Edgar Filing: BLACKROCK MUNICIPAL INCOME TRUST

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-10339

Name of Fund: BlackRock Municipal Income Trust (BFK)

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Municipal Income Trust, 55 East 52^nd Street, New York, NY 10055

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

Date of fiscal year end: 04/30/2015

Date of reporting period: 10/31/2014

Item 1 – Report to Stockholders

OCTOBER 31, 2014

SEMI-ANNUAL REPORT (UNAUDITED)

BlackRock Investment Quality Municipal Trust Inc. (BKN)

BlackRock Long-Term Municipal Advantage Trust (BTA)

BlackRock Municipal 2020 Term Trust (BKK)

BlackRock Municipal Income Trust (BFK)

BlackRock Pennsylvania Strategic Municipal Trust (BPS)

BlackRock Strategic Municipal Trust (BSD)

Not FDIC Insured • May Lose Value • No Bank Guarantee

Table of Contents

					Page
Shareholder Letter					3
Semi-Annual Report:
Municipal Market Overview					4
The Benefits and Risks of Leveraging					5
Derivative Financial Instruments					5
Trust Summaries					6
Financial Statements
Schedules of Investments					18
Statements of Assets and Liabilities					48
Statements of Operations					49
Statements of Changes in Net Assets					50
Statements of Cash Flows					52
Financial Highlights					53
Notes to Financial Statements					59
Disclosure of Investment Advisory Agreements					71
Officers and Trustees					75
Additional Information					76

SEMI-ANNUAL REPORT

OCTOBER 31, 2014


Shareholder Letter

Dear Shareholder,

The final months of 2013 were generally positive for most risk assets such as equities and high yield bonds even as investors were grappling with uncertainty as to when and by how much the U.S. Federal Reserve would begin to gradually reduce (or “taper”) its asset purchase programs. Higher quality bonds and emerging market investments, however, struggled as Fed tapering became increasingly imminent. When the central bank ultimately announced its tapering plans in mid-December, equity investors reacted positively, as this action signaled the Fed’s perception of real improvement in the economy.

Most asset classes moved higher in the first half of 2014 despite the pull back in Fed stimulus. The year got off to a rocky start, however, as a number of developing economies showed signs of stress and U.S. economic data weakened. Equities declined in January while bond markets found renewed strength from investors seeking relatively safer assets. Although these headwinds persisted, equities were back on the rise in February as investors were assuaged by increasing evidence that the soft patch in U.S. data was temporary and weather-related, and forecasts pointed to growth picking up later in the year.

In the months that followed, interest rates trended lower and bond prices climbed higher in the modest growth environment. Financial markets exhibited a remarkably low level of volatility despite rising tensions in Russia and Ukraine and signs of decelerating growth in China. Equity markets were resilient as investors focused on signs of improvement in the U.S. recovery, stronger corporate earnings, increased merger-and-acquisition activity and, perhaps most importantly, reassurance from the Fed that no changes to short-term interest rates were on the horizon.

In the ongoing low-yield environment, income-seeking investors moved into equities, pushing major indices to record levels. However, as stock prices continued to rise, investors became wary of high valuations and began shedding the stocks that had experienced significant price appreciation in 2013, particularly growth and momentum names. The broad rotation into cheaper valuations resulted in the strongest performers of 2013 struggling most in 2014, and vice versa. Especially hard hit were U.S. small cap and European stocks, where earnings growth had not kept pace with market gains. In contrast, emerging markets benefited from the trend after having suffered heavy selling pressure in early 2014.

Volatility ticked up in the middle of the summer. Markets came under pressure in July as geopolitical turmoil intensified in Gaza, Iraq and Ukraine and financial troubles boiled over in Argentina and Portugal. Investors regained some confidence in August, allowing markets to rebound briefly amid renewed comfort that the Fed would continue to keep rates low and hopes that the European Central Bank would increase stimulus. However, markets swiftly reversed in September as improving U.S. economic indicators raised concerns that the Fed would increase short-term interest rates sooner than previously anticipated. Global credit markets tightened as the U.S. dollar strengthened, ultimately putting a strain on investor flows. High valuations combined with impending rate hikes stoked increasing volatility in financial markets. Escalating geopolitical risks further fueled the fire. The U.S. renewed its involvement in Iraq and the European Union imposed additional sanctions against Russia, while Scottish voters contemplated separating from the United Kingdom.

U.S. risk assets made a comeback in October while other developed markets continued their descent. This divergence in market performance moved in tandem with economic momentum and central bank policy. As the U.S. economy continued to strengthen, the need for monetary policy accommodation diminished. Meanwhile, economies in other parts of the developed world decelerated and central banks in Europe and Japan implemented aggressive measures to stimulate growth.

U.S. large cap stocks were the strongest performers for the six- and 12-month periods ended October 31, 2014. U.S. small caps experienced significantly higher volatility than large caps, but nonetheless generated positive returns. International developed market equities broadly declined while emerging markets posted modest gains. Most fixed income assets produced positive results as rates generally fell. Tax-exempt municipal bonds benefited from a favorable supply-and-demand environment. Short-term interest rates remained near zero, keeping yields on money market securities close to historic lows.

At BlackRock, we believe investors need to think globally, extend their scope across a broad array of asset classes and be prepared to move freely as market conditions change over time. We encourage you to talk with your financial advisor and visit blackrock.com for further insight about investing in today’s markets.

Sincerely,

Rob Kapito
President, BlackRock Advisors, LLC

U.S. financial markets generally outperformed other parts of the world given stronger economic growth and corporate earnings, the continuation of low interest rates and the appeal of relative stability amid rising geopolitical uncertainty.

Rob Kapito

President, BlackRock Advisors, LLC

Total Returns as of October 31, 2014

	6-month			12-month
U.S. large cap equities (S&P 500^® Index)		8.22	%		17.27	%
U.S. small cap equities (Russell 2000^® Index)		4.83			8.06
International equities (MSCI Europe, Australasia, Far East Index)		(4.83	)		(0.60	)
Emerging market equities (MSCI Emerging Markets Index)		3.74			0.64
3-month Treasury bill (BofA Merrill Lynch 3-Month U.S. Treasury Bill Index)		0.02			0.05
U.S. Treasury securities (BofA Merrill Lynch 10-Year U.S. Treasury Index)		4.29			5.21
U.S. investment grade bonds (Barclays U.S. Aggregate Bond Index)		2.35			4.14
Tax-exempt municipal bonds (S&P Municipal Bond Index)		3.54			7.94
U.S. high yield bonds (Barclays U.S. Corporate High Yield 2% Issuer Capped Index)		1.05			5.82

Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

THIS PAGE NOT PART OF YOUR FUND REPORT


Municipal Market Overview

For the 12-Month Period Ended October 31, 2014

Municipal Market Conditions

The latter months of 2013 were challenging for municipal bond performance. Heightened uncertainty as to when the U.S. Federal Reserve (the “Fed”) would begin to reduce its bond-buying stimulus program (and by how much) caused interest rates to be volatile and generally move higher. (Bond prices fall as rates rise.) Municipal bond mutual funds saw strong outflows through year end when the Fed finally announced its plan to begin the gradual reduction of stimulus in January 2014. Relieved of anxiety around policy changes, investors again sought the relative safety of municipal bonds in the new year. Surprisingly, interest rates trended lower in the first half of 2014 even as the Fed pulled back on its open-market bond purchases. Softer U.S. economic data amid one of the harshest winters on record, coupled with reassurance from the Fed that short-term rates would remain low for a considerable amount of time, resulted in stronger demand for fixed income investments, with municipal bonds being one of the stronger performing sectors. Despite starting the period with negative flows, municipal bond funds finished the 12-month period ended October 31, 2014 with net inflows of approximately $6.5 (based on data from the Investment Company Institute).

High levels of interest rate volatility in the latter half of 2013, particularly on the long end of the curve, resulted in a curtailment of tax-exempt issuance during the period. However, from a historical perspective, total new issuance for the 12 months ended October 31 remained relatively strong at $317 billion (albeit meaningfully lower than the $342 billion issued in the prior 12-month period). A noteworthy portion of new supply during this period was attributable to refinancing activity (roughly 45%) as issuers took advantage of lower interest rates to reduce their borrowing costs.

S&P Municipal Bond Index
Total Returns as of October 31, 2014
6 months: 3.54%
12 months: 7.94%

A Closer Look at Yields

From October 31, 2013 to October 31, 2014, muni yields on AAA-rated 30-year municipal bonds decreased by 103 basis points (“bps”) from 4.04% to 3.01%, while 10-year rates decreased 37 bps from 2.44% to 2.07% and 5-year rates increased 6 bps from 1.06% to 1.12% (as measured by Thomson Municipal Market Data). Overall, the municipal yield curve remained relatively steep over the 12-month period even as the spread between 2- and 30-year maturities flattened by 105 bps and the spread between 2- and 10-year maturities flattened by 39 bps.

During the same time period, U.S. Treasury rates fell by 57 bps on 30-year and 22 bps on 10-year bonds, while moving up 28 bp in 5-years. Accordingly, tax-exempt municipal bonds outperformed Treasuries across the yield curve as investors sought to reduce interest rate risk later in the period. On the short and intermediate parts of the curve, the outperformance of municipal bonds versus Treasuries was driven largely by a supply/demand imbalance within the municipal market and a rotation from long-duration assets into short- and intermediate-duration investments given their lower sensitivity to interest rate movements. More broadly, municipal bonds benefited from the increased appeal of tax-exempt investing in the new higher tax rate environment. The asset class is known for its lower relative volatility and preservation of principal with an emphasis on income as tax rates rise. The municipal market continues to be an attractive avenue for investors seeking yield in the low-rate environment. However, opportunities have not been as broad-based as in 2011 and 2012, warranting a more tactical approach going forward.

Financial Conditions of Municipal Issuers Continue to Improve

Following an extended period of nation-wide austerity and de-leveraging as states sought to balance their budgets, solid revenue growth exceeding pre-recession levels coupled with the elimination of more than 625,000 jobs in recent years have put state and local governments in a better financial position. Many local municipalities, however, continue to face increased health care and pension costs passed down from the state level. BlackRock maintains the view that municipal bond defaults will be minimal and remain in the periphery, and that the overall market is fundamentally sound. We continue to recognize that careful credit research, appropriate structure and security selection remain imperative amid uncertainty in a modestly improving economic environment.

Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

SEMI-ANNUAL REPORT

OCTOBER 31, 2014


The Benefits and Risks of Leveraging

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

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

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

However, in order to benefit Common Shareholders, the return on assets purchased with leverage proceeds must exceed the ongoing costs associated with the leverage. If interest and other costs of leverage exceed the Trust’s return on assets purchased with leverage proceeds, income to shareholders will be lower than if the Trust had not used leverage. Furthermore, the value of the Trust’s portfolio investments generally varies inversely with the direction of long-term interest rates, although other factors can influence the value of portfolio investments. In contrast, the value of the Trust’s obligations under its leverage arrangement generally does not fluctuate in relation to interest rates. As a result, changes in interest rates can influence the 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.

Leverage also will generally cause greater changes in the Trusts’ NAVs, market prices and dividend rates than comparable portfolios without leverage. In a declining market, leverage is likely to cause a greater decline in the net asset value and market price of a Trust’s Common Shares than if the Trust were not leveraged. In addition, the 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 the Trust’s ability to invest in certain types of securities or use certain types of hedging strategies. The Trust will incur expenses in connection with the use of leverage, all of which are borne by Common Shareholders and may reduce income to the Common Shares.

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

Under the Investment Company Act of 1940 (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 the Trust’s obligations under the TOB (including accrued interest), a TOB will not be considered a senior security and will not be subject to the foregoing limitations and requirements under the 1940 Act.

Derivative Financial Instruments

The Trusts may invest in various derivative financial instruments, which may constitute forms of economic leverage. Such derivative financial instruments are used to obtain exposure to a security, index and/or market without owning or taking physical custody of securities or to hedge market and/or interest rate risks. Derivative financial instruments involve risks, including the imperfect correlation between the value of a derivative financial instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity of the derivative financial instrument. The Trusts’ ability to use a derivative financial instrument

successfully depends on the investment advisor’s ability to predict pertinent market movements accurately, which cannot be assured. The use of derivative financial instruments may result in losses greater than if they had not been used, may require a Trust to sell or purchase portfolio investments at inopportune times or for distressed values, may limit the amount of appreciation a Trust can realize on an investment, may result in lower distributions paid to shareholders and/or may cause a Trust to hold an investment that it might otherwise sell. The Trusts’ investments in these instruments are discussed in detail in the Notes to Financial Statements.

SEMI-ANNUAL REPORT

OCTOBER 31, 2014


Trust Summary as of October 31, 2014	BlackRock Investment Quality Municipal Trust Inc.

Trust Overview

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

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

Performance

•

For the six-month period ended October 31, 2014, the Trust returned 9.09% based on market price and 8.84% based on NAV. For the same period, the closed-end Lipper General & Insured Municipal Debt Funds (Leveraged) category posted an average return of 5.65% based on market price and 7.38% based on NAV. All returns reflect reinvestment of dividends and/or distributions. The Trust’s discount to NAV, which narrowed during the period, accounts for the difference between performance based on price and performance based on NAV. The following discussion relates to performance based on NAV.

•

The Trust benefited from income generated in the form of coupon payments from its portfolio of municipal bond holdings. In addition, the Fund’s use of leverage provided both incremental return and income in an environment of declining interest rates. (Bond prices rise as yields fall). The Trust’s positioning with respect to duration (sensitivity to interest rate movements) helped performance. The Trust’s positioning along the yield curve, which favored longer-dated bonds, also aided performance as longer-dated bonds generally outperformed those with shorter maturities. Bonds rated in the mid-investment grade category contributed significantly to returns, followed by more highly-rated bonds. Concentrations in the tax-backed, health care and transportation sectors also were among the leading contributors to performance.

•

In the strong market environment, there were no material detractors from the Trust’s performance during the period.

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

Trust Information

Symbol on New York Stock Exchange (“NYSE”)				BKN
Initial Offering Date				February 19, 1993
Yield on Closing Market Price as of October 31, 2014 ($15.71)¹				6.11%
Tax Equivalent Yield²				10.80%
Current Monthly Distribution per Common Share³				$0.08
Current Annualized Distribution per Common Share³				$0.96
Economic Leverage as of October 31, 2014⁴				36%

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

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

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

⁴

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

SEMI-ANNUAL REPORT

OCTOBER 31, 2014


	BlackRock Investment Quality Municipal Trust Inc.

Market Price and Net Asset Value Per Share Summary

	10/31/14		4/30/14		Change			High		Low
Market Price	$	15.71	$	14.86		5.72	%	$	15.80	$	14.74
Net Asset Value	$	16.18	$	15.34		5.48	%	$	16.47	$	15.34

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

Overview of the Trust’s Long-Term Investments

Sector Allocation	10/31/14			4/30/14
Health		24	%		24	%
County/City/Special District/School District		21			15
Education		14			15
Transportation		14			14
Utilities		11			11
State		7			10
Corporate		7			8
Tobacco		2			2
Housing		—			1


Call/Maturity Schedule³
Calendar Year Ended December 31,

2014	2	%
2015	2
2016	3
2017	3
2018	10

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

Credit Quality Allocation¹	10/31/14			4/30/14
AAA/Aaa		4	%		6	%
AA/Aa		48			41
A		33			37
BBB/Baa		8			8
BB/Ba		2			2
B		1			1
N/R²		4			5

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

The investment advisor evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment advisor has deemed certain of these unrated securities as investment grade quality. As of October 31, 2014 and April 30, 2014, the market value of unrated securities deemed by the investment advisor to be investment grade was $6,639,715 and $9,623,658, each representing 2%, respectively, of the Trust’s long-term investments.

SEMI-ANNUAL REPORT

OCTOBER 31, 2014


Trust Summary as of October 31, 2014	BlackRock Long-Term Municipal Advantage Trust

Trust Overview

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

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

Performance

•

For the six-month period ended October 31, 2014, the Trust returned 3.23% based on market price and 7.88% based on NAV. For the same period, the closed-end Lipper General & Insured Municipal Debt Funds (Leveraged) category posted an average return of 5.65% based on market price and 7.38% based on NAV. All returns reflect reinvestment of dividends and/or distributions. The Trust’s discount to NAV, which widened during the period, accounts for the difference between performance based on price and performance based on NAV. The following discussion relates to performance based on NAV.

•

The Trust benefited from income generated in the form of coupon payments from its portfolio of municipal bond holdings. Leverage, which represents a significant element of the Trust’s investment strategy, provided both incremental return and income in an environment of declining interest rates. (Bond prices rise as yields fall). The Trust’s positioning with respect to duration (sensitivity to interest rate movements) helped performance. The Trust’s positioning along the yield curve, which favored longer-dated bonds, also aided performance as longer-dated bonds generally outperformed those with shorter maturities. Investment grade bonds represent the bulk of the Trust’s holdings, which contributed significantly to overall results. Concentrations in the utilities, health care, transportation, tax-backed and corporate-related sectors also were among the leading contributors to performance.

•

The Trust maintained a short position in U.S. Treasury futures contracts in order to manage interest rate risk. With interest rates falling during the period, as prices rose, this position had a small negative impact on performance.

Trust Information

Symbol on NYSE				BTA
Initial Offering Date				February 28, 2006
Yield on Closing Market Price as of October 31, 2014 ($11.28)¹				6.17%
Tax Equivalent Yield²				10.90%
Current Monthly Distribution per Common Share³				$0.058
Current Annualized Distribution per Common Share³				$0.696
Economic Leverage as of October 31, 2014⁴				34%

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

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

⁴

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

SEMI-ANNUAL REPORT

OCTOBER 31, 2014


	BlackRock Long-Term Municipal Advantage Trust

Market Price and Net Asset Value Per Share Summary

	10/31/14		4/30/14		Change			High		Low
Market Price	$	11.28	$	11.29		(0.09	)%	$	11.56	$	10.86
Net Asset Value	$	12.55	$	12.02		4.41	%	$	12.69	$	12.02

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

Overview of the Trust’s Long-Term Investments

Sector Allocation	10/31/14			4/30/14
Health		22	%		22	%
Utilities		19			18
Transportation		17			16
State		13			16
Education		10			10
County/City/Special District/School District		7			5
Corporate		7			7
Tobacco		3			3
Housing		2			3


Call/Maturity Schedule³
Calendar Year Ended December 31,

2014	1	%
2015	8
2016	12
2017	3
2018	3

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

Credit Quality Allocation¹	10/31/14			4/30/14
AAA/Aaa		15	%		14	%
AA/Aa		51			48
A		14			19
BBB/Baa		9			8
BB/Ba		3			3
B		2			3
N/R		6			5	²

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

The investment advisor evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment advisor has deemed certain of these unrated securities as investment grade quality. As of April 30, 2014, the market value of unrated securities deemed by the investment advisor to be investment grade was $1,092,462 representing less than 1%, respectively of the Trust’s long-term investments.

SEMI-ANNUAL REPORT

OCTOBER 31, 2014


Trust Summary as of October 31, 2014	BlackRock Municipal 2020 Term Trust

Trust Overview

BlackRock Municipal 2020 Term Trust’s (BKK) (the “Trust”) investment objectives are to provide current income exempt from regular federal income tax and to return $15 per Common Share (the initial offering price per Common Share) to holders of Common Shares on or about December 31, 2020. The Trust seeks to achieve its investment objectives by investing, under normal market conditions, at least 80% of its assets in municipal bonds exempt from federal income taxes (except that the interest may be subject to the federal alternative minimum tax). The Trust invests, under normal market conditions, at least 80% of its assets in municipal bonds that are investment grade quality at the time of investment. The Trust may invest directly in such securities or synthetically through the use of derivatives.

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

Performance

•

For the six-month period ended October 31, 2014, the Trust returned (1.03)% based on market price and 3.49% based on NAV. For the same period, the closed-end Lipper Intermediate Municipal Debt Funds category posted an average return of 2.06% based on market price and 5.24% based on NAV. All returns reflect reinvestment of dividends and/or distributions. The Trust moved from a premium to NAV to a discount by period end, which accounts for the difference between performance based on price and performance based on NAV. The following discussion relates to performance based on NAV.

•

There were no material detractors from the Trust’s performance during the period.

Trust Information

Symbol on NYSE				BKK
Initial Offering Date				September 30, 2003
Termination Date (on or about)				December 31, 2020
Yield on Closing Market Price as of October 31, 2014 ($16.10)¹				4.02%
Tax Equivalent Yield²				7.10%
Current Monthly Distribution per Common Share³				$0.054
Current Annualized Distribution per Common Share³				$0.648
Economic Leverage as of October 31, 2014⁴				16%

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

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

⁴

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

SEMI-ANNUAL REPORT

OCTOBER 31, 2014


	BlackRock Municipal 2020 Term Trust

Market Price and Net Asset Value Per Share Summary

	10/31/14		4/30/14		Change			High		Low
Market Price	$	16.10	$	16.61		(3.07	)%	$	16.96	$	15.70
Net Asset Value	$	16.44	$	16.22		1.36	%	$	16.54	$	16.21

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

Overview of the Trust’s Long-Term Investments

Sector Allocation	10/31/14			4/30/14
Utilities		16	%		16	%
Transportation		15			16
State		15			15
Corporate		14			15
Health		12			12
County/City/Special District/School District		12			11
Education		7			7
Housing		5			5
Tobacco		4			3


Call/Maturity Schedule³
Calendar Year Ended December 31,

2014	2	%
2015	3
2016	11
2017	4
2018	5

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

Credit Quality Allocation¹	10/31/14			4/30/14
AAA/Aaa		9	%		9	%
AA/Aa		25			25
A		41			44
BBB/Baa		16			14
BB/Ba		1			1
B		1			—
N/R²		7			7

The investment advisor evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment advisor has deemed certain of these unrated securities as investment grade quality. As of October 31, 2014 and April 30, 2014, the market value of unrated securities deemed by the investment advisor to be investment grade was $6,675,032 and $7,117,114, each representing 2%, respectively, of the Trust’s long-term investments.

SEMI-ANNUAL REPORT

OCTOBER 31, 2014


Trust Summary as of October 31, 2014	BlackRock Municipal Income Trust

Trust Overview

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

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

Performance

•

For the six-month period ended October 31, 2014, the Trust returned 5.45% based on market price and 8.24% based on NAV. For the same period, the closed-end Lipper General & Insured Municipal Debt Funds (Leveraged) category posted an average return of 5.65% based on market price and 7.38% based on NAV. All returns reflect reinvestment of dividends and/or distributions. The Trust’s discount to NAV, which widened during the period, accounts for the difference between performance based on price and performance based on NAV. The following discussion relates to performance based on NAV.

•

The Trust benefited from income generated in the form of coupon payments from its portfolio of municipal bond holdings. Leverage, which represents a significant element of the Trust’s investment strategy, provided both incremental return and income in an environment of declining interest rates. (Bond prices rise as yields fall). The Trust’s positioning with respect to duration (sensitivity to interest rate movements) helped performance. The Trust’s positioning along the yield curve, which favored longer-dated bonds, also aided performance as longer-dated bonds generally outperformed those with shorter maturities. Investment grade bonds represent the bulk of the Trust’s holdings, which contributed significantly to overall results. Concentrations in the transportation, health care, utilities, tax-backed and corporate-related sectors also were among the leading contributors to performance.

•		The Trust maintained a short position in U.S. Treasury futures contracts in order to manage interest rate risk. With interest rates falling during the period, as prices rose, this position had a small negative impact on performance.

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

Trust Information

Symbol on NYSE				BFK
Initial Offering Date				July 27, 2001
Yield on Closing Market Price as of October 31, 2014 ($13.85)¹				6.51%
Tax Equivalent Yield²				11.50%
Current Monthly Distribution per Common Share³				$0.0751
Current Annualized Distribution per Common Share³				$0.9012
Economic Leverage as of October 31, 2014⁴				37%

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

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

⁴

SEMI-ANNUAL REPORT

OCTOBER 31, 2014


	BlackRock Municipal Income Trust

Market Price and Net Asset Value Per Share Summary

	10/31/14		4/30/14		Change			High		Low
Market Price	$	13.85	$	13.57		2.06	%	$	14.00	$	13.38
Net Asset Value	$	14.95	$	14.27		4.77	%	$	15.13	$	14.27

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

Overview of the Trust’s Long-Term Investments

Sector Allocation	10/31/14			4/30/14
Transportation		21	%		19	%
Health		15			18
Utilities		14			16
Corporate		12			10
County/City/Special District/School District		12			11
State		12			11
Education		8			9
Tobacco		4			4
Housing		2			2


Call/Maturity Schedule³
Calendar Year Ended December 31,

2014	6	%
2015	2
2016	6
2017	4
2018	4

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

Credit Quality Allocation¹	10/31/14			4/30/14
AAA/Aaa		10	%		11	%
AA/Aa		40			34
A		23			28
BBB/Baa		14			14
BB/Ba		3			3
B		1			2
N/R²		9			8

The investment advisor evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment advisor has deemed certain of these unrated securities as investment grade quality. As of October 31, 2014 and April 30, 2014, the market value of unrated securities deemed by the investment advisor to be investment grade was $11,306,351 and $10,907,913, each representing 1%, respectively, of the Trust’s long-term investments.

SEMI-ANNUAL REPORT

OCTOBER 31, 2014


Trust Summary as of October 31, 2014	BlackRock Pennsylvania Strategic Municipal Trust

Trust Overview

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

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

Performance

•

For the six-month period ended October 31, 2014, the Trust returned 1.93% based on market price and 6.95% based on NAV. For the same period, the closed-end Lipper Pennsylvania Municipal Debt Funds category posted an average return of 1.96% based on market price and 6.30% based on NAV. All returns reflect reinvestment of dividends and/or distributions. The Trust’s discount to NAV, which widened during the period, accounts for the difference between performance based on price and performance based on NAV. The following discussion relates to performance based on NAV.

•

The Trust benefited from income generated in the form of coupon payments from its portfolio of municipal bond holdings. In addition, the Trust’s use of leverage provided both incremental return and income in an environment of declining interest rates. (Bond prices rise when rates fall.) The Trust’s positioning with respect to duration (sensitivity to interest rate movements) helped performance. Its positioning along the yield curve, which favored longer-dated bonds, also aided performance as longer-dated bonds generally outperformed those possessing shorter maturities. Investment grade bonds represent the bulk of the Trust’s holdings, which contributed significantly to overall results. Concentrations in the health care, education, tax-backed and transportation sectors were among the top contributors to performance.

•		The Trust maintained a short position in U.S. Treasury futures contracts in order to manage interest rate risk. With interest rates falling during the period, as prices rose, this position had a small negative impact on performance.

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

Trust Information

Symbol on NYSE MKT				BPS
Initial Offering Date				August 25, 1999
Yield on Closing Market Price as of October 31, 2014 ($12.78)¹				5.73%
Tax Equivalent Yield²				10.44%
Current Monthly Distribution per Common Share³				$0.061
Current Annualized Distribution per Common Share³				$0.732
Economic Leverage as of October 31, 2014⁴				37%

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

Tax equivalent yield assumes the maximum marginal federal and state tax rate of 45.14%, which includes the 3.8% Medicare tax. Actual tax rates will vary based on income, exemptions and deductions. Lower taxes will result in lower tax equivalent yields.

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

⁴

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

SEMI-ANNUAL REPORT

OCTOBER 31, 2014


	BlackRock Pennsylvania Strategic Municipal Trust

Market Price and Net Asset Value Per Share Summary

	10/31/14		4/30/14		Change			High		Low
Market Price	$	12.78	$	12.90		(0.93	)%	$	13.21	$	12.52
Net Asset Value	$	14.74	$	14.18		3.95	%	$	14.96	$	14.18

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

Overview of the Trust’s Long-Term Investments

Sector Allocation	10/31/14			4/30/14
Health		24	%		24	%
State		18			16
Education		18			19
County/City/Special District/School District		13			11
Transportation		11			13
Housing		9			11
Corporate		4			3
Utilities		3			3


Call/Maturity Schedule³
Calendar Year Ended December 31,

2014	2	%
2015	2
2016	4
2017	1
2018	9

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

Credit Quality Allocation¹	10/31/14			4/30/14
AAA/Aaa		2	%		2	%
AA/Aa		60			63
A		27			24
BBB/Baa		9			9
N/R²		2			2

The investment advisor evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment advisor has deemed certain of these unrated securities as investment grade quality. As of October 31, 2014 and April 30, 2014, the market value of unrated securities deemed by the investment advisor to be investment grade was $554,845 and $537,960, each representing 1%, respectively, of the Trust’s long-term investments.

SEMI-ANNUAL REPORT

OCTOBER 31, 2014


Trust Summary as of October 31, 2014	BlackRock Strategic Municipal Trust

Trust Overview

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

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

Performance

•

For the six-month period ended October 31, 2014, the Trust returned 5.53% based on market price and 8.26% based on NAV. For the same period, the closed-end Lipper General & Insured Municipal Debt Funds (Leveraged) category posted an average return of 5.65% based on market price and 7.38% based on NAV. All returns reflect reinvestment of dividends and/or distributions. The Trust’s discount to NAV, which widened during the period, accounts for the difference between performance based on price and performance based on NAV. The following discussion relates to performance based on NAV.

•

The Trust benefited from income generated in the form of coupon payments from its portfolio of municipal bond holdings. Leverage, which represents a significant element of the Trust’s investment strategy, provided both incremental return and income in an environment of declining interest rates. (Bond prices rise as yields fall). The Trust’s positioning with respect to duration (sensitivity to interest rate movements) helped performance. The Trust’s positioning along the yield curve, which favored longer-dated bonds, aided performance as longer-dated bonds generally outperformed those with shorter maturities. Investment grade bonds represent the bulk of the Trust’s holdings, which contributed significantly to overall results. Concentrations in the transportation, health care, utilities, tax-backed and corporate-related sectors were among the leading contributors to performance.

•		The Trust maintained a short position in U.S. Treasury futures contracts in order to manage interest rate risk. With interest rates falling during the period, as prices rose, this position had a small negative impact on performance.

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

Trust Information

Symbol on NYSE				BSD
Initial Offering Date				August 25, 1999
Yield on Closing Market Price as of October 31, 2014 ($13.54)¹				6.56%
Tax Equivalent Yield²				11.59%
Current Monthly Distribution per Common Share³				$0.074
Current Annualized Distribution per Common Share³				$0.888
Economic Leverage as of October 31, 2014⁴				37%

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

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

⁴

SEMI-ANNUAL REPORT

OCTOBER 31, 2014


	BlackRock Strategic Municipal Trust

Market Price and Net Asset Value Per Share Summary

	10/31/14		4/30/14		Change			High		Low
Market Price	$	13.54	$	13.26		2.11	%	$	13.79	$	13.01
Net Asset Value	$	14.78	$	14.11		4.75	%	$	14.96	$	14.11

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

Overview of the Trust’s Long-Term Investments

Sector Allocation	10/31/14			4/30/14
Transportation		25	%		21	%
Health		18			20
Utilities		13			13
Corporate		12			10
State		11			11
Education		9			11
County/City/Special District/School District		8			10
Tobacco		4			4


Call/Maturity Schedule³
Calendar Year Ended December 31,

2014	3	%
2015	3
2016	7
2017	5
2018	7

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

Credit Quality Allocation¹	10/31/14			4/30/14
AAA/Aaa		11	%		12	%
AA/Aa		38			36
A		25			26
BBB/Baa		13			12
BB/Ba		4			4
B		2			3
N/R²		7			7

The investment advisor evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment advisor has deemed certain of these unrated securities as investment grade quality. As of October 31, 2014 and April 30, 2014, the market value of unrated securities deemed by the investment advisor to be investment grade was $2,960,804 and $2,878,997, each representing 2%, respectively, of the Trust’s long-term investments.

SEMI-ANNUAL REPORT

OCTOBER 31, 2014


Schedule of Investments October 31, 2014 (Unaudited)	BlackRock Investment Quality Municipal Trust, Inc. (BKN) (Percentages shown are based on Net Assets)

Municipal Bonds	Par (000)		Value
Alabama — 1.4%
City of Birmingham Alabama Special Care Facilities Financing Authority, RB, Children’s Hospital (AGC):
6.00%, 6/01/34	$	1,745	$	2,039,207
6.00%, 6/01/39		500		582,160
City of Hoover Alabama Board of Education, Refunding, Special Tax, Capital Outlay Warrants, 4.25%, 2/15/40		1,275		1,316,387
				3,937,754
Arizona — 7.2%
Arizona Board of Regents, RB, Arizona State University, Series C, 5.50%, 7/01/26		475		557,242
Arizona Health Facilities Authority, Refunding RB, Phoenix Children’s Hospital, Series A, 5.00%, 2/01/42		3,300		3,542,220
County of Pima Arizona IDA, Refunding, IDRB, Tucson Electric Power Co. Project, Remarketing, Series B, 5.75%, 9/01/29		1,375		1,383,855
County of Pinal Arizona Electric District No. 3, Refunding RB, Electric System, 4.75%, 7/01/31		3,750		4,084,575
Salt Verde Financial Corp., RB, Senior:
5.00%, 12/01/32		1,035		1,181,701
5.00%, 12/01/37		4,585		5,182,150
State of Arizona, COP, Department of Administration, Series A (AGM), 5.00%, 10/01/29		1,100		1,212,002
University Medical Center Corp., RB, 6.50%, 7/01/39		750		876,652
University Medical Center Corp., Refunding RB, 6.00%, 7/01/39		1,600		1,843,104
				19,863,501
Arkansas — 3.6%
Arkansas State University, RB, Jonesboro Campus, Series B:
4.00%, 12/01/28		600		640,494
4.88%, 12/01/43		1,010		1,101,627
City of Benton Arkansas, RB, 4.00%, 6/01/39		1,355		1,428,929
City of Hot Springs Arkansas, RB, Wastewater, 5.00%, 12/01/38		1,800		2,008,494
City of Little Rock Arkansas, RB, 4.00%, 7/01/41		3,230		3,299,574
University of Arkansas, RB, Fort Smith Campus, Series B, 4.00%, 6/01/39		1,380		1,421,428
				9,900,546
California — 16.5%
California Health Facilities Financing Authority, RB, Sutter Health, Series B, 5.88%, 8/15/31		2,300		2,769,476
Carlsbad California Unified School District, GO, Election of 2006, Series B, 0.00%, 5/01/34 (a)		1,500		1,379,895
City of San Jose California, Refunding ARB, Series A-1, AMT, 5.75%, 3/01/34		3,000		3,414,990
County of Sacramento California, ARB, Senior Series A, 5.00%, 7/01/41		2,100		2,320,857
County of Stanislaus California Tobacco Securitization Agency, RB, CAB, Sub-Series C, 0.00%, 6/01/55 (b)		7,090		95,715

Municipal Bonds	Par (000)		Value
California (concluded)
Dinuba California Unified School District, GO, Election of 2006 (AGM), 5.75%, 8/01/33	$	535	$	627,849
Hartnell Community College District California, GO, CAB, Election of 2002, Series D, 0.00%, 8/01/34 (a)		2,475		2,017,744
Norwalk-La Mirada Unified School District, GO, Refunding, CAB, Election of 2002, Series E (AGC), 0.00%, 8/01/38 (b)		12,000		4,131,840
Palomar Community College District, GO, CAB, Election of 2006, Series B:
0.00%, 8/01/30 (b)		2,270		1,256,649
0.00%, 8/01/33 (b)		4,250		1,520,863
0.00%, 8/01/39 (a)		3,000		2,185,650
San Diego Community College District, GO, CAB, Election of 2002, 0.00%, 8/01/33 (a)		4,200		4,127,508
State of California, GO, Various Purposes:
5.75%, 4/01/31		3,000		3,545,670
6.50%, 4/01/33		2,900		3,548,005
5.00%, 2/01/38		2,000		2,254,480
5.50%, 3/01/40		3,650		4,217,100
State of California, Refunding, GO, Various Purposes:
6.00%, 3/01/33		2,270		2,783,815
4.00%, 10/01/44		3,500		3,571,820
				45,769,926
Colorado — 1.3%
Park Creek Metropolitan District, Refunding RB, Senior Limited Property Tax (AGM), 6.00%, 12/01/38		750		847,965
University of Northern Colorado Greely, Refunding RB, Institutional Enterprise, Series A, 4.00%, 6/01/35		2,500		2,617,575
				3,465,540
Connecticut — 0.4%
Connecticut State Health & Educational Facility Authority, Refunding RB:
Hartford Healthcare, Series A, 5.00%, 7/01/32		150		163,455
Lawrence & Memorial Hospital, Series F, 5.00%, 7/01/36		950		1,036,393
				1,199,848
Delaware — 0.7%
County of Sussex Delaware, RB, NRG Energy, Inc., Indian River Power LLC Project, 6.00%, 10/01/40		1,800		2,047,698
Florida — 11.4%
County of Hillsborough Florida IDA, RB, National Gypsum Co., Series A, AMT, 7.13%, 4/01/30		3,700		3,725,308
County of Lee Florida, Refunding ARB, Series A, AMT (AGM), 5.00%, 10/01/28		3,000		3,350,310
County of Miami-Dade Florida, RB:
CAB, Sub-Series A (NPFGC), 0.00%, 10/01/32 (b)		4,225		1,695,028
CAB, Sub-Series A (NPFGC), 0.00%, 10/01/33 (b)		4,000		1,520,000
CAB, Sub-Series A (NPFGC), 0.00%, 10/01/34 (b)		4,580		1,653,014
CAB, Sub-Series A (NPFGC), 0.00%, 10/01/35 (b)		5,000		1,710,600

Portfolio Abbreviations

AGC	Assured Guarantee Corp.	EDC	Economic Development Corp.	IDRB	Industrial Development Revenue Bonds
AGM	Assured Guaranty Municipal Corp.	ERB	Education Revenue Bonds	ISD	Independent School District
AMBAC	American Municipal Bond Assurance Corp.	GARB	General Airport Revenue Bonds	LRB	Lease Revenue Bonds
AMT	Alternative Minimum Tax (subject to)	GO	General Obligation Bonds	NPFGC	National Public Finance Guarantee Corp.
ARB	Airport Revenue Bonds	HDA	Housing Development Authority	PILOT	Payment in Lieu of Taxes
CAB	Capital Appreciation Bonds	HFA	Housing Finance Agency	RB	Revenue Bonds
COP	Certificates of Participation	IDA	Industrial Development Authority	SAN	State Aid Notes
EDA	Economic Development Authority	IDB	Industrial Development Board	S/F	Single-Family

See Notes to Financial Statements.

SEMI-ANNUAL REPORT

OCTOBER 31, 2014


Schedule of Investments (continued)	BlackRock Investment Quality Municipal Trust, Inc. (BKN) (Percentages shown are based on Net Assets)

Municipal Bonds	Par (000)		Value
Florida (concluded)
County of Miami-Dade Florida, RB (concluded):
CAB, Subordinate Special Obligation, 0.00%, 10/01/32 (b)	$	5,000	$	2,264,550
CAB, Subordinate Special Obligation, 0.00%, 10/01/33 (b)		15,375		6,588,802
Series B, AMT, 6.00%, 10/01/32		3,000		3,618,600
County of Orange Florida Health Facilities Authority, Refunding RB, Mayflower Retirement Center, 5.00%, 6/01/32		200		215,304
County of Orange Florida Tourist Development Tax Revenue, Refunding RB, 4.75%, 10/01/32		5,000		5,279,500
				31,621,016
Georgia — 0.7%
Private Colleges & Universities Authority, RB, Savanah Colleges of Art RB, 4.00%, 4/01/32		1,870		1,882,510
Hawaii — 0.2%
Hawaii State Department of Budget & Finance, Refunding RB, Special Purpose, Senior Living, Kahala Nui, 5.25%, 11/15/37		600		653,700
Idaho — 4.2%
Idaho Health Facilities Authority, RB, St Lukes Health systems Project Series A, 5.00%, 3/01/39		7,970		8,682,518
Idaho Health Facilities Authority, Refunding RB, Trinity Health Group, Series B, 6.25%, 12/01/33		2,500		2,915,975
				11,598,493
Illinois — 9.3%
Chicago Public Building Commission, RB, Series A (NPFGC), 7.00%, 1/01/20 (c)		5,000		6,202,500
City of Chicago Illinois, Refunding ARB, O’Hare International Airport Passenger Facility Charge, Series B, AMT, 4.00%, 1/01/29		3,000		3,060,240
City of Chicago Illinois Midway International Airport, Refunding ARB, 2nd Lien, Series A, AMT, 5.00%, 1/01/41		1,735		1,866,964
City of Chicago Illinois Transit Authority, RB, Sales Tax Receipts, 5.25%, 12/01/40		1,000		1,122,250
Illinois Finance Authority, RB, Rush University Medical Center, Series C, 6.63%, 11/01/39		1,200		1,391,148
Illinois Finance Authority, Refunding RB:
Friendship Village Schaumburg, Series A, 5.63%, 2/15/37		345		344,966
OSF Healthcare System, Series A, 6.00%, 5/15/39		1,490		1,694,532
Roosevelt University Project, 6.50%, 4/01/44		1,500		1,643,385
Railsplitter Tobacco Settlement Authority, RB:
6.25%, 6/01/24		5,000		5,434,250
6.00%, 6/01/28		1,700		1,994,814
State of Illinois, GO, 5.00%, 2/01/39		1,000		1,055,240
				25,810,289
Indiana — 0.5%
Indiana Finance Authority, Refunding RB, U.S. Steel Corp. Project, 6.00%, 12/01/26		1,350		1,495,746
Iowa — 1.4%
Iowa Higher Education Loan Authority, RB, Private College Facility, Buena Vista University Project, 5.00%, 4/01/31		1,355		1,482,275
Iowa Higher Education Loan Authority, Refunding RB, Private College Facility, Upper Iowa University Project:
5.75%, 9/01/30		965		992,310
6.00%, 9/01/39		1,500		1,542,135
				4,016,720

Municipal Bonds	Par (000)		Value
Kansas — 3.1%
County of Seward Kansas Unified School District No. 480, GO, Refunding, 5.00%, 9/01/39	$	6,000	$	6,725,160
County of Wyandotte-Kansas City Unified Government Utility System, Refunding RB, Series A, 5.00%, 9/01/44		600		667,962
Kansas Development Finance Authority, Refunding RB, Sisters of Leavenworth, Series A, 5.00%, 1/01/28		1,155		1,286,982
				8,680,104
Kentucky — 5.2%
County of Louisville & Jefferson Kentucky Metropolitan Government, Refunding RB, Jewish Hospital & St. Mary’s Healthcare, 6.13%, 2/01/18 (d)		2,250		2,639,228
Kentucky Economic Development Finance Authority, RB, Catholic Health Initiatives, Series A, 5.38%, 1/01/40		3,400		3,880,386
Kentucky Economic Development Finance Authority, Refunding RB, Norton Healthcare, Inc., Series B (NPFGC), 0.00%, 10/01/23 (b)		8,500		6,368,030
Kentucky Public Transportation Infrastructure Authority, RB, Downtown Crossing Project, Convertible CAB, 1st Tier (a):
0.00%, 7/01/34		1,000		702,020
Series C, 0.00%, 7/01/39		1,395		958,058
				14,547,722
Louisiana — 1.6%
City of Alexandria Louisiana Utilities, RB, 5.00%, 5/01/39		1,790		2,011,584
Louisiana Local Government Environmental Facilities & Community Development Authority, RB, Westlake Chemical Corp. Project, Series A-1, 6.50%, 11/01/35		1,565		1,852,412
Louisiana Public Facilities Authority, RB, Belle Chasse Educational Foundation Project, 6.50%, 5/01/31		600		668,412
				4,532,408
Maryland — 0.2%
County of Anne Arundel Maryland Consolidated, Special Taxing District, Villages at Two Rivers Project:
5.13%, 7/01/36		260		264,043
5.25%, 7/01/44		260		263,523
				527,566
Michigan — 3.7%
Michigan Finance Authority, Detroit Water and Sewage Disposal System, RB, Senior Lien, Series 2014 C-2, AMT, 5.00%, 7/01/44		360		370,130
Michigan State Hospital Finance Authority, Refunding RB, Trinity Health Credit Group, Series C, 4.00%, 12/01/32		4,150		4,284,253
Royal Oak Hospital Finance Authority Michigan, Refunding RB, William Beaumont Hospital, Series V, 8.25%, 9/01/18 (d)		2,750		3,516,178
State of Michigan Building Authority, Refunding RB, Facilities Program, Series I, 6.25%, 10/15/38		1,875		2,188,556
				10,359,117
Minnesota — 1.7%
City of Minneapolis Minnesota, Refunding RB, Fairview Health Services, Series B (AGC), 6.50%, 11/15/38		2,250		2,645,752
University of Minnesota, GO, Series B, 4.00%, 1/01/35		1,880		1,995,526
				4,641,278
Mississippi — 3.3%
County of Warren Mississippi, RB, Gulf Opportunity Zone Bonds, International Paper Co. Project, Series A, 5.38%, 12/01/35		600		671,178

See Notes to Financial Statements.

SEMI-ANNUAL REPORT

OCTOBER 31, 2014


Schedule of Investments (continued)	BlackRock Investment Quality Municipal Trust, Inc. (BKN) (Percentages shown are based on Net Assets)

Municipal Bonds	Par (000)		Value
Mississippi (concluded)
Mississippi Development Bank, RB, Special Obligation:
CAB, Hinds Community College District (AGM), 5.00%, 4/01/36	$	1,910	$	2,088,241
County of Jackson Limited Tax Note (AGC), 5.50%, 7/01/32		2,655		2,932,182
University of Southern Mississippi, RB, Campus Facilities Improvements Project, 5.38%, 9/01/36		3,150		3,554,145
				9,245,746
Missouri — 2.9%
Missouri Development Finance Board, RB, Annual Appropriation Sewer System, Series B, 5.00%, 11/01/41		1,350		1,449,616
Missouri State Health & Educational Facilities Authority, RB:
A.T. Still University of Health Sciences, 5.25%, 10/01/31		500		557,225
A.T. Still University of Health Sciences, 4.25%, 10/01/32		480		508,493
A.T. Still University of Health Sciences, 5.00%, 10/01/39		750		826,448
Heartland Regional Medical Center, 4.13%, 2/15/43		1,100		1,118,667
University of Central Missouri, Series C-2, 4.00%, 10/01/28		600		637,446
University of Central Missouri, Series C-2, 5.00%, 10/01/34		1,500		1,680,780
Missouri State Health & Educational Facilities Authority, Refunding RB, CoxHealth, Series A, 5.00%, 11/15/38		1,200		1,316,004
				8,094,679
Montana — 1.2%
State of Montana Board of Regents, RB, 5.00%, 11/15/43		2,820		3,208,540
Nebraska — 2.6%
Central Plains Energy Project Nebraska, RB, Gas Project No. 3, 5.00%, 9/01/42		900		970,002
Douglas County Hospital Authority No 2, RB, Madonna Rehabilitation Hospital Project Series 2014:
4.00%, 5/15/33		1,945		1,966,531
5.00%, 5/15/44		750		810,833
Nebraska Public Power District, Refunding RB, Series A:
5.00%, 1/01/32		2,535		2,908,963
4.00%, 1/01/44		600		616,698
				7,273,027
Nevada — 1.0%
County of Clark Nevada, Refunding ARB, Department of Aviation, Subordinate Lien, Series A-2, 4.25%, 7/01/36		1,500		1,575,735
County of Clark Nevada, Refunding RB, Alexander Dawson School Nevada Project, 5.00%, 5/15/29		1,065		1,118,846
				2,694,581
New Jersey — 4.1%
County of Middlesex New Jersey Improvement Authority, RB, Heldrich Center Hotel, Sub-Series B, 6.25%, 1/01/37 (e)(f)		1,510		76,708
New Jersey EDA, RB:
4.00%, 6/15/35		300		301,812
Continental Airlines, Inc. Project, AMT, 5.25%, 9/15/29		1,335		1,415,047
Continental Airlines, Inc. Project, Series B, AMT, 5.63%, 11/15/30		990		1,074,348
Rutgers—The State University of New Jersey, College Avenue Redevelopment Project, 5.00%, 6/15/38		670		762,386
The Goethals Bridge Replacement Project, AMT (AGM), 5.13%, 7/01/42		300		327,354

Municipal Bonds	Par (000)		Value
New Jersey (concluded)
New Jersey Educational Facilities Authority, Refunding RB, University of Medicine & Dentistry, Series B (d):
7.13%, 6/01/19	$	950	$	1,206,681
7.50%, 6/01/19		1,225		1,576,477
New Jersey Health Care Facilities Financing Authority, Refunding RB, St. Barnabas Health Care System, Series A:
4.63%, 7/01/23		770		856,394
5.00%, 7/01/25		500		570,045
5.63%, 7/01/37		2,560		2,905,267
New Jersey Housing & Mortgage Finance Agency, RB, S/F Housing, Series AA, 6.50%, 10/01/38		290		301,530
				11,374,049
New York — 9.7%
Albany Industrial Development Agency, RB, New Covenant Charter School Project, Series A, 7.00%, 5/01/35 (e)(f)		725		9,055
City of New York New York, GO, Refunding Series J, 5.00%, 8/01/27		2,000		2,398,100
City of New York New York, GO, Fiscal 2014, Sub-Series A-1:
5.00%, 8/01/29		600		702,804
5.00%, 8/01/35		2,380		2,714,319
City of New York New York Industrial Development Agency, ARB, American Airlines, Inc., JFK International Airport, AMT, 7.63%, 8/01/25 (g)		2,600		2,836,132
City of New York New York Industrial Development Agency, RB, PILOT, Queens Baseball Stadium:
(AGC), 6.50%, 1/01/46		300		349,389
(AMBAC), 5.00%, 1/01/39		1,900		1,950,483
County of Westchester New York Healthcare Corp., Refunding RB, Senior Lien, Remarketing, Series A, 5.00%, 11/01/30		1,600		1,761,424
Hudson Yards Infrastructure Corp., RB, Series A (AGM), 5.00%, 2/15/47		1,250		1,338,512
Long Island Power Authority, Refunding RB, Electric System, Series A, 5.75%, 4/01/39		2,475		2,819,916
Metropolitan Transportation Authority, RB, Series B, 5.25%, 11/15/39		5,460		6,257,761
New York Liberty Development Corp., Refunding RB:
2nd Priority, Bank of America Tower at One Bryant Park Project, Class 3, 6.38%, 7/15/49		1,250		1,415,137
3 World Trade Center Project, Class 2, 5.15%, 11/15/34 (h)(i)		640		649,965
New York State Dormitory Authority, Refunding RB, Series D, 5.00%, 2/15/42		1,000		1,109,970
Niagara Area Development Corp., Refunding RB, Solid Waste Disposal Facility, Covanta Energy Project, Series A, AMT, 5.25%, 11/01/42 (h)		600		617,892
				26,930,859
North Carolina — 2.0%
County of Gaston North Carolina Industrial Facilities & Pollution Control Financing Authority, RB, Exempt Facilities, National Gypsum Co. Project, AMT, 5.75%, 8/01/35		2,175		2,179,785
North Carolina Medical Care Commission, Refunding RB:
Health Care Facilities, Novant Health Obligated Group, Series A, 4.00%, 11/01/46		1,500		1,469,130
University Health System, Series D, 6.25%, 12/01/33		1,750		2,021,092
				5,670,007
North Dakota — 0.5%
City of Fargo North Dakota, Refunding RB, University Facilities Development Foundation Project, 3.00%, 12/01/30		600		581,346

See Notes to Financial Statements.

SEMI-ANNUAL REPORT

OCTOBER 31, 2014


Schedule of Investments (continued)	BlackRock Investment Quality Municipal Trust, Inc. (BKN) (Percentages shown are based on Net Assets)

Municipal Bonds	Par (000)		Value
North Dakota (concluded)
County of Burleigh North Dakota, Refunding RB, St. Alexius Medical Center Project, Series A, 5.00%, 7/01/35	$	720	$	777,463
				1,358,809
Ohio — 1.1%
City of Dayton OH Airport Refunding ARB, James M. Cox Dayton international Airport, AMT, 4.00%, 12/01/32		3,000		3,038,970
Oklahoma — 1.0%
Oklahoma Municipal Power Authority, RB, Power Supply System, Series A, 4.00%, 1/01/38		1,050		1,083,957
Stillwater Utilities Authority, RB, Series A, 4.00%, 10/01/42		1,750		1,825,723
				2,909,680
Oregon — 2.3%
Central Oregon Community College District, GO, 4.00%, 6/01/40		800		831,224
County of Umatilla Pendleton Oregon School District No. 16R, GO, Series A:
5.00%, 6/15/37		1,500		1,744,995
4.00%, 6/15/38		2,365		2,482,540
Oregon Health & Science University, RB, Series A, 5.75%, 7/01/39		1,250		1,459,663
				6,518,422
Pennsylvania — 3.8%
County of Allegheny Pennsylvania IDA, Refunding RB, U.S. Steel Corp. Project, 6.55%, 12/01/27		2,535		2,925,136
Delaware River Port Authority, RB:
4.50%, 1/01/32		3,000		3,315,150
Series D (AGM), 5.00%, 1/01/40		3,640		4,041,201
Mckeesport Area School District, GO, CAB, Refunding (NPFGC), 0.00%, 10/01/31 (b)(c)		500		304,665
				10,586,152
Rhode Island — 2.9%
Narragansett Bay Commission, Refunding RB, Series B, 4.00%, 9/01/34		2,910		3,005,564
Rhode Island Health & Educational Building Corp., RB, Hospital Financing, LifeSpan Obligation, Series A (AGC), 7.00%, 5/15/39		3,000		3,539,100
State of Rhode Island, COP, School for the Deaf Project, Series C (AGC), 5.38%, 4/01/28		1,330		1,460,300
				8,004,964
Tennessee — 2.5%
Chattanooga Health Educational & Housing Facility Board, RB, Catholic Health Initiatives, Series A, 5.25%, 1/01/40		2,945		3,330,530
County of Memphis-Shelby Tennessee Sports Authority, Inc., Refunding RB, Memphis Arena Project, Series A:
5.25%, 11/01/27		1,135		1,245,469
5.38%, 11/01/28		1,000		1,098,310
Johnson City Health & Educational Facilities Board, RB, Mountain States Health, Series A, 5.00%, 8/15/42		1,200		1,292,880
				6,967,189
Texas — 10.5%
City of Denton, GO, 4.00%, 2/15/44		250		254,655
County of Harris Texas Health Facilities Development Corp., Refunding RB, Memorial Hermann Healthcare System, Series B (d):
7.13%, 12/01/18		1,000		1,246,190
7.25%, 12/01/18		2,650		3,315,627

Municipal Bonds	Par (000)		Value
Texas (concluded)
County of Harris Texas-Houston Sports Authority, Refunding RB, CAB, Senior Lien, Series A (NPFGC), 0.00%, 11/15/38 (b)	$	5,000	$	1,396,000
County of Matagorda Texas Navigation District No. 1, Refunding RB, Central Power & Light Co. Project, Series A, 6.30%, 11/01/29		2,200		2,530,264
County of Midland Texas Fresh Water Supply District No. 1, RB, CAB, City of Midland Project, Series A, 0.00%, 9/15/38 (b)		16,780		5,703,186
Leander ISD, GO, Refunding, CAB Series D, 0.00%, 8/15/35 (b)		6,000		2,498,700
Love Field Airport Modernization Corp., RB, Southwest Airlines Co. Project, 5.25%, 11/01/40		1,545		1,656,055
Red River Education Financing Corp., RB, Texas Christian University Project, 5.25%, 3/15/38		1,140		1,321,294
State of Texas Turnpike Authority, RB, CAB (AMBAC), 0.00%, 8/15/31 (b)		15,000		5,510,250
Texas Private Activity Bond Surface Transportation Corp., RB, Senior Lien, LBJ Infrastructure Group LLC, LBJ Freeway Managed Lanes Project, 7.00%, 6/30/40		3,000		3,618,300
				29,050,521
Vermont — 3.4%
University of Vermont & State Agricultural College, Refunding RB, 4.00%, 10/01/37		5,650		5,918,657
Vermont Educational & Health Buildings Financing Agency, Refunding RB, Fletcher Allen Health Hospital, Series B (AGM), 5.00%, 12/01/34		2,420		2,582,358
Vermont Student Assistance Corp., RB, AMT, Series A, 4.25%, 6/15/32		1,050		1,064,648
				9,565,663
Virginia — 1.7%
County of Prince William Virginia IDA, Refunding RB, Novant Health Obligation Group, Series B, 4.00%, 11/01/46		1,000		988,200
Virginia Small Business Financing Authority, RB, Senior Lien, Elizabeth River Crossings OpCo LLC Project, AMT, 6.00%, 1/01/37		1,755		1,992,732
Winchester EDA, Refunding RB, Valley Health System Obligation, Series A, 5.00%, 1/01/44		1,500		1,665,135
				4,646,067
Washington — 0.9%
Washington Health Care Facilities Authority, RB, MultiCare Health System, Series B (AGC), 6.00%, 8/15/39		2,100		2,418,423
West Virginia — 1.3%
City of Wheeling West Virginia Waterworks & Sewerage System, RB, 5.00%, 6/01/38		1,800		2,000,052
West Virginia Hospital Finance Authority, Refunding RB, Valley Health System Obligation Group, Series 2014, 5.00%, 1/01/44		1,350		1,489,739
				3,489,791
Wisconsin — 1.4%
WPPI Energy Power Supply Systems, Refunding RB, Series A:
5.00%, 7/01/35		1,330		1,518,142
5.00%, 7/01/36		670		761,803
5.00%, 7/01/37		1,330		1,509,883
				3,789,828
Total Municipal Bonds — 134.4%				373,387,449

See Notes to Financial Statements.

SEMI-ANNUAL REPORT

OCTOBER 31, 2014


Schedule of Investments (continued)	BlackRock Investment Quality Municipal Trust, Inc. (BKN) (Percentages shown are based on Net Assets)

Municipal Bonds Transferred to Tender Option Bond Trusts (j)	Par (000)		Value
California — 2.0%
State Of California, GO, Go, Various Purposes (NPFGC), 5.00%, 6/01/37	$	5,000	$	5,424,500
Colorado — 2.0%
Colorado Health Facilities Authority, RB, Catholic Health, Series C-7 (AGM), 5.00%, 9/01/36		5,250		5,583,847
Minnesota — 2.1%
State of Minnesota, RB, Series A, 5.00%, 6/01/38		5,000		5,739,443
New Jersey — 1.1%
New Jersey Transportation Trust Fund Authority, RB, Transportation System, Series B, 5.25%, 6/15/36 (k)		2,861		3,166,565
New York — 9.3%
City of New York New York, GO, Fiscal 2015, Series B, 4.00%, 8/01/32		1,600		1,707,808
City of New York New York Municipal Water Finance Authority, RB, Water & Sewer System, Fiscal 2009, Series A, 5.75%, 6/15/40		690		794,341
City of New York New York Municipal Water Finance Authority, Refunding RB, Water & Sewer System:
2nd General Resolution, Fiscal 2013, Series CC, 5.00%, 6/15/47		4,000		4,455,970
2nd General Resolution, Series FF-2, 5.50%, 6/15/40		810		935,771
Series A, 4.75%, 6/15/30		4,000		4,361,800
Hudson Yards Infrastructure Corp., RB, Fiscal 2012, Series A, 5.75%, 2/15/47 (k)		1,750		2,014,770
New York Liberty Development Corp., RB, 1 World Trade Center Port Authority Consolidated Bonds, 5.25%, 12/15/43		4,500		5,141,700
State of New York Dormitory Authority, RB, New York University, Series A, 5.00%, 7/01/38		3,359		3,741,410

Municipal Bonds Transferred to Tender Option Bond Trusts (j)	Par (000)		Value
New York (concluded)
State of New York Thruway Authority, Refunding RB, Transportation, Personal Income Tax, Series A, 5.00%, 3/15/31		$2,360	$	2,740,456
				25,894,026
Ohio — 1.7%
County of Montgomery Ohio, RB, Catholic Health, Series C-1 (AGM), 5.00%, 10/01/41		1,740		1,845,653
Ohio Higher Educational Facility Commission, RB, Cleveland Clinic Health, Series A, 5.25%, 1/01/33		2,600		2,872,298
				4,717,951
Texas — 1.0%
City of San Antonio Texas Public Service Board, RB, Electric & Gas Systems, Junior Lien, 5.00%, 2/01/43		2,380		2,653,629
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 19.2%				53,179,961
Total Long-Term Investments (Cost — $385,291,634) — 153.6%				426,567,410

Short-Term Securities		Shares
FFI Institutional Tax-Exempt Fund, 0.03% (l)(m)		2,247,296		2,247,296
Total Short-Term Securities (Cost — $2,247,296) — 0.8%				2,247,296
Total Investments (Cost — $387,538,930) — 154.4%				428,814,706
Other Assets Less Liabilities — 1.2%				3,499,343
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (10.3%)				(28,691,129	)
VMTP Shares, at Liquidation Value — (45.3%)				(125,900,000	)
Net Assets Applicable to Common Shares — 100.0%			$	277,722,920

Notes to Schedule of Investments

(a)				Represents a step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate shown reflects the current yield as of report date.
(b)				Zero-coupon bond.
(c)				Security is collateralized by municipal or U.S. Treasury obligations.
(d)				U.S. government securities, held in escrow, are used to pay interest on this security, as well as to retire the bond in full at the date indicated, typically at a premium to par.
(e)				Non-income producing security.
(f)				Issuer filed for bankruptcy and/or is in default of principal and/or interest payments.
(g)				Variable rate security. Rate shown is as of report date.
(h)				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.
(i)				When-issued security. Unsettled when-issued transactions were as follows:

Counterparty				Value				Unrealized Appreciation
Goldman Sachs & Co.				$	649,965			$	9,965

(j)				Represent bonds transferred to a TOB. In exchange for which the Trust received cash and residual interest certificates. These bonds serve as collateral in a financing transaction. See Note 3 of the Notes to Financial Statements for details of municipal bonds transferred to TOBs.
(k)				All or a portion of security is subject to a recourse agreement, which may require the Trust to pay the liquidity provider in the event there is a shortfall between the TOB trust certificates and proceeds received from the sale of the security contributed to the TOB trust. In the case of a shortfall, the aggregate maximum potential amount the Trust could ultimately be required to pay under the agreement, which expire from to February 15, 2019 to June 15, 2019 is $3,148,884.
(l)				Represents the current yield as of report date.

See Notes to Financial Statements.

SEMI-ANNUAL REPORT

OCTOBER 31, 2014


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

(m)

Investments in issuers considered to be an affiliate of the Trust during the period ended October 31, 2014, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliate				Shares Held at April 30, 2014				Net Activity				Shares Held at October 31, 2014				Income
FFI Institutional Tax-Exempt Fund				7,042,672				(4,795,376)				2,247,296				$1,055

•

Financial futures contracts outstanding as of October 31, 2014 were as follows:

Contracts
Sold

Issue

Exchange

Expiration

Notional
Value

Unrealized
Appreciation

(357)

10-Year U.S. Treasury Note

Chicago Board of Trade

December 2014

45,110,297

156,239

•

Fair Value Measurements – Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs to valuation techniques are categorized into a disclosure hierarchy consisting of three broad levels for financial statement purposes. 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. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investment and derivative financial instruments is not necessarily an indication of the risks associated with investing in those securities. The three levels of the fair value hierarchy are as follows:

•				Level 1 – unadjusted quoted prices in active markets/exchanges for identical assets or liabilities that the 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 Trust’s own assumptions used in determining the fair value of investments and derivative financial instruments)

				Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Trust’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. For information about the Trust’s policy regarding valuation of investments and derivative financial instruments, please refer to Note 2 of the Notes to Financial Statements.
				The following tables summarize the Trust’s investments and derivative financial instruments categorized in the disclosure hierarchy as of October 31, 2014:

	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Long-Term Investments¹	$	—	$	426,567,410		—	$	426,567,410
Short-Term Securities		2,247,296		—		—		2,247,296
Total	$	2,247,296	$	426,567,410		—	$	428,814,706

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

	Level 1		Level 2		Level 3		Total
Derivative Financial Instruments²
Assets:
Interest rate contracts	$	156,239		—		—	$	156,239

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

The Trust may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of October 31, 2014, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:

	Level 1		Level 2			Level 3		Total
Assets:
Cash pledged for financial futures contracts	$	436,000		—			—	$	436,000
Liabilities:
TOB trust certificates		—	$	(28,684,555	)		—		(28,684,555	)
VMTP Shares		—		(125,900,000	)		—		(125,900,000	)
Total	$	436,000	$	(154,584,555	)		—	$	(154,148,555	)

There were no transfers between levels during the six months ended October 31, 2014.

See Notes to Financial Statements.

SEMI-ANNUAL REPORT

OCTOBER 31, 2014


Schedule of Investments October 31, 2014 (Unaudited)	BlackRock Long-Term Municipal Advantage Trust (BTA) (Percentages shown are based on Net Assets)

Municipal Bonds	Par (000)		Value
Alabama — 1.4%
County of Jefferson Alabama, RB, Limited Obligation School, Series A, 5.25%, 1/01/19	$	515	$	519,532
County of Jefferson Alabama Sewer, Refunding RB, Sub-Lien, Series D, 6.00%, 10/01/42		1,655		1,802,063
				2,321,595
California — 5.6%
California Health Facilities Financing Authority, RB:
St. Joseph Health System, Series A, 5.75%, 7/01/39		385		448,267
Sutter Health, Series B, 6.00%, 8/15/42		1,040		1,257,443
California Health Facilities Financing Authority, Refunding RB, Series A:
Catholic Healthcare West, 6.00%, 7/01/39		680		794,974
St. Joseph Health System, 5.00%, 7/01/33		435		499,872
California HFA, RB, S/F Housing, Home Mortgage, Series K, AMT, 5.50%, 2/01/42		180		183,739
California Municipal Finance Authority Mobile Home Park, RB, Senior, Caritas Affordable Housing, Inc. Projects, S/F Housing, Series A:
5.25%, 8/15/39		70		77,026
5.25%, 8/15/49		175		191,299
California Pollution Control Financing Authority, RB (a):
County of San Diego California Water Authority Desalination Project Pipeline, 5.00%, 11/21/45		440		453,856
Poseidon Resources (Channel Side) LP Desalination Project, AMT, 5.00%, 7/01/37		360		384,408
City of Los Angeles California Department of Airports, Refunding ARB, Los Angeles International Airport, Series A, 5.25%, 5/15/39		270		308,688
City of Stockton California Public Financing Authority, RB, Delta Water Supply Project, Series A, 6.25%, 10/01/38		165		194,505
San Marcos Unified School District, GO, CAB, SAN, Election of 2010, Series B, 0.00%, 8/01/38 (b)		3,725		1,378,399
State of California, GO, Various Purposes, 6.50%, 4/01/33		2,000		2,446,900
State of California Public Works Board, LRB, Various Capital Project:
Series I, 5.00%, 11/01/38		355		398,431
Sub-Series I-1, 6.38%, 11/01/34		400		493,956
				9,511,763
Colorado — 0.8%
Colorado Health Facilities Authority, Refunding RB, Evangelical Lutheran Good Samaritan Society Project, 5.00%, 12/01/42		65		69,126
North Range Metropolitan District No. 2, GO, Limited Tax, 5.50%, 12/15/37		1,200		1,214,652
				1,283,778
Delaware — 1.3%
County of Sussex Delaware, RB, NRG Energy, Inc., Indian River Power LLC Project, 6.00%, 10/01/40		750		853,208
Delaware State EDA, RB, Exempt Facilities, Indian River Power LLC Project, 5.38%, 10/01/45		1,240		1,326,304
				2,179,512
District of Columbia — 3.3%
District of Columbia, RB, Methodist Home District of Columbia, Series A:
7.38%, 1/01/30		550		550,913
7.50%, 1/01/39		500		500,620
District of Columbia, Refunding RB, Kipp Charter School, Series A, 6.00%, 7/01/43		260		301,262
District of Columbia, Tax Allocation Bonds, City Market at O Street Project, 5.13%, 6/01/41		750		800,850
District of Columbia Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, 6.25%, 5/15/24		2,065		2,062,729

Municipal Bonds	Par (000)		Value
District of Columbia (concluded)
Metropolitan Washington Airports Authority, Refunding RB, Dulles Toll Road, 1st Senior Lien, Series A:
5.00%, 10/01/39	$	170	$	183,173
5.25%, 10/01/44		1,000		1,093,980
				5,493,527
Florida — 2.0%
Mid-Bay Bridge Authority, RB, Springing Lien, Series A, 7.25%, 10/01/40		1,080		1,314,986
Tolomato Community Development District, Refunding, Special Assessment Bonds:
Convertible CAB, Series A2, 0.00%, 5/01/39 (c)		95		69,578
Convertible CAB, Series A3, 0.00%, 5/01/40 (c)		225		134,271
Convertible CAB, Series A4, 0.00%, 5/01/40 (c)		120		53,010
Series A1, 6.65%, 5/01/40		355		362,228
Tolomato Community Development District (d)(e):
Series 1, 6.65%, 5/01/40		15		15,395
Series 2, 6.65%, 5/01/40		815		483,939
Series 3, 6.65%, 5/01/40		275		3
Village Community Development District No. 10, Special Assessment Bonds, 5.13%, 5/01/43		865		878,174
				3,311,584
Guam — 1.3%
Guam Government Waterworks Authority, RB, Water & Wastewater System:
5.25%, 7/01/33		640		720,019
5.50%, 7/01/43		1,065		1,201,757
Territory of Guam, GO, Series A, 6.00%, 11/15/19		200		220,966
				2,142,742
Illinois — 10.1%
City of Chicago Illinois, GARB, O’Hare International Airport, 3rd Lien, Series A, 5.75%, 1/01/39		2,500		2,852,575
City of Chicago Illinois, GO, Project, Series A, 5.00%, 1/01/34		480		488,645
City of Chicago Illinois, GO, Refunding, Project, Series A, 5.25%, 1/01/32		1,090		1,142,440
City of Chicago Illinois, Refunding RB, Sales Tax, Series A, 5.25%, 1/01/38		280		305,065
City of Chicago Illinois Board of Education, GO, Series A, 5.25%, 12/01/41		1,150		1,186,294
City of Chicago Illinois Transit Authority, RB, Sales Tax Receipts, 5.25%, 12/01/40		360		404,010
City of Chicago Illinois Waterworks, Refunding RB, 2nd Lien Project, 5.00%, 11/01/42		1,875		2,028,975
County of Cook Illinois Community College District No. 508, GO, City College of Chicago, 5.50%, 12/01/38		350		403,172
Illinois Finance Authority, RB, Advocate Health Care, Series C, 5.38%, 4/01/44		1,845		2,024,943
Illinois Finance Authority, Refunding RB, Central Dupage Health, Series B, 5.50%, 11/01/39		550		622,677
Illinois State Toll Highway Authority, RB, Series A, 5.00%, 1/01/38		815		910,347
Metropolitan Pier & Exposition Authority, Refunding RB, McCormick Place Expansion Project:
Series B (AGM), 5.00%, 6/15/50		1,790		1,887,036
Series B-2, 5.00%, 6/15/50		600		630,534
Railsplitter Tobacco Settlement Authority, RB, 5.50%, 6/01/23		180		210,546
State of Illinois, GO, 5.00%, 2/01/39		745		786,154
State of Illinois, RB, Build Illinois, Series B, 5.25%, 6/15/34		215		242,099
University of Illinois, RB, Auxiliary Facilities System, Series A:
5.00%, 4/01/39		390		435,579
5.00%, 4/01/44		475		526,100
				17,087,191

See Notes to Financial Statements.

SEMI-ANNUAL REPORT

OCTOBER 31, 2014


Schedule of Investments (continued)	BlackRock Long-Term Municipal Advantage Trust (BTA) (Percentages shown are based on Net Assets)

Municipal Bonds	Par (000)		Value
Indiana — 3.3%
City of Valparaiso Indiana, RB, Exempt Facilities, Pratt Paper LLC Project, AMT:
6.75%, 1/01/34	$	365	$	416,235
7.00%, 1/01/44		885		1,011,006
Indiana Finance Authority, RB, Series A:
CWA Authority Project, 1st Lien, 5.25%, 10/01/38		1,285		1,474,615
Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.00%, 7/01/44		160		168,496
Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.00%, 7/01/48		520		546,458
Sisters of St. Francis Health Services, 5.25%, 11/01/39		290		321,508
Indiana Finance Authority, Refunding RB, Parkview Health System, Series A, 5.75%, 5/01/31		600		678,684
Indiana Municipal Power Agency, RB, Series B, 6.00%, 1/01/39		350		401,159
Indianapolis Local Public Improvement Bond Bank, RB, Series A, 5.00%, 1/15/40		445		496,260
				5,514,421
Iowa — 2.5%
Iowa Finance Authority, Refunding RB, Midwestern Disaster Area, Iowa Fertilizer Co. Project:
5.00%, 12/01/19		340		363,208
5.50%, 12/01/22		830		879,426
5.25%, 12/01/25		660		710,312
Iowa Student Loan Liquidity Corp., Refunding RB, Student Loan, Senior Series A-1, AMT, 5.15%, 12/01/22		765		830,507
Iowa Tobacco Settlement Authority, Refunding RB, Asset-Backed, Series C, 5.63%, 6/01/46		1,765		1,484,683
				4,268,136
Kentucky — 0.5%
Kentucky Economic Development Finance Authority, RB, Catholic Health Initiatives, Series A, 5.25%, 1/01/45		440		496,597
Kentucky Public Transportation Infrastructure Authority, RB, Downtown Crossing Project, Convertible CAB, 1st Tier, Series C, 0.00%, 7/01/43 (c)		565		384,104
				880,701
Louisiana — 3.7%
Louisiana Local Government Environmental Facilities & Community Development Authority, RB, Westlake Chemical Corp. Project:
6.75%, 11/01/32		2,000		2,239,280
Series A-1, 6.50%, 11/01/35		1,135		1,343,443
Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, Series A:
5.50%, 5/15/30		350		383,505
5.25%, 5/15/31		300		325,875
5.25%, 5/15/32		380		415,610
5.25%, 5/15/33		415		452,130
5.25%, 5/15/35		945		1,035,947
				6,195,790
Maine — 0.6%
Maine Health & Higher Educational Facilities Authority, RB, Maine General Medical Center, 6.75%, 7/01/41		970		1,085,537
Maryland — 1.3%
Maryland EDC, RB, Transportation Facilities Project, Series A, 5.75%, 6/01/35		970		1,045,602
Maryland EDC, Refunding RB, CNX Marine Terminals, Inc., 5.75%, 9/01/25		1,000		1,105,790
				2,151,392

Municipal Bonds	Par (000)		Value
Michigan — 2.6%
City of Detroit Michigan Sewage Disposal System, Refunding RB, Senior Lien, Series A, 5.25%, 7/01/39	$	1,970	$	2,114,952
Michigan Finance Authority, RB, Senior Lien C-1, 5.00%, 7/01/44		410		430,738
Royal Oak Hospital Finance Authority Michigan, Refunding RB, William Beaumont Hospital, Series V, 8.25%, 9/01/18 (f)		1,400		1,790,054
				4,335,744
Missouri — 0.1%
Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Refunding RB, Combined Lien, Series A, 5.00%, 10/01/44		85		94,742
State of Missouri Health & Educational Facilities Authority, Refunding RB, St. Louis College of Pharmacy Project, 5.50%, 5/01/43		115		126,197
				220,939
Nebraska — 0.2%
Central Plains Energy Project Nebraska, RB, Gas Project No. 3, 5.25%, 9/01/37		285		312,959
New Jersey — 2.1%
New Jersey EDA, RB, Continental Airlines, Inc. Project, AMT, 5.13%, 9/15/23		1,410		1,511,957
New Jersey EDA, Refunding, Special Assessment Bonds, Kapkowski Road Landfill Project, 5.75%, 4/01/31		785		903,943
New Jersey Transportation Trust Fund Authority, RB, Transportation System, Series B, 5.25%, 6/15/36		845		935,381
Rutgers—The State University of New Jersey, Refunding RB, Series L, 5.00%, 5/01/43		185		208,584
				3,559,865
New York — 7.2%
City of New York New York Industrial Development Agency, ARB, AMT:
American Airlines, Inc., JFK International Airport, 7.63%, 8/01/25 (g)		4,000		4,363,280
British Airways PLC Project, 7.63%, 12/01/32		1,000		1,005,450
Metropolitan Transportation Authority, RB, Series B:
5.25%, 11/15/38		1,125		1,292,332
5.25%, 11/15/39		400		458,444
New York Liberty Development Corp., Refunding RB:
5.15%, 11/15/34 (a)(h)		160		162,491
5.38%, 11/15/40 (a)(h)		395		404,192
5.00%, 11/15/44 (a)(h)		1,950		1,959,126
2nd Priority, Bank of America Tower at One Bryant Park Project, Class 3, 6.38%, 7/15/49		420		475,486
New York State Dormitory Authority, RB, Series A, 5.25%, 7/01/48		1,000		1,118,850
Port Authority of New York & New Jersey, ARB, Special Project, JFK International Air Terminal LLC Project, Series 8, 6.00%, 12/01/42		730		846,092
				12,085,743
North Carolina — 0.5%
North Carolina Medical Care Commission, RB, Health Care Facilities, Duke University Health System, Series A, 5.00%, 6/01/42		480		540,480
North Carolina Medical Care Commission, Refunding RB, 1st Mortgage, Retirement Facilities Whitestone Project, Series A, 7.75%, 3/01/41		260		293,717
				834,197
Ohio — 3.4%
Buckeye Tobacco Settlement Financing Authority, RB, Asset-Backed Bonds, Series A-2, 5.75%, 6/01/34		2,295		1,807,198

See Notes to Financial Statements.

SEMI-ANNUAL REPORT

OCTOBER 31, 2014


Schedule of Investments (continued)	BlackRock Long-Term Municipal Advantage Trust (BTA) (Percentages shown are based on Net Assets)

Municipal Bonds	Par (000)		Value
Ohio (concluded)
County of Allen Ohio Hospital Facilities, Refunding RB, Catholic Healthcare Partners, Series A, 5.25%, 6/01/38	$	2,650	$	2,960,129
State of Ohio, RB, Ford Motor Co. Project, AMT, 5.75%, 4/01/35		1,000		1,014,800
				5,782,127
Pennsylvania — 0.7%
City of Philadelphia Pennsylvania Hospitals & Higher Education Facilities Authority, RB, Temple University Health System, Series A, 5.63%, 7/01/42		580		611,111
Pennsylvania Turnpike Commission, RB, Series A, 5.00%, 12/01/44		520		579,691
				1,190,802
South Carolina — 1.2%
State of South Carolina Public Service Authority, RB, Santee Cooper, Series A, 5.50%, 12/01/54		1,830		2,084,187
Texas — 6.9%
Brazos River Authority, RB, TXU Electric, Series A, AMT, 8.25%, 10/01/30 (d)(e)		1,500		120,000
Central Texas Regional Mobility Authority, Refunding RB, Senior Lien, 6.25%, 1/01/46		730		850,114
City of Dallas Texas Waterworks & Sewer System, Refunding RB, 5.00%, 10/01/35		525		602,668
City of Houston Texas Airport System, Refunding ARB, Senior Lien, Series A, 5.50%, 7/01/39		250		283,058
County of Harris Texas Cultural Education Facilities Finance Corp., RB, 1st Mortgage, Brazos Presbyterian Homes, Inc. Project, Series B, 7.00%, 1/01/43		210		244,285
County of Matagorda Texas Navigation District No. 1, Refunding RB, Central Power & Light Co. Project, Series A, 6.30%, 11/01/29		700		805,084
County of Midland Texas Fresh Water Supply District No. 1, RB, CAB, City of Midland Projects, Series A, 0.00%, 9/15/37 (b)		5,200		1,863,212
County of Tarrant Texas Cultural Education Facilities Finance Corp., RB, Scott & White Healthcare, 6.00%, 8/15/45		1,390		1,668,042
Harris County-Houston Sports Authority, Refunding RB, CAB, Series A (NPFGC), 0.00%, 11/15/34 (b)		3,000		1,095,540
HFDC of Central Texas, Inc., RB, Village at Gleannloch Farms, Series A, 5.50%, 2/15/27		1,150		1,170,401
North Texas Tollway Authority, Refunding RB, 2nd Tier System, Series F, 6.13%, 1/01/31		2,290		2,409,240
Texas Private Activity Bond Surface Transportation Corp., RB, Senior Lien, LBJ Infrastructure Group LLC, LBJ Freeway Managed Lanes Project, 7.00%, 6/30/40		500		603,050
				11,714,694
Utah — 0.6%
Utah State Charter School Finance Authority, RB, Ogden Preparatory Academy, Series A:
3.25%, 10/15/36		675		596,261
3.25%, 10/15/42		425		360,107
				956,368
Virginia — 1.9%
Virginia HDA, RB, Rental Housing, Series F, 5.00%, 4/01/45		1,000		1,058,840
Virginia Small Business Financing Authority, RB, Senior Lien, Elizabeth River Crossings OpCo LLC Project, AMT, 6.00%, 1/01/37		1,875		2,128,987
				3,187,827
Washington — 0.7%
Washington Health Care Facilities Authority, RB, Catholic Health Initiatives, Series A, 5.75%, 1/01/45		1,020		1,192,003

Municipal Bonds	Par (000)		Value
Wyoming — 0.1%
Wyoming Municipal Power Agency, Inc., RB, Series A, 5.00%, 1/01/42	$	100	$	104,579
Total Municipal Bonds — 65.9%				110,989,703

Municipal Bonds Transferred to Tender Option Bond Trusts (i)
California — 5.3%
Bay Area Toll Authority, Refunding RB, San Francisco Bay Area, Series F-1, 5.63%, 4/01/19 (f)		1,090		1,306,178
California Educational Facilities Authority, RB, University of Southern California, Series B, 5.25%, 10/01/39 (j)		840		950,132
City & County of San Francisco California Public Utilities Commission, RB, Water Revenue, Series B, 5.00%, 11/01/39		3,225		3,689,206
City of Los Angeles California Department of Airports, Refunding ARB, Los Angeles International Airport, Senior Series A, 5.00%, 5/15/40		2,039		2,319,498
San Diego Community College District California, GO, Election of 2002, 5.25%, 8/01/33		553		640,785
				8,905,799
Colorado — 3.0%
Colorado Health Facilities Authority, Refunding RB, Series A:
Catholic Health Initiatives, 5.50%, 7/01/34 (j)		740		848,894
Sisters of Leavenworth Health System, 5.00%, 1/01/40		3,930		4,275,958
				5,124,852
Florida — 1.3%
County of Miami-Dade Florida, RB, Water & Sewer System, 5.00%, 10/01/34		1,950		2,212,755
Illinois — 4.7%
City of Chicago Illinois, GARB, O’Hare International Airport, 3rd Lien, Series A (NPFGC), 5.00%, 1/01/33 (j)		4,995		5,232,662
Illinois Finance Authority, RB, The Carle Foundation, Series A (AGM), 6.00%, 8/15/41		2,340		2,713,628
				7,946,290
Indiana — 7.5%
Carmel Redevelopment Authority, RB, Performing Arts Center (f):
4.75%, 2/01/16		5,365		5,665,011
5.00%, 2/01/16		6,580		6,968,483
				12,633,494
Massachusetts — 4.8%
Massachusetts School Building Authority, RB, Senior, Series B, 5.00%, 10/15/41		7,112		8,100,077
Nebraska — 3.1%
Omaha Public Power District, RB, Sub-Series B (NPFGC), 4.75%, 2/01/16 (j)		5,000		5,278,950
New Hampshire — 0.5%
New Hampshire Health & Education Facilities Authority, RB, Dartmouth College, 5.25%, 6/01/39 (j)		660		755,885
New York — 23.3%
City of New York New York Municipal Water Finance Authority, Refunding RB, Water & Sewer System, 2nd General Resolution:
Fiscal 2013, Series CC, 5.00%, 6/15/47		4,780		5,324,884
Series FF-2, 5.50%, 6/15/40		495		571,860
Series HH, 5.00%, 6/15/31 (j)		2,835		3,243,311
Hudson Yards Infrastructure Corp., RB, Fiscal 2012, Series A, 5.75%, 2/15/47 (j)		6,509		7,494,944

See Notes to Financial Statements.

SEMI-ANNUAL REPORT

OCTOBER 31, 2014


Schedule of Investments (continued)	BlackRock Long-Term Municipal Advantage Trust (BTA) (Percentages shown are based on Net Assets)

Municipal Bonds Transferred to Tender Option Bond Trusts (i)	Par (000)		Value
New York (concluded)
New York Liberty Development Corp., RB, 1 World Trade Center Port Authority Consolidated Bonds, 5.25%, 12/15/43	$	6,135	$	7,009,851
New York Liberty Development Corp., Refunding RB, 4 World Trade Center Project, 5.75%, 11/15/51 (j)		2,220		2,583,347
State of New York Dormitory Authority, ERB, Series B, 5.75%, 3/15/36		11,240		13,098,422
				39,326,619
North Carolina — 9.4%
University of North Carolina at Chapel Hill, Refunding RB, Series A, 4.75%, 12/01/34		15,170		15,743,842
Ohio — 3.1%
State of Ohio, Refunding RB, Cleveland Clinic Health System Obligated Group, Series A, 5.50%, 1/01/39		4,634		5,226,037
South Carolina — 1.1%
State of South Carolina Housing Finance & Development Authority, Refunding RB, S/F Housing, Series B-1, 5.55%, 7/01/39		1,794		1,839,932
Texas — 11.0%
City of San Antonio Texas Public Service Board, RB, Electric & Gas Systems, Junior Lien, 5.00%, 2/01/43		11,000		12,264,670
County of Harris Texas, RB, Senior Lien, Toll Road, Series A, 5.00%, 8/15/38 (j)		2,122		2,380,833
County of Harris Texas Metropolitan Transit Authority, Refunding RB, Series A, 5.00%, 11/01/41		1,170		1,322,357
University of Texas, Refunding RB, Financing System, Series B, 5.00%, 8/15/43		2,175		2,472,325
				18,440,185

Municipal Bonds Transferred to Tender Option Bond Trusts (i)	Par (000)		Value
Utah — 1.2%
City of Riverton Utah, RB, IHC Health Services, Inc., 5.00%, 8/15/41	$	1,829	$	2,007,118
Virginia — 1.9%
Virginia Small Business Financing Authority, Refunding RB, Sentara Healthcare, 5.00%, 11/01/40		2,949		3,239,774
Wisconsin — 1.3%
Wisconsin Health & Educational Facilities Authority, Refunding RB, Froedtert & Community Health Inc., Obligated Group, Series C, 5.25%, 4/01/39 (j)		1,989		2,187,882
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 82.5%				138,969,491
Total Long-Term Investments (Cost — $232,073,561) — 148.4%				249,959,194

Short-Term Securities		Shares
FFI Institutional Tax-Exempt Fund, 0.03% (k)(l)		3,568,543		3,568,543
Total Short-Term Securities (Cost — $3,568,543) — 2.1%				3,568,543
Total Investments (Cost — $235,642,104) — 150.5%				253,527,737
Liabilities in Excess of Other Assets — 0.00%				66,381
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (50.5%)				(85,102,264	)
Net Assets Applicable to Common Shares — 100.0%			$	168,491,854

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.

Represents a step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate shown is as of report date.

Non-income producing security.

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

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.

Variable rate security. Rate shown is as of report date.

When-issued security. Unsettled when-issued transactions were as follows:

Citigroup Global Markets, Inc.

Represent bonds transferred to a TOB. In exchange for which the Trust received cash and residual interest certificates. These bonds serve as collateral in a financing transaction. See Note 3 of the Notes to Financial Statements for details of municipal bonds transferred to TOBs.

All or a portion of security is subject to a recourse agreement, which may require the Trust to pay the liquidity provider in the event there is a shortfall between the TOB trust certificates and proceeds received from the sale of the security contributed to the TOB trust. In the case of a shortfall, the aggregate maximum potential amount the Trust could ultimately be required to pay under the agreement, which expire from January 1, 2015 to February 15, 2031 is $17,855,729.

Represents the current yield as of report date.

Investments in issuers considered to be an affiliate of the Trust during the period ended October 31, 2014, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

FFI Institutional Tax-Exempt Fund

See Notes to Financial Statements.

SEMI-ANNUAL REPORT

OCTOBER 31, 2014


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

Financial futures contracts outstanding as of October 31, 2014 were as follows:

10-Year U.S. Treasury Note

Chicago Board of Trade

Fair Value Measurements – Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs to valuation techniques are categorized into a disclosure hierarchy consisting of three broad levels for financial statement purposes. 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. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investment and derivative financial instruments and is not necessarily an indication of the risks associated with investing in those securities. The three levels of the fair value hierarchy are as follows:

Level 1 – unadjusted quoted prices in active markets/exchanges for identical assets or liabilities that the 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 Trust’s own assumptions used in determining the fair value of investments and derivative financial instruments)

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Trust’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. For information about the Trust’s policy regarding valuation of investments and derivative financial instruments, please refer Note 2 of Note to Financial Statements.

The following tables summarize the Trust’s investments and derivative financial instruments categorized in the disclosure hierarchy as of October 31, 2014:

Long-Term Investments¹

Short-Term Securities

Derivative Financial Instruments²

Interest rate contracts

Cash pledged for financial futures contracts

TOB trust certificates

There were no transfers between levels during the six months ended October 31, 2014.

See Notes to Financial Statements.

SEMI-ANNUAL REPORT

OCTOBER 31, 2014


Schedule of Investments October 31, 2014 (Unaudited)	BlackRock Municipal 2020 Term Trust (BKK) (Percentages shown are based on Net Assets)

Municipal Bonds	Par (000)		Value
Alabama — 0.7%
Alabama 21st Century Authority Tobacco Settlement, Refunding RB, Series A, 5.00%, 6/01/20	$	1,000	$	1,165,010
Courtland Alabama IDB, Refunding RB, International Paper Co. Projects, Series A, 4.75%, 5/01/17		1,165		1,165,291
				2,330,301
Alaska — 2.0%
City of Valdez Alaska, Refunding RB, BP Pipelines Project:
Series B, 5.00%, 1/01/21		3,200		3,778,688
Series C, 5.00%, 1/01/21		2,500		2,952,100
				6,730,788
Arizona — 3.5%
City of Phoenix Arizona IDA, RB, Series A, 4.75%, 7/01/19 (a)		640		661,318
Phoenix Civic Improvement Corp., Refunding RB, Junior Lien, Series A:
5.00%, 7/01/20		1,300		1,535,443
5.00%, 7/01/21		5,585		6,529,591
Salt Verde Financial Corp., RB, Senior:
5.00%, 12/01/18		1,500		1,686,240
5.25%, 12/01/20		1,000		1,161,630
				11,574,222
California — 9.0%
California Health Facilities Financing Authority, RB, Sutter Health, Series B, 5.00%, 8/15/22		815		949,475
California Statewide Communities Development Authority, RB, John Muir Health, Series A, 5.00%, 8/15/22		5,000		5,374,550
County of Riverside California Asset Leasing Corp., RB, Riverside County Hospital Project (NPFGC), 0.00%, 6/01/25 (b)		6,865		4,816,553
Los Angeles Regional Airports Improvement Corp. Facilities Lease, Refunding RB, LAXFuel Corp., Los Angeles International Airport, AMT:
5.00%, 1/01/19		540		620,773
5.00%, 1/01/20		550		640,585
Los Angeles Unified School District California, GO, Series I, 5.00%, 7/01/20		3,750		4,399,125
State of California, GO, Refunding, Various Purposes, 5.25%, 10/01/22		1,000		1,233,550
State of California Department of Water Resources, Refunding RB, Series L, 5.00%, 5/01/20		10,000		12,020,800
				30,055,411
Colorado — 1.6%
Colorado Educational & Cultural Facilities Authority, Refunding RB, Peak to Peak Charter School Project:
4.00%, 8/15/19		125		136,916
4.00%, 8/15/20		150		164,592
Colorado Health Facilities Authority, Refunding RB, Evangelical Lutheran Good Samaritan Society Project:
4.00%, 12/01/19		555		601,021
4.00%, 12/01/20		580		628,627
E-470 Public Highway Authority Colorado, RB, CAB, Senior Series B (NPFGC), 0.00%, 9/01/22 (b)		4,500		3,670,875
				5,202,031
Florida — 6.5%
City of Jacksonville Florida, RB, Better Jacksonville, 5.00%, 10/01/22		5,160		5,847,673
County of Broward Florida School Board, COP, Series A (AGM), 5.25%, 7/01/22		1,250		1,419,187
County of Miami-Dade Florida, Refunding RB, Series A, AMT, 5.00%, 10/01/20		1,375		1,607,829
County of Miami-Dade Florida Expressway Authority, Refunding RB, Toll System, Series A, 5.00%, 7/01/20		500		590,550
Habitat Community Development District, Special Assessment Bonds, 5.80%, 5/01/25		1,615		1,631,489

Municipal Bonds	Par (000)		Value
Florida (concluded)
Miami Beach Health Facilities Authority, RB, Mount Sinai Medical Center Florida, 6.75%, 11/15/14 (c)	$	1,840	$	1,844,232
Pine Island Community Development District, RB, 5.30%, 11/01/10 (d)(e)		250		140,238
State of Florida Board of Education, GO, Refunding, Capital Outlay, Series B, 5.00%, 6/01/20		5,000		5,968,900
Stevens Plantation Community Development District, Special Assessment Bonds, Series B, 1.00%, 12/31/49 (d)(e)		3,530		2,631,156
				21,681,254
Georgia — 2.3%
Gainesville & Hall County Development Authority, Refunding RB, ACTS Retirement-Life Communities, Inc. Obligated Group, 5.00%, 11/15/22		6,915		7,818,860
Guam — 0.5%
Guam Government Waterworks Authority, RB, 5.25%, 7/01/20		250		287,750
Guam Power Authority, Refunding RB, Series A (AGM), 5.00%, 10/01/20		1,190		1,408,103
				1,695,853
Hawaii — 0.9%
State of Hawaii Department of Budget & Finance, Refunding RB, Special Purpose Senior Living, Kahala Nui:
5.00%, 11/15/19		1,275		1,424,060
5.00%, 11/15/20		1,440		1,620,216
				3,044,276
Illinois — 14.4%
City of Chicago Illinois Motor Fuel Tax, Refunding RB, 5.00%, 1/01/20		1,000		1,147,070
City of Chicago Illinois, O’Hare International Airport, GARB, 3rd Lien, Series A (AMBAC):
5.00%, 1/01/21		5,000		5,256,550
5.00%, 1/01/22		7,000		7,358,330
Lake Cook-Dane & McHenry Counties Community Unit School District 220 Illinois, GO, Refunding (AGM), 5.25%, 12/01/20		1,000		1,207,420
Metropolitan Pier & Exposition Authority Illinois, Refunding RB, CAB, McCormick, Series A (NPFGC), 0.00%, 6/15/22 (b)		13,455		10,674,121
Railsplitter Tobacco Settlement Authority, RB, 5.25%, 6/01/20		10,000		11,740,500
State of Illinois, GO, 5.00%, 7/01/20		5,255		5,924,277
State of Illinois, RB, Series B:
5.00%, 6/15/19 (c)		515		603,781
5.00%, 6/15/20		1,485		1,721,798
State of Illinois Toll Highway Authority, RB, Senior Priority, Series A (AGM), 5.00%, 7/01/15 (c)		2,250		2,322,517
				47,956,364
Indiana — 5.1%
City of Vincennes Indiana, Refunding RB, Southwest Indiana Regional Youth Village, 6.25%, 1/01/24		3,515		2,656,285
Indiana Finance Authority, RB, Ohio River Bridges East End Crossing Project, Series B, AMT, 5.00%, 1/01/19		2,465		2,659,193
Indiana Municipal Power Agency, Refunding RB, Series A, 5.00%, 1/01/21		600		715,824
Indianapolis Airport Authority, Refunding RB, Special Facilities, FedEx Corp. Project, AMT, 5.10%, 1/15/17		10,000		10,895,200
				16,926,502
Iowa — 1.7%
Iowa Finance Authority, Refunding RB, Midwestern Disaster Area, Iowa Fertilizer Co. Project, 5.00%, 12/01/19		5,320		5,683,143

See Notes to Financial Statements.

SEMI-ANNUAL REPORT

OCTOBER 31, 2014


Schedule of Investments (continued)	BlackRock Municipal 2020 Term Trust (BKK) (Percentages shown are based on Net Assets)

Municipal Bonds	Par (000)		Value
Kansas — 2.4%
County of Wyandotte Kansas, Kansas City Unified Government, RB, Kansas International Speedway (NPFGC), 0.00%, 12/01/20 (b)	$	6,440	$	5,083,607
Kansas Development Finance Authority, Refunding RB, Adventist Health, 5.25%, 11/15/20		2,500		2,943,050
				8,026,657
Kentucky — 2.1%
County of Louisville & Jefferson Kentucky, Refunding RB, Catholic Health Initiatives, Series A:
3.50%, 12/01/20		2,115		2,285,110
5.00%, 12/01/20		1,430		1,695,694
Kentucky Housing Corp., RB, S/F Housing, Series C, AMT, 4.63%, 7/01/22		2,000		2,055,020
Kentucky Public Transportation Infrastructure Authority, RB, CAB, 1st Tier Downtown Crossing Project (b):
0.00%, 7/01/19		255		220,697
0.00%, 7/01/20		1,000		830,260
				7,086,781
Louisiana — 0.7%
City of New Orleans, Refunding RB, 5.00%, 12/01/20		400		463,864
Parish of DeSoto Louisiana, RB, Series A, AMT, 5.85%, 11/01/27		2,000		2,006,500
				2,470,364
Maryland — 2.1%
Anne Arundel County Consolidated, Special Taxing District, Refunding, Special Tax Bonds, The Villages of Dorchester and Farmington Village Project:
4.00%, 7/01/19		285		314,418
5.00%, 7/01/20		500		581,140
Maryland EDC, RB, Transportation Facilities Project, Series A, 5.13%, 6/01/20		1,250		1,380,850
Maryland Health & Higher Educational Facilities Authority, Refunding RB:
Charlestown Community, 5.50%, 1/01/21		1,335		1,503,156
University of Maryland, Medical System, 5.00%, 7/01/19		670		773,006
Maryland State and Local Facilities Loan, GO, 1st Series B, 5.00%, 3/15/20		2,000		2,389,560
				6,942,130
Massachusetts — 0.3%
Massachusetts Educational Financing Authority, RB, Education Loan, Issue I, AMT, 5.00%, 1/01/20		1,000		1,131,830
Michigan — 2.9%
City of Royal Oak Michigan Hospital Finance Authority, Refunding RB, Series D, 2.25%, 9/01/20		1,500		1,524,660
Kalamazoo Hospital Finance Authority, Refunding RB, Bronson Methodist Hospital, 5.00%, 5/15/20		1,535		1,682,913
Lansing Board of Water & Light Utilities, RB, Series A, 3.50%, 7/01/20		1,000		1,101,970
State of Michigan Building Authority, Refunding RB, Facilities Program:
Series 1-A, 5.00%, 10/15/20		325		382,635
Series 2-A, 4.00%, 10/15/20		1,205		1,351,034
State of Michigan Trunk Line, Refunding RB:
5.00%, 11/01/20		1,000		1,168,850
5.00%, 11/01/21		2,000		2,339,600
				9,551,662
Minnesota — 0.7%
State of Minnesota Trunk Highway, GO, Series B, 5.00%, 10/01/20		2,000		2,413,100
Missouri — 2.9%
City of Kansas City Missouri Airport, Refunding RB, Series A, AMT, 5.00%, 9/01/20		3,000		3,534,660

Municipal Bonds	Par (000)		Value
Missouri (concluded)
State of Missouri Health & Educational Facilities Authority, Refunding RB, Series A:
BJC Health System, 5.00%, 5/15/20	$	5,500	$	5,639,040
CoxHealth, 5.00%, 11/15/20		500		587,495
				9,761,195
Multi-State — 3.3%
Centerline Equity Issuer Trust (a)(f):
Series A-4-1, 5.75%, 10/31/52		1,000		1,023,070
Series A-4-2, 6.00%, 10/31/52		2,500		2,881,050
Series B-3-1, 6.00%, 10/31/52		4,000		4,092,680
Series B-3-2, 6.30%, 10/31/52		2,500		2,909,475
				10,906,275
Nebraska — 1.2%
Central Plains Energy Project Nebraska, RB, Gas Project No. 3, 5.00%, 9/01/20		3,500		3,909,640
Nevada — 2.6%
County of Clark Nevada, Refunding ARB, Las Vegas McCarran International Airport, Series B:
5.00%, 7/01/19		500		582,510
5.00%, 7/01/20		1,000		1,180,510
County of Clark Nevada, Refunding RB, Alexander Dawson School Nevada Project, 5.00%, 5/15/20		5,000		5,312,200
County of Clark Nevada, Refunding, Special Assessment Bonds, Special Improvement District No. 142, 5.00%, 8/01/20		1,425		1,545,427
				8,620,647
New Jersey — 3.8%
New Jersey EDA, RB, Private Activity Bond, The Goethals Bridge Replacement Project, AMT, 5.00%, 7/01/20		250		291,295
New Jersey EDA, Refunding RB:
Cigarette Tax, 5.00%, 6/15/20		2,500		2,878,875
School Facilities, Series GG, 5.00%, 9/01/22		2,000		2,256,540
New Jersey Educational Facilities Authority, Refunding RB:
Seton Hall University, Series D, 5.00%, 7/01/19		1,060		1,219,350
Seton Hall University, Series D, 5.00%, 7/01/20		650		755,482
University of Medicine & Dentistry, Series B, 6.25%, 12/01/18 (g)		2,500		3,026,975
New Jersey Health Care Facilities Financing Authority, Refunding RB, AtlantiCare Regional Medical Center, 5.00%, 7/01/20		2,110		2,299,414
				12,727,931
New York — 7.4%
Chautauqua Tobacco Asset Securitization Corp., Refunding RB (h):
5.00%, 6/01/19		400		454,552
5.00%, 6/01/20		450		516,055
City of New York New York Industrial Development Agency, ARB, American Airlines, Inc., JFK International Airport, AMT (i):
7.63%, 8/01/25		3,885		4,237,836
7.75%, 8/01/31		5,000		5,487,700
New York Mortgage Agency, Refunding RB, S/F Housing, 35th Series, AMT, 4.50%, 10/01/20		2,165		2,184,139
New York State Energy Research & Development Authority, Refunding RB, Brooklyn Union Gas/Keyspan, Series A, AMT (NPFGC), 4.70%, 2/01/24		8,500		8,870,430
New York State Thruway Authority, Refunding RB, General, Series I, 5.00%, 1/01/20		875		1,021,475
Port Authority of New York & New Jersey, ARB, JFK International Air Terminal LLC Project, 5.00%, 12/01/20		1,525		1,753,170
				24,525,357

See Notes to Financial Statements.

SEMI-ANNUAL REPORT

OCTOBER 31, 2014


Schedule of Investments (continued)	BlackRock Municipal 2020 Term Trust (BKK) (Percentages shown are based on Net Assets)

Municipal Bonds	Par (000)		Value
North Carolina — 2.3%
North Carolina Eastern Municipal Power Agency, Refunding RB, Series B, 5.00%, 1/01/21	$	1,550	$	1,781,167
North Carolina Municipal Power Agency No. 1, Refunding RB, Series B, 5.00%, 1/01/20		5,000		5,861,350
				7,642,517
Ohio — 1.7%
Ohio State Water Development Authority, Refunding RB, Series B, 4.00%, 12/01/33 (i)		5,300		5,618,901
Oklahoma — 0.9%
County of Canadian Oklahoma Educational Facilities Authority, RB, Mustang Public Schools Project, 4.50%, 9/01/20		1,500		1,694,265
County of Oklahoma Finance Authority, Refunding RB, Epworth Villa Project, Series A, 2.50%, 4/01/15		225		220,379
County of Tulsa Oklahoma Industrial Authority, RB, Broken Arrow Public School, 4.00%, 9/01/22		1,100		1,238,622
				3,153,266
Pennsylvania — 6.0%
County of Beaver Pennsylvania IDA, Refunding RB, First Energy, Nuclear Energy Corp. Project, Series B, 3.50%, 12/01/35 (i)		3,405		3,499,625
Lancaster IDA, Refunding RB, Garden Spot Village Project, 5.00%, 5/01/19		1,300		1,403,597
Pennsylvania Economic Development Financing Authority, Refunding RB, Amtrak Project, Series A, AMT, 4.00%, 11/01/20		2,175		2,361,354
Pennsylvania Higher Educational Facilities Authority, RB, Shippensburg University Student Services:
4.00%, 10/01/19		1,165		1,212,986
4.00%, 10/01/20		1,210		1,257,807
Pennsylvania Higher Educational Facilities Authority, Refunding RB, Series A:
Drexel University, 5.00%, 5/01/20		1,575		1,849,554
Widener University, 5.00%, 7/15/20		600		688,998
Pennsylvania Housing Finance Agency, Refunding RB, S/F Mortgage, Series 115A, AMT:
2.30%, 10/01/19		460		469,412
2.55%, 4/01/20		850		858,925
2.65%, 10/01/20		865		884,168
Pennsylvania IDA, Refunding RB, Economic Development, 5.00%, 7/01/20		1,500		1,754,835
Pennsylvania Turnpike Commission, RB, Sub-Series A (AGC), 5.00%, 6/01/22		1,000		1,150,030
State Public School Building Authority, RB, Community College Allegheny County Project (AGM), 5.00%, 7/15/20		995		1,164,687
Swarthmore Borough Authority, Refunding RB, Swarthmore College Project, 5.00%, 9/15/20		350		419,664
Township of East Hempfield Pennsylvania IDA, RB, Student Services, Inc., Student Housing Project:
4.00%, 7/01/19		360		382,493
4.00%, 7/01/20		465		493,286
				19,851,421
Rhode Island — 1.3%
Rhode Island Student Loan Authority, RB, Student Loan Program, Senior Series A, AMT, 5.00%, 12/01/20		3,850		4,345,649
South Carolina — 0.7%
South Carolina State Ports Authority, RB, 5.00%, 7/01/20		2,000		2,343,900
Texas — 15.2%
Central Texas Regional Mobility Authority, Refunding RB, Senior Lien:
5.75%, 1/01/19		800		926,808
5.75%, 1/01/20		1,140		1,343,000

Municipal Bonds	Par (000)		Value
Texas (concluded)
City of Dallas Texas, Refunding RB, Civic Center Convention Complex (AGC), 5.00%, 8/15/21	$	2,500	$	2,813,050
City of Frisco Texas, GO, Refunding, 3.00%, 2/15/20		2,250		2,436,817
City of Houston Texas Airport System, Refunding RB:
Subordinate Lien, Series B, 5.00%, 7/01/20		250		292,693
United Airlines, Inc. Terminal E Project, 4.50%, 7/01/20		5,000		5,328,900
Love Field Airport Modernization Corp., RB, Southwest Airlines Co., Love Field Modernization Program Project, 5.00%, 11/01/20		3,715		4,231,719
Lower Colorado River Authority, Refunding RB, LCRA Transmission Corp. Project, Series B, 5.00%, 5/15/20		5,000		5,878,000
New Hope Cultural Education Facilities Corp., RB, Stephenville LLC Tarleton State University Project, Series A:
4.00%, 4/01/19		345		363,696
4.00%, 4/01/20		585		623,376
4.00%, 4/01/20		415		438,149
North Texas Tollway Authority, Refunding RB, Series C:
5.25%, 1/01/20		1,000		1,155,720
5.38%, 1/01/21		5,000		5,746,850
Texas Municipal Gas Acquisition & Supply Corp. III, RB, 5.00%, 12/15/20		5,000		5,801,100
Texas State Turnpike Authority, RB, CAB, 1st Tier, Series A (AMBAC) (b):
0.00%, 8/15/21		7,990		6,847,670
0.00%, 8/15/24		8,450		6,178,048
				50,405,596
Virginia — 2.1%
City of Norfolk Virginia Water Revenue, Refunding RB, 5.00%, 11/01/20		2,000		2,397,200
County of Hanover Virginia EDC, Refunding RB, Covenant Woods, Series A, 3.00%, 7/01/15		465		468,860
County of Russell Virginia IDA, Refunding RB, Appalachian Power, Series K, 4.63%, 11/01/21		2,000		2,212,640
Roanoke EDA, Refunding RB, Carilion Clinic Obligation Group, 5.00%, 7/01/20		1,500		1,748,670
				6,827,370
Washington — 2.5%
County of Snohomish Washington Everett School District No. 2, GO, Refunding, 5.00%, 12/01/20		2,625		3,133,305
Washington Health Care Facilities Authority, Refunding RB, Providence Health & Services, Series B:
5.00%, 10/01/20		250		295,398
5.00%, 10/01/42 (i)		4,000		4,757,280
				8,185,983
Wisconsin — 0.9%
State of Wisconsin, Refunding RB, Series A, 5.25%, 5/01/20		1,000		1,173,190
Wisconsin Health & Educational Facilities Authority, Refunding RB, Froedtert & Community Health, Inc., 5.00%, 4/01/20		1,515		1,743,220
				2,916,410
Total Municipal Bonds — 114.2%				380,063,587

Municipal Bonds Transferred to Tender Option Bond Trusts (j)
Illinois — 1.7%
City of Chicago Illinois Waterworks, Refunding RB, 2nd Lien (AGM), 5.00%, 11/01/20		5,000		5,650,450
Total Long-Term Investments (Cost — $357,958,487) — 115.9%				385,714,037

See Notes to Financial Statements.

SEMI-ANNUAL REPORT

OCTOBER 31, 2014


Schedule of Investments (concluded)	BlackRock Municipal 2020 Term Trust (BKK) (Percentages shown are based on Net Assets)

Short-Term Securities	Shares		Value
FFI Institutional Tax-Exempt Fund, 0.03% (k)(l)		7,549,082	$	7,549,082
Total Short-Term Securities (Cost — $7,549,082) — 2.3%				7,549,082
Total Investments (Cost — $365,507,569) — 118.2%				393,263,119
Other Assets Less Liabilities — 0.8%				2,796,798

Short-Term Securities	Value
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (1.1%)	$	(3,754,462	)
AMPS Shares, at Liquidation Value — (17.9%)		(59,700,000	)
Net Assets Applicable to Common Shares — 100.0%	$	332,605,455

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.

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

Non-income producing security.

Represents a beneficial interest in a trust. The collateral deposited into the trust is federally tax-exempt revenue bonds issued by various state or local governments, or their respective agencies or authorities. The security is subject to remarketing prior to its stated maturity.

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

When-issued security. Unsettled when-issued transactions were as follows:

Variable rate security. Rate shown is as of report date.

Investments in issuers considered to be an affiliate of the Trust during the six months ended October 31, 2014, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

FFI Institutional Tax-Exempt Fund

Represents the current yield as of report date.

Fair Value Measurements – Various inputs are used in determining the fair value of investments. These inputs to valuation techniques are categorized into a disclosure hierarchy consisting of three broad levels for financial statement purposes. 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. The categorization of a value determined for investments is based on the pricing transparency of the investment and is not necessarily an indication of the risks associated with investing in those securities. The three levels of the fair value hierarchy are as follows:

Level 1 – unadjusted quoted prices in active markets/exchanges for identical assets or liabilities that the Trust has the ability to access

For information about the Trust’s policy regarding valuation of investments and derivative financial instruments, please refer to Note 2 of the Notes to Financial Statements

The following table summarizes the Trust’s investments categorized in the disclosure hierarchy as of October 31, 2014:

Long-Term Investments¹

Short-Term Securities

The carrying amount for certain of the Trust’s liabilities approximates fair value for financial statement purposes. As of October 31, 2014, TOB trust certificates of $3,750,000 are categorized as Level 2 within the disclosure hierarchy.

There were no transfers between levels during the six months ended October 31, 2014.

See Notes to Financial Statements.

SEMI-ANNUAL REPORT

OCTOBER 31, 2014


Schedule of Investments October 31, 2014 (Unaudited)	BlackRock Municipal Income Trust (BFK) (Percentages shown are based on Net Assets)

Municipal Bonds	Par (000)		Value
Alabama — 3.0%
County of Jefferson Alabama, RB, Limited Obligation School, Series A, 5.25%, 1/01/19	$	2,910	$	2,935,608
County of Jefferson Alabama Sewer, Refunding RB:
Senior Lien, Series A (AGM), 5.00%, 10/01/44		1,555		1,677,114
Senior Lien, Series A (AGM), 5.25%, 10/01/48		2,275		2,482,366
Sub-Lien, Series D, 6.00%, 10/01/42		5,740		6,250,056
Sub-Lien, Series D, 7.00%, 10/01/51		1,765		2,070,363
State of Alabama Docks Department, Refunding RB, 6.00%, 10/01/40		4,080		4,773,274
				20,188,781
Arizona — 3.0%
Salt Verde Financial Corp., RB, Senior:
5.00%, 12/01/32		10,030		11,451,652
5.00%, 12/01/37		7,460		8,431,591
				19,883,243
California — 14.4%
Bay Area Toll Authority, Refunding RB, San Francisco Bay Area Toll Bridge, Series F-1, 5.63%, 4/01/19 (a)		4,445		5,325,777
California Health Facilities Financing Authority, RB, Sutter Health, Series B, 6.00%, 8/15/42		6,230		7,532,568
California Health Facilities Financing Authority, Refunding RB, St. Joseph Health System, Series A, 5.00%, 7/01/33		2,465		2,832,605
California Municipal Finance Authority, RB, Senior, Caritas Affordable Housing, Inc. Projects, S/F Housing, Series A:
5.25%, 8/15/39		290		319,107
5.25%, 8/15/49		715		781,595
California Pollution Control Financing Authority, RB (b):
County of San Diego California Water Authority Desalination Project Pipeline, 5.00%, 11/21/45		2,415		2,491,048
Poseidon Resources (Channel Side) LP Desalination Project, AMT, 5.00%, 7/01/37		2,015		2,151,617
Poseidon Resources (Channel Side) LP Desalination Project, AMT, 5.00%, 11/21/45		2,970		3,158,239
California Statewide Communities Development Authority, Refunding RB, Episcopal Communities & Services, 5.00%, 5/15/42		650		702,917
City of Los Angeles California Department of Airports, Refunding ARB, Los Angeles International Airport, Series A:
5.25%, 5/15/39		1,560		1,783,532
Senior, 5.00%, 5/15/40		11,690		13,300,414
City of Stockton California Public Financing Authority, RB, Delta Water Supply Project, Series A, 6.25%, 10/01/40		690		812,247
County of Stanislaus California Tobacco Securitization Agency, RB, CAB, Sub-Series C, 0.00%, 6/01/55 (c)		17,855		241,043
Foothill-De Anza Community College District, GO, Election of 2006, Series C, 5.00%, 8/01/40		7,000		7,840,350
Murrieta Community Facilities District Special Tax California, Special Tax Bonds, District No. 2, The Oaks Improvement Area A, 6.00%, 9/01/34		4,890		4,898,998
Riverside County Transportation Commission, RB, CAB, Senior Lien, Series B (c):
0.00%, 6/01/41		5,000		1,232,650
0.00%, 6/01/42		6,000		1,396,380
0.00%, 6/01/43		5,000		1,100,750
San Marcos Unified School District, GO, CAB, Election of 2010, Series B (c):
0.00%, 8/01/34		3,500		1,552,075
0.00%, 8/01/36		4,000		1,609,400
State of California, GO, Various Purposes:
6.00%, 3/01/33		4,970		6,094,960
6.50%, 4/01/33		20,410		24,970,615

Municipal Bonds	Par (000)		Value
California (concluded)
State of California Public Works Board, LRB, Various Capital Project:
Series I, 5.00%, 11/01/38	$	1,495	$	1,677,898
Sub-Series I-1, 6.38%, 11/01/34		2,315		2,858,770
				96,665,555
Colorado — 1.7%
Colorado Health Facilities Authority, Refunding RB:
Catholic Health Initiative, Series A, 5.50%, 7/01/34		4,205		4,825,195
Evangelical Lutheran Good Samaritan Society Project, 5.00%, 12/01/42		3,425		3,642,419
Park Creek Metropolitan District, Refunding RB, Senior Limited Property Tax, 5.50%, 12/01/37		2,530		2,570,784
				11,038,398
Connecticut — 0.4%
Connecticut State Health & Educational Facility Authority, RB, Ascension Health Senior Credit, Series A, 5.00%, 11/15/40		2,710		3,007,179
Delaware — 2.0%
County of Sussex Delaware, RB, NRG Energy, Inc., Indian River Power LLC Project, 6.00%, 10/01/40		2,225		2,531,182
Delaware State EDA, RB, Exempt Facilities, Indian River Power LLC Project, 5.38%, 10/01/45		10,080		10,781,568
				13,312,750
District of Columbia — 4.3%
District of Columbia, Refunding RB, Kipp Charter School, Series A, 6.00%, 7/01/43		1,480		1,714,876
District of Columbia Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, 6.75%, 5/15/40		23,035		23,031,545
Metropolitan Washington Airports Authority, Refunding RB, Dulles Toll Road, 1st Senior Lien, Series A:
5.00%, 10/01/39		990		1,066,715
5.25%, 10/01/44		2,465		2,696,661
				28,509,797
Florida — 3.3%
County of Miami-Dade Florida Aviation, Refunding ARB, Miami International Airport, Series A-1, 5.38%, 10/01/41		2,280		2,601,070
County of Orange Florida Health Facilities Authority, Refunding RB, Mayflower Retirement Center:
5.00%, 6/01/32		600		645,912
5.00%, 6/01/36		125		133,735
5.13%, 6/01/42		1,925		2,065,313
County of Tampa-Hillsborough Florida Expressway Authority, Refunding RB, Series A, 5.00%, 7/01/37		1,225		1,349,301
Miami Beach Health Facilities Authority, RB, Mount Sinai Medical Center Florida, 6.75%, 11/15/14 (a)		5,570		5,582,811
Mid-Bay Bridge Authority, RB, Springing Lien, Series A, 7.25%, 10/01/40		5,885		7,165,458
Stevens Plantation Community Development District, Special Assessment, Series A, 7.10%, 5/01/35 (d)(e)		3,590		2,678,463
				22,222,063
Georgia — 1.1%
DeKalb Private Hospital Authority, Refunding RB, Children’s Healthcare, 5.25%, 11/15/39		1,650		1,884,762
Metropolitan Atlanta Rapid Transit Authority, RB, Sales Tax, 3rd Indenture, Series A, 5.00%, 7/01/39		5,000		5,648,400
				7,533,162
Hawaii — 0.4%
State of Hawaii Harbor System, RB, Series A, 5.25%, 7/01/30		2,660		2,988,803

See Notes to Financial Statements.

SEMI-ANNUAL REPORT

OCTOBER 31, 2014


Schedule of Investments (continued)	BlackRock Municipal Income Trust (BFK) (Percentages shown are based on Net Assets)

Municipal Bonds	Par (000)		Value
Illinois — 19.4%
City of Chicago Illinois, GARB, O’Hare International Airport, 3rd Lien, Series C, 6.50%, 1/01/41	$	11,385	$	13,848,600
City of Chicago Illinois, GO, Project, 5.00%, 1/01/34		6,270		6,382,923
City of Chicago Illinois, GO, Refunding, Series A:
Project, 5.25%, 1/01/32		6,155		6,451,117
5.00%, 1/01/34		2,500		2,555,175
City of Chicago Illinois, Refunding RB, Sales Tax, Series A, 5.25%, 1/01/38		1,605		1,748,680
City of Chicago Illinois Board of Education, GO, Series A, 5.25%, 12/01/41		8,680		8,953,941
City of Chicago Illinois Transit Authority, RB, Sales Tax Receipts, 5.25%, 12/01/40		2,055		2,306,224
City of Chicago Illinois Waterworks, Refunding RB, 2nd Lien Project, 5.00%, 11/01/42		7,625		8,251,165
County of Cook Illinois Community College District No. 508, GO, City College of Chicago, 5.50%, 12/01/38		1,525		1,756,678
Illinois Finance Authority, RB, Advocate Health Care, Series C, 5.38%, 4/01/44		10,630		11,666,744
Illinois Finance Authority, Refunding RB:
Ascension Health, Series A, 5.00%, 11/15/37		1,895		2,109,703
Central Dupage Health, Series B, 5.50%, 11/01/39		3,160		3,577,562
Friendship Village Schaumburg, Series A, 5.63%, 2/15/37		470		469,953
Illinois State Toll Highway Authority, RB:
Senior, Series C, 5.00%, 1/01/36		6,370		7,198,673
Senior, Series C, 5.00%, 1/01/37		5,455		6,139,712
Series A, 5.00%, 1/01/38		4,550		5,082,304
Metropolitan Pier & Exposition Authority, Refunding RB, McCormick Place Expansion Project:
Series B (AGM), 5.00%, 6/15/50		14,710		15,507,429
Series B-2, 5.00%, 6/15/50		3,905		4,103,725
Railsplitter Tobacco Settlement Authority, RB:
5.50%, 6/01/23		885		1,035,184
6.00%, 6/01/28		2,245		2,634,328
State of Illinois, GO:
5.00%, 2/01/39		2,990		3,155,168
Series A, 5.00%, 4/01/38		9,030		9,517,801
State of Illinois, RB, Build Illinois, Series B, 5.25%, 6/15/34		1,240		1,396,290
University of Illinois, RB, Auxiliary Facilities System, Series A:
5.00%, 4/01/39		1,565		1,747,901
5.00%, 4/01/44		1,910		2,115,478
				129,712,458
Indiana — 4.2%
Carmel Redevelopment Authority, Refunding RB, Multipurpose, Series A, 4.00%, 2/01/38		2,705		2,810,901
City of Valparaiso Indiana, RB, Exempt Facilities, Pratt Paper LLC Project, AMT:
6.75%, 1/01/34		1,525		1,739,064
7.00%, 1/01/44		3,680		4,203,958
City of Vincennes Indiana, Refunding RB, Southwest Indiana Regional Youth Village, 6.25%, 1/01/24		1,695		1,280,912
Indiana Finance Authority, RB, Series A:
CWA Authority Project, 1st Lien, 5.25%, 10/01/38		6,305		7,235,366
Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.00%, 7/01/44		880		926,728
Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.00%, 7/01/48		2,905		3,052,806
Sisters of St. Francis Health Services, 5.25%, 11/01/39		1,655		1,834,816
Indiana Municipal Power Agency, RB, Series B, 6.00%, 1/01/39		2,150		2,464,265
Indianapolis Local Public Improvement Bond Bank, RB, Series A, 5.00%, 1/15/40		2,490		2,776,823
				28,325,639

Municipal Bonds	Par (000)		Value
Iowa — 2.6%
Iowa Finance Authority, RB, Midwestern Disaster Area, Alcoa, Inc. Project, 4.75%, 8/01/42	$	2,265	$	2,332,950
Iowa Finance Authority, Refunding RB, Midwestern Disaster Area, Iowa Fertilizer Co. Project:
5.00%, 12/01/19		1,880		2,008,329
5.50%, 12/01/22		4,595		4,868,632
5.25%, 12/01/25		2,125		2,286,989
Iowa Student Loan Liquidity Corp., Refunding RB, Student Loan, Senior Series A-1, AMT, 5.15%, 12/01/22		2,995		3,251,462
Iowa Tobacco Settlement Authority, Refunding RB, Asset-Backed, Series C, 5.63%, 6/01/46		2,920		2,456,245
				17,204,607
Kentucky — 0.6%
Kentucky Economic Development Finance Authority, RB, Catholic Health Initiatives, Series A, 5.25%, 1/01/45		1,915		2,161,326
Kentucky Public Transportation Infrastructure Authority, RB, Downtown Crossing Project, Convertible CAB, 1st Tier, Series C, 0.00%, 7/01/43 (f)		2,325		1,580,605
				3,741,931
Louisiana — 2.7%
Louisiana Local Government Environmental Facilities & Community Development Authority, RB, Westlake Chemical Corp. Project, Series A-1, 6.50%, 11/01/35		6,535		7,735,153
Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, Series A:
5.50%, 5/15/30		1,980		2,169,545
5.25%, 5/15/31		1,690		1,835,763
5.25%, 5/15/32		2,160		2,362,414
5.25%, 5/15/33		2,345		2,554,807
5.25%, 5/15/35		985		1,079,796
				17,737,478
Maryland — 1.3%
Maryland EDC, RB, Transportation Facilities Project, Series A, 5.75%, 6/01/35		855		921,639
Maryland EDC, Refunding RB, CNX Marine Terminals, Inc., 5.75%, 9/01/25		2,235		2,471,440
Maryland Health & Higher Educational Facilities Authority, Refunding RB, Charlestown Community Project, 6.25%, 1/01/41		4,295		4,781,022
Montgomery County Housing Opportunities Commission, RB, Series D, AMT, 5.50%, 1/01/38		415		420,694
				8,594,795
Massachusetts — 1.9%
Massachusetts Development Finance Agency, Refunding RB, Covanta Energy Project, Series C, AMT, 5.25%, 11/01/42 (b)		2,775		2,850,813
Massachusetts Health & Educational Facilities Authority, Refunding RB, Partners Healthcare System, Series J1, 5.00%, 7/01/39		2,535		2,855,322
Massachusetts Water Resources Authority, Refunding RB, Series A, 5.00%, 8/01/41		6,770		7,208,290
				12,914,425
Michigan — 3.3%
City of Detroit Michigan Sewage Disposal System, Refunding RB, Senior Lien, Series A, 5.25%, 7/01/39		8,665		9,302,571
City of Lansing Michigan, RB, Board of Water & Light Utilities System, Series A, 5.50%, 7/01/41		2,870		3,367,543
Kalamazoo Hospital Finance Authority, Refunding RB, Bronson Methodist Hospital, 5.50%, 5/15/36		2,700		2,986,902
Michigan Finance Authority, Refunding RB, Detroit Water and Sewage Department Project, Senior Lien C-1, 5.00%, 7/01/44		1,710		1,796,492

See Notes to Financial Statements.

SEMI-ANNUAL REPORT

OCTOBER 31, 2014


Schedule of Investments (continued)	BlackRock Municipal Income Trust (BFK) (Percentages shown are based on Net Assets)

Municipal Bonds	Par (000)		Value
Michigan (concluded)
Michigan State Hospital Finance Authority, Refunding RB, Henry Ford Health System, Series A, 5.25%, 11/15/46	$	4,230	$	4,372,339
				21,825,847
Mississippi — 2.1%
City of Gulfport Mississippi, RB, Memorial Hospital at Gulfport Project, Series A, 5.75%, 7/01/31		14,025		14,061,185
Missouri — 0.5%
Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Refunding RB, Combined Lien, Series A, 5.00%, 10/01/44		495		551,732
State of Missouri Health & Educational Facilities Authority, RB, Senior Living Facilities, Lutheran Senior Services, 5.50%, 2/01/42		2,035		2,216,318
State of Missouri Health & Educational Facilities Authority, Refunding RB, St. Louis College of Pharmacy Project, 5.50%, 5/01/43		480		526,738
				3,294,788
Multi-State — 2.4%
Centerline Equity Issuer Trust, 6.80%, 10/31/52 (b)(g)		16,000		16,000,000
Nebraska — 1.4%
Central Plains Energy Project Nebraska, RB, Gas Project No. 3:
5.25%, 9/01/37		1,610		1,767,941
5.00%, 9/01/42		2,815		3,033,951
County of Douglas Nebraska Hospital Authority No. 2, Refunding RB, Health Facilities, Immanuel Obligation Group, 5.63%, 1/01/40		3,280		3,642,669
County of Lancaster Nebraska Hospital Authority No. 1, Refunding RB, Immanuel Obligation Group, Health Facilities, 5.63%, 1/01/40		600		666,342
				9,110,903
Nevada — 0.7%
County of Clark Nevada, Refunding RB, Alexander Dawson School Nevada Project, 5.00%, 5/15/29		4,550		4,780,048
New Jersey — 7.2%
County of Middlesex New Jersey Improvement Authority, RB, Heldrich Center Hotel, Sub-Series B, 6.25%, 1/01/37 (d)(e)		3,680		186,944
New Jersey EDA, RB, AMT:
Continental Airlines, Inc. Project, 5.25%, 9/15/29		3,830		4,059,647
Continental Airlines, Inc. Project, Series B, 5.63%, 11/15/30		2,035		2,208,382
Private Activity Bond, The Goethals Bridge Replacement Project, 5.38%, 1/01/43		2,285		2,527,690
New Jersey EDA, Refunding RB, Special Assessment, Kapkowski Road Landfill Project, 6.50%, 4/01/28		8,000		9,881,600
New Jersey State Turnpike Authority, RB, Series A:
5.00%, 1/01/38		2,535		2,810,200
5.00%, 1/01/43		8,150		8,988,472
New Jersey Transportation Trust Fund Authority, RB, Transportation System:
Series A, 5.50%, 6/15/41		8,000		8,933,120
Series B, 5.25%, 6/15/36		4,810		5,324,477
Rutgers — The State University of New Jersey, Refunding RB, Series L, 5.00%, 5/01/43		1,030		1,161,304
Tobacco Settlement Financing Corp. New Jersey, Refunding RB, Series 1A, 4.50%, 6/01/23		2,165		2,140,492
				48,222,328
New York — 12.2%
Albany Industrial Development Agency, RB, New Covenant Charter School Project, Series A, 7.00%, 5/01/35 (d)(e)		1,820		22,732

Municipal Bonds	Par (000)		Value
New York (concluded)
City of New York New York Industrial Development Agency, ARB, American Airlines, Inc., JFK International Airport, AMT (h):
8.00%, 8/01/28	$	5,000	$	5,492,850
7.75%, 8/01/31		22,140		24,299,536
City of New York New York Transitional Finance Authority, RB, Future Tax Secured Bonds, Fiscal 2012, Sub-Series E-1, 5.00%, 2/01/42		4,805		5,347,292
County of Westchester New York Healthcare Corp., RB, Senior Lien, Series A, 5.00%, 11/01/44		1,909		2,116,261
Metropolitan Transportation Authority, RB, Series B:
5.25%, 11/15/38		4,640		5,330,154
5.25%, 11/15/39		1,650		1,891,081
New York Counties Tobacco Trust II, RB, 5.75%, 6/01/43		5,000		4,919,100
New York Liberty Development Corp., Refunding RB:
2nd Priority, Bank of America Tower at One Bryant Park Project, Class 3, 6.38%, 7/15/49		2,400		2,717,064
3 World Trade Center Project, Class 1, 5.00%, 11/15/44 (b)(i)		8,170		8,208,236
3 World Trade Center Project, Class 2, 5.15%, 11/15/34 (b)(i)		660		670,276
3 World Trade Center Project, Class 2, 5.38%, 11/15/40 (b)(i)		1,655		1,693,512
New York State Dormitory Authority, RB, Series F, 5.00%, 3/15/35		4,775		4,847,866
New York State Dormitory Authority, Refunding RB, Series D, 5.00%, 2/15/37		6,655		7,455,530
Niagara Area Development Corp., Refunding RB, Solid Waste Disposal Facility, Covanta Energy Project, Series A, AMT, 5.25%, 11/01/42 (b)		1,575		1,621,967
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		2,941,751
6.00%, 12/01/42		1,960		2,271,699
				81,846,907
North Carolina — 4.2%
County of Gaston North Carolina Industrial Facilities & Pollution Control Financing Authority, RB, Exempt Facilities, National Gypsum Co. Project, AMT, 5.75%, 8/01/35		12,130		12,156,686
North Carolina Capital Facilities Finance Agency, Refunding RB, Duke University Project, Series B, 5.00%, 10/01/38		10,000		11,368,700
North Carolina Medical Care Commission, RB, Health Care Facilities, Duke University Health System, Series A, 5.00%, 6/01/42		2,750		3,096,500
North Carolina Medical Care Commission, Refunding RB, 1st Mortgage, Retirement Facilities Whitestone Project, Series A, 7.75%, 3/01/41		1,130		1,276,538
				27,898,424
Ohio — 2.7%
County of Allen Ohio Hospital Facilities, Refunding RB, Catholic Healthcare Partners, Series A, 5.25%, 6/01/38		6,125		6,841,809
County of Franklin Ohio, RB, Health Care Facilities Improvement, OPRS Communities Obligation Group, Series A, 6.13%, 7/01/40		1,280		1,413,517
County of Montgomery Ohio, Refunding RB, Catholic Health, Series A, 5.00%, 5/01/39		5,450		5,881,803
Pinnacle Community Infrastructure Financing Authority, RB, Facilities, Series A, 6.25%, 12/01/36		3,760		3,801,849
				17,938,978

See Notes to Financial Statements.

SEMI-ANNUAL REPORT

OCTOBER 31, 2014


Schedule of Investments (continued)	BlackRock Municipal Income Trust (BFK) (Percentages shown are based on Net Assets)

Municipal Bonds	Par (000)		Value
Pennsylvania — 1.4%
City of Philadelphia Pennsylvania Hospitals & Higher Education Facilities Authority, RB, Temple University Health System, Series A, 5.63%, 7/01/42	$	2,395	$	2,523,468
Pennsylvania Economic Development Financing Authority, RB, Aqua Pennsylvania, Inc. Project, Series B, 5.00%, 11/15/40		3,725		4,207,090
Pennsylvania Turnpike Commission, RB, Series A, 5.00%, 12/01/44		2,155		2,402,372
				9,132,930
South Carolina — 2.3%
South Carolina State Ports Authority, RB, 5.25%, 7/01/40		6,455		7,082,942
State of South Carolina Public Service Authority, RB, Santee Cooper, Series A, 5.50%, 12/01/54		7,575		8,627,168
				15,710,110
Tennessee — 0.4%
City of Chattanooga Tennessee Health Educational & Housing Facility Board, RB, Catholic Health Initiatives, Series A, 5.25%, 1/01/45		2,660		3,002,156
Texas — 14.7%
Brazos River Authority, RB, TXU Electric, Series A, AMT, 8.25%, 10/01/30 (d)(e)		4,370		349,600
Central Texas Regional Mobility Authority, Refunding RB:
Senior Lien, 6.25%, 1/01/46		4,210		4,902,713
Sub-Lien, 5.00%, 1/01/33		700		750,841
City of Dallas Texas Waterworks & Sewer System, Refunding RB, 5.00%, 10/01/35		2,970		3,409,382
City of Houston Texas Airport System, Refunding ARB, Senior Lien, Series A, 5.50%, 7/01/39		3,000		3,396,690
City of Houston Texas Utility System, Refunding RB, Combined 1st Lien, Series A (AGC), 6.00%, 11/15/35		16,425		19,603,073
County of Harris Texas Cultural Education Facilities Finance Corp., RB, 1st Mortgage, Brazos Presbyterian Homes, Inc. Project, Series B:
7.00%, 1/01/43		380		442,039
7.00%, 1/01/48		500		575,375
County of Harris Texas-Houston Sports Authority, Refunding RB (NPFGC) (c):
3rd Lien, Series A-3, 0.00%, 11/15/37		26,120		6,811,574
CAB, Junior Lien, Series H, 0.00%, 11/15/35		5,000		1,547,200
CAB, Senior Lien, Series A, 0.00%, 11/15/38		12,580		3,512,336
County of Midland Texas Fresh Water Supply District No. 1, RB, CAB, City of Midland Project, Series A (c):
0.00%, 9/15/40		9,780		2,958,743
0.00%, 9/15/41		5,420		1,552,993
County of Tarrant Texas Cultural Education Facilities Finance Corp., RB, Scott & White Healthcare, 6.00%, 8/15/45		7,930		9,516,238
Fort Bend County Industrial Development Corp., RB, NRG Energy Project, Series B, 4.75%, 11/01/42		2,045		2,108,415
North Texas Tollway Authority, Refunding RB, 2nd Tier System, Series F, 6.13%, 1/01/31		12,180		12,814,213
San Antonio Energy Acquisition Public Facility Corp., RB, Gas Supply, 5.50%, 8/01/25		6,540		7,878,934
Texas Municipal Gas Acquisition & Supply Corp. III, RB, 5.00%, 12/15/32		2,835		3,076,911
Texas Private Activity Bond Surface Transportation Corp., RB, Senior Lien:
LBJ Infrastructure Group LLC, LBJ Freeway Managed Lanes Project, 7.00%, 6/30/40		6,000		7,236,600
NTE Mobility Partners LLC, North Tarrant Express Managed Lanes Project, 6.88%, 12/31/39		5,100		6,038,298
				98,482,168

Municipal Bonds	Par (000)		Value
Utah — 0.6%
Utah State Charter School Finance Authority, RB, Ogden Preparatory Academy, Series A:
3.25%, 10/15/36	$	1,940	$	1,713,699
3.25%, 10/15/42		3,010		2,550,403
				4,264,102
Virginia — 1.5%
Virginia Small Business Financing Authority, RB, Senior Lien, Elizabeth River Crossings OpCo LLC Project, AMT:
5.25%, 1/01/32		3,155		3,440,401
6.00%, 1/01/37		5,695		6,466,445
				9,906,846
Washington — 0.8%
Washington Health Care Facilities Authority, RB, Catholic Health Initiatives, Series A, 5.75%, 1/01/45		4,420		5,165,345
Wisconsin — 0.3%
State of Wisconsin Health & Educational Facilities Authority, RB, Ascension Health Senior Credit Group, Series E, 5.00%, 11/15/33		1,640		1,827,206
Total Municipal Bonds — 125.0%				836,051,335

Municipal Bonds Transferred to Tender Option Bond Trusts (j)
Alabama — 0.7%
City of Birmingham Alabama Special Care Facilities Financing Authority, Refunding RB, Ascension Health, Senior Credit, Series C-2, 5.00%, 11/15/36		4,548		4,786,807
California — 5.3%
California Educational Facilities Authority, RB, University of Southern California, Series B, 5.25%, 10/01/39 (k)		5,115		5,785,628
City & County of San Francisco California Public Utilities Commission, RB, Water Revenue, Series B, 5.00%, 11/01/39		18,540		21,208,648
Los Angeles Community College District California, GO, Election of 2001, Series A (AGM), 5.00%, 8/01/32		4,500		4,957,830
San Diego Community College District California, GO, Election of 2002, 5.25%, 8/01/33		3,260		3,775,436
				35,727,542
Colorado — 2.0%
Colorado Health Facilities Authority, RB, Catholic Health (AGM):
Series C-3, 5.10%, 10/01/41		7,600		8,071,200
Series C-7, 5.00%, 9/01/36		4,860		5,169,047
				13,240,247
Connecticut — 3.0%
Connecticut State Health & Educational Facility Authority, RB, Yale University:
Series T-1, 4.70%, 7/01/29		9,397		10,220,954
Series X-3, 4.85%, 7/01/37		9,366		10,160,273
				20,381,227
Florida — 1.1%
County of Miami-Dade Florida, RB, Water & Sewer System, 5.00%, 10/01/34		6,629		7,523,366
Massachusetts — 0.8%
Massachusetts School Building Authority, RB, Senior, Series B, 5.00%, 10/15/41		4,427		5,041,187
New Hampshire — 0.7%
New Hampshire Health & Education Facilities Authority, RB, Dartmouth College, 5.25%, 6/01/39 (k)		3,988		4,569,667

See Notes to Financial Statements.

SEMI-ANNUAL REPORT

OCTOBER 31, 2014


Schedule of Investments (continued)	BlackRock Municipal Income Trust (BFK) (Percentages shown are based on Net Assets)

Municipal Bonds Transferred to Tender Option Bond Trusts (j)	Par (000)		Value
New York — 9.6%
City of New York New York Municipal Water Finance Authority, Refunding RB, Water & Sewer System, 2nd General Resolution:
Series FF-2, 5.50%, 6/15/40	$	3,075	$	3,552,464
Series HH, 5.00%, 6/15/31 (k)		16,393		18,756,290
Hudson Yards Infrastructure Corp., RB, Fiscal 2012, Series A, 5.75%, 2/15/47 (k)		3,130		3,603,560
New York Liberty Development Corp., RB, 1 World Trade Center Port Authority Consolidated Bonds, 5.25%, 12/15/43		20,865		23,840,349
New York Liberty Development Corp., Refunding RB, 4 World Trade Center Project, 5.75%, 11/15/51 (k)		12,610		14,673,879
				64,426,542
Texas — 3.0%
City of San Antonio Texas Public Service Board, RB, Electric & Gas Systems, Junior Lien, 5.00%, 2/01/43		4,900		5,463,353
County of Harris Texas Metropolitan Transit Authority, Refunding RB, Series A, 5.00%, 11/01/41		6,650		7,515,963
University of Texas, Refunding RB, Financing System, Series B, 5.00%, 8/15/43		6,001		6,820,208
				19,799,524
Utah — 1.2%
City of Riverton Utah, RB, IHC Health Services, Inc., 5.00%, 8/15/41		7,150		7,847,501

Municipal Bonds Transferred to Tender Option Bond Trusts (j)	Par (000)		Value
Virginia — 1.8%
University of Virginia, Refunding RB, General, 5.00%, 6/01/40		$10,767	$	11,995,066
Washington — 3.3%
Central Puget Sound Regional Transit Authority, RB, Series A (AGM), 5.00%, 11/01/32		5,459		6,000,806
State of Washington, GO, Various Purposes, Series E, 5.00%, 2/01/34		14,487		16,351,240
				22,352,046
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 32.5%				217,690,722
Total Long-Term Investments (Cost — $973,647,893) — 157.5%				1,053,742,057

Short-Term Securities		Shares
FFI Institutional Tax-Exempt Fund, 0.03% (l)(m)		36,857,346		36,857,346
Total Short-Term Securities (Cost — $36,857,346) — 5.5%				36,857,346
Total Investments (Cost — $1,010,505,239) — 163.0%				1,090,599,403
Liabilities in Excess of Other Assets — (4.2)%				(28,100,746	)
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (18.3%)				(122,717,777	)
VMTP Shares, at Liquidation Value — (40.5%)				(270,800,000	)
Net Assets Applicable to Common Shares — 100.0%			$	668,980,880

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.

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

Non-income producing security.

Represents a step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate shown is as of report date.

Variable rate security. Rate shown is as of report date.

When-issued security. Unsettled when-issued transactions were as follows:

All or a portion of security is subject to a recourse agreement, which may require the Trust to pay the liquidity provider in the event there is a shortfall between the TOB trust certificates and proceeds received from the sale of the security contributed to the TOB trust. In the case of a shortfall, the aggregate maximum potential amount the Trust could ultimately be required to pay under the agreement, which expire from October 1, 2016 to November 15, 2019 is $25,981,887.

Investments in issuers considered to be an affiliate of the Trust during the six months ended October 31, 2014, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

FFI Institutional Tax-Exempt Fund

Represents the current yield as of report date.

See Notes to Financial Statements.

SEMI-ANNUAL REPORT

OCTOBER 31, 2014


Schedule of Investments (concluded)	BlackRock Municipal Income Trust (BFK)

Financial futures contracts outstanding as of October 31, 2014 were as follows:

10-Year U.S. Treasury Note

Chicago Board of Trade

Level 1 – unadjusted quoted prices in active markets/exchanges for identical assets or liabilities that the Trust has the ability to access

For information about the Trust’s policy regarding valuation of investments and derivative financial instruments, please refer to Note 2 of the Notes to Financial Statements

The following tables summarize the Trust’s investments and derivative financial instruments categorized in the disclosure hierarchy as of October 31, 2014:

Long-Term Investments¹

Short-Term Securities

Derivative Financial Instruments²

Interest rate contracts

Cash pledged for financial futures contracts

TOB trust certificates

There were no transfers between levels during the six months ended October 31, 2014.

See Notes to Financial Statements.

SEMI-ANNUAL REPORT

OCTOBER 31, 2014


Schedule of Investments October 31, 2014 (Unaudited)	BlackRock Pennsylvania Strategic Municipal Trust (BPS) (Percentages shown are based on Net Assets)

Municipal Bonds	Par (000)		Value
Pennsylvania — 148.3%
Corporate — 6.9%
County of Beaver Pennsylvania IDA, Refunding RB, First Energy, Nuclear Energy Corp. Project (a):
Mandatory Put Bonds, Series A, 3.38%, 1/01/35	$	200	$	202,622
Series B, 3.50%, 12/01/35		510		524,173
Pennsylvania Economic Development Financing Authority, RB:
American Water Co. Project, 6.20%, 4/01/39		210		245,507
Aqua Pennsylvania, Inc. Project, Series A, AMT, 6.75%, 10/01/18		600		717,720
Pennsylvania Economic Development Financing Authority, Refunding RB, Series A, AMT:
Amtrak Project, 5.00%, 11/01/41		160		172,338
Aqua Pennsylvania, Inc. Project, 5.00%, 12/01/34		180		197,672
				2,060,032
County/City/Special District/School District — 20.8%
Allentown Neighborhood Improvement Zone Development Authority, Refunding RB, Series A:
5.00%, 5/01/35		190		204,630
5.00%, 5/01/42		450		480,114
City of Philadelphia Pennsylvania, GO, Refunding, Series A (AGC), 5.00%, 8/01/24		370		410,108
City of Pittsburgh Pennsylvania, GO, Series B, 5.00%, 9/01/26		125		145,044
County of Lycoming Pennsylvania Water & Sewer Authority, RB (AGM), 5.00%, 11/15/41		100		107,112
County of Northampton Pennsylvania IDA, Route 33 Project, Tax Allocation Bonds, 7.00%, 7/01/32		180		195,043
County of York Pennsylvania, GO, Refunding, 5.00%, 3/01/36		100		113,525
Marple Newtown School District, GO (AGM), 5.00%, 6/01/31		600		677,280
Owen J. Roberts School District, GO, 4.75%, 11/15/25		700		782,068
Philadelphia School District, GO, Series E, 6.00%, 9/01/38		100		113,314
Philipsburg-Osceola Pennsylvania Area School District, GO (AGM), 5.00%, 4/01/41		155		164,331
State Public School Building Authority, RB, Community College, Allegheny County Project (AGM), 5.00%, 7/15/34		310		339,698
State Public School Building Authority, Refunding RB, Harrisburg School District Project, Series A (AGC), 5.00%, 11/15/33		220		233,734
Township of Bristol Pennsylvania School District, GO, 5.25%, 6/01/43		1,805		2,037,394
Township of Falls Authority Pennsylvania, RB, Water & Sewer Authority, 5.00%, 12/01/37		200		223,456
				6,226,851
Education — 25.4%
County of Adams Pennsylvania IDA, Refunding RB, Gettysburg College:
5.00%, 8/15/24		100		111,920
5.00%, 8/15/25		100		111,206
County of Cumberland Pennsylvania Municipal Authority, RB, AICUP Financing Program, Dickinson College Project, 5.00%, 11/01/39		200		216,704
County of Delaware Pennsylvania Authority, Refunding RB:
Haverford College, 5.00%, 11/15/35		415		468,489
Villanova University, 5.25%, 12/01/31		100		111,180
Pennsylvania Higher Educational Facilities Authority, RB:
Drexel University, Series A (NPFGC), 5.00%, 5/01/37		150		163,688
Shippensburg University Student Services, Student Housing, 5.00%, 10/01/44		265		273,022
Thomas Jefferson University, 5.00%, 3/01/40		1,000		1,074,370

Municipal Bonds	Par (000)		Value
Pennsylvania (continued)
Education (concluded)
Pennsylvania Higher Educational Facilities Authority, Refunding RB:
Drexel University, Series A, 5.25%, 5/01/41	$	1,180	$	1,299,841
La Salle University, 5.00%, 5/01/37		340		365,976
La Salle University, 5.00%, 5/01/42		255		272,671
Thomas Jefferson University, 4.00%, 3/01/37		70		71,174
Trustees of The University of Pennsylvania, Series C, 4.75%, 7/15/35		500		511,575
Widener University, Series A, 5.25%, 7/15/33		220		243,960
Widener University, Series A, 5.50%, 7/15/38		45		50,163
Pennsylvania State University, RB, 5.00%, 3/01/40		1,000		1,132,460
Swarthmore Borough Authority, Refunding RB, Swarthmore College Project, 5.00%, 9/15/38		215		247,186
Township of East Hempfield IDA, RB, Student Services, Inc., Student Housing Project at Millersville University of Pennsylvania:
5.00%, 7/01/35		100		105,310
5.00%, 7/01/45		100		104,132
University of Pittsburgh Pennsylvania, RB, Capital Project, Series B, 5.00%, 9/15/28		610		692,862
				7,627,889
Health — 32.0%
County of Berks Pennsylvania Municipal Authority, Refunding RB, Reading Hospital & Medical Center Project, Series A3, 5.50%, 11/01/31		500		577,885
County of Centre Pennsylvania Hospital Authority, RB, Mount Nittany Medical Center Project, 7.00%, 11/15/46		390		471,736
County of Cumberland Pennsylvania Municipal Authority, Refunding RB:
Asbury Pennsylvania Obligated Group, 5.25%, 1/01/41		210		214,956
Diakon Lutheran, 6.38%, 1/01/39		500		554,845
County of Dauphin Pennsylvania General Authority, Refunding RB, Pinnacle Health System Project, Series A, 6.00%, 6/01/29		500		592,280
County of Franklin Pennsylvania IDA, Refunding RB, Chambersburg Hospital Project, 5.38%, 7/01/42		415		458,704
County of Montgomery Pennsylvania IDA, RB, Acts Retirement-Life Community, Series A, 4.50%, 11/15/36		65		65,363
County of Montgomery Pennsylvania IDA, Refunding RB, Acts Retirement-Life Communities:
5.00%, 11/15/27		175		189,740
5.00%, 11/15/28		110		118,880
County of Union Pennsylvania Hospital Authority, Refunding RB, Evangelical Community Hospital Project, 7.00%, 8/01/41		460		547,184
Geisinger Authority Pennsylvania, RB, Health System, Series A, 5.25%, 6/01/39		1,000		1,104,670
Lancaster IDA, Refunding RB:
5.38%, 5/01/28		100		108,849
5.75%, 5/01/35		120		132,370
Pennsylvania Higher Educational Facilities Authority, RB, University of Pennsylvania Health System, Series A, 4.00%, 8/15/39		215		219,322
Pennsylvania Higher Educational Facilities Authority, Refunding RB, University of Pittsburgh Medical Center, Series E, 5.00%, 5/15/31		1,000		1,109,430
Philadelphia Hospitals & Higher Education Facilities Authority, RB, The Children’s Hospital of Philadelphia Project, Series C, 5.00%, 7/01/41		940		1,038,437
South Fork Municipal Authority, Refunding RB, Conemaugh Valley Memorial Hospital, Series B (AGC), 5.38%, 7/01/20 (b)		215		261,074

See Notes to Financial Statements.

SEMI-ANNUAL REPORT

OCTOBER 31, 2014


Schedule of Investments (continued)	BlackRock Pennsylvania Strategic Municipal Trust (BPS) (Percentages shown are based on Net Assets)

Municipal Bonds	Par (000)		Value
Pennsylvania (continued)
Health (concluded)
Southcentral General Authority, Refunding RB, Wellspan Health Obligation Group, Series A:
6.00%, 6/01/29	$	1,250	$	1,431,850
5.00%, 6/01/44		350		386,123
				9,583,698
Housing — 13.3%
Pennsylvania HFA, RB, S/F Mortgage, Series 114-C:
3.65%, 10/01/37		390		393,799
3.70%, 10/01/42		595		595,345
Pennsylvania HFA, Refunding RB, S/F Mortgage:
Series 092-A, AMT, 4.75%, 4/01/31		90		90,323
Series 096-A, AMT, 4.70%, 10/01/37		450		455,832
Series 097-A, AMT, 4.65%, 10/01/31		1,300		1,321,164
Series 099-A, AMT, 5.15%, 4/01/38		210		221,365
Series 110-B, 4.75%, 10/01/39		115		119,407
Series 115-A, AMT, 4.20%, 10/01/33		750		780,900
				3,978,135
State — 28.4%
Commonwealth of Pennsylvania, GO, 1st Series:
5.00%, 11/15/24		1,000		1,183,730
5.00%, 4/01/26		245		290,563
5.00%, 6/15/26		390		470,593
5.00%, 3/15/28		825		920,840
5.00%, 6/01/28		2,160		2,516,551
5.00%, 3/15/29		275		306,947
5.00%, 6/15/29		1,000		1,186,270
Pennsylvania Economic Development Financing Authority, Refunding RB, Unemployment Compensation, Series B, 5.00%, 7/01/23		500		515,620
Pennsylvania Turnpike Commission, RB, Oil Franchise Tax, Remarketing, Series C (NPFGC), 5.00%, 12/01/32		1,000		1,113,440
				8,504,554
Transportation — 17.0%
City of Philadelphia Pennsylvania, ARB, Series A:
5.00%, 6/15/40		1,325		1,423,487
AMT (AGM), 5.00%, 6/15/37		305		314,656
Delaware River Port Authority, RB:
5.00%, 1/01/29		75		87,596
5.00%, 1/01/37		315		358,382
Series D, 5.00%, 1/01/40		750		828,967
Pennsylvania Turnpike Commission, RB:
CAB, Sub-Series A-3, 0.00%, 12/01/42 (c)		660		174,194
CAB, Sub-Series A-3 (AGM), 0.00%, 12/01/40 (c)		175		56,814
Series A (AMBAC), 5.25%, 12/01/32		870		880,449
Sub-Series A, 5.13%, 12/01/26		100		111,738
Sub-Series A, 6.00%, 12/01/41		100		108,493
Southeastern Pennsylvania Transportation Authority, RB, Capital Grant Receipts:
5.00%, 6/01/28		290		326,438
5.00%, 6/01/29		385		432,636
				5,103,850
Utilities — 4.5%
City of Philadelphia Pennsylvania Gas Works, RB, 9th Series, 5.25%, 8/01/40		270		309,112
City of Philadelphia Pennsylvania Water & Wastewater, RB:
Series A, 5.25%, 1/01/36		100		111,696
Series C (AGM), 5.00%, 8/01/40		350		387,321
County of Allegheny Pennsylvania Sanitary Authority, RB, Sewer Improvement, 5.25%, 12/01/41		195		220,379

Municipal Bonds	Par (000)		Value
Pennsylvania (concluded)
Utilities (concluded)
County of Bucks Pennsylvania Water & Sewer Authority, RB, Water System (AGM), 5.00%, 12/01/4	$	30	$	33,337
County of Delaware Pennsylvania Regional Water Quality Control Authority, RB, Sewer Improvements, 5.00%, 5/01/33		70		79,984
Pennsylvania Economic Development Financing Authority, RB, Philadelphia Biosolids Facility, 6.25%, 1/01/32		185		204,153
				1,345,982
Total Municipal Bonds in Pennsylvania				44,430,991

Guam — 0.6%
State — 0.6%
Territory of Guam, RB, Limited Obligation Bonds, Section 30, Series A, 5.63%, 12/01/29		150		165,677
Total Municipal Bonds — 148.9%				44,596,668

Municipal Bonds Transferred to Tender Option Bond Trusts (d)
Pennsylvania — 9.4%
Education — 3.3%
Pennsylvania Higher Educational Facilities Authority, RB, University of Pennsylvania Health System, Series A, 5.75%, 8/15/41		850		998,274
Health — 6.1%
Geisinger Authority Pennsylvania, RB, Health System:
Series A, 5.13%, 6/01/34		500		548,540
Series A-1, 5.13%, 6/01/41		1,158		1,272,524
				1,821,064
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 9.4%				2,819,338
Total Long-Term Investments (Cost — $43,792,482) — 158.3%				47,416,006

Short-Term Securities — 0.3%		Shares
BIF Pennsylvania Municipal Money Fund, 0.00% (e)(f)		87,755		87,755
Total Short-Term Securities (Cost — $87,755) — 0.3%				87,755
Total Investments (Cost — $43,880,237) — 158.6%				47,503,761
Other Assets Less Liabilities — 1.0%				294,254
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (5.2%)				(1,543,716	)
VRDP Shares, at Liquidation Value — (54.4%)				(16,300,000	)
Net Assets Applicable to Common Shares — 100.0%			$	29,954,299

See Notes to Financial Statements.

SEMI-ANNUAL REPORT

OCTOBER 31, 2014


Schedule of Investments (concluded)	BlackRock Pennsylvania Strategic Municipal Trust (BPS)

Variable rate security. Rate shown is as of report date.

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.

Investments in issuers considered to be an affiliate of the Trust during the six months ended October 31, 2014, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

BIF Pennsylvania Municipal Money Fund

Represents the current yield as of report date.

Financial futures contracts outstanding as of October 31, 2014 were as follows:

10-Year U.S. Treasury Note

Chicago Board of Trade

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

Level 1 – unadjusted quoted prices in active markets/exchanges for identical assets or liabilities that the Trust has the ability to access

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Trust’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. For information about the Trust’s policy regarding valuation of investments, please refer to Note 2 of the Notes to Financial Statements.

The following tables summarize the Trust’s investments and derivative financial instruments categorized in the disclosure hierarchy as of October 31, 2014:

Long-Term Investments¹

Short-Term Securities

Derivative Financial Instruments²

Interest rate contracts

Cash pledged for financial futures contracts

TOB trust certificates

There were no transfers between levels during the six months ended October 31, 2014.

See Notes to Financial Statements.

SEMI-ANNUAL REPORT

OCTOBER 31, 2014


Schedule of Investments October 31, 2014 (Unaudited)	BlackRock Strategic Municipal Trust (BSD) (Percentages shown are based on Net Assets)

Municipal Bonds	Par (000)		Value
Alabama — 2.3%
County of Jefferson Alabama, RB, Limited Obligation School, Series A, 5.25%, 1/01/19	$	465	$	469,092
County of Jefferson Alabama Sewer, Refunding RB, Sub-Lien, Series D, 7.00%, 10/01/51		1,115		1,307,906
State of Alabama Docks Department, Refunding RB, 6.00%, 10/01/40		655		766,298
				2,543,296
Alaska — 0.9%
Northern Tobacco Securitization Corp., Refunding RB, Tobacco Settlement, Asset-Backed, Series A:
4.63%, 6/01/23		575		574,132
5.00%, 6/01/46		530		396,360
				970,492
Arizona — 1.0%
Salt Verde Financial Corp., RB, Senior, 5.00%, 12/01/37		1,000		1,130,240
California — 9.4%
Bay Area Toll Authority, Refunding RB, San Francisco Bay Area Toll Bridge, Series F-1, 5.63%, 4/01/19 (a)		720		862,668
California Health Facilities Financing Authority, RB, Sutter Health, Series B, 6.00%, 8/15/42		1,010		1,221,171
California Health Facilities Financing Authority, Refunding RB, St. Joseph Health System, Series A, 5.00%, 7/01/33		400		459,652
California Municipal Finance Authority, RB, Senior, Caritas Affordable Housing, Inc. Projects, S/F Housing, Series A:
5.25%, 8/15/39		45		49,517
5.25%, 8/15/49		115		125,711
California Pollution Control Financing Authority, RB (b):
County of San Diego California Water Authority Desalination Project Pipeline, 5.00%, 11/21/45		390		402,281
Poseidon Resources (Channel Side) LP Desalination Project, AMT, 5.00%, 7/01/37		325		347,035
Poseidon Resources (Channel Side) LP Desalination Project, AMT, 5.00%, 11/21/45		475		505,105
City of Los Angeles California Department of Airports, Refunding ARB, Los Angeles International Airport, Series A:
5.25%, 5/15/39		250		285,822
Senior, 5.00%, 5/15/40		1,875		2,133,300
City of Stockton California Public Financing Authority, RB, Delta Water Supply Project, Series A, 6.25%, 10/01/38		110		129,670
County of Stanislaus California Tobacco Securitization Agency, RB, CAB, Sub-Series C, 0.00%, 6/01/55 (c)		3,095		41,783
State of California, GO, Various Purposes:
6.00%, 3/01/33		800		981,080
6.50%, 4/01/33		650		795,242
State of California Public Works Board, LRB:
Department of Corrections & Rehabilitation, Series F, 5.25%, 9/01/33		915		1,067,494
Various Capital Projects, Series I, 5.00%, 11/01/38		240		269,362
Various Capital Projects, Sub-Series I-1, 6.38%, 11/01/34		375		463,084
				10,139,977
Colorado — 1.5%
Colorado Health Facilities Authority, Refunding RB, Catholic Health Initiative, Series A, 5.50%, 7/01/34		680		780,293
Park Creek Metropolitan District, Refunding RB, Senior Limited Property Tax, 5.50%, 12/01/37		440		447,093
Regional Transportation District, COP, Refunding, Series A, 5.38%, 6/01/31		320		356,099
				1,583,485

Municipal Bonds	Par (000)		Value
Delaware — 2.1%
County of Sussex Delaware, RB, NRG Energy, Inc., Indian River Power LLC Project, 6.00%, 10/01/40	$	820	$	932,840
Delaware State EDA, RB, Exempt Facilities, Indian River Power LLC Project, 5.38%, 10/01/45		1,210		1,294,216
				2,227,056
District of Columbia — 3.3%
District of Columbia, Tax Allocation Bonds, City Market at O Street Project, 5.13%, 6/01/41		690		736,782
District of Columbia Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, 6.50%, 5/15/33		1,340		1,540,746
Metropolitan Washington Airports Authority, Refunding RB, Dulles Toll Road, 1st Senior Lien, Series A:
5.00%, 10/01/39		160		172,398
5.25%, 10/01/44		1,000		1,093,980
				3,543,906
Florida — 4.3%
County of Hillsborough Florida IDA, RB, National Gypsum Co., Series A, AMT, 7.13%, 4/01/30		1,500		1,510,260
County of Tampa-Hillsborough Florida Expressway Authority, Refunding RB, Series A, 5.00%, 7/01/37		195		214,787
Miami Beach Health Facilities Authority, RB, Mount Sinai Medical Center Florida, 6.75%, 11/15/14 (a)		925		927,127
Mid-Bay Bridge Authority, RB, Springing Lien, Series A, 7.25%, 10/01/40		950		1,156,701
Village Community Development District No. 10, Special Assessment Bonds, 5.13%, 5/01/43		775		786,803
				4,595,678
Georgia — 1.4%
DeKalb Private Hospital Authority, Refunding RB, Children’s Healthcare, 5.25%, 11/15/39		265		302,704
Metropolitan Atlanta Rapid Transit Authority, RB, Sales Tax, 3rd Indenture, Series A, 5.00%, 7/01/39		1,095		1,237,000
				1,539,704
Hawaii — 0.4%
State of Hawaii Harbor System, RB, Series A, 5.25%, 7/01/30		425		477,534
Illinois — 23.1%
City of Chicago Illinois, GARB, O’Hare International Airport, 3rd Lien:
Series A, 5.63%, 1/01/35		800		907,272
Series A, 5.75%, 1/01/39		1,500		1,711,545
Series C, 6.50%, 1/01/41		1,855		2,256,403
City of Chicago Illinois, GO, Project, Series A, 5.00%, 1/01/34		1,000		1,018,010
City of Chicago Illinois, GO, Refunding, Project, Series A, 5.25%, 1/01/32		1,000		1,048,110
City of Chicago Illinois, Refunding RB, Sales Tax, Series A, 5.25%, 1/01/38		260		283,275
City of Chicago Illinois Board of Education, GO, Series A, 5.25%, 12/01/41		1,400		1,444,184
City of Chicago Illinois Transit Authority, RB, Sales Tax Receipts, 5.25%, 12/01/40		330		370,342
City of Chicago Illinois Waterworks, Refunding RB, 2nd Lien Project, 5.00%, 11/01/42		1,415		1,531,200
County of Cook Illinois Community College District No. 508, GO, City College of Chicago, 5.50%, 12/01/38		245		282,220
Illinois Finance Authority, Refunding RB:
Ascension Health, Series A, 5.00%, 11/15/37		305		339,556
Central Dupage Health, Series B, 5.50%, 11/01/39		2,500		2,830,350
Friendship Village Schaumburg, Series A, 5.63%, 2/15/37		145		144,986
Illinois State Toll Highway Authority, RB:
Senior, Series C, 5.00%, 1/01/36 (d)		1,020		1,152,692
Senior, Series C, 5.00%, 1/01/37 (d)		875		984,830
Series A, 5.00%, 1/01/38		730		815,403

See Notes to Financial Statements.

SEMI-ANNUAL REPORT

OCTOBER 31, 2014

Counterparty				Value				Unrealized Depreciation
Jefferies Co.				$	970,607			$	(942	)

Counterparty	Value		Unrealized Appreciation (Depreciation)
Citigroup Global Markets, Inc.	$	155,725	$	1,307
Goldman Sachs & Co.	$	1,160,406	$	5,405
Morgan Stanley & Co. LLC	$	2,137,522	$	(5,077	)

October 31, 2014 (Unaudited)	BlackRock Investment Quality Municipal Trust, Inc. (BKN)			BlackRock Long-Term Municipal Advantage Trust (BTA)			BlackRock Municipal 2020 Term Trust (BKK)			BlackRock Municipal Income Trust (BFK)			BlackRock Pennsylvania Strategic Municipal Trust (BPS)			BlackRock Strategic Municipal Trust (BSD)
Assets
Investments at value — unaffiliated¹	$	426,567,410		$	249,959,194		$	385,714,037		$	1,053,742,057		$	47,416,006		$	168,301,319
Investments at value — affiliated²		2,247,296			3,568,543			7,549,082			36,857,346			87,755			3,794,984
Cash pledged for financial futures contracts		436,000			138,000			—			658,000			37,000			151,000
Interest receivable		5,008,978			3,386,370			5,146,507			15,221,199			719,304			2,426,565
Investments sold receivable		260,506			785,853			—			1,546,950			—			256,463
Variation margin receivable on financial futures contracts		94,826			18,593			—			138,653			4,781			22,046
Deferred offering costs		9,843			—			—			18,659			99,390			5,873
Prepaid expenses		12,754			1,565			8,011			13,801			11,397			12,748
Total assets		434,637,613			257,858,118			398,417,637			1,108,196,665			48,375,633			174,970,998

Accrued Liabilities
Income dividends payable — Common Shares		1,373,357			778,490			1,092,778			3,360,154			123,959			540,563
Investments purchased payable		640,000			3,271,919			971,549			25,392,252			386,344			4,067,499
Investment advisory fees payable		128,723			143,334			168,321			542,087			24,395			86,850
Officer’s and Trustees’ fees payable		59,252			18,274			46,764			235,534			7,192			13,315
Administration fees payable		55,173			—			—			—			—			—
Bank overdraft		—			—			—			16,048,348			—			—
Interest expense and fees payable		6,574			35,997			5,030			29,852			275			4,597
Other accrued expenses payable		67,059			51,983			77,740			119,632			35,728			54,442
Total accrued liabilities		2,330,138			4,299,997			2,362,182			45,727,859			577,893			4,767,266

Other Liabilities
TOB trust certificates		28,684,555			85,066,267			3,750,000			122,687,926			1,543,441			19,308,550
VRDP Shares, at liquidation value of $100,000 per share^3,4,5		—			—			—			—			16,300,000			—
VMTP Shares, at liquidation value of $100,000 per share^3,4,5		125,900,000			—			—			270,800,000			—			42,900,000
Total other liabilities		154,584,555			85,066,267			3,750,000			393,487,926			17,843,441			62,208,550
Total liabilities		156,914,693			89,366,264			6,112,182			439,215,785			18,421,334			66,975,816

AMPS at Redemption Value
$25,000 per share liquidation preference, plus unpaid dividends^3,4,5		—			—			59,700,000			—			—			—
Net Assets Applicable to Common Shareholders	$	277,722,920		$	168,491,854		$	332,605,455		$	668,980,880		$	29,954,299		$	107,995,182

Net Assets Applicable to Common Shareholders Consist of
Paid-in capital^5,6,7	$	238,459,400		$	191,003,998		$	292,453,576		$	604,980,827		$	28,545,964		$	103,472,031
Undistributed net investment income		2,450,637			1,710,139			13,139,247			10,213,314			334,335			1,171,753
Accumulated net realized loss		(4,619,132	)		(42,122,771	)		(742,918	)		(26,447,901	)		(2,570,642	)		(10,770,818	)
Net unrealized appreciation/depreciation		41,432,015			17,900,488			27,755,550			80,234,640			3,644,642			14,122,216
Net Assets Applicable to Common Shareholders	$	277,722,920		$	168,491,854		$	332,605,455		$	668,980,880		$	29,954,299		$	107,995,182
Net asset value, per Common Share	$	16.18		$	12.55		$	16.44		$	14.95		$	14.74		$	14.78
¹ Investments at cost — unaffiliated	$	385,291,634		$	232,073,561		$	357,958,487		$	973,647,893		$	43,792,482		$	154,203,352
² Investments at cost — affiliated	$	2,247,296		$	3,568,543		$	7,549,082		$	36,857,346		$	87,755		$	3,794,984
³ Preferred Shares outstanding		1,259			—			2,388			2,708			163			429
⁴ Preferred Shares authorized, including Auction Market Preferred Shares (“AMPS”)		7,121			—			unlimited			unlimited			unlimited			unlimited
⁵ Par value per Preferred Share and Common Share	$	0.01		$	0.001		$	0.001		$	0.001		$	0.001		$	0.001
⁶ Common Shares outstanding		17,166,960			13,422,247			20,236,628			44,742,403			2,032,115			7,304,904
⁷ Common Shares authorized		200 million			unlimited			unlimited			unlimited			unlimited			unlimited

Six Months Ended October 31, 2014 (Unaudited)	BlackRock Investment Quality Municipal Trust, Inc. (BKN)			BlackRock Long-Term Municipal Advantage Trust (BTA)			BlackRock Municipal 2020 Term Trust (BKK)			BlackRock Municipal Income Trust (BFK)			BlackRock Pennsylvania Strategic Municipal Trust (BPS)			BlackRock Strategic Municipal Trust (BSD)
Investment Income
Interest	$	9,731,308		$	5,872,492		$	7,512,252		$	25,053,359		$	996,854		$	3,989,756
Income — affiliated		1,055			278			646			2,548			—			283
Total income		9,732,363			5,872,770			7,512,898			25,055,907			996,854			3,990,039

Expenses
Investment advisory		744,613			832,750			997,503			3,175,524			141,643			509,967
Administration		319,120			—			—			—			—			—
Professional		33,075			27,274			40,258			63,231			16,804			27,410
Accounting services		30,362			10,099			27,750			37,761			4,966			15,286
Transfer agent		16,152			11,227			26,710			26,497			8,095			10,516
Custodian		13,278			6,585			12,173			23,385			3,721			6,627
Officer and Trustees		10,685			6,913			13,959			23,638			1,180			4,474
Remarketing fees on Preferred Shares		—			—			45,651			—			—			—
Printing		5,328			3,887			5,561			8,323			3,123			3,851
Registration		4,749			4,718			4,723			7,901			451			4,727
Miscellaneous		40,786			17,087			30,085			57,763			20,860			34,969
Total expenses excluding interest expense, fees and amortization of offering costs		1,218,148			920,540			1,204,373			3,424,023			200,843			617,827
Interest expense, fees and amortization of offering costs¹		789,408			289,609			11,329			1,889,175			88,050			311,615
Total expenses		2,007,556			1,210,149			1,215,702			5,313,198			288,893			929,442
Less fees waived by Manager		(1,914	)		(366	)		(2,226	)		(4,460	)		(11	)		(514	)
Total expenses after fees waived		2,005,642			1,209,783			1,213,476			5,308,738			288,882			928,928
Net investment income		7,726,721			4,662,987			6,299,422			19,747,169			707,972			3,061,111

Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		2,730,404			174,246			108,605			926,570			66,253			361,967
Financial futures contracts		(722,250	)		(199,900	)		—			(2,179,432	)		(153,784	)		(349,009	)
		2,008,154			(25,654	)		108,605			(1,252,862	)		(87,531	)		12,958
Net change in unrealized appreciation/depreciation on:
Investments		12,703,845			7,504,937			4,958,615			31,705,073			1,213,475			5,035,142
Financial futures contracts		226,005			20,467			—			365,584			40,136			60,640
		12,929,850			7,525,404			4,958,615			32,070,657			1,253,611			5,095,782
Total realized and unrealized gain		14,938,004			7,499,750			5,067,220			30,817,795			1,166,080			5,108,740

Distributions to AMPS Shareholders From
Net investment income		—			—			(33,910	)		—			—			—
Net Increase in Net Assets Applicable to Common Shareholders Resulting from Operations	$	22,664,725		$	12,162,737		$	11,332,732		$	50,564,964		$	1,874,052		$	8,169,851

	BlackRock Investment Quality Municipal Trust, Inc. (BKN)						BlackRock Long-Term Municipal Advantage Trust (BTA)
Increase (Decrease) in Net Assets Applicable to Common Shareholders:	Six Months Ended October 31, 2014 (Unaudited)			Year Ended, April 30, 2014			Six Months Ended October 31, 2014 (Unaudited)			Year Ended April 30, 2014
Operations
Net investment income	$	7,726,721		$	16,097,220		$	4,662,987		$	9,590,121
Net realized gain (loss)		2,008,154			(3,007,725	)		(25,654	)		(1,821,794	)
Net change in unrealized appreciation/depreciation		12,929,850			(13,983,417	)		7,525,404			(8,941,577	)
Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations		22,664,725			(893,922	)		12,162,737			(1,173,250	)

Distributions to Common Shareholders From¹
Net investment income		(8,240,141	)		(16,474,796	)		(4,939,387	)		(9,986,152	)

Capital Share Transactions
Reinvestment of common distributions		—			153,255			—			—

Net Assets Applicable to Common Shareholders
Total increase (decrease) in net assets applicable to Common Shareholders		14,424,584			(17,215,463	)		7,223,350			(11,159,402	)
Beginning of period		263,298,336			280,513,799			161,268,504			172,427,906
End of period	$	277,722,920		$	263,298,336		$	168,491,854		$	161,268,504
Undistributed net investment income, end of period	$	2,450,637		$	2,964,057		$	1,710,139		$	1,986,539

	BlackRock Municipal 2020 Term Trust (BKK)						BlackRock Municipal Income Trust (BFK)
Increase (Decrease) in Net Assets Applicable to Common Shareholders:	Six Months Ended October 31, 2014 (Unaudited)			Year Ended April 30, 2014			Six Months Ended October 31, 2014 (Unaudited)			Year Ended April 30, 2014
Operations
Net investment income	$	6,299,422		$	15,021,001		$	19,747,169		$	41,546,552
Net realized gain (loss)		108,605			649,633			(1,252,862	)		(6,905,217	)
Net change in unrealized appreciation/depreciation		4,958,615			(11,991,297	)		32,070,657			(44,394,070	)
Distributions to AMPS Shareholders from net investment income		(33,910	)		(155,085	)		—			—
Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations		11,332,732			3,524,252			50,564,964			(9,752,735	)

Distributions to Common Shareholders From¹
Net investment income		(6,890,572	)		(16,351,196	)		(20,160,927	)		(40,558,222	)

Capital Share Transactions
Reinvestment of common distributions		—			-			—			180,644

Net Assets Applicable to Common Shareholders
Total increase (decrease) in net assets applicable to Common Shareholders		4,442,160			(12,826,944	)		30,404,037			(50,130,313	)
Beginning of period		328,163,295			340,990,239			638,576,843			688,707,156
End of period	$	332,605,455		$	328,163,295		$	668,980,880		$	638,576,843
Undistributed net investment income, end of period	$	13,139,247		$	13,764,307		$	10,213,314		$	10,627,072

	BlackRock Pennsylvania Strategic Municipal Trust (BPS)						BlackRock Strategic Municipal Trust (BSD)
Increase (Decrease) in Net Assets Applicable to Common Shareholders:	Six Months Ended October 31, 2014 (Unaudited)			Year Ended April 30, 2014			Six Months Ended October 31, 2014 (Unaudited)			Year Ended April 30, 2014
Operations
Net investment income	$	707,972		$	1,460,397		$	3,061,111		$	6,293,684
Net realized gain (loss)		(87,531	)		(596,894	)		12,958			(1,316,968	)
Net change in unrealized appreciation/depreciation		1,253,611			(1,852,041	)		5,095,782			(7,016,152	)
Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations		1,874,052			(988,538	)		8,169,851			(2,039,436	)

Distributions to Common Shareholders From¹
Net investment income		(743,754	)		(1,583,847	)		(3,243,377	)		(6,495,251	)

Net Assets Applicable to Common Shareholders
Total increase (decrease) in net assets applicable to Common Shareholders		1,130,298			(2,572,385	)		4,926,474			(8,534,687	)
Beginning of period		28,824,001			31,396,386			103,068,708			111,603,395
End of period	$	29,954,299		$	28,824,001		$	107,995,182		$	103,068,708
Undistributed net investment income, end of period	$	334,335		$	370,117		$	1,171,753		$	1,354,019

	Six Months Ended October 31, 2014			Year Ended April 30,
	(Unaudited)			2014			2013			2012			2011			2010
Per Share Operating Performance
Net asset value, beginning of period	$	15.34		$	16.35		$	15.39		$	12.75		$	13.68		$	11.63
Net investment income¹		0.45			0.94			0.94			0.98			1.04			1.07
Net realized and unrealized gain (loss)		0.87			(0.99	)		1.00			2.68			(0.93	)		1.96
Distributions to AMPS Shareholders from net investment income		—			—			—			(0.01	)		(0.03	)		(0.03	)
Net increase (decrease) from investment operations		1.32			(0.05	)		1.94			3.65			0.08			3.00
Distributions to Common Shareholders from net investment income²		(0.48	)		(0.96	)		(0.98	)		(1.01	)		(1.01	)		(0.95	)
Net asset value, end of period	$	16.18		$	15.34		$	16.35		$	15.39		$	12.75		$	13.68
Market price, end of period	$	15.71		$	14.86		$	16.11		$	15.75		$	13.08		$	14.19

Total Return Applicable to Common Shareholders³
Based on net asset value		8.84%	⁴		0.41%			12.89%			29.46%			0.49%			26.55%
Based on market price		9.09%	⁴		(1.28)%			8.69%			29.15%			(0.61)%			34.50%

Ratios to Average Net Assets Applicable to Common Shareholders
Total expenses		1.47%	⁵		1.55%			1.48%			1.26%	⁶		1.08%	⁶		1.10%	⁶
Total expenses after fees waived and paid indirectly		1.47%	⁵		1.55%			1.48%			1.26%	⁶		1.08%	⁶		1.10%	⁶
Total expenses after fees waived and paid indirectly and excluding interest expense, fees and amortization of offering costs⁷		0.89%	⁵		0.92%			0.87%			0.99%	^6,8		1.04%	⁶		1.06%	⁶
Net investment income		5.67%	⁵		6.45%			5.87%			6.94%	⁶		7.83%	⁶		8.29%	⁶
Distributions to AMPS Shareholders		—			—			—			0.09%			0.23%			0.26%
Net investment income to Common Shareholders		5.67%	⁵		6.45%			5.87%			6.85%			7.60%			8.03%

Supplemental Data
Net assets applicable to Common Shareholders, end of period (000)	$	277,723		$	263,298		$	280,514		$	263,375		$	217,541		$	232,471
AMPS outstanding at $25,000 liquidation preference, end of period (000)		—			—			—			—		$	125,950		$	125,950
VMTP Shares outstanding at $100,000 liquidation value, end of period (000)	$	125,900		$	125,900		$	125,900		$	125,900			—			—
Portfolio turnover rate		20%			29%			33%			47%			38%			43%
Asset coverage per AMPS at $25,000 liquidation preference, end of period		—			—			—			—		$	68,183		$	71,147
Asset coverage per VMTP Shares at $100,000 liquidation value, end of period	$	320,590		$	309,133		$	322,807		$	309,194			—			—

	Underlying Municipal Bonds Transferred to TOBs		Liability For TOB Trust Certificates		Range of Interest Rates
BKN	$	53,179,962	$	28,684,555	0.05% – 0.25%
BTA	$	138,969,491	$	85,066,267	0.05% – 0.24%
BKK	$	5,650,450	$	3,750,000	0.22%
BFK	$	217,690,722	$	122,687,926	0.05% – 0.25%
BPS	$	2,819,338	$	1,543,441	0.06%
BSD	$	33,620,979	$	19,308,550	0.05% – 0.25%

	Average TOB Trust Certificates Outstanding		Daily Weighted Average Interest Rate
BKN	$	25,622,889		0.62	%
BTA	$	86,528,914		0.56	%
BKK	$	3,750,000		0.59	%
BFK	$	124,162,039		0.59	%
BPS	$	1,211,939		0.60	%
BSD	$	19,946,130		0.59	%

Fair Values of Derivative Financial Instruments as of October 31, 2014
		Value
		Derivative Assets
	Statements of Assets and Liabilities Location	BKN		BTA		BFK		BPS		BSD
Interest rate contracts	Net unrealized appreciation¹	$	156,239	$	14,855	$	140,476	$	21,118	$	24,249

The Effect of Derivative Financial Instruments in the Statements of Operations Six Months Ended October 31, 2014
	Net Realized (Loss) From									Net Change in Unrealized Appreciation/Depreciation on
	BKN			BTA			BFK			BKN		BTA		BFK
Interest rate contracts:
Financial futures contracts	$	(722,250	)	$	(199,900	)	$	(2,179,432	)	$	226,005	$	20,467	$	365,584

				BKN				BTA				BKK				BFK				BPS				BSD
Investment Advisory Fee					0.35	%			1.00	%			0.50	%			0.60	%			0.60	%			0.60	%

Expires April 30,	BKN		BTA		BKK		BFK		BPS		BSD
2015		—		—		—	$	606,017		—		—
2016		—	$	22,052,642		—		10,207,532	$	127,957		—
2017	$	2,716,981		6,882,935		—		2,065,704		929,529	$	3,887,588
2018		1,174,679		4,821,726		—		2,455,638		586,549		2,381,683
2019		—		951,237	$	754,685		—		—		2,978,126
No expiration date¹		1,215,208		5,634,018		—		505,920		716,368		189,127
Total	$	5,106,868	$	40,342,558	$	754,685	$	15,840,811	$	2,360,403	$	9,436,524

	BKN		BFK
Six Months Ended October 31, 2014		—		—
Year Ended April 30, 2014		10,644		12,577

	Issue Date		Shares Issued		Aggregate Principal		Term Date
BKN		12/16/11		1,259	$	125,900,000		12/31/15
BFK		12/16/11		2,708	$	270,800,000		12/31/15
BSD		12/16/11		429	$	42,900,000		12/31/15

	Series		AMPS		Effective Yield			Reset Frequency Days		Moody’s Rating
BKK		F-7		796		0.08	%		7		Aa1
		M-7		796		0.08	%		7		Aa1
		W-7		796		0.08	%		7		Aa1

	Series		Redemption Date		Shares Redeemed		Aggregate Principal
BKK		F-7		6/09/14		110	$	2,750,000
		M-7		6/10/14		110	$	2,750,000
		W-7		6/05/14		110	$	2,750,000

	Common Dividend Per Share
BKN	$	0.0800
BTA	$	0.0580
BKK	$	0.0540
BFK	$	0.0751
BPS	$	0.0610
BSD	$	0.0740

	Per Common Share
	Tax-Exempt Dividends Declared		Ordinary Dividends Declared
BKN	$	0.0800	$	0.0007
BTA	$	0.0580	$	0.0010
BKK	$	0.0540		—
BFK	$	0.0751	$	0.0066
BPS	$	0.0610	$	0.0016
BSD	$	0.0740	$	0.0027

	Series		Dividends Declared
BKN VMTP Shares		W-7	$	108,274
BKK AMPS Shares		M-7	$	1,537
		W-7	$	1,574
		F-7	$	1,374
BFK VMTP Shares		W-7	$	232,887
BPS VRDP Shares		W-7	$	13,348
BSD VMTP Shares		W-7	$	36,894

	Paul L. Audet						Michael J. Castellano						R. Glenn Hubbard
	Votes For		Votes Withheld		Abstain		Votes For		Votes Withheld		Abstain		Votes For		Votes Withheld		Abstain
BKN		15,208,425		301,221		0		15,168,794		340,852		0		15,113,012		396,634		0
BTA		10,211,152		196,308		0		10,182,665		224,795		0		10,167,687		239,773		0
BKK		18,538,451		418,654		0		18,543,125		413,980		0		18,524,619		432,486		0
BFK		39,972,520		741,079		0		39,938,206		775,393		0		39,816,956		896,643		0
BPS		1,763,317		41,978		0		1,759,467		45,828		0		1,759,467		45,828		0
BSD		6,055,083		171,175		0		6,041,136		185,122		0		5,976,850		249,408		0


	W. Carl Kester
	Votes For		Votes Withheld		Abstain
BKN¹		1,259		0		0
BTA		10,190,691		216,769		0
BKK¹		1,979		92		0
BFK¹		2,708		0		0
BPS¹		163		0		0
BSD¹		429		0		0

Item 2 –	Code of Ethics – Not Applicable to this semi-annual report
Item 3 –	Audit Committee Financial Expert – Not Applicable to this semi-annual report
Item 4 –	Principal Accountant Fees and Services – Not Applicable to this semi-annual report
Item 5 –	Audit Committee of Listed Registrants – Not Applicable to this semi-annual report
Item 6 –	Investments (a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this Form. (b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.
Item 7 –	Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable to this semi-annual report
Item 8 –	Portfolio Managers of Closed-End Management Investment Companies
	(a)	Not Applicable to this semi-annual report
	(b)	As of the date of this filing, there have been no changes in any of the portfolio managers identified in the most recent annual report on Form N-CSR.

Item 9 –	Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable
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 second fiscal quarter of 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 –	Exhibits attached hereto
	(a)(1) – Code of Ethics – Not Applicable to this semi-annual report
	(a)(2) – Certifications – Attached hereto
	(a)(3) – Not Applicable
	(b) – Certifications – Attached hereto

	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 Municipal Income Trust

	By:	/s/ John M. Perlowski
		John M. Perlowski
		Chief Executive Officer (principal executive officer) of
		BlackRock Municipal Income Trust

	Date: January 2, 2015

	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 Municipal Income Trust

	Date: January 2, 2015

	By:	/s/ Neal J. Andrews
		Neal J. Andrews
		Chief Financial Officer (principal financial officer) of
		BlackRock Municipal Income Trust

	Date: January 2, 2015