (000)		Value

Rhode Island (continued)
Series B, 5.00%, 06/01/50	$	5,765	$	6,024,771

				14,520,955

South Carolina — 5.7%
South Carolina Jobs EDA, Refunding RB:
Anmed Health Project, 5.00%, 02/01/36		5,115		5,638,469
Prisma Health Obligated Group, Series A, 5.00%, 05/01/48		6,075		6,552,981
South Carolina Jobs-Economic Development Authority, RB, Bishop Gadsden Episcopal Retirement Community:
5.00%, 04/01/44		160		160,122
4.00%, 04/01/49		150		122,235
5.00%, 04/01/49		480		471,763
4.00%, 04/01/54		370		294,553
5.00%, 04/01/54		875		852,093
State of South Carolina Public Service Authority, RB, Santee Cooper, Series A, 5.50%, 12/01/54		12,065		12,733,884
State of South Carolina Public Service Authority, Refunding RB:
Series A, 5.00%, 12/01/50		2,805		2,928,560
Series E, 5.25%, 12/01/55		3,335		3,531,098

				33,285,758

Tennessee — 0.7%
City of Chattanooga Health Educational & Housing Facility Board, Refunding RB, Commonspirit Health, Series A, 4.00%, 08/01/44		315		306,019
County of Nashville & Davidson Metropolitan Government Health & Educational Facilities Board, RB, Vanderbilt University Medical Center, Series A, 5.00%, 07/01/40		1,350		1,462,185
County of Nashville & Davidson Metropolitan Government Health & Educational Facilities Board, Refunding RB, Lipscomb University Project, Series A, 5.25%, 10/01/58		1,925		2,052,108

				3,820,312

Texas — 11.0%
Central Texas Regional Mobility Authority, Refunding RB:
Senior Lien, 6.25%, 01/01/21^(b)		4,210		4,363,076
Sub-Lien, 5.00%, 01/01/33		700		719,012
City of Austin Texas Airport System, ARB, AMT, 5.00%, 11/15/39		385		411,107
City of San Antonio Texas Electric & Gas Systems Revenue, Refunding RB, Series A, 5.00%, 02/01/48		2,295		2,742,594
County of Fort Bend Texas Industrial Development Corp., RB, NRG Energy Inc. Project, Series B, 4.75%, 11/01/42		470		481,167
County of Harris Texas Cultural Education Facilities Finance Corp., RB, 1st Mortgage, Brazos Presbyterian Homes, Inc. Project, Series B^(b):
7.00%, 01/01/23		380		440,184
7.00%, 01/01/23		500		579,485
County of Harris Texas-Houston Sports Authority, Refunding RB^(c):
3rd Lien, Series A (NPFGC), 0.00%, 11/15/24^(b)		6,000		2,618,580
3rd Lien, Series A (NPFGC), 0.00%, 11/15/37		20,120		7,471,763
CAB, Junior Lien, Series H (NPFGC), 0.00%, 11/15/35		5,000		2,729,750
CAB, Senior Lien, Series A (NPFGC) (AGM), 0.00%, 11/15/38		12,580		5,501,611
County of Midland Texas Fresh Water Supply District No. 1, RB, CAB, City of Midland Project, Series A^(c):
0.00%, 09/15/40		9,780		4,185,840
0.00%, 09/15/41		5,420		2,198,352
County of Tarrant Texas Cultural Education Facilities Finance Corp., RB, Christus Health, Series B, 5.00%, 07/01/48		9,025		10,004,122


32		2020 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

April 30, 2020

BlackRock Municipal Income Trust (BFK)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Texas (continued)
New Hope Cultural Education Facilities Corp., RB, Collegiate Housing Tarleton State University Project, 5.00%, 04/01/35	$	355	$	362,420
New Hope Cultural Education Facilities Finance Corp., Refunding RB, Jubilee Academic Center, Series A, 5.00%, 08/15/46^(a)		1,980		1,674,981
San Antonio Water System, Refunding RB, Junior Lien, Series A, 5.00%, 05/15/48		5,035		5,946,033
Texas Municipal Gas Acquisition & Supply Corp. III, RB, Natural Gas Utility Improvements, 5.00%, 12/15/32		2,835		2,936,011
Texas Private Activity Bond Surface Transportation Corp., RB, Senior Lien, LBJ Infrastructure Group LLC, 7.00%, 06/30/40		6,000		6,014,520
Texas Transportation Commission, RB, First Tier Toll Revenue, 5.00%, 08/01/57		2,310		2,335,295

				63,715,903

Utah — 0.7%
City of Salt Lake Corp. Airport Revenue, ARB, Series A, AMT:
5.00%, 07/01/48		1,735		1,909,576
5.00%, 07/01/47		1,830		1,983,756

				3,893,332

Virginia — 1.5%
County of Front Royal & Warren IDA, RB, Valley Health System Obligated Group, 4.00%, 01/01/50		1,465		1,502,870
Virginia Small Business Financing Authority, RB, Senior Lien, Elizabeth River Crossings OpCo LLC Project, AMT:
5.25%, 01/01/32		3,155		3,210,055
6.00%, 01/01/37		3,790		3,906,846

				8,619,771

Washington — 1.8%
Port of Seattle Washington, ARB, Series A, AMT, 5.00%, 05/01/43		2,980		3,231,124
Port of Seattle Washington, RB, Intermediate Lien, Series C, AMT, 5.00%, 04/01/40		1,475		1,564,208
Washington Health Care Facilities Authority, RB, Catholic Health Initiatives, Series A, 5.75%, 01/01/45		4,420		4,738,240
Washington Health Care Facilities Authority, Refunding RB, Commonspirit Health, Series A, 4.00%, 08/01/44		685		665,471

				10,199,043


Total Municipal Bonds — 127.5% (Cost — $733,013,376)				737,886,581


Municipal Bonds Transferred to Tender Option Bond Trusts^(j)— 37.4%

California — 1.2%
Bay Area Toll Authority, Refunding RB, San Francisco Bay Area Toll Bridge, 4.00%, 04/01/42^(k)		6,196		6,629,931


Colorado — 0.9%
City & County of Denver Colorado Airport System Revenue, Refunding ARB, Subordinate System, Series A, AMT, 5.25%, 12/01/48^(k)		4,475		4,996,165


Georgia — 1.8%
County of Dalton Whitfield Joint Development Authority, RB, Hamilton Health Care System Obligation, 4.00%, 08/15/48		7,220		7,446,492
Georgia Housing & Finance Authority, RB, S/F Housing, Series 2020, 3.60%, 12/01/26^(a)(g)		2,898		3,003,956

				10,450,448


Security	Par (000)		Value

Illinois — 0.5%
Illinois Finance Authority, Refunding RB, Presence Health Network, Series C:
4.00%, 02/15/27^(b)	$	5	$	5,713
4.00%, 02/15/41		2,800		2,953,466

				2,959,179

Massachusetts — 3.3%
Commonwealth of Massachusetts Transportation Fund Revenue, RB, Rail Enhancement Program, Series A, 4.00%, 06/01/45		4,153		4,425,134
Massachusetts Development Finance Agency, Refunding RB, Partners Healthcare System, 5.00%, 07/01/47		9,088		9,959,468
Massachusetts School Building Authority, RB, Senior, Series B, 5.00%, 10/15/21^(b)		4,427		4,698,121

				19,082,723

New York — 16.2%
City of New York Water & Sewer System, Refunding RB, 2nd General Resolution, Series HH, 5.00%, 06/15/31^(k)		16,395		17,051,948
Hudson Yards Infrastructure Corp., RB, Senior-Fiscal 2012^(k):
5.75%, 02/15/21^(b)		1,938		2,006,006
5.75%, 02/15/47		1,192		1,234,034
New York Liberty Development Corp., ARB, 1 World Trade Center Port Authority Consolidated Bonds, 5.25%, 12/15/43		20,864		21,879,470
New York Liberty Development Corp., Refunding RB, 4 World Trade Center Project, 5.75%, 11/15/51^(k)		12,611		13,152,570
New York State Dormitory Authority, Refunding RB, Series D, 4.00%, 02/15/47		12,060		12,954,611
New York State Thruway Authority, Refunding RB, Subordinate, Series B, 4.00%, 01/01/50		5,805		5,960,170
Port Authority of New York & New Jersey, Refunding ARB, Series194th, 5.25%, 10/15/55		5,070		5,587,850
State of New York Urban Development Corp., RB, State Personal Income Tax, General Purpose, Series A, 4.00%, 03/15/46		13,155		14,179,248

				94,005,907

North Carolina — 1.0%
North Carolina Capital Facilities Finance Agency, Refunding RB, Duke University Project, Series B, 5.00%, 10/01/55		4,960		5,656,930


Pennsylvania — 0.9%
Pennsylvania Turnpike Commission, RB, Sub-Series A, 5.50%, 12/01/42		4,652		5,230,844


Rhode Island — 0.6%
Narragansett Bay Commission, Refunding RB, Wastewater System, Series A, 4.00%, 09/01/22^(b)		3,137		3,374,278


Texas — 7.7%
City of San Antonio Texas Electric & Gas Systems Revenue, RB, Junior Lien, 5.00%, 02/01/43		4,900		5,330,857
County of Harris Texas Metropolitan Transit Authority, Refunding RB, Series A, 5.00%, 11/01/21^(b)		6,650		7,065,825
Lower Colorado River Authority, Refunding RB, LCRA Transmission Services Corporation Project, 4.00%, 05/15/43		4,140		4,247,060
San Antonio Public Facilities Corp., Refunding RB, Convention Center Refinancing and Expansion Project, 4.00%, 09/15/42		5,505		5,716,998
Texas Water Development Board, RB, State Water Implementation Fund, Series A, 4.00%, 10/15/49		13,920		15,546,830
University of Texas, Refunding RB, Financing System, Series B, 5.00%, 08/15/43		6,003		6,469,528

				44,377,098


SCHEDULES OF INVESTMENTS			33

Schedule of Investments (continued)

April 30, 2020

BlackRock Municipal Income Trust (BFK)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Virginia — 1.7%
Virginia Small Business Financing Authority, Refunding RB, Bon Secours Health System, Series A, 4.00%, 12/01/49	$	9,678	$	10,028,749


Washington — 0.6%
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Refunding RB, Subordinate, Dulles Metrorail And Capital Improvement Projects, Series B (AGM), 4.00%, 10/01/53		3,639		3,683,798


Wisconsin — 1.0%
State of Wisconsin Health & Educational Facilities Authority, Refunding RB, The Medical College of Wisconsin, Inc., 4.00%, 12/01/46		5,575		5,944,446


Total Municipal Bonds Transferred to Tender Option Bond Trusts — 37.4% (Cost — $212,202,778)				216,420,496


Total Long-Term Investments — 164.9% (Cost — $945,216,154)				954,307,077


	Shares

Short-Term Securities — 2.3%
BlackRock Liquidity Funds, MuniCash, Institutional Class, 0.15%^(l)(m)		13,732,433		13,735,179


Total Short-Term Securities — 2.3% (Cost — $13,729,814)				13,735,179

Total Investments — 167.2% (Cost — $958,945,968)				968,042,256

Other Assets Less Liabilities — 3.0%				17,528,805

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (23.4)%				(135,964,040	)

VMTP Shares, at Liquidation Value — (46.8)%				(270,800,000	)


Net Assets Applicable to Common Shares — 100.0%			$	578,807,021

^(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)	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

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

^(f)	Non-income producing security.

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

^(h)	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.

⁽ⁱ⁾	When-issued security.

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

^(k)

All or a portion of 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 August 15, 2020 to June 1, 2026, is $27,599,129. See Note 4 of the Notes to Financial Statements for details.

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

^(m)	Investments in issuers considered to be an affiliate/affiliates of the Trust during the year ended April 30, 2020 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:


Affiliated Issuer	Shares Held at 04/30/19		Shares Purchased		Shares Sold			Shares Held at 04/30/20		Value at 04/30/20		Income		Net Realized Gain (Loss)^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds, MuniCash, Institutional Class		18,183,806		—		(4,451,373	)^(b)		13,732,433	$	13,735,179	$	97,242	$	206	$	7,094

^(a)

Includes net capital gain distributions, if applicable.

^(b)

Represents net shares purchased/sold.

Derivative Financial Instruments Categorized by Risk Exposure

For the year ended April 30, 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 Realized Gain (Loss) from:
Futures contracts	$	—	$	—	$	—	$	—	$	(10,474,133	)	$	—	$	(10,474,133	)

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	—	$	—	$	213,210		$	—	$	213,210


34		2020 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

April 30, 2020

BlackRock Municipal Income Trust (BFK)

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — Long	$	—	(a)
Average notional value of contracts — Short	$	33,069,951

^(a)

Derivative not held at any quarter-end. The risk exposure table serves as an indicator of activity during the period.

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

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

The following tables summarize the Trust’s investments categorized in the disclosure hierarchy:


	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Long-Term Investments^(a)	$	—	$	952,677,477	$	1,629,600	$	954,307,077
Short-Term Securities		13,735,179		—		—		13,735,179

	$	13,735,179	$	952,677,477	$	1,629,600	$	968,042,256

^(a)

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


	Level 1		Level 2			Level 3		Total
Liabilities:
TOB Trust Certificates	$	—	$	(135,463,834	)	$	—	$	(135,463,834	)
VMTP Shares at Liquidation Value		—		(270,800,000	)		—		(270,800,000	)

	$	—	$	(406,263,834	)	$	—	$	(406,263,834	)

See notes to financial statements


SCHEDULES OF INVESTMENTS			35

Schedule of Investments

April 30, 2020

BlackRock Strategic Municipal Trust (BSD)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Municipal Bonds — 120.0%

Alabama — 2.5%
County of Jefferson Alabama Sewer, Refunding RB, Sub-Lien, Series D, 7.00%, 10/01/51	$	1,115	$	1,292,285
Madison Water & Wastewater Board, RB, 3.00%, 12/01/50		380		376,451
State of Alabama Docks Department, Refunding RB, 6.00%, 10/01/20^(a)		655		668,991

				2,337,727

Alaska — 0.1%
Northern Tobacco Securitization Corp., Refunding RB, Tobacco Settlement, Asset-Backed, Series A, 4.63%, 06/01/23		70		70,069


Arizona — 2.1%
City of Phoenix Industrial Development Authority, RB, Downtown Phoenix Student Housing, 5.00%, 07/01/59		465		478,345
County of Maricopa IDA, Refunding RB, Honorhealth, Series A, 4.13%, 09/01/38		230		242,312
Salt Verde Financial Corp., RB, Senior, 5.00%, 12/01/37		1,000		1,233,990

				1,954,647

Arkansas — 0.8%
Arkansas Development Finance Authority, RB, Big River Steel Project, AMT, 4.50%, 09/01/49^(b)		835		713,048


California — 6.0%
California Health Facilities Financing Authority, Refunding RB, St. Joseph Health System, Series A, 5.00%, 07/01/33		400		436,052
California Municipal Finance Authority, RB, Senior, Caritas Affordable Housing, Inc. Projects, S/F Housing, Series A:
5.25%, 08/15/39		45		48,602
5.25%, 08/15/49		115		121,868
California Pollution Control Financing Authority, RB, Poseidon Resources (Channel Side) LP Desalination Project, AMT, 5.00%, 11/21/45^(b)		475		480,391
California School Finance Authority, RB, Alliance For College-Ready Public School Projects, Series A, 5.00%, 07/01/51^(b)		500		504,605
City of Los Angeles California Department of Airports, Refunding ARB, Los Angeles International Airport, Senior, Series A, 5.00%, 05/15/40		735		736,352
City of Stockton California Public Financing Authority, RB, Delta Water Supply Project, Series A, 6.25%, 10/01/23^(a)		110		129,944
County of California Tobacco Securitization Agency, Refunding RB, Golden Gate Tobacco Funding Corp., Series A, 5.00%, 06/01/36		350		337,817
Golden State Tobacco Securitization Corp., Refunding RB, Series A-2, 5.00%, 06/01/47		880		858,510
State of California, GO, Refunding, Various Purposes, 4.00%, 03/01/40		405		452,490
State of California, GO, Various Purposes, 6.00%, 03/01/33		270		270,934
State of California Public Works Board, LRB, Various Capital Projects, Series I, 5.00%, 11/01/38		240		261,238
State of California Public Works Board, RB, Department of Corrections & Rehabilitation, Series F, 5.25%, 09/01/33		915		1,021,964

				5,660,767

Colorado — 1.7%
Denver Convention Center Hotel Authority, Refunding RB, 5.00%, 12/01/40		1,325		1,324,974
Regional Transportation District, COP, Refunding, Series A, 5.38%, 06/01/20^(a)		320		321,043

				1,646,017

Delaware — 2.2%
County of Sussex Delaware, RB, NRG Energy, Inc., Indian River Power LLC Project, 6.00%, 10/01/40		820		829,422


Security	Par (000)		Value

Delaware (continued)
State of Delaware EDA, RB, Exempt Facilities, Indian River Power LLC Project, 5.38%, 10/01/45	$	1,210	$	1,210,254

				2,039,676

District of Columbia — 1.3%
District of Columbia, Tax Allocation Bonds, City Market at O Street Project, 5.13%, 06/01/41		690		715,454
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Refunding RB, Subordinate, Dulles Metrorail and Capital Improvement Projects, 4.00%, 10/01/49		530		501,698

				1,217,152

Florida — 2.7%
County of Broward Airport System Revenue, ARB, AMT, Series A, 4.00%, 10/01/49		330		332,426
County of Osceola Florida Transportation Revenue, Refunding RB, Series A-2^(c):
0.00%, 10/01/46		475		159,524
0.00%, 10/01/47		460		147,982
0.00%, 10/01/48		325		100,071
0.00%, 10/01/49		265		78,029
Mid-Bay Florida Bridge Authority, RB, Springing Lien, Series A, 7.25%, 10/01/21^(a)		950		1,033,761
Village Community Development District No. 10, Special Assessment Bonds, 5.13%, 05/01/43		695		706,801

				2,558,594

Georgia — 2.9%
County of Gainesville Georgia & Hall Hospital Authority, Refunding RB, Northeast Georgia Health System, Inc. Project, Series A (GTD), 5.50%, 08/15/54		160		174,878
Main Street Natural Gas, Inc., RB, Series A, 5.00%, 05/15/49		780		905,697
Municipal Electric Authority of Georgia, RB, Plant Vogtle Units 3 & 4 Project:
4.00%, 01/01/49		535		514,739
4.00%, 01/01/59		1,010		938,250
Municipal Electric Authority of Georgia, Refunding RB, Series A, 4.00%, 01/01/49		200		192,426

				2,725,990

Hawaii — 0.5%
State of Hawaii Harbor System, ARB, Series A, 5.25%, 07/01/30		425		427,741


Illinois — 17.6%
Chicago Board of Education, GO, Project, 5.25%, 12/01/35		490		485,379
Chicago Board of Education, GO, Refunding:
Dedicated Revenues, Series D, 5.00%, 12/01/27		280		283,612
Dedicated Revenues, Series D, 5.00%, 12/01/31		150		149,133
Dedicated Revenues, Series F, 5.00%, 12/01/22		205		208,712
Dedicated Revenues, Series G, 5.00%, 12/01/44		150		131,271
5.00%, 12/01/25		215		219,440
Chicago Board of Education, GO, Series C:
5.00%, 12/01/46		175		157,519
5.00%, 12/01/46		460		397,863
City of Chicago Illinois O’Hare International Airport, GARB, 3rd Lien:
5.63%, 01/01/35		155		158,111
Series A, 5.75%, 01/01/21^(a)		1,260		1,301,971
Series A, 5.75%, 01/01/39		240		244,879
Series C, 6.50%, 01/01/21^(a)		1,855		1,924,284
City of Chicago Illinois Transit Authority, RB, Sales Tax Receipts, 5.25%, 12/01/40		330		346,985
City of Chicago Illinois Waterworks, Refunding RB, 2nd Lien Project, 5.00%, 11/01/42		500		502,865


36		2020 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

April 30, 2020

BlackRock Strategic Municipal Trust (BSD)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Illinois (continued)
County of Cook Illinois Community College District No. 508, GO, City College of Chicago, 5.50%, 12/01/38	$	245	$	248,293
Illinois Finance Authority, Refunding RB:
Ascension Health, Series A, 5.00%, 11/15/21^(a)		305		324,328
Presence Health Network, Series C, 5.00%, 02/15/41		1,600		1,803,952
Metropolitan Pier & Exposition Authority, RB, McCormick Place Expansion Project Bonds, Series A, 5.00%, 06/15/57		340		302,777
Metropolitan Pier & Exposition Authority, Refunding RB, McCormick Place Expansion Project:
CAB, Series B (AGM), 0.00%, 06/15/44^(c)		2,980		1,008,164
4.00%, 06/15/50		350		291,448
Series B (AGM), 5.00%, 06/15/50		1,280		1,283,072
Series B-2, 5.00%, 06/15/50		795		795,024
Railsplitter Tobacco Settlement Authority, RB^(a):
5.50%, 06/01/21		175		183,727
6.00%, 06/01/21		940		991,973
State of Illinois, GO, 5.00%, 03/01/37		455		407,016
State of Illinois, GO, Refunding, Series B, 5.00%, 10/01/27		225		220,808
State of Illinois, GO, Series A:
5.00%, 04/01/35		1,000		904,260
5.00%, 04/01/38		1,135		1,010,661
University of Illinois, RB, Auxiliary Facilities System, Series A, 5.00%, 04/01/44		310		321,011

				16,608,538

Indiana — 4.2%
City of Valparaiso Indiana, RB, Exempt Facilities, Pratt Paper LLC Project, AMT:
6.75%, 01/01/34		245		256,358
7.00%, 01/01/44		1,090		1,142,211
Indiana Finance Authority, RB, Series A:
CWA Authority Project, 1st Lien, 5.25%, 10/01/38		1,020		1,073,867
Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.00%, 07/01/44		140		143,280
Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.00%, 07/01/48		465		477,276
Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.25%, 01/01/51		125		128,065
Indiana Finance Authority, Refunding RB, Marquette Project, 4.75%, 03/01/32		350		341,880
Indianapolis Local Public Improvement Bond Bank, RB, Series A, 5.00%, 01/15/40		400		436,180

				3,999,117

Iowa — 2.3%
Iowa Finance Authority, Refunding RB, Iowa Fertilizer Co. Project:
Series B, 5.25%, 12/01/50^(d)		890		848,580
Midwestern Disaster Area, 5.25%, 12/01/25		145		144,285
Midwestern Disaster Area, 5.88%, 12/01/26^(b)		130		131,929
Iowa Student Loan Liquidity Corp., Refunding RB, AMT, Series B, 3.00%, 12/01/39		1,150		1,082,311

				2,207,105

Kentucky — 5.4%
Kentucky Economic Development Finance Authority, RB, Catholic Health Initiatives, Series A, 5.25%, 01/01/23^(a)		325		357,731
Kentucky Economic Development Finance Authority, Refunding RB, Norton Healthcare, Inc., Series B (NPFGC), 0.00%, 10/01/24^(c)		5,000		4,435,100
Kentucky Public Transportation Infrastructure Authority, RB, Downtown Crossing Project, Convertible CAB, 1st Tier, Series C, 6.75%, 07/01/43^(e)		375		350,392

				5,143,223


Security	Par (000)		Value

Louisiana — 2.8%
Louisiana Local Government Environmental Facilities & Community Development Authority, RB, Westlake Chemical Corp. Project, Series A-1, 6.50%, 11/01/35	$	1,055	$	1,068,261
Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, Series A:
5.50%, 05/15/30		320		320,448
5.25%, 05/15/31		270		277,242
5.25%, 05/15/32		345		362,381
5.25%, 05/15/33		375		393,675
5.25%, 05/15/35		160		169,637

				2,591,644

Maryland — 1.4%
Maryland EDC, Refunding RB, CNX Marine Terminal, Inc., 5.75%, 09/01/25		645		648,722
Maryland Health & Higher Educational Facilities Authority, Refunding RB, Charlestown Community Project, 6.25%, 01/01/21^(a)		690		713,432

				1,362,154

Massachusetts — 1.2%
Massachusetts Development Finance Agency, RB:
Emerson College Issue, Series A, 5.00%, 01/01/47		540		563,026
UMass Boston Student Housing Project, 5.00%, 10/01/48		600		598,050

				1,161,076

Michigan — 2.7%
City of Detroit Michigan Sewage Disposal System, Refunding RB, Senior Lien, Series A, 5.25%, 07/01/39		1,925		2,044,100
Kalamazoo Hospital Finance Authority, Refunding RB, Bronson Methodist Hospital, 5.50%, 05/15/36		195		195,220
Michigan Finance Authority, Refunding RB, Detroit Water & Sewage Department Project, Senior Lien, Series C-1, 5.00%, 07/01/44		275		285,629

				2,524,949

Minnesota — 1.7%
Duluth Economic Development Authority, Refunding RB, Essentia Health Obligated Group, Series A:
4.25%, 02/15/48		1,190		1,208,838
5.25%, 02/15/58		400		435,400

				1,644,238

Missouri — 0.6%
Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Refunding RB, Combined Lien, Series A, 5.00%, 10/01/44		80		86,137
County of St. Louis Missouri IDA, Refunding RB, Friendship Village St. Louis Obligated Group, 5.00%, 09/01/37		500		435,585
State of Missouri Health & Educational Facilities Authority, Refunding RB, St. Louis College of Pharmacy Project, 5.50%, 05/01/43		80		83,652

				605,374

Nebraska — 0.8%
Central Plains Energy Project, RB, Gas Project No. 3:
5.25%, 09/01/37		260		276,786
5.00%, 09/01/42		455		481,467

				758,253

New Hampshire — 0.7%
New Hampshire Business Finance Authority, Refunding RB, Resource Recovery, Covanta Project^(b):
Series B, 4.63%, 11/01/42		490		439,280
Series C, AMT, 4.88%, 11/01/42		285		257,631

				696,911


SCHEDULES OF INVESTMENTS			37

Schedule of Investments (continued)

April 30, 2020

BlackRock Strategic Municipal Trust (BSD)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

New Jersey — 12.4%
Casino Reinvestment Development Authority, Inc., Refunding RB:
5.25%, 11/01/39	$	320	$	307,936
5.25%, 11/01/44		610		567,068
County of Essex New Jersey Improvement Authority, RB, AMT, 5.25%, 07/01/45^(b)		340		340,809
County of Middlesex New Jersey Improvement Authority, RB, Heldrich Center Hotel, Sub-Series B, 6.25%, 01/01/37^(f)(g)		645		9,191
New Jersey EDA, ARB, Continental Airlines, Inc. Project, 5.13%, 09/15/23		1,090		1,083,678
New Jersey EDA, RB:
Goethals Bridge Replacement Project, AMT, Private Activity Bond, 5.38%, 01/01/43		500		508,355
School Facilities Construction, Series EEE, 5.00%, 06/15/43		1,540		1,493,954
New Jersey EDA, Refunding RB, Series BBB, 5.50%, 06/15/31		775		806,263
New Jersey EDA, Refunding, Special Assessment Bonds, Kapkowski Road Landfill Project, 5.75%, 04/01/31		705		687,312
New Jersey Transportation Trust Fund Authority, RB:
Federal Highway Reimbursement Revenue Notes, Series A, 5.00%, 06/15/28		500		552,000
Transportation Program, Series AA, 5.00%, 06/15/45		415		399,309
Transportation System, Series A, 5.50%, 06/15/21^(a)		575		606,573
Transportation System, Series B, 5.25%, 06/15/36		790		791,541
Rutgers — The State University of New Jersey, Refunding RB, Series L, 5.00%, 05/01/23^(a)		165		185,506
Tobacco Settlement Financing Corp., Refunding RB:
Series A, 5.00%, 06/01/35		450		502,803
Series A, 5.25%, 06/01/46		1,065		1,134,949
Sub-Series B, 5.00%, 06/01/46		1,755		1,764,337

				11,741,584

New York — 10.2%
City of New York, GO, Multi Modal, Series D-1, 4.00%, 03/01/44		375		402,600
City of New York Transitional Finance Authority Future Tax Secured Revenue, RB, Fiscal 2012, Sub-Series E-1, 5.00%, 02/01/42		770		809,016
Counties of Buffalo & Erie New York Industrial Land Development Corp., Refunding RB, The Charter School for Applied Technologies Project, Series A, 5.00%, 06/01/35		500		531,875
Counties of New York Tobacco Trust IV, Refunding RB, Settlement Pass-Through Turbo, Series A, 6.25%, 06/01/41^(b)		600		598,500
County of Westchester New York Healthcare Corp., RB, Senior Lien, Series A, 5.00%, 11/01/44		270		284,488
Metropolitan Transportation Authority, RB, Series B, 5.25%, 11/15/38		750		777,975
New York City Housing Development Corp., RB, M/F Housing, Series C-1A, 4.20%, 11/01/44		1,500		1,553,580
New York Liberty Development Corp., Refunding RB, 3 World Trade Center Project^(b):
Class 1, 5.00%, 11/15/44		1,365		1,258,107
Class 2, 5.15%, 11/15/34		105		100,647
Class 2, 5.38%, 11/15/40		265		260,529
New York Transportation Development Corp., ARB, LaGuardia Airport Terminal B Redevelopment Project, Series A, AMT, 5.25%, 01/01/50		1,000		1,019,500
Port Authority of New York & New Jersey, ARB, Special Project, JFK International Air Terminal LLC Project, Series 8:
6.00%, 12/01/36		410		417,355
6.00%, 12/01/42		395		397,394


Security	Par (000)		Value

New York (continued)
State of New York Power Authority, RB, Series A, 4.00%, 11/15/60^(h)	$	350	$	369,044
State of New York Thruway Authority, Refunding RB, Subordinate, Series B, 4.00%, 01/01/45		805		829,778

				9,610,388

North Carolina — 0.8%
North Carolina Medical Care Commission, Refunding RB, 1st Mortgage, Retirement Facilities Whitestone Project, Series A, 7.75%, 03/01/21^(a)		185		195,491
North Carolina Turnpike Authority, RB, Senior Lien, Triangle Express Way System (AGM), 4.00%, 01/01/55		195		199,128
University of North Carolina at Chapel Hill, RB, University of North Carolina Hospital at Chapal Hills, 5.00%, 02/01/45		295		382,146

				776,765

Ohio — 2.0%
Buckeye Tobacco Settlement Financing Authority, Refunding RB, Senior, Class 2, Series B-2, 5.00%, 06/01/55		1,125		995,265
County of Allen Ohio Hospital Facilities, Refunding RB, Mercy Health, Series A, 4.00%, 11/01/44		450		454,711
County of Franklin Ohio, RB, OPRS Communities Obligation Group, Series A:
6.13%, 07/01/22^(a)		15		16,696
6.13%, 07/01/40		195		198,171
Ohio Air Quality Development Authority, RB, AMG Vanadium Project, AMT, 5.00%, 07/01/49^(b)		250		227,135

				1,891,978

Oklahoma — 1.0%
Oklahoma Development Finance Authority, RB, OU Medicine Project, Series B, 5.25%, 08/15/48		390		401,302
Tulsa County Industrial Authority, Refunding RB, Montereau, Inc. Project, 5.25%, 11/15/45		585		560,407

				961,709

Oregon — 1.0%
County of Clackamas Oregon School District No. 12 North Clackamas, GO, CAB, Series A, 0.00%, 06/15/38^(c)		395		199,744
State of Oregon Facilities Authority, RB, Student Housing, CHF-Ashland, Southern Oregon University Project (AGM), 5.00%, 07/01/44		715		757,814

				957,558

Pennsylvania — 2.6%
Allentown Neighborhood Improvement Zone Development Authority, RB, Subordinate, City Center Project^(b):
5.00%, 05/01/28		90		90,625
5.13%, 05/01/32		100		99,841
5.38%, 05/01/42		145		138,598
City of Philadelphia Pennsylvania Hospitals & Higher Education Facilities Authority, RB, Temple University Health System, Series A, 5.63%, 07/01/42		200		206,986
Pennsylvania Economic Development Financing Authority, RB, AMT, 5.00%, 06/30/42		650		654,719
Pennsylvania Economic Development Financing Authority, Refunding RB, National Gypsum Co., AMT, 5.50%, 11/01/44		480		411,897
Pennsylvania Higher Educational Facilities Authority, RB, University of Pennsylvania Health System Obligation, 4.00%, 08/15/44		490		517,989
Pennsylvania Turnpike Commission, RB, Series A, 5.00%, 12/01/44		345		371,396

				2,492,051

Puerto Rico — 5.7%
Children’s Trust Fund, Refunding RB, Tobacco Settlement Asset-Backed Bonds, 5.63%, 05/15/43		395		389,115


38		2020 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

April 30, 2020

BlackRock Strategic Municipal Trust (BSD)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Puerto Rico (continued)
Commonwealth of Puerto Rico Aqueduct & Sewer Authority, RB, Senior Lien, Series A:
5.00%, 07/01/33	$	830	$	788,375
5.13%, 07/01/37		240		226,606
Commonwealth of Puerto Rico Aqueduct & Sewer Authority, Refunding RB, Senior Lien, Series A:
6.00%, 07/01/38		245		242,971
6.00%, 07/01/44		440		439,921
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, Restructured:
Series A-1, 4.75%, 07/01/53		528		475,638
Series A-1, 5.00%, 07/01/58		2,167		2,024,021
Series A-2, 4.33%, 07/01/40		345		308,120
Series A-2, 4.78%, 07/01/58		567		510,408

				5,405,175

Rhode Island — 2.7%
Tobacco Settlement Financing Corp., Refunding RB, Series B:
4.50%, 06/01/45		830		846,060
5.00%, 06/01/50		1,580		1,651,195

				2,497,255

South Carolina — 3.7%
State of South Carolina Jobs EDA, Refunding RB, Prisma Health Obligated Group, Series A, 5.00%, 05/01/43		680		734,665
State of South Carolina Ports Authority, ARB, AMT, 5.25%, 07/01/25^(a)		335		399,277
State of South Carolina Public Service Authority, RB:
Santee Cooper, Series A, 5.50%, 12/01/54		1,235		1,303,468
Series E, 5.50%, 12/01/53		500		525,530
State of South Carolina Public Service Authority, Refunding RB, Series E, 5.25%, 12/01/55		540		571,752

				3,534,692

Tennessee — 0.5%
City of Chattanooga Health Educational & Housing Facility Board, RB, Catholic Health Initiatives, Series A, 5.25%, 01/01/23^(a)		440		487,494


Texas — 9.4%
Brazos Higher Education Authority, Inc., RB, Subordinate, Student Loan Program, Series 1B (AMT), 3.00%, 04/01/40		175		148,082
Central Texas Regional Mobility Authority, Refunding RB:
Senior Lien, 6.25%, 01/01/21^(a)		680		704,725
Sub-Lien, 5.00%, 01/01/33		115		118,123
City of Houston Texas Airport System, Refunding ARB, United Airlines, Inc. Terminal E Project, AMT, 5.00%, 07/01/29		135		133,615
Clifton Higher Education Finance Corp., RB, Idea Public Schools, 6.00%, 08/15/43		230		253,941
County of Harris Texas Cultural Education Facilities Finance Corp., RB, 1st Mortgage, Brazos Presbyterian Homes, Inc. Project, Series B, 7.00%, 01/01/23^(a)		145		168,051
County of Harris Texas-Houston Sports Authority, Refunding RB, CAB, Senior Lien, Series A (NPFGC) (AGM), 0.00%, 11/15/38^(c)		4,750		2,077,317
County of Midland Texas Fresh Water Supply District No. 1, RB, CAB, City of Midland Projects, Series A, 0.00%, 09/15/37^(c)		4,485		2,253,219
North Texas Tollway Authority, RB, CAB, Special Project System, Series B, 0.00%, 09/01/31^(a)(c)		640		328,864
North Texas Tollway Authority, Refunding RB, 4.25%, 01/01/49		565		610,980
Texas Private Activity Bond Surface Transportation Corp., RB:
Segment 3C Project, AMT, 5.00%, 06/30/58		650		672,496


Security	Par (000)		Value

Texas (continued)
Senior Lien, Blueridge Transportation Group, AMT, 5.00%, 12/31/55	$	450	$	425,506
Senior Lien, LBJ Infrastructure Group LLC, 7.00%, 06/30/40		500		501,210
Texas Transportation Commission, RB, First Tier Toll Revenue^(c):
CAB, 0.00%, 08/01/42		855		297,891
0.00%, 08/01/40		500		194,530

				8,888,550

Virginia — 2.2%
Ballston Quarter Community Development Authority, Tax Allocation Bonds, Series A:
5.00%, 03/01/26		165		163,155
5.13%, 03/01/31		320		306,854
Virginia Small Business Financing Authority, RB, Senior Lien, Elizabeth River Crossings OpCo LLC Project, AMT:
5.25%, 01/01/32		250		254,363
6.00%, 01/01/37		1,320		1,360,696

				2,085,068

Washington — 1.1%
Port of Seattle Washington, RB, Intermediate Lien, Series C, AMT, 5.00%, 04/01/40		235		249,213
Washington Health Care Facilities Authority, RB, Catholic Health Initiatives, Series A, 5.75%, 01/01/45		715		766,480

				1,015,693

Wisconsin — 0.5%
Public Finance Authority, Refunding RB, Wingate University, Series A, 5.25%, 10/01/48		425		454,865


Total Municipal Bonds — 120.0% (Cost — $111,276,385)				113,454,835


Municipal Bonds Transferred to Tender Option Bond Trusts — 48.1%⁽ⁱ⁾

California — 5.0%
City of Los Angeles California Department of Airports, ARB, Los Angeles International Airport, Series B, AMT, 5.00%, 05/15/46		2,000		2,160,160
Sacramento Area Flood Control Agency, Refunding, Consolidated Capital Assessment District No. 2, Series A, 5.00%, 10/01/43		2,160		2,514,585

				4,674,745

Colorado — 2.5%
Colorado Health Facilities Authority, Refunding RB, Commonspirit Health, Series A, 4.00%, 08/01/49^(j)		1,130		1,089,388
County of Adams Colorado, COP, Refunding, 4.00%, 12/01/45		1,180		1,252,546

				2,341,934

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		564,850


Florida — 1.8%
Escambia County Health Facilities Authority, Refunding RB, Health Care Facilities Revenue Bonds, 4.00%, 08/15/45^(b)(d)(j)		1,751		1,712,955


Georgia — 1.1%
County of Dalton Whitfield Joint Development Authority, RB, Hamilton Health Care System Obligation, 4.00%, 08/15/48^(b)(d)		1,025		1,057,154


Idaho — 1.5%
Idaho State Building Authority, RB, State Office Campus Project, Series A, 4.00%, 09/01/48		1,330		1,448,649


SCHEDULES OF INVESTMENTS			39

Schedule of Investments (continued)

April 30, 2020

BlackRock Strategic Municipal Trust (BSD)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Illinois — 2.3%
State of Illinois Toll Highway Authority, RB, Series C, 5.00%, 01/01/38	$	1,997	$	2,181,747


Iowa — 1.2%
Iowa Finance Authority, Refunding RB, UnityPoint Health, Series E, 4.00%, 08/15/46		1,125		1,151,179


Massachusetts — 2.3%
Massachusetts Housing Finance Agency, Refunding RB, Series A, AMT, 4.50%, 12/01/47		1,305		1,371,384
Massachusetts School Building Authority, RB, Senior, Series B, 5.00%, 10/15/21^(a)		720		764,440

				2,135,824

Michigan — 3.7%
Michigan Finance Authority, RB, Multi Model- McLaren Health Care, 4.00%, 02/15/47		1,248		1,290,344
Michigan State Housing Development Authority, RB, M/F Housing, Series A, 4.15%, 10/01/53		2,117		2,237,073

				3,527,417

New York — 9.1%
City of New York Housing Development Corp., Refunding RB, Sustainable Neighborhood Bonds, Series A, 4.15%, 11/01/38		1,460		1,560,594
Hudson Yards Infrastructure Corp., RB, Senior-Fiscal 2012^(j):
5.75%, 02/15/21^(a)		310		320,448
5.75%, 02/15/47		190		197,130
New York Liberty Development Corp., ARB, 1 World Trade Center Port Authority Consolidated Bonds, 5.25%, 12/15/43		3,375		3,539,095
New York Liberty Development Corp., Refunding RB, 4 World Trade Center Project, 5.75%, 11/15/51^(j)		2,030		2,117,345
Port Authority of New York & New Jersey, Refunding ARB, Series194th, 5.25%, 10/15/55		810		892,733

				8,627,345

North Carolina — 1.8%
North Carolina Capital Facilities Finance Agency, Refunding RB, Duke University Project, Series B, 5.00%, 10/01/55		800		912,408
North Carolina Housing Finance Agency, RB, S/F Housing, Series 39-B (Ginnie Mae, Fannie Mae & Freddie Mac), 4.00%, 01/01/48^(b)(d)		717		765,327

				1,677,735

Pennsylvania — 7.1%
County of Lehigh Pennsylvania, Refunding RB, Lehigh Valley Health Network, 4.00%, 07/01/49^(b)(d)(j)		2,501		2,528,291
County of Westmoreland Pennsylvania Municipal Authority, Refunding RB, (BAM), 5.00%, 08/15/38		1,034		1,178,927
Pennsylvania Turnpike Commission, RB, Sub-Series A, 5.50%, 12/01/42		1,379		1,550,707
Pennsylvania Turnpike Commission, Refunding RB, Sub Series B-2 (AGM), 5.00%, 06/01/35		1,280		1,469,530

				6,727,455

Rhode Island — 1.8%
Rhode Island Health & Educational Building Corp., RB, Series A, 4.00%, 09/15/47		1,532		1,676,843


Texas — 3.2%
City of San Antonio Texas Electric & Gas Systems Revenue, RB, Junior Lien, 5.00%, 02/01/43		780		848,585
County of Harris Texas Metropolitan Transit Authority, Refunding RB, Series A, 5.00%, 11/01/21^(a)		1,080		1,147,533
University of Texas, Refunding RB, Financing System, Series B, 5.00%, 08/15/43		975		1,051,298

				3,047,416


Security	Par (000)		Value

Virginia — 1.8%
Hampton Roads Transportation Accountability Commission, RB, Transportation Fund, Senior Lien, Series A, 5.50%, 07/01/57^(j)	$	1,413	$	1,695,543


West Virginia — 1.3%
Morgantown Utility Board, Inc., RB, Series B, 4.00%, 12/01/48^(j)		1,161		1,226,709


Total Municipal Bonds Transferred to Tender Option Bond Trusts — 48.1% (Cost — $44,279,280)				45,475,500


Total Long-Term Investments — 168.1% (Cost — $155,555,665)				158,930,335


	Shares

Short-Term Securities — 1.5%
BlackRock Liquidity Funds, MuniCash, Institutional Class, 0.15%^(k)(l)		1,394,020		1,394,299


Total Short-Term Securities — 1.5% (Cost — $1,394,299)				1,394,299


Total Investments — 169.6% (Cost — $156,949,964)				160,324,634

Other Assets Less Liabilities — 3.0%				2,892,693

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (27.2)%				(25,762,821	)

VMTP Shares, at Liquidation Value — (45.4)%				(42,900,000	)


Net Assets Applicable to Common Shares — 100.0%			$	94,554,506

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

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

^(c)	Zero-coupon bond.

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

^(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)	Non-income producing security.

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

^(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 August 15, 2020 to February 15, 2028, is $6,151,734. See Note 4 of the Notes to Financial Statements for details.

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


40		2020 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

April 30, 2020

BlackRock Strategic Municipal Trust (BSD)

^(l)	Investments in issuers considered to be an affiliate/affiliates of the Trust during the year ended April 30, 2020 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:


Affiliated Issuer	Shares Held at 04/30/19		Shares Purchased			Shares Sold		Shares Held at 04/30/20		Value at 04/30/20		Income		Net Realized Gain (Loss)^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds, MuniCash, Institutional Class		—		1,394,020	^(b)		—		1,394,020	$	1,394,299	$	6,194	$	1,413	$	—

^(a)

Includes net capital gain distributions, if applicable.

^(b)

Represents net shares purchased (sold).

Derivative Financial Instruments Categorized by Risk Exposure

For the year ended April 30, 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 Realized Gain (Loss) from:
Futures contracts	$	—	$	—	$	—	$	—	$	(2,008,429	)	$	—	$	(2,008,429	)

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	—	$	—	$	42,843		$	—	$	42,843

Average Quarterly Balances of Outstanding Derivative Financial Instruments:


Futures contracts:
Average notional value of contracts — short	$	6,223,203

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

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

The following tables summarize the Trust’s investments categorized in the disclosure hierarchy:


	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Long-Term Investments^(a)	$	—	$	158,930,335	$	—	$	158,930,335
Short-Term Securities		1,394,299		—		—		1,394,299

	$	1,394,299	$	158,930,335	$	—	$	160,324,634

^(a)

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


	Level 1		Level 2			Level 3		Total
Liabilities:
TOB Trust Certificates	$	—	$	(25,654,427	)	$	—	$	(25,654,427	)
VMTP Shares at Liquidation Value		—		(42,900,000	)		—		(42,900,000	)

	$	—	$	(68,554,427	)	$	—	$	(68,554,427	)


SCHEDULES OF INVESTMENTS			41

Statements of Assets and Liabilities

April 30, 2020


	BKN		BTA			BFK			BSD

ASSETS
Investments at value — unaffiliated^(a)	$	429,713,541	$	259,167,606		$	954,307,077		$	158,930,335
Investments at value — affiliated^(b)		4,003,899		677,105			13,735,179			1,394,299
Cash		—		702			—			436
Receivables:
Investments sold		1,569,657		1,707,665			10,091,013			1,873,591
Dividends — affiliated		723		121			5,828			91
Interest — unaffiliated		5,278,924		3,858,805			14,008,771			2,258,360
Prepaid expenses		23,660		38,956			22,433			24,152

Total assets		440,590,404		265,450,960			992,170,301			164,481,264


ACCRUED LIABILITIES
Payables:
Investments purchased		855,456		1,387,442			2,798,397			588,904
Administration fees		112,030		—			—			—
Income dividend distributions — Common Shares		1,013,966		678,014			2,398,477			401,950
Interest expense and fees		262,883		143,323			500,206			108,394
Investment advisory fees		261,110		263,405			1,007,013			167,975
Trustees’ and Officer’s fees		63,686		20,746			213,678			15,128
Other accrued expenses		124,904		94,196			181,675			89,980

Total accrued liabilities		2,694,035		2,587,126			7,099,446			1,372,331


OTHER LIABILITIES
TOB Trust Certificates		56,112,087		36,907,873			135,463,834			25,654,427
VRDP Shares, at liquidation value of $100,000 per share, net of deferred offering costs^(c)(d)(e)		—		75,612,012			—			—
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		182,012,087		112,519,885			406,263,834			68,554,427

Total liabilities		184,706,122		115,107,011			413,363,280			69,926,758


NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS	$	255,884,282	$	150,343,949		$	578,807,021		$	94,554,506


NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS CONSIST OF
Paid-in capital^(e)(f)(g)	$	238,727,657	$	156,278,770		$	590,887,916		$	94,243,839
Accumulated earnings (loss)		17,156,625		(5,934,821	)		(12,080,895	)		310,667

NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS	$	255,884,282	$	150,343,949		$	578,807,021		$	94,554,506


Net asset value, offering and redemption price per share	$	14.89	$	11.20		$	12.91		$	12.94


^(a) Investments at cost — unaffiliated	$	408,310,391	$	258,124,859		$	945,216,154		$	155,555,665
^(b) Investments at cost — affiliated	$	4,003,373	$	677,098		$	13,729,814		$	1,394,299
^(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 and Common Share	$	0.10	$	0.001		$	0.001		$	0.001
^(f) Common Shares outstanding		17,185,859		13,426,027			44,831,340			7,308,173
^(g) Common Shares authorized		199,994,138		Unlimited			Unlimited			Unlimited

See notes to financial statements.


42		2020 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS

Statements of Operations

Year Ended April 30, 2020


	BKN			BTA			BFK			BSD

INVESTMENT INCOME
Dividends — affiliated	$	14,579		$	9,324		$	97,242		$	6,194
Interest — unaffiliated		18,638,154			12,308,632			44,827,257			7,574,350

Total investment income		18,652,733			12,317,956			44,924,499			7,580,544


EXPENSES
Investment advisory		1,609,254			1,699,304			6,193,177			1,044,859
Administration		689,680			—			—			—
Accounting services		69,312			29,377			84,288			41,138
Professional		69,208			71,391			115,255			58,054
Rating agency		46,484			30,545			46,506			58,367
Transfer agent		31,841			21,728			47,829			20,019
Trustees and Officer		16,228			11,791			32,466			7,657
Custodian		10,980			10,123			12,940			10,515
Printing		10,954			8,995			13,028			8,534
Registration		9,055			9,055			16,632			9,056
Liquidity fees		—			7,760			—			—
Remarketing fees on Preferred Shares		—			7,619			—			—
Miscellaneous		17,978			14,790			20,540			10,602

Total expenses excluding interest expense, fees and amortization of offering costs		2,580,974			1,922,478			6,582,661			1,268,801
Interest expense, fees and amortization of offering costs^(a)		3,854,813			2,388,088			8,247,629			1,466,529

Total expenses		6,435,787			4,310,566			14,830,290			2,735,330
Less fees waived and/or reimbursed by the Manager		(1,062	)		(715	)		(7,436	)		(486	)

Total expenses after fees waived and/or reimbursed		6,434,725			4,309,851			14,822,854			2,734,844

Net investment income		12,218,008			8,008,105			30,101,645			4,845,700


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Futures contracts		(4,804,290	)		(3,083,691	)		(10,474,133	)		(2,008,429	)
Investments — affiliated		3,034			774			206			1,413
Investments — unaffiliated		920,320			(133,062	)		2,414,404			(178,058	)

		(3,880,936	)		(3,215,979	)		(8,059,523	)		(2,185,074	)

Net change in unrealized appreciation (depreciation) on:
Futures contracts		165,984			60,522			213,210			42,843
Investments — affiliated		526			7			7,094			—
Investments — unaffiliated		(11,502,239	)		(13,853,199	)		(49,300,899	)		(6,728,069	)

		(11,335,729	)		(13,792,670	)		(49,080,595	)		(6,685,226	)

Net realized and unrealized loss		(15,216,665	)		(17,008,649	)		(57,140,118	)		(8,870,300	)

NET DECREASE IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS RESULTING FROM OPERATIONS	$	(2,998,657	)	$	(9,000,544	)	$	(27,038,473	)	$	(4,024,600	)

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

See notes to financial statements.


FINANCIAL STATEMENTS			43

Statements of Changes in Net Assets


	BKN						BTA
	Year Ended April 30,						Year Ended April 30,
	2020			2019			2020			2019

INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS

OPERATIONS
Net investment income	$	12,218,008		$	12,176,372		$	8,008,105		$	8,367,102
Net realized loss		(3,880,936	)		(1,165,399	)		(3,215,979	)		(42,311	)
Net change in unrealized appreciation (depreciation)		(11,335,729	)		9,310,633			(13,792,670	)		2,841,284

Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations		(2,998,657	)		20,321,606			(9,000,544	)		11,166,075


DISTRIBUTIONS TO COMMON SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to Common Shareholders		(11,823,871	)		(11,812,459	)		(8,135,464	)		(8,521,852	)


CAPITAL SHARE TRANSACTIONS
Reinvestment of common distributions		—			—			48,840			—


NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS
Total increase (decrease) in net assets applicable to Common Shareholders		(14,822,528	)		8,509,147			(17,087,168	)		2,644,223
Beginning of year		270,706,810			262,197,663			167,431,117			164,786,894

End of year	$	255,884,282		$	270,706,810		$	150,343,949		$	167,431,117

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

See notes to financial statements.


44		2020 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets (continued)


	BFK						BSD
	Year Ended April 30,						Year Ended April 30,
	2020			2019			2020			2019

INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS

OPERATIONS
Net investment income	$	30,101,645		$	30,368,713		$	4,845,700		$	4,989,987
Net realized loss		(8,059,523	)		(2,100,964	)		(2,185,074	)		52,467
Net change in unrealized appreciation (depreciation)		(49,080,595	)		11,675,006			(6,685,226	)		1,398,382

Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations		(27,038,473	)		39,942,755			(4,024,600	)		6,440,836


DISTRIBUTIONS TO COMMON SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to Common Shareholders		(29,230,034	)		(31,471,601	)		(4,852,594	)		(5,006,165	)


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


NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS
Total increase (decrease) in net assets applicable to Common Shareholders		(56,268,507	)		8,471,154			(8,875,030	)		1,434,671
Beginning of year		635,075,528			626,604,374			103,429,536			101,994,865

End of year	$	578,807,021		$	635,075,528		$	94,554,506		$	103,429,536

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

See notes to financial statements.


FINANCIAL STATEMENTS			45

Statements of Cash Flows

Year Ended April 30, 2020


	BKN			BTA			BFK			BSD

CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES
Net decrease in net assets resulting from operations	$	(2,998,657	)	$	(9,000,544	)	$	(27,038,473	)	$	(4,024,600	)
Adjustments to reconcile net decrease in net assets resulting from operations to net cash provided by operating activities:
Proceeds from sales of long-term investments and principal paydowns		73,980,955			96,498,049			165,417,276			60,971,957
Purchases of long-term investments		(70,567,340	)		(95,798,887	)		(180,121,485	)		(56,984,982	)
Net proceeds from sales (purchases) of short-term securities		(3,096,711	)		(282,730	)		4,457,745			(1,392,886	)
Amortization of premium and accretion of discount on investments and other fees		(1,061,136	)		451,271			1,796,911			(2,779	)
Net realized (gain) loss on investments		(923,354	)		132,288			(2,414,610	)		176,645
Net unrealized depreciation on investments		11,501,713			13,853,192			49,293,805			6,728,069

(Increase) Decrease in Assets:
Receivables:
Dividends — affiliated		166			696			17,990			26
Interest — unaffiliated		190,945			114,477			1,017,193			181,055
Prepaid expenses		(2,012	)		(19,346	)		7,022			(3,732	)

Increase (Decrease) in Liabilities:
Payables:
Administration fees		57,150			—			—			—
Investment advisory fees		133,110			126,584			504,295			82,828
Interest expense and fees		(1,005	)		4,778			(106,706	)		(17,460	)
Trustees’ and Officer’s fees		(4,130	)		(1,262	)		(26,506	)		(972	)
Variation margin on futures contracts		(94,767	)		(44,360	)		(159,313	)		(28,457	)
Other accrued expenses		(36,423	)		(18,015	)		(38,080	)		(21,459	)

Net cash provided by operating activities		7,078,504			6,016,191			12,607,064			5,663,253


CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES
Proceeds from TOB Trust Certificates		9,330,556			14,974,703			55,785,980			6,573,025
Repayments of TOB Trust Certificates		(5,217,533	)		(12,661,465	)		(39,945,873	)		(7,757,309	)
Proceeds from Loan for TOB Trust Certificates		2,857,447			4,242,373			14,369,517			692,796
Repayments of Loan for TOB Trust Certificates		(2,857,447	)		(4,242,373	)		(14,369,517	)		(692,796	)
Cash dividends paid to Common Shareholders		(11,789,499	)		(8,086,433	)		(29,454,190	)		(4,865,037	)
Increase (decrease) in bank overdraft		—			(485,140	)		—			—
Amortization of deferred offering costs		—			15,246			—			—

Net cash used for financing activities		(7,676,476	)		(6,243,089	)		(13,614,083	)		(6,049,321	)


CASH
Net decrease in restricted and unrestricted cash		(597,972	)		(226,898	)		(1,007,019	)		(386,068	)
Restricted and unrestricted cash at beginning of year		597,972			227,600			1,007,019			386,504

Restricted and unrestricted cash at end of year	$	—		$	702		$	—		$	436


SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid during the year for interest expense	$	3,855,818		$	2,368,064		$	8,354,335		$	1,483,989


NON-CASH FINANCING ACTIVITIES
Capital shares issued in reinvestment of distributions paid to Common Shareholders	$	—		$	48,840		$	—		$	2,164


RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AT THE END OF YEAR TO THE STATEMENTS OF ASSETS AND LIABILITIES
Cash	$	—		$	702		$	—		$	436


RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AT THE BEGINNING OF YEAR TO THE STATEMENTS OF ASSETS AND LIABILITIES
Cash	$	113,922		$	—		$	192,219		$	240,904
Cash pledged for futures contracts		484,050			227,600			814,800			145,600

	$	597,972		$	227,600		$	1,007,019		$	386,504


46		2020 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights

(For a share outstanding throughout each period)


	BKN

	Year Ended April 30,
	2020			2019			2018			2017			2016

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

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

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


Distributions to Common Shareholders^(b)
From net investment income		(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		(0.69	)		(0.68	)		(0.88	)		(1.11	)		(0.91	)


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


Market price, end of year	$	14.75		$	14.31		$	13.57		$	14.59		$	16.94


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

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


Ratios to Average Net Assets Applicable to Common Shareholders
Total expenses		2.31	%		2.53	%		2.12	%		1.84	%		1.46	%

Total expenses after fees waived and/or reimbursed and paid indirectly		2.31	%		2.53	%		2.11	%		1.84	%		1.46	%

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

Net investment income to Common Shareholders		4.39	%		4.64	%		4.64	%		4.87	%		5.48	%


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

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

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

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

Portfolio turnover rate		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)	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			47

Financial Highlights (continued)

(For a share outstanding throughout each period)


	BTA

	Year Ended April 30,
	2020			2019			2018			2017			2016

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

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

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

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


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


Market price, end of year	$	10.92		$	11.88		$	11.20		$	11.66		$	12.28


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

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


Ratios to Average Net Assets Applicable to Common Shareholders
Total expenses		2.54	%		2.67	%		2.33	%		2.00	%		1.59	%

Total expenses after fees waived and/or reimbursed and paid indirectly		2.54	%		2.67	%		2.33	%		2.00	%		1.59	%

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

Net investment income to Common Shareholders		4.71	%		5.11	%		5.21	%		5.32	%		5.45	%


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

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

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

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

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


	Year Ended April 30,
	2020			2019			2018			2017			2016
Expense ratios		1.12	%		1.12	%		1.47	%		1.52	%		—	%

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

See notes to financial statements.


48		2020 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)


	BFK

	Year Ended April 30,
	2020			2019			2018			2017			2016

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

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

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

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


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


Market price, end of year	$	12.14		$	13.79		$	12.78		$	14.00		$	15.44


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

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


Ratios to Average Net Assets Applicable to Common Shareholders
Total expenses		2.30	%		2.55	%		2.31	%		1.99	%		1.61	%

Total expenses after fees waived and/or reimbursed and paid indirectly		2.30	%		2.55	%		2.27	%		1.98	%		1.61	%

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

Net investment income to Common Shareholders		4.68	%		4.87	%		5.06	%		5.45	%		5.85	%


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

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

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

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

Portfolio turnover rate		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)	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			49

Financial Highlights (continued)

(For a share outstanding throughout each period)


	BSD

	Year Ended April 30,
	2020			2019			2018			2017			2016

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

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

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

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


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


Market price, end of year	$	12.17		$	13.21		$	12.65		$	13.67		$	15.02


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

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


Ratios to Average Net Assets Applicable to Common Shareholders
Total expenses		2.60	%		2.81	%		2.46	%		2.08	%		1.72	%

Total expenses after fees waived and/or reimbursed and paid indirectly		2.60	%		2.81	%		2.46	%		2.08	%		1.72	%

Total expenses after fees waived and/or reimbursed and paid indirectly and excluding interest expense and fees, and amortization of offering costs^(d)		1.21	%		1.19	%		1.20	%		1.15	%		1.15	%

Net investment income to Common Shareholders		4.61	%		4.92	%		5.05	%		5.28	%		5.61	%


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

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

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

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

Portfolio turnover rate		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)	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.


50		2020 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements

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 Trust’s classification changed from non-diversified to diversified during the reporting period.

The Board of Directors or Trustees, as applicable, of the Trusts are collectively referred to throughout this report as the “Board of Trustees” or the “Board,” and the 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 on the identified cost basis. Dividend income and non-cash dividend income are recorded on the ex-dividend date. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized on an accrual basis.

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

Distributions: Distributions from net investment income are declared 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 are included in the Trustees’ and Officer’s fees payable in the Statements of Assets and Liabilities and will remain as a liability of the Trusts until such amounts are distributed in accordance with the Plan.

Recent Accounting Standards: The Trusts have adopted Financial Accounting Standards Board Accounting Standards Update 2017-08 to amend the amortization period for certain purchased callable debt securities held at a premium. Under the new standard, the Trusts have changed the amortization period for the premium on certain purchased callable debt securities with non-contingent call features to the earliest call date. In accordance with the transition provisions of the standard, the Trusts applied the amendments on a modified retrospective basis beginning with the fiscal period ended April 30, 2020. The adjusted cost basis of securities at April 30, 2019 are as follows:


BKN	$	411,215,379
BTA		260,423,250
BFK		955,374,421
BSD		160,982,606

This change in accounting policy has been made to comply with the newly issued accounting standard and had no impact on accumulated earnings (loss) or the NAV of the Trusts.


NOTES TO FINANCIAL STATEMENTS			51

Notes to Financial Statements (continued)

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.

3.	*INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS*

Investment Valuation Policies: The Trusts’ investments are valued at fair value (also referred to as “market value” within the financial statements) as of the close of trading on the New York Stock Exchange (“NYSE”) (generally 4:00 p.m., Eastern time). U.S. GAAP defines fair value as the price the Trusts would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Trusts determine the fair values of their financial instruments using various independent dealers or pricing services under policies approved by the Board. 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:

•

Municipal investments (including commitments to purchase such investments on a “when-issued” basis) are valued on the basis of prices provided by dealers or pricing services. In determining the value of a particular investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrixes, market transactions in comparable investments and information with respect to various relationships between investments.

•

Investments in open-end U.S. mutual funds are valued at NAV each business day.

•

Futures contracts traded on exchanges are valued at their last sale price.

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

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

•

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

•

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

•

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

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

4.	*SECURITIES AND OTHER INVESTMENTS*

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

Forward Commitments, 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


52		2020 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (continued)

may purchase securities under such conditions with the intention of actually acquiring them, but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, a trust may be required to pay more at settlement than the security is worth. In addition, a trust is not entitled to any of the interest earned prior to settlement. When purchasing a security on a delayed delivery basis, a trust assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations. In the event of default by the counterparty, a trust’s maximum amount of loss is the unrealized appreciation of unsettled when-issued transactions.

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

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

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

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

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

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


	Interest Expense		Liquidity Fees		Other Expenses		Total
BKN	$	806,229	$	231,456	$	76,648	$	1,114,333
BTA		533,127		159,873		48,562		741,562
BFK		1,706,735		479,689		166,671		2,353,095
BSD		384,601		108,637		39,482		532,720

For the year ended April 30, 2020, the following table is a summary of each Trust’s TOB Trusts:


	Underlying Municipal Bonds Transferred to TOB Trusts^(a)		Liability for TOB Trust Certificates^(b)		Range of Interest Rates on TOB Trust Certificates at Period End		Average TOB Trust Certificates Outstanding		Daily Weighted Average Rate of Interest and Other Expenses on TOB Trusts
BKN	$	92,743,919	$	56,112,087		0.25% — 0.44%	$	55,461,252		2.01	%
BTA		63,012,034		36,907,873		0.19% — 0.40%		36,459,468		2.03
BFK		216,420,496		135,463,834		0.16% — 0.73%		117,780,251		1.99
BSD		45,475,500		25,654,427		0.19% — 0.40%		26,156,330		2.04

^(a)

The municipal bonds transferred to a TOB Trust are generally high grade municipal bonds. In certain cases, when municipal bonds transferred are lower grade municipal bonds, the TOB Trust transaction may include a credit enhancement feature that provides for the timely payment of principal and interest on the bonds to the TOB Trust by a credit


NOTES TO FINANCIAL STATEMENTS			53

Notes to Financial Statements (continued)

enhancement provider in the event of default of the municipal bond. The TOB Trust would be responsible for the payment of the credit enhancement fee and the trusts, as TOB Residuals holders, would be responsible for reimbursement of any payments of principal and interest made by the credit enhancement provider. The maximum potential amounts owed by the trusts, for such reimbursements, as applicable, are included in the maximum potential amounts disclosed for recourse TOB Trusts.

^(b)

TOB Trusts may be structured on a non-recourse or recourse basis. When a Trust invests in TOB Trusts on a non-recourse basis, the Liquidity Provider may be required to make a payment under the liquidity facility to allow the TOB Trust to repurchase TOB Trust Certificates. The Liquidity Provider will be reimbursed from the liquidation of bonds held in the TOB Trust. If a trust invests in a TOB Trust on a recourse basis, a trust enters into a reimbursement agreement with the Liquidity Provider where a trust is required to reimburse the Liquidity Provider for any shortfall between the amount paid by the Liquidity Provider and proceeds received from liquidation of municipal bonds held in the TOB Trust (the “Liquidation Shortfall”). As a result, if a trust invests in a recourse TOB Trust, the trust will bear the risk of loss with respect to any Liquidation Shortfall. If multiple funds participate in any such TOB Trust, these losses will be shared ratably, including the maximum potential amounts owed by a trust at April 30, 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 trust at April 30, 2020.

For the year ended April 30, 2020, the following table is a summary of each Trust’s Loan for TOB Trust Certificates:


	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
BKN	$	—		—	%		35,211		0.69	%
BTA		—		—			34,774		0.71
BFK		—		—			183,314		0.70
BSD		—		—			4,440		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.

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

Futures contracts are agreements between the Trusts and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Trusts are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. 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, is shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Trusts agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest, foreign currency exchange rates or underlying assets.

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

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.


	BKN			BTA			BFK			BSD
Investment advisory fees		0.35	%		1.00	%		0.60	%		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 includes liabilities represented by TOB Trusts and the liquidation preference of any outstanding preferred shares). It is understood that the liquidation preference of any outstanding preferred shares (other than accumulated dividends) and TOB Trusts is not considered a liability in determining the Trust’s NAV.

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.


54		2020 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (continued)

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, 2021. 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 year ended April 30, 2020, the amounts waived were as follows:


	BKN		BTA		BFK		BSD
Amounts waived	$	1,062	$	715	$	7,436	$	486

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, 2021. 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 year ended April 30, 2020, there were no fees waived and/or reimbursed by the Manager pursuant to this agreement.

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

7.	*PURCHASES AND SALES*

For the year ended April 30, 2020, purchases and sales of investments, excluding short-term securities, were as follows:


	BKN		BTA		BFK		BSD
Purchases	$	71,422,796	$	96,326,329	$	182,919,882	$	57,573,886
Sales		75,405,612		97,646,793		175,508,289		62,825,548

8.	*INCOME TAX INFORMATION*

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

Each Trust files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on each Trust’s U.S. federal tax returns generally remains open for each of the four years ended April 30, 2020. 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 April 30, 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.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAVs per share. As of period end, the following permanent differences, attributable to non-deductible expenses, were reclassified to the following accounts:


	BKN		BTA			BFK		BSD
Paid-in capital	$	—	$	(15,246	)	$	—	$	—
Accumulated earnings (loss)		—		15,246			—		—

The tax character of distributions paid was as follows:


	BKN		BTA		BFK		BSD
Tax-exempt income^(a)
4/30/2020	$	14,558,611	$	9,760,994	$	35,115,253	$	5,783,822
4/30/2019		14,921,159		10,243,262		38,294,903		6,079,943
Ordinary income^(b)
4/30/2020		5,740		5,750		9,315		2,581
4/30/2019		5,659		14,385		7,143		8,866
Long-term capital gains
4/30/2020		—		—		—		—
4/30/2019		64,261		—		—		—

Total
4/30/2020	$	14,564,351	$	9,766,744	$	35,124,568	$	5,786,403

4/30/2019	$	14,991,079	$	10,257,647	$	38,302,046	$	6,088,809

^(a)

The Trusts designate these amounts paid during the fiscal year ended April 30, 2020, as exempt-interest dividends.

^(b)

Ordinary income consists primarily of taxable income recognized from market discount. Additionally, all ordinary income distributions are comprised of interest-related dividends and are eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations.


NOTES TO FINANCIAL STATEMENTS			55

Notes to Financial Statements (continued)

As of period end, the tax components of accumulated earnings (losses) were as follows:


	BKN			BTA			BFK			BSD
Undistributed tax-exempt income	$	1,521,625		$	211,515		$	2,468,018		$	102,149
Undistributed ordinary income		360			59,619			11,358			4,516
Non-expiring capital loss carryforwards^(a)		(5,567,479	)		(7,394,560	)		(23,510,500	)		(3,167,920	)
Net unrealized gains^(b)		21,202,119			1,188,605			8,950,229			3,371,922

	$	17,156,625		$	(5,934,821	)	$	(12,080,895	)	$	310,667

^(a)

Amounts available to offset future realized capital gains.

^(b)

The differences between book-basis and tax-basis net unrealized gains were attributable primarily to the tax deferral of losses on wash sales, amortization methods of premiums and discounts on fixed income securities, the accrual of income on securities in default, the treatment of residual interests in tender option bond trusts and the deferral of compensation to Trustees.

As of April 30, 2020, gross unrealized appreciation and depreciation for investments based on cost for U.S federal income tax purposes were as follows:


	BKN			BTA			BFK			BSD
Tax cost	$	356,349,673		$	221,728,971		$	823,419,667		$	131,284,107

Gross unrealized appreciation	$	29,300,367		$	8,841,346		$	36,992,413		$	6,683,289
Gross unrealized depreciation		(8,036,847	)		(7,633,479	)		(27,833,658	)		(3,297,189	)

Net unrealized appreciation	$	21,263,520		$	1,207,867		$	9,158,755		$	3,386,100

9.	*PRINCIPAL RISKS*

Many municipalities insure repayment of their bonds, which may reduce the potential for loss due to credit risk. The market value of these bonds may fluctuate for other reasons, including market perception of the value of such insurance, and there is no guarantee that the insurer will meet its obligation.

Inventories of municipal bonds held by brokers and dealers may decrease, which would lessen their ability to make a market in these securities. Such a reduction in market making capacity could potentially decrease a Trust’s ability to buy or sell bonds. As a result, a Trust may sell a security at a lower price, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative impact on performance. If a Trust needed to sell large blocks of bonds, those sales could further reduce the bonds’ prices and impact performance.

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

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.

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


56		2020 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (continued)

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.

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 impact of the pandemic may be short term or may last for an extended period of time.

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

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

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

Concentration Risk: 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.

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:


Year Ended April 30,	BTA		BSD
2020		3,780		148
2019		—		—

For the year ended April 30, 2020 and April 30, 2019, shares issued and outstanding remained constant for BKN and BFK.

The Trusts participate in an open market share repurchase program (the “Repurchase Program”). From December 1, 2018 through November 30, 2019, 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, 2018, subject to certain conditions. 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. There is no assurance that the Trusts will purchase shares in any particular amounts. For the year ended April 30, 2020, the Trusts did not repurchase any shares.

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


NOTES TO FINANCIAL STATEMENTS			57

Notes to Financial Statements (continued)

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:

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:

Moody’s

Long-term

Rating

Fitch

Long-term

Rating

BTA

N/A

AAA

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 Moody’s and 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


58		2020 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (continued)

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 year ended April 30, 2020, the annualized dividend rate for the VRDP Shares was 2.15%.

For the year ended April 30, 2020, VRDP Shares issued and outstanding of BTA remained constant.

VMTP Shares

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

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

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

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 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 year ended April 30, 2020, the average annualized dividend rates for the VMTP Shares were as follows:


	BKN			BFK			BSD
Rate		2.18	%		2.18	%		2.18	%

For the year ended April 30, 2020, VMTP Shares issued and outstanding of each VMTP Trust remained constant.

Offering Costs: BKN, BTA, BFK and BSD incurred costs in connection with the issuance of VRDP and VMTP Shares, which were recorded as a direct deduction from the carrying value of the related debt liability and will be amortized over the life of the VRDP and VMTP Shares with the exception of any upfront fees paid by 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


NOTES TO FINANCIAL STATEMENTS			59

Notes to Financial Statements (continued)

holders of the VRDP and VMTP Shares are generally classified as tax-exempt income for tax-reporting purposes. Dividends and amortization of deferred offering costs on VRDP and VMTP Shares are included in interest expense, fees and amortization of offering costs in the Statements of Operations:


	Dividends Accrued		Deferred Offering Costs Amortization
BKN	$	2,740,480	$	—
BTA		1,631,280		15,246
BFK		5,894,534		—
BSD		933,809		—

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:


	Common Dividend Per Share				Preferred Shares^(c)
	Paid^(a)		Declared^(b)		Shares		Series		Declared
BKN	$	0.059000	$	0.063000		VMTP		W-7	$	114,842
BTA		0.050500		0.050500		VRDP		W-7		65,534
BFK		0.053500		0.056500		VMTP		W-7		247,015
BSD		0.055000		0.055000		VMTP		W-7		39,132

^(a)

Net investment income dividend paid on June 1, 2020 to Common Shareholders of record on May 15, 2020.

^(b)

Net investment income dividend declared on June 1, 2020 payable to Common Shareholders of record on June 15, 2020.

^(c⁾

Dividends declared for period May 1, 2020 to May 31, 2020.

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 with and into BLE. The reorganization is expected to occur in or before the first quarter of 2021 and is subject to the approvals by each Fund’s shareholders and the satisfaction of customary closing conditions.


60		2020 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors/Trustees of BlackRock Investment Quality Municipal Trust, Inc., BlackRock Long-Term Municipal Advantage Trust, BlackRock Municipal Income Trust, and BlackRock Strategic Municipal Trust:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statements of assets and liabilities of BlackRock Investment Quality Municipal Trust, Inc., BlackRock Long-Term Municipal Advantage Trust, BlackRock Municipal Income Trust, and BlackRock Strategic Municipal Trust (the “Funds”), including the schedules of investments, as of April 30, 2020, the related statements of operations and cash flows for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of April 30, 2020, and the results of their operations and their cash flows for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of April 30, 2020, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

Deloitte & Touche LLP

Boston, Massachusetts

June 22, 2020

We have served as the auditor of one or more BlackRock investment companies since 1992.


REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM			61

Automatic Dividend Reinvestment Plan

Pursuant to each Trust’s Dividend Reinvestment Plan (the “Reinvestment Plan”), Common Shareholders are automatically enrolled to have all distributions of dividends and capital gains and other distributions reinvested by Computershare Trust Company, N.A. (the “Reinvestment Plan Agent”) in the respective Trust’s Common Shares pursuant to the Reinvestment Plan. Shareholders who do not participate in the Reinvestment Plan will receive all distributions in cash paid by check and mailed directly to the shareholders of record (or if the shares are held in street name or other nominee name, then to the nominee) by the Reinvestment Plan Agent, which serves as agent for the shareholders in administering the Reinvestment Plan.

After BKN, BTA, BFK and BSD declare a dividend or determine to make a capital gain or other distribution, the Reinvestment Plan Agent will acquire shares for the participants’ accounts, depending upon the following circumstances, either (i) through receipt of unissued but authorized shares from the Trusts (“newly issued shares”) or (ii) by purchase of outstanding shares on the open market or on the Trust’s primary exchange (“open-market purchases”). If, on the dividend payment date, the net asset value per share (“NAV”) is equal to or less than the market price per share plus estimated brokerage commissions (such condition often referred to as a “market premium”), the Reinvestment Plan Agent will invest the dividend amount in newly issued shares acquired on behalf of the participants. The number of newly issued shares to be credited to each participant’s account will be determined by dividing the dollar amount of the dividend by the NAV on the date the shares are issued. However, if the NAV is less than 95% of the market price on the dividend payment date, the dollar amount of the dividend will be divided by 95% of the market price on the dividend payment date. If, on the dividend payment date, the NAV is greater than the market price per share plus estimated brokerage commissions (such condition often referred to as a “market discount”), the Reinvestment Plan Agent will invest the dividend amount in shares acquired on behalf of the participants in open-market purchases. If the Reinvestment Plan Agent is unable to invest the full dividend amount in open-market purchases, or if the market discount shifts to a market premium during the purchase period, the Reinvestment Plan Agent will invest any un-invested portion in newly issued shares. Investments in newly issued shares made in this manner would be made pursuant to the same process described above and the date of issue for such newly issued shares will substitute for the dividend payment date.

You may elect not to participate in the Reinvestment Plan and to receive all dividends in cash by contacting the Reinvestment Plan Agent, at the address set forth below.

Participation in the Reinvestment Plan is completely voluntary and may be terminated or resumed at any time without penalty by notice if received and processed by the Reinvestment Plan Agent prior to the dividend record date. Additionally, the Reinvestment Plan Agent seeks to process notices received after the record date but prior to the payable date and such notices often will become effective by the payable date. Where late notices are not processed by the applicable payable date, such termination or resumption will be effective with respect to any subsequently declared dividend or other distribution.

The Reinvestment Plan Agent’s fees for the handling of the reinvestment of distributions will be paid by each Trust. However, each participant will pay a pro rata share of brokerage commissions incurred with respect to the Reinvestment Plan Agent’s open-market purchases in connection with the reinvestment of all distributions. The automatic reinvestment of all distributions will not relieve participants of any U.S. federal, state or local income tax that may be payable on such dividends or distributions.

Each Trust reserves the right to amend or terminate the Reinvestment Plan. There is no direct service charge to participants in the Reinvestment Plan; however, each Trust reserves the right to amend the Reinvestment Plan to include a service charge payable by the participants. Participants that request a sale of shares are subject to a $2.50 sales fee and a $0.15 per share sold brokerage commission fee. All correspondence concerning the Reinvestment Plan should be directed to Computershare Trust Company, N.A. through the internet at computershare.com/blackrock, or in writing to Computershare, P.O. Box 505000, Louisville, KY 40233, Telephone: (800) 699-1236. Overnight correspondence should be directed to the Reinvestment Plan Agent at Computershare, 462 South 4^th Street, Suite 1600, Louisville, KY 40202.


62		2020 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS

Trustee and Officer Information


Independent Trustees^(a)

Name Year of Birth^(b)	Position(s) Held (Length of Service)^(c)	Principal Occupation(s) During Past Five Years	Number of BlackRock-Advised Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen^(d)	Public Company and Other Investment Company Directorships Held During Past Five Years
Richard E. Cavanagh 1946	Co-Chair of the Board and Trustee (Since 2007)	Director, The Guardian Life Insurance Company of America since 1998; Board Chair, Volunteers of America (a not-for-profit organization) from 2015 to 2018 (board member since 2009); Director, Arch Chemicals (chemical and allied products) from 1999 to 2011; Trustee, Educational Testing Service from 1997 to 2009 and Chairman thereof from 2005 to 2009; Senior Advisor, The Fremont Group since 2008 and Director thereof since 1996; Faculty Member/Adjunct Lecturer, Harvard University since 2007 and Executive Dean from 1987 to 1995; President and Chief Executive Officer, The Conference Board, Inc. (global business research organization) from 1995 to 2007.	87 RICs consisting of 111 Portfolios	None
Karen P. Robards 1950	Co-Chair of the Board and Trustee (Since 2007)	Principal of Robards & Company, LLC (consulting and private investing) since 1987; Co-founder and Director of the Cooke Center for Learning and Development (a not-for-profit organization) since 1987; Director of Enable Injections, LLC (medical devices) since 2019; Investment Banker at Morgan Stanley from 1976 to 1987.	87 RICs consisting of 111 Portfolios	Greenhill & Co., Inc.; AtriCure, Inc. (medical devices) from 2000 until 2017
Michael J. Castellano 1946	Trustee (Since 2011)	Chief Financial Officer of Lazard Group LLC from 2001 to 2011; Chief Financial Officer of Lazard Ltd from 2004 to 2011; Director, Support Our Aging Religious (non-profit) from 2009 to June 2015 and since 2017; Director, National Advisory Board of Church Management at Villanova University since 2010; Trustee, Domestic Church Media Foundation since 2012; Director, CircleBlack Inc. (financial technology company) since 2015.	87 RICs consisting of 111 Portfolios	None
Cynthia L. Egan 1955	Trustee (Since 2016)	Advisor, U.S. Department of the Treasury from 2014 to 2015; President, Retirement Plan Services, for T. Rowe Price Group, Inc. from 2007 to 2012; executive positions within Fidelity Investments from 1989 to 2007.	87 RICs consisting of 111 Portfolios	Unum (insurance); The Hanover Insurance Group (insurance); Envestnet (investment platform) from 2013 until 2016
Frank J. Fabozzi^(d) 1948	Trustee (Since 2007)	Editor of The Journal of Portfolio Management since 1986; Professor of Finance, EDHEC Business School (France) since 2011; Visiting Professor, Princeton University for the 2013 to 2014 academic year and Spring 2017 semester; Professor in the Practice of Finance, Yale University School of Management from 1994 to 2011 and currently a Teaching Fellow in Yale’s Executive Programs; Board Member, BlackRock Equity-Liquidity Funds from 2014 to 2016; affiliated professor Karlsruhe Institute of Technology from 2008 to 2011; Visiting Professor, Rutgers University for the Spring 2019 semester; Visiting Professor, New York University for the 2019 academic year.	88 RICs consisting of 112 Portfolios	None
R. Glenn Hubbard 1958	Trustee (Since 2007)	Dean, Columbia Business School from 2004 to 2019; Faculty member, Columbia Business School since 1988.	87 RICs consisting of 111 Portfolios	ADP (data and information services); Metropolitan Life Insurance Company (insurance); KKR Financial Corporation (finance) from 2004 until 2014


TRUSTEE AND OFFICER INFORMATION			63

Trustee and Officer Information (continued)


Independent Trustees^(a) (continued)

Name Year of Birth^(b)	Position(s) Held (Length of Service)^(c)	Principal Occupation(s) During Past Five Years	Number of BlackRock-Advised Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen^(d)	Public Company and Other Investment Company Directorships Held During Past Five Years
W. Carl Kester^(d) 1951	Trustee (Since 2007)	George Fisher Baker Jr. Professor of Business Administration, Harvard Business School since 2008; Deputy Dean for Academic Affairs from 2006 to 2010; Chairman of the Finance Unit, from 2005 to 2006; Senior Associate Dean and Chairman of the MBA Program from 1999 to 2005; Member of the faculty of Harvard Business School since 1981.	88 RICs consisting of 112 Portfolios	None
Catherine A. Lynch^(d) 1961	Trustee (Since 2016)	Chief Executive Officer, Chief Investment Officer and various other positions, National Railroad Retirement Investment Trust from 2003 to 2016; Associate Vice President for Treasury Management, The George Washington University from 1999 to 2003; Assistant Treasurer, Episcopal Church of America from 1995 to 1999.	88 RICs consisting of 112 Portfolios	None

Interested Trustees^(a)(e)

Name Year of Birth^(b)	Position(s) Held (Length of Service)^(c)	Principal Occupation(s) During Past Five Years	Number of BlackRock-Advised Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen^(d)	Public Company and Other Investment Company Directorships Held During Past Five Years
Robert Fairbairn 1965	Trustee (Since 2018)	Vice Chairman of BlackRock, Inc. since 2019; Member of BlackRock’s Global Executive and Global Operating Committees; Co-Chair of BlackRock’s Human Capital Committee; Senior Managing Director of BlackRock, Inc. from 2010 to 2019; oversaw BlackRock’s Strategic Partner Program and Strategic Product Management Group from 2012 to 2019; Member of the Board of Managers of BlackRock Investments, LLC from 2011 to 2018; Global Head of BlackRock’s Retail and iShares^® businesses from 2012 to 2016.	123 RICs consisting of 261 Portfolios	None
John M. Perlowski^(d) 1964	Trustee (Since 2014); President and Chief Executive Officer (Since 2011)	Managing Director of BlackRock, Inc. since 2009; Head of BlackRock Global Accounting and Product Services since 2009; Advisory Director of Family Resource Network (charitable foundation) since 2009.	124 RICs consisting of 262 Portfolios	None
^(a) The address of each Trustee is c/o BlackRock, Inc., 55 East 52nd Street, New York, New York 10055. ^(b) Each Independent Trustee holds office until his or her successor is duly elected and qualifies or until his or her earlier death, resignation, retirement or removal as provided by the Trust’s by-laws or charter or statute, or until December 31 of the year in which he or she turns 75. Trustees who are “interested persons,” as defined in the Investment Company Act serve until their successor is duly elected and qualifies or until their earlier death, resignation, retirement or removal as provided by the Trust’s by-laws or statute, or until December 31 of the year in which they turn 72. The Board may determine to extend the terms of Independent Trustees on a case-by-case basis, as appropriate. ^(c) Following the combination of Merrill Lynch Investment Managers, L.P. (“MLIM”) and BlackRock, Inc. in September 2006, the various legacy MLIM and legacy BlackRock fund boards were realigned and consolidated into three new fund boards in 2007. Certain Independent Trustees first became members of the boards of other legacy MLIM or legacy BlackRock funds as follows: Richard E. Cavanagh, 1994; Frank J. Fabozzi, 1988; R. Glenn Hubbard, 2004; W. Carl Kester, 1995; and Karen P. Robards, 1998. ^(d) Dr. Fabozzi, Dr. Kester, Ms. Lynch and Mr. Perlowski are also trustees of the BlackRock Credit Strategies Fund. ^(e) Mr. Fairbairn and Mr. Perlowski are both “interested persons,” as defined in the 1940 Act, of the Trust based on their positions with BlackRock, Inc. and its affiliates. Mr. Fairbairn and Mr. Perlowski are also board members of the BlackRock Multi-Asset Complex.


64		2020 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS

Trustee and Officer Information (continued)


Officers Who Are Not Trustees^(a)

Name Year of Birth^(b)	Position(s) Held (Length of Service)	Principal Occupation(s) During Past Five Years
Jonathan Diorio 1980	Vice President (Since 2015)	Managing Director of BlackRock, Inc. since 2015; Director of BlackRock, Inc. from 2011 to 2015.
Neal J. Andrews 1966	Chief Financial Officer (Since 2007)	Chief Financial Officer of the iShares^® exchange traded funds from 2019 to 2020; Managing Director of BlackRock, Inc. since 2006.
Jay M. Fife 1970	Treasurer (Since 2007)	Managing Director of BlackRock, Inc. since 2007.
Charles Park 1967	Chief Compliance Officer (Since 2014)	Anti-Money Laundering Compliance Officer for certain BlackRock-advised Funds from 2014 to 2015; Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex since 2014; Principal of and Chief Compliance Officer for iShares^® Delaware Trust Sponsor LLC since 2012 and BlackRock Fund Advisors (“BFA”) since 2006; Chief Compliance Officer for the BFA-advised iShares^® exchange traded funds since 2006; Chief Compliance Officer for BlackRock Asset Management International Inc. since 2012.
Janey Ahn 1975	Secretary (Since 2012)	Managing Director of BlackRock, Inc. since 2018; Director of BlackRock, Inc. from 2009 to 2017.
^(a) The address of each Officer is c/o BlackRock, Inc., 55 East 52nd Street, New York, New York 10055. ^(b) Officers of the Trust serve at the pleasure of the Board.

Effective February 19, 2020, Henry Gabbay resigned as a Trustee of the Trusts.

Investment Adviser

BlackRock Advisors, LLC

Wilmington, DE 19809

Custodian and Accounting Agent

State Street Bank and Trust Company

Boston, MA 02111

Transfer Agent

Computershare Trust Company, N.A.

Canton, MA 02021

VRDP Liquidity Provider

Bank of America, N.A.

New York, NY 10036

VRDP Remarketing Agent

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


TRUSTEE AND OFFICER INFORMATION			65

Additional Information

Trust Certification

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

Dividend Policy

Each Trust’s dividend policy is to distribute all or a portion of its net investment income to its shareholders on a monthly basis. In order to provide shareholders with a more stable level of distributions, the Trusts may at times pay out less than the entire amount of net investment income earned in any particular month and may at times in any particular month pay out such accumulated but undistributed income in addition to net investment income earned in that month. As a result, the distributions paid by the Trusts for any particular month may be more or less than the amount of net investment income earned by the Trusts during such month. The Trusts’ current accumulated but undistributed net investment income, if any, is disclosed 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.

Except if noted otherwise herein, there were no material changes in the Trusts’ investment objectives or policies or to the Trusts’ charters or by-laws that would delay or prevent a change of control of the Trusts that were not approved by the shareholders or in the principal risk factors associated with investment in the Trusts. 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.

To enroll in electronic delivery:

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

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

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 its reports on Form N-PORT, and for reporting periods ended prior to March 31, 2019, filed such information on Form N-Q. The Trusts’ Forms N-PORT and N-Q are available on the SEC’s website at sec.gov. The Trusts’ Forms N-Q may also be obtained upon request and without charge by calling (800) 882-0052.

Availability of Proxy Voting Policies and Procedures

A description of the policies and procedures that the Trusts use to determine how to vote proxies relating to portfolio securities is available upon request and without charge (1) by calling (800) 882-0052; (2) at 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.


66		2020 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS

Additional Information (continued)

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			67

Glossary of Terms Used in this Report


Portfolio Abbreviations

AGC		Assured Guarantee Corp.

AGM		Assured Guaranty Municipal Corp.

AMBAC		American Municipal Bond Assurance Corp.

AMT		Alternative Minimum Tax (subject to)

ARB		Airport Revenue Bonds

BAM		Build America Mutual Assurance Co.

BARB		Building Aid Revenue Bonds

CAB		Capital Appreciation Bonds

COP		Certificates of Participation

EDA		Economic Development Authority

EDC		Economic Development Corp.

FHA		Federal Housing Administration

GARB		General Airport Revenue Bonds

GO		General Obligation Bonds

GTD		Guaranteed

HDA		Housing Development Authority

HFA		Housing Finance Agency

IDA		Industrial Development Authority

ISD		Independent School District

LRB		Lease Revenue Bonds

M/F		Multi-Family

NPFGC		National Public Finance Guarantee Corp.

PILOT		Payment in Lieu of Taxes

PSF-GTD		Permanent School Fund Guaranteed

RB		Revenue Bonds

S/F		Single-Family

SAN		State Aid Notes

SRF		State Revolving Fund


68		2020 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS

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.

CEMUNI5-4/20-AR

Item 2 –

Code of Ethics – The registrant (or the“Fund”) has adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. During the period covered by this report, the code of ethics was amended to update certain information and to make other non-material changes. During the period covered by this report, there have been no waivers granted under the code of ethics. The registrant undertakes to provide a copy of the code of ethics to any person upon request, without charge, who calls 1-800-882-0052, option 4.

Item 3 –

Audit Committee Financial Expert – The registrant’s board of directors (the “board of directors”), has determined that (i) the registrant has the following audit committee financial experts serving on its audit committee and (ii) each audit committee financial expert is independent:

Michael Castellano

Frank J. Fabozzi

Catherine A. Lynch

Karen P. Robards

The registrant’s board of directors has determined that Karen P. Robards qualifies as an audit committee financial expert pursuant to Item 3(c)(4) of Form N-CSR.

Ms. Robards has a thorough understanding of generally accepted accounting principles, financial statements and internal control over financial reporting as well as audit committee functions. Ms. Robards has been President of Robards & Company, a financial advisory firm, since 1987. Ms. Robards was formerly an investment banker for more than 10 years where she was responsible for evaluating and assessing the performance of companies based on their financial results. Ms. Robards has over 30 years of experience analyzing financial statements. She also is a member of the audit committee of one publicly held company and a non-profit organization.

Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors.

Item 4 –

Principal Accountant Fees and Services

The following table presents fees billed by Deloitte & Touche LLP (“D&T”) in each of the last two fiscal years for the services rendered to the Fund:

(a) Audit Fees

(b) Audit-Related Fees¹

(c) Tax Fees²

(d) All Other Fees

Entity Name

Current
Fiscal Year

Previous
Fiscal Year

Current
Fiscal Year

Previous
Fiscal Year

Current
Fiscal Year

Previous
Fiscal Year

Current
Fiscal Year

Previous
Fiscal Year


	End	End	End	End	End	End	End	End
BlackRock Strategic Municipal Trust	$32,844	$32,844	$0	$0	$9,200	$9,500	$0	$0

The following table presents fees billed by D&T that were required to be approved by the registrant’s audit committee (the “Committee”) for services that relate directly to the operations or financial reporting of the Fund and that are rendered on behalf of BlackRock Advisors, LLC (the “Investment Adviser” or “BlackRock”) and entities controlling, controlled by, or under common control with BlackRock (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund (“Affiliated Service Providers”):


	Current Fiscal Year End	Previous Fiscal Year End
(b) Audit-Related Fees¹	$0	$0
(c) Tax Fees²	$0	$0
(d) All Other Fees³	$1,984,000	$2,050,500

¹ The nature of the services includes assurance and related services reasonably related to the performance of the audit or review of financial statements not included in Audit Fees, including accounting consultations, agreed-upon procedure reports, attestation reports, comfort letters, out-of-pocket expenses and internal control reviews not required by regulators.

² The nature of the services includes tax compliance and/or tax preparation, including services relating to the filing or amendment of federal, state or local income tax returns, regulated investment company qualification reviews, taxable income and tax distribution calculations.

³ Non-audit fees of $1,984,000 and $2,050,500 for the current fiscal year and previous fiscal year, respectively, were paid to the Fund’s principal accountant in their entirety by BlackRock, in connection with services provided to the Affiliated Service Providers of the Fund and of certain other funds sponsored and advised by BlackRock or its affiliates for a service organization review and an accounting research tool subscription. These amounts represent aggregate fees paid by BlackRock and were not allocated on a per fund basis.

(e)(1) Audit Committee Pre-Approval Policies and Procedures:

The Committee has adopted policies and procedures with regard to the pre-approval of services. Audit, audit-related and tax compliance services provided to the registrant on an annual basis require specific pre-approval by the Committee. The Committee also must approve other non-audit services provided to the registrant and those non-audit services provided to the Investment Adviser and Affiliated Service Providers that relate directly to the operations and the financial reporting of the registrant. Certain of these non-audit services that the Committee believes are (a) consistent with the SEC’s auditor independence rules and (b) routine and recurring services that will not impair the independence of the independent accountants may be approved by the Committee without consideration on a specific case-by-case basis (“general pre-approval”). The term of any general pre-approval is 12 months from the date of the pre-approval, unless the Committee provides for a different period. Tax or other non-audit services provided to the registrant which have a direct impact on the operations or financial reporting of the registrant will only be deemed pre-approved provided that any individual project does not exceed $10,000 attributable to the registrant or $50,000 per project. For this purpose, multiple projects will be aggregated to determine if they exceed the previously mentioned cost levels.

Any proposed services exceeding the pre-approved cost levels will require specific pre-approval by the Committee, as will any other services not subject to general pre-approval (e.g., unanticipated but permissible services). The Committee is informed of each service approved subject to general pre-approval at the next regularly scheduled in-person board meeting. At this meeting, an analysis of such services is presented to the Committee for ratification. The Committee may delegate to the Committee Chairman the authority to approve the provision of and fees for any

specific engagement of permitted non-audit services, including services exceeding pre-approved cost levels.

(e)(2) None of the services described in each of Items 4(b) through (d) were approved by the Committee pursuant to the de minimis exception in paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not Applicable

(g) The aggregate non-audit fees, defined as the sum of the fees shown under “Audit-Related Fees,” “Tax Fees” and “All Other Fees,” paid to the accountant for services rendered by the accountant to the registrant, the Investment Adviser and the Affiliated Service Providers were:


Entity Name	Current Fiscal Year End	Previous Fiscal Year End
BlackRock Strategic Municipal Trust	$9,200	$9,500

Additionally, the amounts billed by D&T in connection with services provided to the Affiliated Service Providers of the Fund and of other funds sponsored or advised by BlackRock or its affiliates during the current and previous fiscal years for a service organization review and an accounting research tool subscription were:


Current Fiscal Year End		Previous Fiscal Year End
$1,984,000		$2,050,500

These amounts represent aggregate fees paid by BlackRock and were not allocated on a per fund basis.

(h) The Committee has considered and determined that the provision of non-audit services that were rendered to the Investment Adviser, and the Affiliated Service Providers that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

Item 5 –

Audit Committee of Listed Registrant

(a)

The following individuals are members of the registrant’s separately designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a)(58)(A)):

Michael Castellano

Frank J. Fabozzi

Catherine A. Lynch

Karen P. Robards

(b)

Not Applicable

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 – The board of directors has delegated the voting of proxies for the Fund’s portfolio securities to the Investment Adviser pursuant to the Investment Adviser’s proxy voting guidelines. Under these guidelines, the Investment Adviser will vote proxies related to Fund securities in the best interests of the Fund and its stockholders. From time to time, a vote may present a conflict between the interests of the Fund’s stockholders, on the one hand, and those of the Investment Adviser, or any affiliated person of the Fund or the Investment Adviser, on the other. In such event, provided that the Investment Adviser’s Equity Investment Policy Oversight Committee, or a sub-committee thereof (the “Oversight Committee”) is aware of the real or potential conflict or material non-routine matter and if the Oversight Committee does not reasonably believe it is able to follow its general voting guidelines (or if the particular proxy matter is not addressed in the guidelines) and vote impartially, the Oversight Committee may retain an independent fiduciary to advise the Oversight Committee on how to vote or to cast votes on behalf of the Investment Adviser’s clients. If the Investment Adviser determines not to retain an independent fiduciary, or does not desire to follow the advice of such independent fiduciary, the Oversight Committee shall determine how to vote the proxy after consulting with the Investment Adviser’s Portfolio Management Group and/or the Investment Adviser’s Legal and Compliance Department and concluding that the vote cast is in its client’s best interest notwithstanding the conflict. A copy of the Fund’s Proxy Voting Policy and Procedures are attached as Exhibit 99.PROXYPOL, a copy of the Fund’s Global Corporate Governance & Engagement Principles are attached as Exhibit 99.GLOBAL.CORP.GOV and a copy of the Fund’s Corporate Governance and Proxy Voting Guidelines for U.S. Securities are attached as Exhibit 99.US.CORP.GOV. Information on how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge, (i) at www.blackrock.com and (ii) on the SEC’s website at http://www.sec.gov.

Item 8 –

Portfolio Managers of Closed-End Management Investment Companies

(a)(1)

As of the date of filing this Report:

The registrant is managed by a team of investment professionals comprised of Theodore R. Jaeckel, Jr., CFA, Managing Director at BlackRock, and Michael Perilli, Vice President at BlackRock. Each is a member of BlackRock’s municipal tax-exempt management group. Each is jointly responsible for the day-to-day management of the registrant’s portfolio, which includes setting the registrant’s overall investment strategy, overseeing the management of the registrant and the selection of its investments. Messrs. Jaeckel and Perilli have been members of the registrant’s portfolio management team since 2006 and 2016, respectively.


		Portfolio Manager		Biography
		Theodore R. Jaeckel, Jr.		Managing Director of BlackRock since 2006; Managing Director of Merrill Lynch Investment Managers, L.P. (“MLIM”) from 2005 to 2006; Director of


				MLIM from 1997 to 2005.
		Michael Perilli		Vice President of BlackRock since 2017; Associate of BlackRock from 2008 to 2016.

(a)(2)

As of April 30, 2020:


	(ii) Number of Other Accounts Managed and Assets by Account Type			(iii) Number of Other Accounts and Assets for Which Advisory Fee is Performance-Based
(i) Name of Portfolio Manager	Other Registered Investment Companies	Other Pooled Investment Vehicles	Other Accounts	Other Registered Investment Companies	Other Pooled Investment Vehicles	Other Accounts
Theodore R. Jaeckel, Jr.	33	0	0	0	0	0
	$28.05 Billion	$0	$0	$0	$0	$0
Michael Perilli	20	0	0	0	0	0
	$5.19 Billion	$0	$0	$0	$0	$0

(iv) Potential Material Conflicts of Interest

BlackRock has built a professional working environment, firm-wide compliance culture and compliance procedures and systems designed to protect against potential incentives that may favor one account over another. BlackRock has adopted policies and procedures that address the allocation of investment opportunities, execution of portfolio transactions, personal trading by employees and other potential conflicts of interest that are designed to ensure that all client accounts are treated equitably over time. Nevertheless, BlackRock furnishes investment management and advisory services to numerous clients in addition to the Fund, and BlackRock may, consistent with applicable law, make investment recommendations to other clients or accounts (including accounts which are hedge funds or have performance or higher fees paid to BlackRock, or in which portfolio managers have a personal interest in the receipt of such fees), which may be the same as or different from those made to the Fund. In addition, BlackRock, Inc., its affiliates and significant shareholders and any officer, director, shareholder or employee may or may not have an interest in the securities whose purchase and sale BlackRock recommends to the Fund. BlackRock, Inc. or any of its affiliates or significant shareholders, or any officer, director, shareholder, employee or any member of their families may take different actions than those recommended to the Fund by BlackRock with respect to the same securities. Moreover, BlackRock may refrain from rendering any advice or services concerning securities of companies of which any of BlackRock, Inc.’s (or its affiliates’ or significant shareholders’) officers, directors or employees are directors or officers, or companies as to which BlackRock, Inc. or any of its affiliates or significant shareholders or the officers, directors and employees of any of them has any substantial economic interest or possesses material non-public information. Certain portfolio managers also may manage accounts whose investment strategies may at times be opposed to the strategy utilized for a fund. It should also be noted that a portfolio manager may be managing certain hedge fund and/or long only accounts, or may be part of a team managing certain hedge fund and/or long only accounts, subject to incentive fees. Such portfolio managers may therefore be entitled to receive a portion of any incentive fees earned on such accounts. Currently, the portfolio managers of this fund are not entitled to receive a portion of incentive fees of other accounts.

As a fiduciary, BlackRock owes a duty of loyalty to its clients and must treat each client fairly. When BlackRock purchases or sells securities for more than one account, the trades must be allocated in a manner consistent with its fiduciary duties. BlackRock attempts to allocate investments in a fair and equitable manner among client accounts, with no account receiving preferential treatment. To this end, BlackRock, Inc. has adopted policies that are intended to ensure reasonable efficiency in client transactions and provide BlackRock with sufficient flexibility to allocate investments in a manner that is consistent with the particular investment discipline and client base, as appropriate.

(a)(3) As of April 30, 2020:

Portfolio Manager Compensation Overview

The discussion below describes the portfolio managers’ compensation as of April 30, 2020.

BlackRock’s financial arrangements with its portfolio managers, its competitive compensation and its career path emphasis at all levels reflect the value senior management places on key resources. Compensation may include a variety of components and may vary from year to year based on a number of factors. The principal components of compensation include a base salary, a performance-based discretionary bonus, participation in various benefits programs and one or more of the incentive compensation programs established by BlackRock.

Base Compensation. Generally, portfolio managers receive base compensation based on their position with the firm.

Discretionary Incentive Compensation

Discretionary incentive compensation is a function of several components: the performance of BlackRock, Inc., the performance of the portfolio manager’s group within BlackRock, the investment performance, including risk-adjusted returns, of the firm’s assets under management or supervision by that portfolio manager relative to predetermined benchmarks, and the individual’s performance and contribution to the overall performance of these portfolios and BlackRock. In most cases, these benchmarks are the same as the benchmark or benchmarks against which the performance of the Fund or other accounts managed by the portfolio managers are measured. Among other things, BlackRock’s Chief Investment Officers make a subjective determination with respect to each portfolio manager’s compensation based on the performance of the Fund and other accounts managed by each portfolio manager relative to the various benchmarks. Performance of fixed income funds is measured on a pre-tax and/or after-tax basis over various time periods including 1-, 3- and 5- year periods, as applicable. With respect to these portfolio managers, such benchmarks for the Fund and other accounts are: a combination of market-based indices (e.g., Standard & Poor’s Municipal Bond Index), certain customized indices and certain fund industry peer groups.

Distribution of Discretionary Incentive Compensation. Discretionary incentive compensation is distributed to portfolio managers in a combination of cash, deferred BlackRock, Inc.

stock awards, and/or deferred cash awards that notionally track the return of certain BlackRock investment products.

Portfolio managers receive their annual discretionary incentive compensation in the form of cash. Portfolio managers whose total compensation is above a specified threshold also receive deferred BlackRock, Inc. stock awards annually as part of their discretionary incentive compensation. Paying a portion of discretionary incentive compensation in the form of deferred BlackRock, Inc. stock puts compensation earned by a portfolio manager for a given year “at risk” based on BlackRock’s ability to sustain and improve its performance over future periods. In some cases, additional deferred BlackRock, Inc. stock may be granted to certain key employees as part of a long-term incentive award to aid in retention, align interests with long-term shareholders and motivate performance. Deferred BlackRock, Inc. stock awards are generally granted in the form of BlackRock, Inc. restricted stock units that vest pursuant to the terms of the applicable plan and, once vested, settle in BlackRock, Inc. common stock. The portfolio managers of this Fund have deferred BlackRock, Inc. stock awards.

For certain portfolio managers, a portion of the discretionary incentive compensation is also distributed in the form of deferred cash awards that notionally track the returns of select BlackRock investment products they manage, which provides direct alignment of portfolio manager discretionary incentive compensation with investment product results. Deferred cash awards vest ratably over a number of years and, once vested, settle in the form of cash. Only portfolio managers who manage specified products and whose total compensation is above a specified threshold are eligible to participate in the deferred cash award program.

Other Compensation Benefits. In addition to base salary and discretionary incentive compensation, portfolio managers may be eligible to receive or participate in one or more of the following:

Incentive Savings Plans — BlackRock, Inc. has created a variety of incentive savings plans in which BlackRock, Inc. employees are eligible to participate, including a 401(k) plan, the BlackRock Retirement Savings Plan (RSP), and the BlackRock Employee Stock Purchase Plan (ESPP). The employer contribution components of the RSP include a company match equal to 50% of the first 8% of eligible pay contributed to the plan capped at $5,000 per year, and a company retirement contribution equal to 3-5% of eligible compensation up to the Internal Revenue Service limit ($285,000 for 2020). The RSP offers a range of investment options, including registered investment companies and collective investment funds managed by the firm. BlackRock, Inc. contributions follow the investment direction set by participants for their own contributions or, absent participant investment direction, are invested into a target date fund that corresponds to, or is closest to, the year in which the participant attains age 65. The ESPP allows for investment in BlackRock, Inc. common stock at a 5% discount on the fair market value of the stock on the purchase date. Annual participation in the ESPP is limited to the purchase of 1,000 shares of common stock or a dollar value of $25,000 based on its fair market value on the purchase date. All of the eligible portfolio managers are eligible to participate in these plans.

(a)(4) Beneficial Ownership of Securities – As of April 30, 2020:


Portfolio Manager		Dollar Range of Equity Securities of the Fund Beneficially Owned
Theodore R. Jaeckel, Jr.		None


Michael Perilli		None

(b) Not Applicable

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 – See Item 2

(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 Strategic Municipal Trust

By:		/s/ John M. Perlowski
		John M. Perlowski
		Chief Executive Officer (principal executive officer) of
		BlackRock Strategic Municipal Trust
Date: July 2, 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 Strategic Municipal Trust
Date: July 2, 2020
By:		/s/ Neal J. Andrews
		Neal J. Andrews
		Chief Financial Officer (principal financial officer) of
		BlackRock Strategic Municipal Trust
Date: July 2, 2020

BlackRock Strategic Muni... (NYSE:BSD)
Gráfica de Acción Histórica
De May 2024 a Jun 2024

Haga Click aquí para más Gráficas BlackRock Strategic Muni....

BlackRock Strategic Muni... (NYSE:BSD)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024

Datos

Noticias

Herramientas

Mercados

Descubrir

Hot Features

Follow Feed

Flujo de Opciones

Monitor

BSD BlackRock Strategic Municipal Trust

Noticias sobre Blackrock Strategic Municipal Trust BSD

Su Consulta Reciente

Empresa

Negocios

Popular

Obtener la aplicación

Tendencias Ahora

Listas Principales

Datos

Noticias

Herramientas

Mercados

Descubrir

Hot Features

Follow Feed

Flujo de Opciones

Monitor

BSD BlackRock Strategic Municipal Trust

Noticias sobre Blackrock Strategic Municipal Trust BSD

Su Consulta Reciente

Empresa

Negocios

Popular

Obtener la aplicación