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UNITEDSTATES
SECURITIESANDEXCHANGECOMMISSION
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: Anne F. Ackerley, Chief Executive Officer, BlackRock
Municipal Income Trust, 55 East 52nd Street, New York, NY 10055.

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

Date of fiscal year end: 04/30/2010

Date of reporting period: 04/30/2010

Item 1 – Report to Stockholders



Annual Report

APRIL 30, 2010

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 
Dear Shareholder  3 
Annual Report:   
Trust Summaries  4 
The Benefits and Risks of Leveraging  10 
Derivative Financial Instruments  10 
Financial Statements   
       Schedules of Investments  11 
       Statements of Assets and Liabilities  34 
       Statements of Operations  35 
       Statements of Changes in Net Assets  36 
       Statement of Cash Flows  38 
Financial Highlights  39 
Notes to Financial Statements  45 
Report of Independent Registered Public Accounting Firm  52 
Important Tax Information  52 
Automatic Dividend Reinvestment Plans  53 
Officers and Trustees  54 
Additional Information  57 

2 ANNUAL REPORT

APRIL 30, 2010


Dear Shareholder

Although overall global economic and financial conditions have generally improved over the past year, the period ended with high levels of market volatility
and diminishing investor confidence sparked by the sovereign debt crisis in Europe, concerns over the strength of the economic recovery and uncertainty
surrounding the future of interest rate policies. Additionally, as the period drew to a close, the increasing likelihood of more stringent financial market regula-
tions added to the overall sense of investment uncertainty. Despite the uneven nature of recent market conditions, we continue to believe that the “Great
Recession” likely ended at some point last summer, thanks primarily to massive fiscal and monetary stimulus, and that the global economy remains in
recovery mode.

Global equity markets bottomed in early 2009 and since that time have moved unevenly higher as investors were lured back into the markets by depressed
valuations, desire for higher yields and improvements in corporate earnings prospects. There have been several corrections along the way and volatility levels
have remained elevated — reflections of mixed economic data, lingering deflation issues (especially in Europe) and uncertainty surrounding financial regula-
tions. On balance, however, improving corporate revenues and profits and a positive macro backdrop helped push stock prices higher over the last twelve
and six months. From a geographic perspective, US equities have outpaced their international counterparts in recent months, as the domestic economic
recovery has been more pronounced and as credit-related issues have held European markets down.

Within fixed income markets, yields have been moving unevenly as improving economic conditions have been acting to push Treasury yields higher (and
prices correspondingly lower), while concerns over ongoing deflation threats have acted as a counterweight. As the period drew to a close, Treasury yields
were falling as investors flocked to the “safe haven” asset class in the face of escalating uncertainty. Over the course of the last twelve and six months, how-
ever, Treasuries underperformed other areas of the bond market, particularly the high yield sector, which has been benefiting from increased investor
demand. Meanwhile, municipal bonds slightly outperformed taxable sectors over both the six- and twelve-month periods thanks to continued high demand
levels, but have continued to face the headwinds of ongoing state and local budget problems. As in the taxable arena, high yield municipals have been out-
performing the rest of the market.

Regarding cash investments, yields on money market securities remain near all-time lows (producing returns only marginally above zero percent), with the
Federal Open Market Committee reiterating that economic circumstances are likely to necessitate an accommodative interest rate stance for an “extended
period.”

Against this backdrop, the major market averages posted the following returns:     
Total Returns as of April 30, 2010  6-month  12-month 
US equities (S&P 500 Index)  15.66%  38.84% 
Small cap US equities (Russell 2000 Index)  28.17  48.95 
International equities (MSCI Europe, Australasia, Far East Index)  2.48  34.43 
3-month Treasury bill (BofA Merrill Lynch 3-Month Treasury Bill Index)  0.04  0.15 
US Treasury securities (BofA Merrill Lynch 10-Year US Treasury Index)  (0.54)  (1.32) 
Taxable fixed income (Barclays Capital US Aggregate Bond Index)  2.54  8.30 
Tax-exempt fixed income (Barclays Capital Municipal Bond Index)  3.68  8.85 
High yield bonds (Barclays Capital US Corporate High Yield 2% Issuer Capped Index)  11.60  42.53 

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

Global financial markets continue to show signs of improvement, but questions about the strength and sustainability of the recovery abound. Through peri-
ods of uncertainty, as ever, BlackRock’s full resources are dedicated to the management of our clients’ assets. For additional market perspective and invest-
ment insight, visit www.blackrock.com/shareholdermagazine, where you’ll find the most recent issue of our award-winning Shareholder® magazine, as well
as its quarterly companion newsletter, Shareholder Perspectives. As always, we thank you for entrusting BlackRock with your investments, and we look for-
ward to your continued partnership in the months and years ahead.


THIS PAGE NOT PART OF YOUR FUND REPORT

3


Trust Summary as of April 30, 2010

BlackRock Investment Quality Municipal Trust Inc.

Investment Objective

BlackRock Investment Quality Municipal Trust Inc. (BKN) (the “Trust”) seeks to provide high current income which, in the opinion of bond counsel to the
issuer, is exempt from regular federal income tax consistent with the preservation of capital.

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

Performance

For the 12 months ended April 30, 2010, the Trust returned 34.50% based on market price and 26.55% based on net asset value (“NAV”). For the same
period, the closed-end Lipper General Municipal Debt Funds (Leveraged) category posted an average return of 28.13% on a market price basis and
22.67% on a NAV basis. All returns reflect reinvestment of dividends. During the period, the Trust moved from a discount to NAV to a premium, which
accounts for the difference between performance based on price and performance based on NAV. The Trust benefited from a tightening of credit spreads,
specifically within the corporate high yield sector, which helped the Trust’s lower-quality holdings outperform. In addition, we actively structured new-issue
deals with discounted coupons at the longer end of the Trust’s duration range. These holdings benefited from the outperformance of the new-issue market,
the flattening of the yield curve and the reduced supply of tax-exempt issuance due to Build America Bonds (BAB) issuance. We also diversified the Trust’s
holdings to increase exposure to specialty-state paper, which outperformed as a result of increased demand by retail buyers. Conversely, the Trust’s shorter
maturity holdings, as well as its bonds with greater negative convexity, underperformed the market.

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 April 30, 2010 ($14.19)1          7.10% 
  Tax Equivalent Yield2          10.92% 
  Current Monthly Distribution per Common Share3          $0.084 
  Current Annualized Distribution per Common Share3          $1.008 
  Leverage as of April 30, 20104            37% 
     1 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.           
     2 Tax equivalent yield assumes the maximum federal tax rate of 35%.           
     3 The distribution is not constant and is subject to change.           
     4 Represents Auction Market Preferred Shares (“Preferred Shares”) and tender option bond trusts (“TOBs”) as a percentage of total managed assets, 
  which is the total assets of the Trust, including any assets attributable to Preferred 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 10.              
  The table below summarizes the changes in the Trust’s market price and net asset value per share:     
    4/30/10  4/30/09  Change  High  Low 
  Market Price  $14.19  $11.35  25.02%  $14.35  $11.21 
  Net Asset Value  $13.68  $11.63  17.63%  $13.86  $11.63 

The following charts show the sector and credit quality allocations of the Trust’s long-term investments:

     Sector Allocations     
  4/30/10  4/30/09 
Health  25%  25% 
County/City/Special District/     
   School District  17  20 
State  13  12 
Education  10  7 
Utilities  9  8 
Transportation  9  10 
Housing  8  11 
Corporate  7  5 
Tobacco  2  2 

     Credit Quality Allocations5     
  4/30/10  4/30/09 
AAA/Aaa  18%  22% 
AA/Aa  24  30 
A  33  26 
BBB/Baa  14  9 
BB/Ba  1  3 
B  3  1 
CCC/Caa    1 
Not Rated6  7  8 

5 Using the higher of Standard & Poor’s (“S&P’s”) or Moody’s Investors
Service (“Moody’s”) ratings.
6 The investment advisor has deemed certain of these securities to
be of investment grade quality. As of April 30, 2010 and April 30,
2009, the market value of these securities was $17,071,058
representing 5% and $12,511,098 representing 4%, respectively,
of the Trust’s long-term investments.

4 ANNUAL REPORT

APRIL 30, 2010


Trust Summary as of April 30, 2010

BlackRock Long-Term Municipal Advantage Trust

Investment Objective

BlackRock Long-Term Municipal Advantage Trust (BTA) (the “Trust”) seeks to provide current income which, in the opinion of bond counsel to the issuer, is
exempt from regular federal income tax.

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

Performance

For the 12 months ended April 30, 2010, the Trust returned 31.25% based on market price and 26.81% based on NAV. For the same period, the closed-
end Lipper General Municipal Debt Funds (Leveraged) category posted an average return of 28.13% on a market price basis and 22.67% on a NAV basis.
All returns reflect reinvestment of dividends. 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. Positive performance was attributable in part to sector allocation decisions and included concentrations in
health care, tobacco and corporate-related debt, which all performed well. Increasing risk appetite has also proven beneficial given the portfolio’s focus on
lower-rated credits. Additionally, portfolio positioning with respect to a modestly long duration stance and an emphasis on longer-dated bonds was additive
in an environment where yields on the long end of the curve fell substantially. Negative factors included underweight positioning in the transportation, public
utilities and education sectors, all of which have performed well on a relative basis.

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  BTA 
  Initial Offering Date  February 28, 2006 
  Yield on Closing Market Price as of April 30, 2010 ($10.77)1  6.63% 
  Tax Equivalent Yield2  10.20% 
  Current Monthly Distribution per Common Share3  $0.0595 
  Current Annualized Distribution per Common Share3  $0.7140 
  Leverage as of April 30, 20104  36% 

1 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.
2 Tax equivalent yield assumes the maximum federal tax rate of 35%.
3 The distribution 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 10.

The table below summarizes the changes in the Trust’s market price and net asset value per share:

  4/30/10  4/30/09  Change  High  Low 
Market Price  $10.77  $8.79  22.53%  $10.97  $8.72 
Net Asset Value  $11.27  $9.52  18.38%  $11.40  $9.52 

The following charts show the sector and credit quality allocations of the Trust’s long-term investments:

     Sector Allocations     
  4/30/10  4/30/09 
Health       19%     12% 
Education  16  16 
County/City/Special District/     
   School District  14  15 
Transportation  11  10 
Utilities  10  8 
Housing  10  12 
State  9  9 
Tobacco  7  13 
Corporate  4  5 

     Credit Quality Allocations5     
  4/30/10  4/30/09 
AAA/Aaa  16%  18% 
AA/Aa  45  37 
A  9  8 
BBB/Baa  8  15 
BB/Ba  2  1 
B  2  3 
CCC/Caa  1   
Not Rated6  17  18 

5 Using the higher of S&P’s or Moody’s ratings.
6 The investment advisor has deemed certain of these securities to
be of investment grade quality. As of April 30, 2010 and April 30,
2009, the market value of these securities was $5,264,180 repre-
senting 2% and $1,468,107 representing 1%, respectively, of the
Trust’s long-term investments.

ANNUAL REPORT

APRIL 30, 2010

5


Trust Summary as of April 30, 2010

BlackRock Municipal 2020 Term Trust

Investment Objective

BlackRock Municipal 2020 Term Trust (BKK) (the “Trust”) seeks to provide current income exempt from regular federal income tax and to return $15 per
share (the initial public offering price) on or about December 31, 2020.

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

Performance

For the 12 months ended April 30, 2010, the Trust returned 23.52% based on market price and 26.97% based on NAV. For the same period, the closed-
end Lipper General Municipal Debt Funds (Leveraged) category posted an average return of 28.13% on a market price basis and 22.67% on a NAV basis.
All returns reflect reinvestment of dividends. The Trust’s premium to NAV, which narrowed during the period, accounts for the difference between performance
based on price and performance based on NAV. The Trust benefited from declining interest rates, which pushed bond prices higher. Although the Trust has a
generally shorter maturity profile relative to its Lipper category, performance was enhanced by the Trust’s allocation to longer maturities in the high yield sec-
tor. This sector outperformed as credit spreads narrowed in an improving market. Additionally, the Trust’s allocations to the health care sector overall and the
hospitals sub-sector in particular outperformed for the period. The Trust is managed to meet a 2020 termination date, and as such, maintains a generally
shorter duration than that of its Lipper category, which comprises longer-duration funds. Accordingly, the Trust did not fully benefit from the price apprecia-
tion that occurred among longer-dated securities.

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          BKK 
  Initial Offering Date        September 30, 2003 
  Termination Date (on or about)        December 31, 2020 
  Yield on Closing Market Price as of April 30, 2010 ($14.89)1          5.02% 
  Tax Equivalent Yield2          7.72% 
  Current Monthly Distribution per Common Share3          $0.06225 
  Current Annualized Distribution per Common Share3          $0.74700 
  Leverage as of April 30, 20104          38% 
     1 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.           
     2 Tax equivalent yield assumes the maximum federal tax rate of 35%.           
     3 The distribution is not constant and is subject to change.           
     4 Represents Preferred Shares and TOBs as a percentage of total managed assets, which is the total assets of the Trust, including any assets attribu- 
         table to Preferred 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 10.           
  The table below summarizes the changes in the Trust’s market price and net asset value per share:     
    4/30/10  4/30/09  Change  High  Low 
  Market Price  $14.89  $12.70  17.24%  $15.00  $12.47 
  Net Asset Value  $14.51  $12.04  20.51%  $14.51  $12.04 

The following charts show the sector and credit quality allocations of the Trust’s long-term investments:

     Sector Allocations     
  4/30/10  4/30/09 
Corporate       19%  17% 
County/City/Special District/     
   School District  15  17 
Health  15  15 
Transportation  11  9 
State  10  9 
Utilities  9  8 
Education  9  9 
Tobacco  7  10 
Housing  5  6 

     Credit Quality Allocations5     
  4/30/10  4/30/09 
AAA/Aaa       19%     22% 
AA/Aa  10  16 
A  23  17 
BBB/Baa  29  27 
BB/Ba  3  1 
B  4  3 
CC/Ca    1 
Not Rated6  12  13 

5 Using the higher of S&P’s or Moody’s ratings.
6 The investment advisor has deemed certain of these securities to
be of investment grade quality. As of April 30, 2010 and April 30,
2009, the market value of these securities was $11,978,514 repre-
senting 3% and $5,768,611 representing 1%, respectively, of the
Trust’s long-term investments.

6 ANNUAL REPORT

APRIL 30, 2010


Trust Summary as of April 30, 2010

BlackRock Municipal Income Trust

Investment Objective

BlackRock Municipal Income Trust (BFK) (the “Trust”) seeks to provide high current income which, in the opinion of bond counsel to the issuer, is exempt
from regular federal income tax.

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

Performance

For the 12 months ended April 30, 2010, the Trust returned 30.49% based on market price and 32.75% based on NAV. For the same period, the closed-
end Lipper General Municipal Debt Funds (Leveraged) category posted an average return of 28.13% on a market price basis and 22.67% on a NAV basis.
All returns reflect reinvestment of dividends. The Trust’s premium to NAV, which narrowed during the period, accounts for the difference between performance
based on price and performance based on NAV. Positive performance was derived primarily from sector allocation decisions and included concentrations in
health care, tobacco, county/city/special district/school district and corporate-related debt, which all performed well. Increasing risk appetite has also
proven beneficial given the portfolio’s focus on lower-rated credits. Additionally, portfolio positioning with respect to a modestly long duration stance and an
emphasis on longer-dated bonds was additive in an environment where yields on the long end of the curve fell substantially. Negative factors included
underweight positioning in the tax-backed and public utilities sectors, both of which have performed well on a relative basis. Above market weight exposure
to capital appreciation bonds also proved detrimental given their relative underperformance.

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 April 30, 2010 ($13.44)1  7.02% 
  Tax Equivalent Yield2  10.80% 
  Current Monthly Distribution per Common Share3  $0.0786 
  Current Annualized Distribution per Common Share3  $0.9432 
  Leverage as of April 30, 20104  37% 

1 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.
2 Tax equivalent yield assumes the maximum federal tax rate of 35%.
3 The distribution is not constant and is subject to change.
4 Represents Preferred Shares and TOBs as a percentage of total managed assets, which is the total assets of the Trust, including any assets attribu-
table to Preferred 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 10.

The table below summarizes the changes in the Trust’s market price and net asset value per share:

  4/30/10  4/30/09  Change  High  Low 
Market Price  $13.44  $11.10  21.08%  $14.25  $10.68 
Net Asset Value  $13.23  $10.74  23.18%  $13.34  $10.74 

The following charts show the sector and credit quality allocations of the Trust’s long-term investments:

     Sector Allocations     
  4/30/10  4/30/09 
Health       18%  22% 
State  14  9 
Transportation  13  11 
Corporate  12  12 
Education  11  11 
County/City/Special District/     
   School District  11  8 
Utilities  11  13 
Housing  6  9 
Tobacco  4  5 

     Credit Quality Allocations5     
  4/30/10  4/30/09 
AAA/Aaa  18%  34% 
AA/Aa  25  15 
A  27  21 
BBB/Baa  16  14 
BB/Ba  1  3 
B  7  4 
CCC/Caa  1  1 
Not Rated6  5  8 

5 Using the higher of S&P’s or Moody’s ratings.
6 The investment advisor has deemed certain of these securities to
be of investment grade quality. As of April 30, 2010 and April 30,
2009, the market value of these securities was $16,636,260 repre-
senting 2% and $17,649,155 representing 2%, respectively, of the
Trust’s long-term investments.

ANNUAL REPORT

APRIL 30, 2010

7


Trust Summary as of April 30, 2010

BlackRock Pennsylvania Strategic Municipal Trust

Investment Objective

BlackRock Pennsylvania Strategic Municipal Trust (BPS) (the “Trust”) seeks to provide monthly income which, in the opinion of bond counsel to the issuer,
is exempt from regular federal and Pennsylvania income taxes.

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

Performance

For the 12 months ended April 30, 2010, the Trust returned 49.41% based on market price and 23.80% based on NAV. For the same period, the closed-
end Lipper Pennsylvania Municipal Debt Funds category posted an average return of 29.96% on a market price basis and 18.43% on a NAV basis. All
returns reflect reinvestment of dividends. The Trust moved from a discount to NAV to a premium by period end, which accounts for the difference between
performance based on price and performance based on NAV. The Trust benefited from efforts to increase weighting in interest-rate-sensitive bonds, as tax-
exempt 30-year interest rates rallied 30 basis points (0.30%) lower. A greater weighting in the housing and health care sectors also contributed to Trust
performance, as credit spreads generally tightened in these sectors. Conversely, a low relative distribution yield detracted from performance. Over the period,
the Trust’s income component was a drag on total return performance, but recent efforts to increase current income have resulted in dividend growth and
should be a positive factor in future returns.

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 Amex  BPS 
  Initial Offering Date  August 25, 1999 
  Yield on Closing Market Price as of April 30, 2010 ($13.88)1  6.05% 
  Tax Equivalent Yield2  9.31% 
  Current Monthly Distribution per Common Share3  $0.07 
  Current Annualized Distribution per Common Share3  $0.84 
  Leverage as of April 30, 20104  40% 

1 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.
2 Tax equivalent yield assumes the maximum federal tax rate of 35%.
3 The Monthly Distribution per Common Share, declared on June 1, 2010, was increased to $0.0725 per share. The Yield on Closing Market Price,
Current Monthly Distribution per Common Share and Current Annualized Distribution per Common Share do not reflect the new distribution rate. The
new distribution rate is not constant and is subject to change in the future.
4 Represents Preferred Shares and TOBs as a percentage of total managed assets, which is the total assets of the Trust, including any assets
attributable to Preferred 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 10.

The table below summarizes the changes in the Trust’s market price and net asset value per share:

  4/30/10  4/30/09  Change  High  Low 
Market Price  $13.88  $ 9.85  40.91%  $13.93  $ 9.84 
Net Asset Value  $13.86  $11.87  16.76%  $14.03  $11.86 

The following charts show the sector and credit quality allocations of the Trust’s long-term investments:

     Sector Allocations     
  4/30/10  4/30/09 
Health       31%     24% 
Housing  16  14 
State  15  15 
Education  14  9 
Transportation  10  11 
County/City/Special District/     
   School District  8  15 
Utilities  5  8 
Corporate  1  4 

     Credit Quality Allocations5     
  4/30/10  4/30/09 
AAA/Aaa       18%  23% 
AA/Aa  40  46 
A  21  17 
BBB/Baa  15  7 
BB/Ba  1  1 
Not Rated6  5  6 

5 Using the higher of S&P’s or Moody’s ratings.
6 The investment advisor has deemed certain of these securities to
be of investment grade quality. As of April 30, 2010 and April 30,
2009, the market value of these securities was $2,069,225 repre-
senting 5% and $1,623,020 representing 4%, respectively, of the
Trust’s long-term investments.

8 ANNUAL REPORT

APRIL 30, 2010


Trust Summary as of April 30, 2010

BlackRock Strategic Municipal Trust

Investment Objective

BlackRock Strategic Municipal Trust (BSD) (the “Trust”) seeks to provide high current income, which, in the opinion of bond counsel to the issuer, is
exempt from regular federal income tax, consistent with the preservation of capital.

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

Performance

For the 12 months ended April 30, 2010, the Trust returned 36.87% based on market price and 27.36% based on NAV. For the same period, the closed-
end Lipper General Municipal Debt Funds (Leveraged) category posted an average return of 28.13% on a market price basis and 22.67% on a NAV basis.
All returns reflect reinvestment of dividends. 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. Positive performance was attributable in part to sector allocation decisions and included concentrations in
health care, housing and corporate-related debt, which all performed well. Increasing risk appetite has also proven beneficial given the portfolio’s focus on
lower-rated credits. Additionally, portfolio positioning with respect to a modestly long duration stance and an emphasis on longer-dated bonds was additive
in an environment where yields on the long end of the curve fell substantially. Negative factors included underweight positioning in the tax-backed sector,
which performed well on a relative basis. Above market weight exposure to capital appreciation bonds also proved detrimental given their relative underper-
formance.

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 April 30, 2010 ($12.95)1  6.72% 
  Tax Equivalent Yield2  10.34% 
  Current Monthly Distribution per Common Share3  $0.0725 
  Current Annualized Distribution per Common Share3  $0.8700 
  Leverage as of April 30, 20104  37% 

1 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.
2 Tax equivalent yield assumes the maximum federal tax rate of 35%.
3 The distribution is not constant and is subject to change.
4 Represents Preferred Shares and TOBs as a percentage of total managed assets, which is the total assets of the Trust, including any assets attribu-
table to Preferred 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 10.

The table below summarizes the changes in the Trust’s market price and net asset value per share:

  4/30/10  4/30/09  Change  High  Low 
Market Price  $12.95  $10.15  27.59%  $12.97  $10.14 
Net Asset Value  $13.00  $10.95  18.72%  $13.15  $10.95 

The following charts show the sector and credit quality allocations of the Trust’s long-term investments:

     Sector Allocations     
  4/30/10  4/30/09 
Health       21%     19% 
Transportation  16  13 
County/City/Special District/     
   School District  12  16 
Education  12  10 
State  11  13 
Corporate  9  10 
Utilities  9  8 
Housing  7  10 
Tobacco  3  1 

     Credit Quality Allocations5     
  4/30/10  4/30/09 
AAA/Aaa  27%  31% 
AA/Aa  26  29 
A  22  20 
BBB/Baa  14  5 
BB/Ba  1  4 
B  4  5 
CCC/Caa  1  1 
Not Rated6  5  5 

5 Using the higher of S&P’s or Moody’s ratings.
6 The investment advisor has deemed certain of these securities to
be of investment grade quality. As of April 30, 2010 and April 30,
2009, the market value of these securities was $2,354,758 repre-
senting 2% and $2,678,936 representing 2%, respectively, of the
Trust’s long-term investments.

ANNUAL REPORT

APRIL 30, 2010

9


The Benefits and Risks of Leveraging

The Trusts may utilize leverage to seek to enhance the yield and NAV of
their Common Shares. However, these objectives cannot be achieved in all
interest rate environments.

To leverage, all the Trusts, except for BTA, issue Preferred Shares, which pay
dividends at prevailing short-term interest rates, and invest the proceeds in
long-term municipal bonds. In general, the concept of leveraging is based
on the premise that the cost of assets to be obtained from leverage will be
based on short-term interest rates, which normally will be lower than the
income earned by each Trust on its longer-term portfolio investments. To
the extent that the total assets of each Trust (including the assets obtained
from leverage) are invested in higher-yielding portfolio investments, each
Trust’s Common Shareholders will benefit from the incremental net income.

To illustrate these concepts, assume a Trust’s Common Shares capitalization
is $100 million and it issues Preferred Shares for an additional $50 million,
creating a total value of $150 million available for investment in long-term
municipal bonds. If prevailing short-term interest rates are 3% and long-
term interest rates are 6%, the yield curve has a strongly positive slope. In
this case, the Trust pays dividends on the $50 million of Preferred Shares
based on the lower short-term interest rates. At the same time, the securi-
ties purchased by the Trust with assets received from Preferred Shares
issuance earn the income based on long-term interest rates. In this case,
the dividends paid to Preferred Shareholders are significantly lower than
the income earned on the Trust’s long-term investments, and therefore the
Common Shareholders are the beneficiaries of the incremental net income.

If short-term interest rates rise, narrowing the differential between short-
term and long-term interest rates, the incremental net income pickup on
the Common Shares will be reduced or eliminated completely. Furthermore,
if prevailing short-term interest rates rise above long-term interest rates of
6%, the yield curve has a negative slope. In this case, the Trust pays divi-
dends on the higher short-term interest rates whereas the Trust’s total port-
folio earns income based on lower long-term interest rates.

Furthermore, the value of a 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 redemp-
tion value of the Trust’s Preferred Shares does not fluctuate in relation to
interest rates. As a result, changes in interest rates can influence the Trust’s
NAV positively or negatively in addition to the impact on Trust performance
from leverage from Preferred Shares discussed above.

The Trusts may also leverage their assets through the use of tender option
bond (“TOB”) programs, as described in Note 1 of the Notes to Financial
Statements. TOB investments generally will provide the Trusts with economic
benefits in periods of declining short-term interest rates, but expose the
Trusts to risks during periods of rising short-term interest rates similar to

those associated with Preferred Shares issued by the Trusts, as described
above. Additionally, fluctuations in the market value of municipal bonds
deposited into the TOB trust may adversely affect each Trust’s NAVs per
share.

The use of leverage may enhance opportunities for increased income to the
Trusts and Common Shareholders, but as described above, it also creates
risks as short- or long-term interest rates fluctuate. Leverage also will gen-
erally cause greater changes in the Trusts’ NAV, market price and dividend
rate than a comparable portfolio without leverage. If the income derived
from securities purchased with assets received from leverage exceeds the
cost of leverage, the Trusts’ net income will be greater than if leverage had
not been used. Conversely, if the income from the securities purchased is
not sufficient to cover the cost of leverage, each Trust’s net income will be
less than if leverage had not been used, and therefore the amount avail-
able for distribution to Common Shareholders will be reduced. Each Trust
may be required to sell portfolio securities at inopportune times or at dis-
tressed 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 a Trust to incur losses. The use of leverage may limit each
Trust’s ability to invest in certain types of securities or use certain types of
hedging strategies, such as in the case of certain restrictions imposed by
ratings agencies that rate preferred shares issued by the Trusts. Each 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.

Under the Investment Company Act of 1940, the Trusts are permitted to
issue Preferred Shares in an amount of up to 50% of their total managed
assets at the time of issuance. Under normal circumstances, each Trust
anticipates that the total economic leverage from Preferred Shares and/or
TOBs will not exceed 50% of its total managed assets at the time such
leverage is incurred. As of April 30, 2010, the Trusts had economic leverage
from Preferred Shares and/or TOBs as a percentage of their total managed
assets as follows:

  Percent of 
  Leverage 
BKN  37% 
BTA  36% 
BKK  38% 
BFK  37% 
BPS  40% 
BSD  37% 

Derivative Financial Instruments

The Trusts may invest in various derivative instruments, including finan-
cial futures contracts, as specified in Note 2 of the Notes to Financial
Statements, which may constitute forms of economic leverage. Such instru-
ments are used to obtain exposure to a market without owning or taking
physical custody of securities or to hedge market and/or interest rate risks.
Such derivative instruments involve risks, including the imperfect correlation
between the value of a derivative instrument and the underlying asset or
illiquidity of the derivative instrument. The Trusts’ ability to successfully use
a derivative instrument depends on the investment advisor’s ability to accu-

rately predict pertinent market movements, which cannot be assured. The
use of derivative instruments may result in losses greater than if they had
not been used, may require the Trusts to sell or purchase portfolio securi-
ties at inopportune times or for distressed values, may limit the amount of
appreciation the Trusts can realize on an investment or may cause the
Trusts to hold a security that they might otherwise sell. The Trusts’ invest-
ments in these instruments are discussed in detail in the Notes to
Financial Statements.

10 ANNUAL REPORT

APRIL 30, 2010


Schedule of Investments April 30, 2010

BlackRock Investment Quality Municipal Trust Inc. (BKN)

(Percentages shown are based on Net Assets)

  Par   
Municipal Bonds  (000)  Value 
Alabama — 2.3%     
Birmingham Special Care Facilities Financing Authority,     
 RB, Children’s Hospital (AGC):     
     6.00%, 6/01/34  $ 1,745  $ 1,896,309 
     6.00%, 6/01/39  500  542,820 
Coosa Valley Water Supply District Inc., RB (AGC):     
     4.50%, 10/01/34  900  902,718 
     4.50%, 10/01/36  1,645  1,646,201 
     4.50%, 10/01/39  300  297,570 
    5,285,618 
Arizona — 5.6%     
City of Goodyear Arizona, GO (AGM), 4.25%, 7/01/36  1,125  1,071,956 
Mohave County Unified School District No. 20 Kingman,     
 GO, School Improvement Project of 2006, Series C     
 (AGC), 5.00%, 7/01/26  1,800  1,924,092 
Pima County IDA, Refunding IDRB, Tucson Electric Power,     
 5.75%, 9/01/29  1,375  1,399,172 
Salt Verde Financial Corp., RB, Senior:     
     5.00%, 12/01/32  1,035  938,683 
     5.00%, 12/01/37  4,585  4,065,749 
San Luis Facility Development Corp., RB, Senior Lien,     
 Regional Detention Center Project:     
     6.25%, 5/01/15  490  458,454 
     7.00%, 5/01/20  490  455,744 
     7.25%, 5/01/27  980  900,189 
State of Arizona, COP, Department of Administration,     
 Series A (AGM), 5.00%, 10/01/29  1,100  1,114,806 
University Medical Center Corp. Arizona, RB,     
 6.50%, 7/01/39  750  799,485 
    13,128,330 
Arkansas — 2.4%     
Bentonville School District No. 6, GO, Refunding,     
 Construction, Series A, 4.25%, 6/01/34 (a)  5,800  5,629,422 
California — 25.4%     
California County Tobacco Securitization Agency, RB, CAB,     
 Stanislaus, Sub-Series C, 6.30%, 6/01/55 (b)  7,090  86,002 
California State Department of Veterans Affairs, RB,     
 Series B, AMT, 5.25%, 12/01/37  5,000  4,534,450 
Carlsbad Unified School District, GO, Election, Series B,     
 6.09%, 5/01/34 (c)  1,500  895,980 
County of Sacramento California, RB, Senior Series A     
 (AGM), 5.00%, 7/01/41  2,000  2,003,860 

    Par   
Municipal Bonds    (000)  Value 
California (concluded)       
Dinuba Unified School District, GO, Election of 2006 (AGM):     
     5.63%, 8/01/31  $ 250  $ 263,905 
     5.75%, 8/01/33    535  563,574 
Foothill Eastern Transportation Corridor Agency California,     
 Refunding RB:       
     5.75%, 1/15/40    3,495  3,351,285 
     CAB, 5.88%, 7/15/28    7,000  6,920,410 
Golden State Tobacco Securitization Corp. California,       
 Refunding RB, Asset-Backed, Senior Series A-1,       
 5.13%, 6/01/47    805  559,282 
Hartnell Community College District California, GO, CAB,     
 Election of 2002, Series D, 7.35%, 8/01/34 (b)    2,475  1,236,634 
Los Altos Elementary School District, GO, CAB, Election       
 of 1998, Series B (NPFGC), 5.93%, 8/01/13 (b)(d)    10,945  5,606,467 
Norwalk-La Mirada Unified School District California, GO,     
 Refunding, CAB, Election of 2002, Series E (AGC),       
 6.47%, 8/01/38 (b)    12,000  2,179,320 
San Diego Community College District California, GO,       
 CAB, Election of 2002, 6.20%, 8/01/19 (c)    4,200  2,513,532 
State of California, GO, Refunding (CIFG), 4.50%, 8/01/28  3,000  2,825,010 
State of California, GO, Various Purpose:       
     5.75%, 4/01/31    3,000  3,220,440 
     5.00%, 6/01/32    4,545  4,547,500 
     6.00%, 3/01/33    3,220  3,544,286 
     6.50%, 4/01/33    2,900  3,287,933 
     5.50%, 3/01/40    3,650  3,781,546 
     (CIFG), 5.00%, 3/01/33    5,000  4,992,900 
University of California, RB, Limited Project, Series B,       
 4.75%, 5/15/38    2,050  2,031,119 
      58,945,435 
Colorado — 0.5%       
City of Colorado Springs Colorado, RB, Subordinate Lien,     
 Improvement, Series C (AGM), 5.00%, 11/15/45    1,030  1,053,978 
Connecticut — 1.2%       
Connecticut State Health & Educational Facility Authority,     
 RB, Fairfield University, New Money, Series O:       
     5.00%, 7/01/35    1,800  1,834,380 
     5.00%, 7/01/40    900  914,292 
      2,748,672 
District of Columbia — 2.1%       
District of Columbia Tobacco Settlement Financing Corp.,     
 Refunding RB, Asset-Backed, 6.50%, 5/15/33    4,960  4,866,950 

     Portfolio Abbreviations         
To simplify the listings of portfolio holdings  ACA  American Capital Access Corp.  GO  General Obligation Bonds 
in the Schedules of Investments, the names and  AGC  Assured Guaranty Corp.  HDA  Housing Development Authority 
descriptions of many of the securities have been  AGM  Assured Guaranty Municipal Corp.  HFA  Housing Finance Agency 
abbreviated according to the following list:  AMBAC  American Municipal Bond Assurance Corp.  HRB  Housing Revenue Bonds 
  AMT  Alternative Minimum Tax (subject to)  IDA  Industrial Development Authority 
  CAB  Capital Appreciation Bonds  IDB  Industrial Development Board 
  CIFG  CDC IXIS Financial Guaranty  IDRB  Industrial Development Revenue Bonds 
  COP  Certificates of Participation  ISD  Independent School District 
  EDA  Economic Development Authority  MRB  Mortgage Revenue Bonds 
  EDC  Economic Development Corp.  NPFGC  National Public Finance Guarantee Corp. 
  ERB  Economic Revenue Bonds  PILOT  Payment in Lieu of Taxes 
  FGIC  Financial Guaranty Insurance Co.  PSF-GTD  Permanent School Fund Guaranteed 
  FNMA  Federal National Mortgage Association  RAN  Revenue Anticipation Notes 
  FSA  Financial Security Assurance Inc.  RB  Revenue Bonds 
  GAN  Grant Anticipation Notes     
See Notes to Financial Statements.         

ANNUAL REPORT

APRIL 30, 2010

11


Schedule of Investments (continued)

BlackRock Investment Quality Municipal Trust Inc. (BKN)

(Percentages shown are based on Net Assets)

  Par   
Municipal Bonds  (000)  Value 
Florida — 13.3%     
County of Miami-Dade Florida, RB:     
     CAB, Sub-Series A (NPFGC), 5.20%, 10/01/32 (b) $  4,225  $ 980,200 
     CAB, Sub-Series A (NPFGC), 5.21%, 10/01/33 (b)  4,000  850,160 
     CAB, Sub-Series A (NPFGC), 5.21%, 10/01/34 (b)  4,580  913,344 
     CAB, Sub-Series A (NPFGC), 5.22%, 10/01/35 (b)  5,000  927,200 
     CAB, Sub-Series A (NPFGC), 5.23%, 10/01/36 (b)  10,000  1,723,900 
     CAB, Sub-Series A (NPFGC), 5.24%, 10/01/37 (b)  10,000  1,605,700 
     Water & Sewer System, 5.00%, 10/01/34  2,400  2,444,808 
County of Orange Florida, Refunding RB (Syncora),     
 4.75%, 10/01/32  5,000  4,925,200 
FishHawk Community Development District II, Special     
 Assessment Bonds, Series A, 6.13%, 5/01/34  1,955  1,871,072 
Hillsborough County IDA, RB, National Gypsum Co.,     
 Series A, AMT, 7.13%, 4/01/30  3,700  3,222,737 
Miami Beach Health Facilities Authority, RB, Mount Sinai     
 Medical Center of Florida, 6.75%, 11/15/21  1,960  2,001,728 
Sumter Landing Community Development District Florida,     
 RB, Sub-Series B, 5.70%, 10/01/38  3,635  2,845,478 
Village Community Development District No. 6, Special     
 Assessment Bonds, 5.63%, 5/01/22  6,810  6,537,532 
    30,849,059 
Georgia — 3.0%     
City of Atlanta Georgia, RB (AGM), 5.00%, 11/01/34  1,500  1,513,830 
Gainesville & Hall County Hospital Authority, RB, Northeast     
 Georgia Healthcare, Series B, 5.00%, 2/15/33  3,000  2,979,600 
Gwinnett County Hospital Authority, RB, Gwinnett Hospital     
 System, Series C (AGM), 5.50%, 7/01/42  650  664,027 
Milledgeville & Baldwin County Development Authority,     
 RB, Georgia College & State University Foundation,     
 6.00%, 9/01/14 (d)  1,500  1,792,800 
    6,950,257 
Hawaii — 1.1%     
Hawaii State Department of Budget & Finance,     
 Refunding RB, Hawaiian Electric Co. Inc., Series D, AMT     
 (AMBAC), 6.15%, 1/01/20  2,500  2,503,500 
Idaho — 1.6%     
Idaho Health Facilities Authority, Refunding RB, Trinity     
 Health Group, Series B, 6.25%, 12/01/33  2,500  2,745,125 
Idaho Housing & Finance Association, RB, GAN, RAN,     
 Federal Highway Trust, Series A, 5.00%, 7/15/27  900  961,551 
    3,706,676 
Illinois — 7.1%     
Chicago Public Building Commission Building Illinois, RB,     
 Series A (NPFGC), 7.00%, 1/01/20 (e)  5,000  6,496,500 
Illinois Finance Authority, RB:     
     MJH Education Assistance IV LLC, Sub-Series B,     
     5.38%, 6/01/35 (f)(g)  700  189,021 
     Northwestern Memorial Hospital, Series A,     
     5.50%, 8/15/14 (d)  5,800  6,771,210 
     Roosevelt University Project, 6.50%, 4/01/44  1,500  1,573,065 
     Rush University Medical Center, Series C,     
     6.63%, 11/01/39  1,200  1,293,084 
Illinois Finance Authority, Refunding RB, Friendship Village     
 Schaumburg, Series A, 5.63%, 2/15/37  345  274,920 
    16,597,800 
Indiana — 0.6%     
Indiana Finance Authority, Refunding RB, Improvement,     
 U.S. Steel Corp., 6.00%, 12/01/26 (a)  1,350  1,360,071 
Iowa — 1.6%     
Iowa Finance Authority, RB, Series A (AGC),     
 5.63%, 8/15/37  3,600  3,842,496 

    Par   
Municipal Bonds    (000)  Value 
Kansas — 0.4%       
Kansas Development Finance Authority, RB, University of     
 Kansas Tenant, Series O, 4.75%, 6/15/41  $ 1,000  $ 993,510 
Kentucky — 3.0%       
Kentucky Economic Development Finance Authority,       
 RB, Louisville Arena, Sub-Series A-1 (AGC),       
 6.00%, 12/01/38    700  759,129 
Kentucky Economic Development Finance Authority,       
 Refunding RB, Norton Healthcare Inc., Series B       
 (NPFGC), 6.19%, 10/01/23 (b)    8,500  3,923,345 
Louisville/Jefferson County Metropolitan Government,       
 Refunding RB, Jewish Hospital & St. Mary’s HealthCare,     
 6.13%, 2/01/37    2,250  2,336,130 
      7,018,604 
Michigan — 4.7%       
Michigan State Building Authority, Refunding RB,       
 Facilities Program, Series I, 6.25%, 10/15/38    1,875  2,063,513 
Michigan State Hospital Finance Authority, Refunding RB:     
     Henry Ford Health System, Series A, 5.25%, 11/15/46  1,670  1,523,224 
     Hospital, Henry Ford Health, 5.75%, 11/15/39    4,110  4,052,419 
Royal Oak Hospital Finance Authority Michigan,       
 Refunding RB, William Beaumont Hospital,       
 8.25%, 9/01/39    2,750  3,245,907 
      10,885,063 
Minnesota — 1.7%       
City of Minneapolis Minnesota, Refunding RB, Fairview       
 Health Services, Series B (AGC), 6.50%, 11/15/38    3,500  3,925,880 
Mississippi — 3.6%       
Mississippi Development Bank Special Obligation,       
 RB (AGC):       
     Jackson County Limited Tax Note, 5.50%, 7/01/32  2,655  2,803,468 
     Jones County Junior College, 5.13%, 3/01/39    1,500  1,532,505 
University of Southern Mississippi, RB, Campus Facilities     
 Improvements Project, 5.38%, 9/01/36    3,750  4,009,462 
      8,345,435 
Missouri — 2.6%       
Missouri Joint Municipal Electric Utility Commission, RB,     
 Plum Point Project (NPFGC), 4.60%, 1/01/36    2,790  2,408,886 
Missouri State Health & Educational Facilities Authority,     
 RB, SSM Health Care, Series B (a):       
     4.25%, 6/01/25    2,080  2,016,768 
     4.75%, 6/01/34    1,750  1,737,523 
      6,163,177 
Multi-State — 3.1%       
Centerline Equity Issuer Trust, 7.60%, 12/15/50 (h)(i)    7,000  7,166,740 
Nebraska — 0.2%       
Douglas County Hospital Authority No. 2, RB, Health       
 Facilities, Immanuel Obligation Group, 5.50%, 1/01/30  575  572,901 
Nevada — 0.5%       
County of Clark Nevada, Refunding RB, Alexander Dawson     
 School Nevada Project, 5.00%, 5/15/29    1,065  1,066,076 
New Jersey — 7.9%       
Middlesex County Improvement Authority, RB,       
 Subordinate, Heldrich Center Hotel, Series B,       
 6.25%, 1/01/37    1,510  278,927 
New Jersey EDA, RB:       
     Cigarette Tax, 5.75%, 6/15/29    7,000  6,872,180 
     Motor Vehicle Surcharge, Series A (NPFGC),       
     5.00%, 7/01/27    1,150  1,165,893 
     School Facilities Construction, Series CC-2,       
     4.38%, 12/15/32 (a)    1,750  1,702,103 

See Notes to Financial Statements.

12 ANNUAL REPORT

APRIL 30, 2010


Schedule of Investments (continued)

BlackRock Investment Quality Municipal Trust Inc. (BKN)

(Percentages shown are based on Net Assets)

  Par   
Municipal Bonds  (000)  Value 
New Jersey (concluded)     
New Jersey Educational Facilities Authority, RB, Princeton     
 University, Series B, 4.25%, 7/01/40  $ 2,600  $ 2,573,662 
New Jersey Educational Facilities Authority, Refunding RB,     
 University of Medicine & Dentistry, Series B:     
     7.13%, 12/01/23  950  1,097,573 
     7.50%, 12/01/32  1,225  1,403,005 
New Jersey State Housing & Mortgage Finance Agency,     
 RB, Series AA, 6.50%, 10/01/38  1,010  1,102,152 
Port Authority of New York & New Jersey, Refunding RB,     
 Consolidated, 152nd Series, AMT, 5.75%, 11/01/30  1,000  1,067,990 
University of Medicine & Dentistry of New Jersey, RB,     
 Series A (AMBAC), 5.50%, 12/01/27  1,000  1,009,050 
    18,272,535 
New York — 7.7%     
Albany Industrial Development Agency, RB, New Covenant     
 Charter School Project, Series A, 7.00%, 5/01/35 (f)  725  290,007 
City of Troy New York, Refunding RB, Rensselaer     
 Polytechnic, Series A, 5.13%, 9/01/40  650  663,826 
Long Island Power Authority, Refunding RB, Series A:     
     6.25%, 4/01/33  480  554,486 
     5.75%, 4/01/39  2,475  2,707,749 
Metropolitan Transportation Authority, Refunding RB,     
 Series A, 5.13%, 1/01/29  3,000  3,064,920 
New York City Industrial Development Agency, RB:     
     American Airlines Inc., JFK International Airport, AMT,     
     7.63%, 8/01/25  2,600  2,636,322 
     Queens Baseball Stadium, PILOT (AGC),     
     6.50%, 1/01/46  1,100  1,214,829 
New York Liberty Development Corp., RB, Goldman Sachs     
 Headquarters, 5.25%, 10/01/35  2,000  2,008,300 
New York State Dormitory Authority, RB:     
     5.83%, 7/01/39 (c)  1,825  1,512,432 
     Rochester Institute of Technology, Series A,     
     6.00%, 7/01/33  1,625  1,792,310 
     University of Rochester, Series A, 5.13%, 7/01/39  550  574,299 
State of New York, GO, Series A, 5.00%, 2/15/39  950  1,001,756 
    18,021,236 
North Carolina — 2.2%     
City of Charlotte North Carolina, Refunding RB, Series A,     
 5.50%, 7/01/34  325  345,534 
Gaston County Industrial Facilities & Pollution Control     
 Financing Authority North Carolina, RB, Exempt     
 Facilities, National Gypsum Co. Project, AMT,     
 5.75%, 8/01/35  2,425  1,741,950 
North Carolina Medical Care Commission, RB, WakeMed,     
 Series A (AGC), 5.88%, 10/01/38  1,000  1,042,310 
North Carolina Medical Care Commission, Refunding RB,     
 University Health System, Series D, 6.25%, 12/01/33  1,750  1,934,537 
    5,064,331 
Ohio — 5.7%     
County of Cuyahoga Ohio, Refunding RB, Series A,     
 6.00%, 1/01/21  5,000  5,478,500 
Kent State University, Refunding RB, General Receipts,     
 Series B (AGC), 4.25%, 5/01/31  1,400  1,393,070 
Ohio Higher Educational Facility Commission,     
 Refunding RB:     
     Kenyon College Project, 4.75%, 7/01/39  550  551,727 
     Summa Health System, 2010 Project (AGC),     
     5.25%, 11/15/40 (a)  2,400  2,350,224 
State of Ohio, Refunding RB, Kenyon College Project,     
 5.00%, 7/01/41  3,595  3,598,523 
    13,372,044 

    Par   
Municipal Bonds    (000)  Value 
Oklahoma — 1.3%       
Tulsa Airports Improvement Trust, RB, Series A, AMT,       
 7.75%, 6/01/35 (j)  $ 2,900  $ 2,930,740 
Oregon — 1.5%       
Oregon Health & Science University, RB, Series A,       
 5.75%, 7/01/39    2,250  2,381,220 
Port of Morrow Oregon, RB, Portland General Electric,       
 Series A, 5.00%, 5/01/33    1,200  1,214,940 
      3,596,160 
Pennsylvania — 5.6%       
Delaware River Port Authority, RB, Port District Project,       
 Series B (AGM), 5.70%, 1/01/22    2,000  2,002,700 
McKeesport Area School District, GO, CAB (FGIC) (b):       
     5.53%, 10/01/31    2,435  742,870 
     5.53%, 10/01/31 (e)    870  343,937 
Pennsylvania Economic Development Financing Authority,     
 RB, AMT, Series A:       
     Amtrak Project, 6.25%, 11/01/31    2,000  2,023,920 
     Amtrak Project, 6.38%, 11/01/41    3,100  3,140,827 
     Reliant Energy, 6.75%, 12/01/36    4,645  4,792,479 
      13,046,733 
Puerto Rico — 4.3%       
Puerto Rico Electric Power Authority, Refunding RB,       
 Series UU (AGM), 5.00%, 7/01/23    2,900  3,044,913 
Puerto Rico Housing Finance Authority, Refunding RB,       
 Subordinate, Capital Fund Modernization,       
 5.13%, 12/01/27    2,500  2,495,575 
Puerto Rico Sales Tax Financing Corp., RB, First       
 Sub-Series A, 5.75%, 8/01/37    3,000  3,180,750 
Puerto Rico Sales Tax Financing Corp., Refunding RB,       
 CAB, Series A (NPFGC), 5.77%, 8/01/41 (b)    7,500  1,184,625 
      9,905,863 
Rhode Island — 3.6%       
Rhode Island Health & Educational Building Corp., RB,       
 Hospital Financing, LifeSpan Obligation, Series A (AGC),     
 7.00%, 5/15/39    3,000  3,457,080 
Rhode Island Health & Educational Building Corp.,       
 Refunding RB, Hospital, Lifespan (NPFGC),       
 5.50%, 5/15/16    200  200,258 
Rhode Island Housing & Mortgage Finance Corp.,       
 RB, Homeownership Opportunity, Series 54, AMT,       
 4.85%, 10/01/41    2,165  2,038,044 
Rhode Island Turnpike & Bridge Authority, RB, Series A,       
 5.00%, 12/01/35    1,330  1,328,032 
State of Rhode Island, COP, Series C, School for the Deaf     
 (AGC), 5.38%, 4/01/28    1,330  1,409,654 
      8,433,068 
South Carolina — 5.1%       
South Carolina Jobs-EDA, Refunding RB:       
     Palmetto Health Alliance, Series A, 6.25%, 8/01/31  2,185  2,236,238 
     Palmetto Health, Series C, 6.88%, 8/01/13 (d)    3,560  4,172,356 
     Palmetto Health, Series C, 6.88%, 8/01/13 (d)    440  517,528 
South Carolina State Housing Finance & Development       
 Authority, Refunding RB, Series A-2, AMT (AMBAC),       
 5.15%, 7/01/37    4,975  4,967,388 
      11,893,510 
Tennessee — 1.5%       
Memphis-Shelby County Airport Authority, RB, Series D,       
 AMT (AMBAC), 6.00%, 3/01/24    1,360  1,373,899 
Memphis-Shelby County Sports Authority Inc.,       
 Refunding RB, Memphis Arena Project, Series A:       
     5.25%, 11/01/27    1,135  1,162,297 
     5.38%, 11/01/28    1,000  1,028,850 
      3,565,046 

See Notes to Financial Statements.

ANNUAL REPORT

APRIL 30, 2010

13


Schedule of Investments (continued)

BlackRock Investment Quality Municipal Trust Inc. (BKN)

(Percentages shown are based on Net Assets)

    Par   
Municipal Bonds    (000)  Value 
Texas — 8.1%       
Harris County Health Facilities Development Corp.,       
 Refunding RB, Memorial Hermann Healthcare System, B:     
     7.13%, 12/01/31  $ 1,000  $ 1,124,520 
     7.25%, 12/01/35    2,650  2,987,001 
Harris County-Houston Sports Authority, Refunding RB,       
 CAB, Senior Lien, Series A (NPFGC), 6.17%,       
 11/15/38 (b)    5,000  697,800 
Lower Colorado River Authority, Refunding RB:       
     (AMBAC), 4.75%, 5/15/36    2,000  1,976,380 
     (NPFGC), 5.00%, 5/15/13 (d)    20  22,257 
     Series A (NPFGC), 5.00%, 5/15/13 (d)    5  5,564 
Matagorda County Navigation District No. 1 Texas,       
 Refunding RB, Central Power & Light Co. Project,       
 Series A, 6.30%, 11/01/29    2,200  2,381,544 
San Antonio Energy Acquisition Public Facility Corp., RB,     
 Gas Supply, 5.50%, 8/01/24    2,550  2,587,587 
Texas State Turnpike Authority, RB (AMBAC):       
     CAB, 6.05%, 8/15/31 (b)    15,000  3,834,450 
     First Tier, Series A, 5.00%, 8/15/42    3,325  3,191,136 
      18,808,239 
Virginia — 0.9%       
Tobacco Settlement Financing Corp. Virginia,       
 Refunding RB, Senior Series B1, 5.00%, 6/01/47    2,900  1,996,157 
Washington — 1.0%       
Washington Health Care Facilities Authority, RB, MultiCare     
 Health System, Series B (AGC), 6.00%, 8/15/39    2,100  2,242,149 
Wisconsin — 1.9%       
Wisconsin Health & Educational Facilities Authority, RB,       
 Aurora Health Care, 6.40%, 4/15/33    3,220  3,287,491 
Wisconsin Housing & EDA, Refunding RB, Series A, AMT,       
 4.75%, 9/01/33    1,250  1,191,113 
      4,478,604 
Wyoming — 1.7%       
County of Sweetwater Wyoming, Refunding RB, Idaho       
 Power Co. Project, 5.25%, 7/15/26    1,800  1,903,032 
Wyoming Community Development Authority, RB, Series 3,     
 AMT, 4.75%, 12/01/37    2,145  2,068,230 
      3,971,262 
Total Municipal Bonds — 147.6%      343,203,327 
Municipal Bonds Transferred to       
Tender Option Bond Trusts (k)       
Colorado — 2.3%       
Colorado Health Facilities Authority, RB, Catholic Health,       
 Series C-7 (AGM), 5.00%, 9/01/36    5,250  5,277,510 
Illinois — 1.4%       
Chicago Housing Authority, Refunding RB (AGM),       
 5.00%, 7/01/24    3,194  3,318,905 
Massachusetts — 1.4%       
Massachusetts Water Resources Authority, Refunding RB,     
 General, Series A, 5.00%, 8/01/41    3,070  3,164,464 
New York — 2.2%       
New York City Municipal Water Finance Authority, RB:       
     Fiscal 2009, Series A, 5.75%, 6/15/40    690  780,520 
     Series FF-2, 5.50%, 6/15/40    810  900,552 
New York State Dormitory Authority, RB, New York       
 University, Series A, 5.00%, 7/01/38    3,359  3,514,712 
      5,195,784 

Municipal Bonds Transferred to  Par   
Tender Option Bond Trusts (k)  (000)  Value 
Ohio — 1.9%     
County of Montgomery Ohio, RB, Catholic Health,     
 Series C-1 (FSA), 5.00%, 10/01/41  $ 1,740  $ 1,739,930 
Ohio Higher Educational Facility Commission,     
 Refunding RB, Hospital, Cleveland Clinic Health,     
 Series A, 5.25%, 1/01/33  2,600  2,692,716 
    4,432,646 
Total Municipal Bonds Transferred to     
Tender Option Bond Trusts — 9.2%    21,389,309 
Total Long-Term Investments     
(Cost — $359,984,457) — 156.8%    364,592,636 
Short-Term Securities  Shares   
FFI Institutional Tax-Exempt Fund, 0.25% (l)(m)  7,659,955  7,659,955 
Total Short-Term Securities     
(Cost — $7,659,955) — 3.3%    7,659,955 
Total Investments (Cost — $367,644,412*) — 160.1%    372,252,591 
Liabilities in Excess of Other Assets — (1.1)%    (2,667,687) 
Liability for Trust Certificates, Including Interest     
   Expense and Fees Payable — (4.8)%    (11,145,820) 
Preferred Shares, at Redemption Value — (54.2)%    (125,967,819) 
Net Assets Applicable to Common Shares — 100.0%    $232,471,265 

* The cost and unrealized appreciation (depreciation) of investments as of April 30,
2010, as computed for federal income tax purposes, were as follows:

Aggregate cost  $ 356,087,182 
Gross unrealized appreciation  $ 16,591,803 
Gross unrealized depreciation  (11,563,795) 
Net unrealized appreciation  $ 5,028,008 

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

    Unrealized 
Counterparty  Value  Appreciation 
Citigroup Global Markets, Inc.  $3,754,291  $ 18,985 
JPMorgan Securities  $2,350,224  $ 10,800 
Merrill Lynch  $7,331,525  $ 50,567 
Morgan Stanley & Co., Inc.  $1,360,071  $ 10,071 

(b) Represents a zero-coupon bond. Rate shown reflects the current yield as of
report date.
(c) 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.
(d) US 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) Security is collateralized by Municipal or US Treasury obligations.
(f) Issuer filed for bankruptcy and/or is in default of interest payments.
(g) Non-income producing security.
(h) Security exempt from registration under Rule 144A of the Securities Act of 1933.
These securities may be resold in transactions exempt from registration to qualified
institutional investors.
(i) 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 govern-
ments, or their respective agencies or authorities. The security is subject to remarket-
ing prior to its stated maturity.
(j) Variable rate security. Rate shown is as of report date.

See Notes to Financial Statements.

14 ANNUAL REPORT

APRIL 30, 2010


Schedule of Investments (concluded)

BlackRock Investment Quality Municipal Trust Inc. (BKN)

(k) Securities represent bonds transferred to a tender option bond trust in exchange
for which the Trust acquired residual interest certificates. These securities serve
as collateral in a financing transaction. See Note 1 of the Notes to Financial
Statements for details of municipal bonds transferred to tender option bond trusts.
(l) Investments in companies considered to be an affiliate of the Trust during the year,
for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were
as follows:

  Shares Held at    Shares Held at   
  April 30,  Net  April 30,   
Affiliate  2009  Activity  2010  Income 
FFI Institutional         
   Tax-Exempt Fund  11,400,000  (3,740,045)  7,659,955  $21,268 

(m) Represents the current yield as of report date.
Fair Value Measurements — Various inputs are used in determining the fair value of
investments, which are as follows:
Level 1 — price quotations in active markets/exchanges for identical assets
and liabilities
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)
The inputs or methodologies used for valuing securities are not necessarily an
indication of the risk associated with investing in those securities. For information
about the Trust’s policy regarding valuation of investments and other significant
accounting policies, please refer to Note 1 of the Notes to Financial Statements.
The following table summarizes the inputs used as of April 30, 2010 in determining
the fair valuation of the Trust’s investments:

Investments in Securities

Valuation Inputs  Level 1  Level 2  Level 3  Total 
Assets:         
Long-Term         
   Investments1    $364,592,636    $364,592,636 
Short-Term         
   Securities  $ 7,659,955      $ 7,659,955 
Total  $ 7,659,955  $364,592,636    $372,252,591 

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

See Notes to Financial Statements.

ANNUAL REPORT

APRIL 30, 2010

15


Schedule of Investments April 30, 2010

BlackRock Long-Term Municipal Advantage Trust (BTA)

(Percentages shown are based on Net Assets)

  Par   
Municipal Bonds  (000)           Value 
Arizona — 3.7%     
Pima County IDA, RB, American Charter Schools     
 Foundation, Series A, 5.63%, 7/01/38  $ 1,700  $ 1,344,700 
Pima County IDA, Refunding IDRB, Tucson Electric Power,     
 5.75%, 9/01/29  380  386,680 
Pima County IDA, Refunding RB, Arizona Charter Schools     
 Project, Series O, 5.25%, 7/01/31  1,000  797,900 
Salt River Project Agricultural Improvement & Power     
 District, RB, Series A, 5.00%, 1/01/38  665  695,098 
Salt Verde Financial Corp., RB, Senior, 5.00%, 12/01/37  2,590  2,296,683 
    5,521,061 
California — 9.7%     
California HFA, RB, Home Mortgage, AMT:     
     Series G, 5.50%, 8/01/42  2,620  2,651,361 
     Series K, 5.50%, 2/01/42  940  994,877 
California Health Facilities Financing Authority,     
 Refunding RB:     
     Catholic Healthcare West, Series A, 6.00%, 7/01/39  680  728,953 
     St. Joseph Health System, Series A, 5.75%, 7/01/39  385  400,258 
California State Public Works Board, RB, Various Capital     
 Projects, Sub-Series I-1, 6.38%, 11/01/34  400  428,540 
California Statewide Communities Development Authority,     
 Refunding RB, Senior Living, Southern California:     
     6.25%, 11/15/19  1,000  1,079,030 
     6.63%, 11/15/24  540  573,901 
Los Angeles Department of Airports, RB, Series A,     
 5.25%, 5/15/39  270  279,823 
San Francisco City & County Public Utilities Commission,     
 RB, Series B, 5.00%, 11/01/39  3,225  3,341,003 
State of California, GO:     
     4.50%, 10/01/36  2,000  1,792,120 
     Various Purpose, 6.50%, 4/01/33  2,000  2,267,540 
    14,537,406 
Colorado — 0.6%     
North Range Metropolitan District No. 2, GO, Limited Tax,     
 5.50%, 12/15/37  1,200  871,956 
Connecticut — 0.6%     
Connecticut Housing Finance Authority, RB,     
 Sub-Series C-1, 4.85%, 11/15/34  825  830,989 
District of Columbia — 8.2%     
District of Columbia, RB, Methodist Home District of     
 Columbia, Series A:     
     7.38%, 1/01/30  550  557,585 
     7.50%, 1/01/39  910  923,404 
District of Columbia Tobacco Settlement Financing Corp.,     
 Refunding RB, Asset-Backed:     
     6.25%, 5/15/24  4,810  4,833,521 
     6.50%, 5/15/33  5,700  5,593,068 
Metropolitan Washington Airports Authority, RB,     
 First Senior Lien, Series A:     
     5.00%, 10/01/39  170  176,462 
     5.25%, 10/01/44  270  282,274 
    12,366,314 
Florida — 4.2%     
County of Miami-Dade Florida, RB, Water & Sewer     
 System, 5.00%, 10/01/34  1,950  1,986,406 
County of Miami-Dade Florida, Refunding RB, Miami     
 International Airport, Series A-1, 5.38%, 10/01/41  400  404,596 
Sarasota County Health Facilities Authority, Refunding RB,     
 Village On The Isle Project, 5.50%, 1/01/32  520  461,053 
Sumter Landing Community Development District Florida,     
 RB, Sub-Series B, 5.70%, 10/01/38  1,415  1,107,662 

  Par   
Municipal Bonds  (000)           Value 
Florida (concluded)     
Tolomato Community Development District, Special     
 Assessment Bonds, Special Assessment,     
 6.65%, 5/01/40  $ 1,750  $ 1,392,650 
Watergrass Community Development District, Special     
 Assessment Bonds, Series A, 5.38%, 5/01/39  1,850  947,256 
    6,299,623 
Georgia — 3.0%     
DeKalb County Hospital Authority Georgia, RB, DeKalb     
 Medical Center Inc. Project, 6.13%, 9/01/40 (a)  1,475  1,475,413 
DeKalb Private Hospital Authority, Refunding RB,     
 Children’s Healthcare, 5.25%, 11/15/39  285  295,824 
Metropolitan Atlanta Rapid Transit Authority, RB, Third     
 Series, 5.00%, 7/01/39  1,190  1,252,499 
Rockdale County Development Authority, RB, Visy Paper     
 Project, Series A, AMT, 6.13%, 1/01/34  1,600  1,475,552 
    4,499,288 
Guam — 0.5%     
Territory of Guam, GO, Series A:     
     6.00%, 11/15/19  200  207,042 
     6.75%, 11/15/29  295  313,750 
     7.00%, 11/15/39  205  218,907 
    739,699 
Illinois — 1.8%     
Illinois Finance Authority, RB, Advocate Health Care,     
 Series C, 5.38%, 4/01/44  1,845  1,891,549 
Illinois Finance Authority, Refunding RB, Central DuPage     
 Health, Series B, 5.50%, 11/01/39  550  571,445 
State of Illinois, RB, Build Illinois, Series B,     
 5.25%, 6/15/34  215  224,004 
    2,686,998 
Indiana — 2.4%     
Delaware County Hospital Authority Indiana, RB, Cardinal     
 Health System Obligation Group, 5.25%, 8/01/36  2,000  1,769,160 
Indiana Finance Authority, RB, Sisters of St. Francis     
 Health, 5.25%, 11/01/39  290  295,211 
Indiana Finance Authority, Refunding RB, Parkview Health     
 System, Series A, 5.75%, 5/01/31  1,100  1,131,108 
Indiana Municipal Power Agency, RB, Indiana Municipal     
 Power Agency, Series B, 6.00%, 1/01/39  350  378,186 
    3,573,665 
Kansas — 0.3%     
City of Lenexa Kansas, Refunding RB, 5.50%, 5/15/39  650  528,483 
Kentucky — 0.2%     
Kentucky Economic Development Finance Authority,     
 Refunding RB, Owensboro Medical Health System,     
 Series A, 6.38%, 6/01/40  350  359,800 
Louisiana — 1.4%     
Louisiana Local Government Environmental Facilities     
 & Community Development Authority, RB, Westlake     
 Chemical Corp. Projects, 6.75%, 11/01/32  2,000  2,056,640 
Maryland — 1.2%     
Maryland EDC, RB, Transportation Facilities Project,     
 Series A, 5.75%, 6/01/35  150  153,215 
Maryland Health & Higher Educational Facilities     
 Authority, RB, King Farm Presbyterian Community,     
 Series B, 5.00%, 1/01/17  725  664,622 
Maryland Health & Higher Educational Facilities     
 Authority, Refunding RB, University of Maryland     
 Medical System:     
     5.00%, 7/01/34  490  492,832 
     5.13%, 7/01/39  490  494,067 
    1,804,736 

See Notes to Financial Statements.

16 ANNUAL REPORT

APRIL 30, 2010


Schedule of Investments (continued)

BlackRock Long-Term Municipal Advantage Trust (BTA)

(Percentages shown are based on Net Assets)

  Par   
Municipal Bonds  (000)  Value 
Massachusetts — 0.4%     
Massachusetts Health & Educational Facilities Authority,     
 Refunding RB, Partners Healthcare, Series J1,     
 5.00%, 7/01/39  $ 615  $ 623,542 
Michigan — 2.2%     
City of Detroit Michigan, RB, Senior Lien, Series B (AGM),     
 7.50%, 7/01/33  560  672,426 
Garden City Hospital Finance Authority Michigan,     
 Refunding RB, Garden City Hospital Obligation,     
 Series A, 5.00%, 8/15/38  1,540  1,022,606 
Royal Oak Hospital Finance Authority Michigan,     
 Refunding RB, William Beaumont Hospital,     
 8.25%, 9/01/39  1,400  1,652,462 
    3,347,494 
Montana — 0.5%     
Two Rivers Authority, RB, Senior Lien (b)(c):     
     7.25%, 11/01/21  1,500  264,225 
     7.38%, 11/01/27  2,600  456,846 
    721,071 
New York — 5.5%     
New York City Industrial Development Agency, RB,     
 American Airlines Inc., JFK International Airport, AMT,     
 7.63%, 8/01/25  4,000  4,055,880 
New York State Dormitory Authority, ERB, Series F,     
 5.00%, 3/15/35  2,005  2,070,483 
New York State Dormitory Authority, RB, New York     
 University, Series A, 5.25%, 7/01/48  2,000  2,116,180 
    8,242,543 
North Carolina — 0.9%     
City of Charlotte North Carolina, RB, Series B,     
 5.00%, 7/01/38  320  344,838 
North Carolina Medical Care Commission, RB, Duke     
 University Health System, Series A:     
     5.00%, 6/01/39  220  224,336 
     5.00%, 6/01/42  480  487,335 
North Carolina Municipal Power Agency No. 1 Catawba,     
 Refunding RB, Series A, 5.00%, 1/01/30  365  373,483 
    1,429,992 
Ohio — 1.8%     
County of Allen Ohio, Refunding RB, Catholic Healthcare,     
 Series A, 5.25%, 6/01/38 (a)  2,650  2,720,887 
Pennsylvania — 2.0%     
Allegheny County Hospital Development Authority,     
 Refunding RB, Health System, West Penn, Series A,     
 5.38%, 11/15/40  2,080  1,669,262 
Pennsylvania Economic Development Financing Authority,     
 RB, Aqua Pennsylvania Inc. Project, 5.00%, 11/15/40  650  669,377 
Pennsylvania Higher Educational Facilities Authority,     
 Refunding RB, Allegheny Delaware Valley Obligation,     
 Series A (NPFGC), 5.88%, 11/15/21  700  675,276 
    3,013,915 
Puerto Rico — 1.3%     
Puerto Rico Sales Tax Financing Corp., RB, First     
 Sub-Series A, 6.50%, 8/01/44  1,705  1,926,156 
South Carolina — 2.5%     
South Carolina Jobs-EDA, Refunding RB:     
     First Mortgage, Lutheran Homes, 5.50%, 5/01/28  600  521,952 
     First Mortgage, Lutheran Homes, 5.63%, 5/01/42  1,000  828,130 
     Palmetto Health, 5.50%, 8/01/26  565  560,632 
     Senior Lien, Burroughs & Chapin, Series A (Radian),     
     4.70%, 4/01/35  2,470  1,867,987 
    3,778,701 

    Par   
Municipal Bonds    (000)  Value 
Texas — 4.7%       
Brazos River Authority, RB, TXU Electric, Series A, AMT,       
 8.25%, 10/01/30  $ 1,500  $ 930,105 
City of Houston Texas, RB, Senior Lien, Series A,       
 5.50%, 7/01/39    510  543,430 
HFDC of Central Texas Inc., RB, Village at Gleannloch       
 Farms, Series A, 5.50%, 2/15/27    1,150  954,281 
Matagorda County Navigation District No. 1 Texas,       
 Refunding RB, Central Power & Light Co. Project,       
 Series A, 6.30%, 11/01/29    700  757,764 
North Texas Tollway Authority, RB, Toll, 2nd Tier, Series F,       
 6.13%, 1/01/31    2,290  2,442,377 
Texas Private Activity Bond Surface Transportation Corp.,     
 RB, Senior Lien, Note Mobility, 6.88%, 12/31/39    1,315  1,373,807 
      7,001,764 
Utah — 0.6%       
City of Riverton Utah, RB, IHC Health Services Inc.,       
 5.00%, 8/15/41    955  971,264 
Vermont — 1.9%       
Vermont HFA, RB, Series 27, AMT (AGM), 4.90%, 5/01/38  3,020  2,908,683 
Virginia — 3.9%       
Fairfax County EDA, Refunding RB, Goodwin House Inc.,     
 5.13%, 10/01/42    850  813,118 
Peninsula Ports Authority, Refunding RB, Virginia Baptist     
 Homes, Series C, 5.38%, 12/01/26    2,600  1,732,016 
Reynolds Crossing Community Development Authority,       
 Special Assessment Bonds, Reynolds Crossing Project,     
 5.10%, 3/01/21    1,000  944,490 
Tobacco Settlement Financing Corp. Virginia,       
 Refunding RB, Senior Series B1, 5.00%, 6/01/47    1,480  1,018,728 
Virginia HDA, RB, Rental Housing, Series F,       
 5.00%, 4/01/45    1,000  1,002,940 
Virginia Small Business Financing Authority,       
 Refunding RB, Sentara Healthcare, 5.00%, 11/01/40  330  336,772 
      5,848,064 
Wisconsin — 3.6%       
Wisconsin Health & Educational Facilities Authority,       
 RB, Ascension Health Credit Group, Series A,       
 5.00%, 11/15/31    5,335  5,454,291 
Wyoming — 0.1%       
Wyoming Municipal Power Agency, RB, Series A,       
 5.00%, 1/01/42    100  99,207 
Total Municipal Bonds — 69.7%      104,764,232 
Municipal Bonds Transferred to       
Tender Option Bond Trusts (d)       
California — 16.1%       
Bay Area Toll Authority, Refunding RB, San Francisco       
 Bay Area, Series F-1, 5.63%, 4/01/44    1,085  1,181,305 
California Educational Facilities Authority, RB, University of     
 Southern California, Series A, 5.25%, 10/01/18    835  895,387 
Golden State Tobacco Securitization Corp. California,       
 Custodial Receipts, Series 1271, 5.00%, 6/01/45 (e)  5,000  4,548,300 
Los Angeles Department of Airports, Refunding RB,       
 Senior, Los Angeles International Airport, Series A,       
 5.00%, 5/15/40    2,045  2,083,773 
San Diego Community College District California, GO,       
 Election of 2002, 5.25%, 8/01/33    545  572,250 
University of California, RB, Series B (NPFGC),       
 4.75%, 5/15/38    15,000  14,861,850 
      24,142,865 
Colorado — 0.5%       
Colorado Health Facilities Authority, Refunding RB,       
 Catholic Healthcare, Series A, 5.50%, 7/01/34    735  779,468 

See Notes to Financial Statements.

ANNUAL REPORT

APRIL 30, 2010

17


Schedule of Investments (concluded)

BlackRock Long-Term Municipal Advantage Trust (BTA)

(Percentages shown are based on Net Assets)

Municipal Bonds Transferred to  Par   
Tender Option Bond Trusts (d)  (000)  Value 
Illinois — 10.0%     
City of Chicago Illinois, Custodial Receipts, Series 1284,     
 5.00%, 1/01/33 (e)  $ 15,000  $ 15,013,650 
Indiana — 9.3%     
Carmel Redevelopment Authority, RB, Performing     
 Arts Center:     
 4.75%, 2/01/33  7,230  7,262,029 
 5.00%, 2/01/33  6,580  6,744,697 
    14,006,726 
Massachusetts — 8.0%     
Massachusetts HFA, Refunding HRB, Series D, AMT,     
 5.45%, 6/01/37  11,855  11,988,369 
Nebraska — 3.3%     
Omaha Public Power District, RB, System, Sub-Series B     
 (NPFGC), 4.75%, 2/01/36  5,000  5,039,700 
New Hampshire — 0.5%     
New Hampshire Health & Education Facilities Authority,     
 Refunding RB, Dartmouth College, 5.25%, 6/01/39  660  716,549 
New York — 14.0%     
New York City Municipal Water Finance Authority, RB,     
 Series FF-2, 5.50%, 6/15/40  500  556,035 
New York City Municipal Water Finance Authority,     
 Refunding RB, Series D, 5.00%, 6/15/39  7,500  7,731,825 
New York State Dormitory Authority, ERB, Series B,     
 5.75%, 3/15/36  11,250  12,753,000 
    21,040,860 
North Carolina — 10.3%     
University of North Carolina at Chapel Hill, Refunding RB,     
 General, Series A, 4.75%, 12/01/34  15,170  15,444,880 
Ohio — 3.2%     
State of Ohio, Refunding RB, Cleveland Clinic Health,     
 Series A, 5.50%, 1/01/39  4,630  4,837,285 
South Carolina — 2.0%     
South Carolina State Housing Finance & Development     
 Authority, Refunding RB, Series B-1, 5.55%, 7/01/39  2,980  3,071,635 
Texas — 7.8%     
County of Harris Texas, RB, Senior Lien, Toll Road,     
 Series A, 5.00%, 8/15/38  2,130  2,203,464 
New Caney ISD Texas, GO, School Building (PSF-GTD),     
 5.00%, 2/15/35  9,150  9,517,555 
    11,721,019 
Wisconsin — 1.4%     
Wisconsin Health & Educational Facilities Authority,     
 Refunding RB, Froedtert & Community Health Inc.,     
 5.25%, 4/01/39  1,990  2,038,317 
Total Municipal Bonds Transferred to     
Tender Option Bond Trusts — 86.4%    129,841,323 
Total Long-Term Investments     
(Cost — $242,594,806) — 156.1%    234,605,555 
Short-Term Securities  Shares   
FFI Institutional Tax-Exempt Fund, 0.25% (f)(g)  1,118,809  1,118,809 
Total Short-Term Securities     
(Cost — $1,118,809) — 0.7%    1,118,809 
Total Investments (Cost — $243,713,615*) — 156.8%    235,724,364 
Other Assets Less Liabilities — 0.7%    1,022,513 
Liability for Trust Certificates, Including Interest     
   Expense and Fees Payable — (57.5)%    (86,389,643) 
Net Assets — 100.0%    $150,357,234 

* The cost and unrealized appreciation (depreciation) of investments as of April 30,
2010, as computed for federal income tax purposes, were as follows:

Aggregate cost  $157,441,416 
Gross unrealized appreciation  $ 4,582,347 
Gross unrealized depreciation  (12,389,399) 
Net unrealized depreciation  $ (7,807,052) 

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

    Unrealized 
Counterparty  Value  Appreciation 
JPMorgan Securities, Inc.  $2,720,887  $ 25,361 
Raymond C. Forbes & Co.  $1,475,413  $ 25,518 

(b) Issuer filed for bankruptcy and/or is in default of interest payments.
(c) Non-income producing security.
(d) Securities represent bonds transferred to a tender option bond trust in exchange for
which the Trust acquired residual interest certificates. These securities serve as col-
lateral in a financing transaction. See Note 1 of the Notes to Financial Statements
for details of municipal bonds transferred to tender option bond trusts.
(e) Security exempt from registration under Rule 144A of the Securities Act of 1933.
These securities may be resold in transactions exempt from registration to qualified
institutional investors.
(f) Investments in companies considered to be an affiliate of the Trust during the year,
for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were
as follows:

  Shares Held at    Shares Held at   
  April 30,  Net  April 30,   
Affiliate  2009  Activity  2010  Income 
FFI Institutional         
   Tax-Exempt Fund  1,400,185  (281,376)   1,118,809 $       6,167 

(g) Represents the current yield as of report date.
Fair Value Measurements — Various inputs are used in determining the fair value of
investments, which are as follows:
Level 1 — price quotations in active markets/exchanges for identical assets
and liabilities
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)
The inputs or methodologies used for valuing securities are not necessarily an
indication of the risk associated with investing in those securities. For information
about the Trust’s policy regarding valuation of investments and other significant
accounting policies, please refer to Note 1 of the Notes to Financial Statements.
The following table summarizes the inputs used as of April 30, 2010 in determining
the fair valuation of the Trust’s investments:

Investments in Securities

Valuation Inputs  Level 1  Level 2  Level 3  Total 
Assets:         
Long-Term         
   Investments1    $234,605,555    $234,605,555 
Short-Term         
   Securities  $ 1,118,809      1,118,809 
Total  $ 1,118,809  $234,605,555    $235,724,364 

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

See Notes to Financial Statements.

18 ANNUAL REPORT

APRIL 30, 2010


Schedule of Investments April 30, 2010

BlackRock Municipal 2020 Term Trust (BKK)
(Percentages shown are based on Net Assets)

  Par   
Municipal Bonds  (000)  Value 
Alabama — 0.4%     
Courtland IDB Alabama, Refunding RB, International     
 Paper Co. Projects, Series A, 4.75%, 5/01/17  $ 1,165  $ 1,148,643 
Arizona — 3.3%     
Phoenix Civic Improvement Corp., RB, Junior Lien,     
 Series A, 5.00%, 7/01/21  5,585  6,223,086 
Pima County IDA, Refunding RB, Tucson Electric     
 Power Co., San Juan, Series A, 4.95%, 10/01/20  1,015  1,025,668 
Salt Verde Financial Corp., RB, Senior:     
     5.00%, 12/01/18  1,500  1,489,605 
     5.25%, 12/01/20  1,000  999,550 
    9,737,909 
California — 19.6%     
California Statewide Communities Development Authority,     
 RB, John Muir Health, Series A, 5.00%, 8/15/22  5,000  5,080,550 
Foothill Eastern Transportation Corridor Agency California,     
 Refunding RB, CAB (a):     
     5.95%, 1/15/21  12,500  5,952,375 
     5.86%, 1/15/22  10,000  4,443,100 
Golden State Tobacco Securitization Corp.     
 California, RB (b):     
     Asset-Backed, Series A-3, 7.88%, 6/01/13  975  1,169,542 
     Asset-Backed, Series A-5, 7.88%, 6/01/13  1,470  1,763,309 
     Enhanced Asset-Backed, Series B, 5.38%, 6/01/10  4,000  4,017,240 
     Series 2003-A-1, 6.75%, 6/01/13  12,010  14,012,547 
     Series 2003-A-1, 6.63%, 6/01/13  3,000  3,488,910 
Los Angeles Unified School District California, GO,     
 Series I, 5.00%, 7/01/20  3,750  4,169,138 
Riverside County Asset Leasing Corp. California,     
 RB, Riverside County Hospital Project (NPFGC),     
 5.75%, 6/01/25 (a)  6,865  2,756,847 
San Manuel Entertainment Authority, Series 04-C,     
 4.50%, 12/01/16  4,000  3,603,200 
State of California, GO, Various Purpose,     
 5.00%, 11/01/22  7,050  7,222,231 
    57,678,989 
Colorado — 1.7%     
E-470 Public Highway Authority Colorado, RB, CAB,     
 Senior Series B (NPFGC), 5.51%, 9/01/22 (a)  4,500  2,107,935 
Park Creek Metropolitan District Colorado, Refunding RB,     
 Senior, Limited Tax, Property Tax, 5.25%, 12/01/25  3,000  2,922,030 
    5,029,965 
District of Columbia — 5.1%     
District of Columbia Tobacco Settlement Financing Corp.,     
 Refunding RB, Asset-Backed, 6.50%, 5/15/33  4,215  4,135,927 
District of Columbia, Refunding RB, Friendship Public     
 Charter School, Inc. (ACA):     
     5.75%, 6/01/18  2,680  2,686,593 
     5.00%, 6/01/23  3,320  3,002,176 
Metropolitan Washington Airports Authority, Refunding RB,     
 Series C-2, AMT (AGM), 5.00%, 10/01/24  5,000  5,059,050 
    14,883,746 
Florida — 11.2%     
Bellalago Educational Facilities Benefit District, Special     
 Assessment Bonds, Series A, 5.85%, 5/01/22  3,895  3,606,731 
Broward County School Board Florida, COP, Series A     
 (AGM), 5.25%, 7/01/22  1,250  1,339,450 
City of Jacksonville Florida, RB, Better Jacksonville,     
 5.00%, 10/01/22  5,160  5,651,077 
Grand Hampton Community Development District,     
 Special Assessment Bonds, Capital Improvement,     
 6.10%, 5/01/24  3,700  3,490,728 

  Par   
Municipal Bonds  (000)  Value 
Florida (concluded)     
Habitat Community Development District, Special     
 Assessment Bonds, 5.80%, 5/01/25  $ 3,495  $ 3,178,668 
Miami Beach Health Facilities Authority, RB, Mount Sinai     
 Medical Center of Florida, 6.75%, 11/15/21  2,470  2,522,586 
Middle Village Community Development District, Special     
 Assessment Bonds, Series A, 5.80%, 5/01/22  3,745  3,534,793 
Pine Island Community Development District, RB,     
 5.30%, 11/01/10  250  246,593 
Stevens Plantation Community Development District,     
 Special Assessment Bonds, Series B, 6.38%, 5/01/13  3,530  2,987,369 
Village Community Development District No. 5 Florida,     
 Special Assessment Bonds, Series A, 6.00%, 5/01/22  2,390  2,416,194 
Westchester Community Development District No. 1,     
 Special Assessment Bonds, Community Infrastructure,     
 6.00%, 5/01/23  4,900  4,020,548 
    32,994,737 
Georgia — 0.8%     
Richmond County Development Authority, RB,     
 Environment, Series A, AMT, 5.75%, 11/01/27  2,350  2,281,920 
Illinois — 12.9%     
City of Chicago Illinois, RB, General Airport, Third Lien,     
 Series A (AMBAC):     
     5.00%, 1/01/21  5,000  5,227,900 
     5.00%, 1/01/22  7,000  7,283,080 
Illinois Finance Authority, RB:     
     DePaul University, Series C, 5.25%, 10/01/24  5,000  5,120,400 
     MJH Education Assistance IV LLC, Sub-Series A,     
     5.50%, 6/01/19 (c)(d)  3,250  1,787,598 
     MJH Education Assistance IV LLC, Sub-Series B,     
     5.00%, 6/01/24 (c)(d)  1,075  290,282 
     Northwestern University, 5.00%, 12/01/21  4,800  5,082,384 
Illinois State Toll Highway Authority, RB, Senior Priority,     
 Series A (AGM), 5.00%, 1/01/19  2,250  2,470,387 
Lake Cook-Dane & McHenry Counties Community Unit     
 School District 220 Illinois, GO, Refunding (AGM),     
 5.25%, 12/01/20  1,000  1,183,120 
Metropolitan Pier & Exposition Authority Illinois,     
 Refunding RB, CAB, McCormick, Series A (NPFGC),     
 5.41%, 6/15/22 (a)  13,455  7,333,110 
State of Illinois, RB, Build Illinois, Series B,     
 5.00%, 6/15/20  2,000  2,183,040 
    37,961,301 
Indiana — 4.8%     
City of Vincennes Indiana, Refunding RB, Southwest     
 Indiana Regional Youth Village, 6.25%, 1/01/24  4,425  3,688,503 
Indianapolis Airport Authority, Refunding RB, Special     
 Facilities, FedEx Corp. Project, AMT, 5.10%, 1/15/17  10,000  10,314,200 
    14,002,703 
Kansas — 2.2%     
Kansas Development Finance Authority, Refunding RB,     
 Adventist Health, 5.25%, 11/15/20  2,500  2,723,025 
Wyandotte County-Kansas City Unified Government,     
 RB, Kansas International Speedway (NPFGC),     
 5.20%, 12/01/20 (a)  6,440  3,657,018 
    6,380,043 
Kentucky — 0.7%     
Kentucky Housing Corp., RB, Series C, AMT,     
 4.63%, 7/01/22  2,000  2,001,480 
Louisiana — 0.7%     
Parish of DeSoto Louisiana, RB, Series A, AMT,     
 5.85%, 11/01/27  2,000  1,963,520 

See Notes to Financial Statements.

ANNUAL REPORT

APRIL 30, 2010

19


Schedule of Investments (continued)

BlackRock Municipal 2020 Term Trust (BKK)
(Percentages shown are based on Net Assets)

  Par   
Municipal Bonds  (000)  Value 
Maryland — 5.1%     
County of Frederick Maryland, Special Tax Bonds, Urbana     
 Community Development Authority:     
     6.63%, 7/01/25  $ 3,000  $ 3,000,090 
     Series A, 5.80%, 7/01/20  4,453  4,408,826 
Maryland EDC, RB, Transportation Facilities Project,     
 Series A, 5.13%, 6/01/20  1,250  1,260,238 
Maryland Health & Higher Educational Facilities Authority,     
 Refunding RB:     
     MedStar Health, 5.38%, 8/15/24  5,500  5,633,760 
     University of Maryland Medical System,     
     5.00%, 7/01/19  670  721,771 
    15,024,685 
Massachusetts — 1.7%     
Massachusetts Development Finance Agency, RB,     
 Waste Management Inc. Project, AMT, 5.45%, 6/01/14  4,500  4,808,250 
Massachusetts State Water Pollution Abatement,     
 Refunding RB, MWRA Program, Sub-Series A,     
 6.00%, 8/01/23  140  141,709 
    4,949,959 
Michigan — 1.6%     
Michigan State Hospital Finance Authority, Refunding RB,     
 Hospital, Sparrow Obligated, 4.50%, 11/15/26  1,500  1,378,635 
State of Michigan, Refunding RB:     
     5.00%, 11/01/20  1,000  1,099,820 
     5.00%, 11/01/21  2,000  2,182,100 
    4,660,555 
Minnesota — 0.4%     
Minnesota Higher Education Facilities Authority, RB,     
 University of St. Thomas, Series 5-Y, 5.00%, 10/01/24  1,250  1,293,475 
Mississippi — 1.0%     
County of Warren Mississippi, RB, Series A, AMT,     
 5.85%, 11/01/27  3,000  2,945,280 
Missouri — 3.7%     
Missouri Development Finance Board, RB, Branson     
 Landing Project, Series A, 5.50%, 12/01/24  5,000  5,059,850 
Missouri State Health & Educational Facilities     
 Authority, Refunding RB, BJC Health System, Series A,     
 5.00%, 5/15/20  5,500  5,733,475 
    10,793,325 
Multi-State — 6.2%     
Centerline Equity Issuer Trust (e)(f):     
     5.75%, 5/15/15  1,000  1,043,140 
     6.00%, 5/15/15  4,000  4,158,000 
     6.00%, 5/15/19  2,500  2,610,000 
     6.30%, 5/15/19  2,500  2,621,250 
MuniMae TE Bond Subsidiary LLC (e)(f)(g):     
     5.40%  5,000  3,396,550 
     5.80%  5,000  3,319,350 
     Series D, 5.90%  2,000  1,116,220 
    18,264,510 
Nevada — 2.0%     
City of Henderson Nevada, Special Assessment Bonds,     
 District No. T-18, 5.15%, 9/01/21  1,765  794,444 
County of Clark Nevada, Refunding RB, Alexander Dawson     
 School Nevada Project, 5.00%, 5/15/20  5,000  5,179,000 
    5,973,444 
New Hampshire — 5.0%     
New Hampshire Business Finance Authority, Refunding RB,     
 Public Service Co. of New Hampshire Project, Series B,     
 AMT (NPFGC), 4.75%, 5/01/21  10,000  9,865,200 

    Par   
Municipal Bonds    (000)  Value 
New Hampshire (concluded)       
New Hampshire Health & Education Facilities       
 Authority, Refunding RB, Elliot Hospital, Series B,       
 5.60%, 10/01/22  $ 4,755  $ 4,766,460 
      14,631,660 
New Jersey — 12.6%       
Middlesex County Improvement Authority, RB, Street       
 Student Housing Project, Series A, 5.00%, 8/15/23    1,000  1,021,210 
New Jersey EDA, RB:       
     Cigarette Tax, 5.50%, 6/15/24    10,000  9,902,600 
     Continental Airlines Inc. Project, AMT,       
     7.00%, 11/15/30    5,000  4,998,150 
     Continental Airlines Inc. Project, AMT,       
     9.00%, 6/01/33    1,500  1,579,035 
     Kapkowski Road Landfill Project, Series 1998B, AMT,     
     6.50%, 4/01/31    7,500  7,806,150 
New Jersey EDA, Refunding RB, First Mortgage,       
 Winchester, Series A, 4.80%, 11/01/13    1,000  1,033,470 
New Jersey Educational Facilities Authority, Refunding RB,     
 University of Medicine & Dentistry, Series B,       
 6.25%, 12/01/18    2,500  2,765,475 
New Jersey Health Care Facilities Financing Authority,       
 Refunding RB:       
     AtlantiCare Regional Medical Center, 5.00%, 7/01/20  2,110  2,209,465 
     Capital Health System Obligation Group, Series A,       
     5.75%, 7/01/13 (b)    4,000  4,487,160 
Newark Housing Authority, RB, South Ward Police Facility     
 (AGC), 5.00%, 12/01/21    1,250  1,344,763 
      37,147,478 
New York — 8.4%       
New York City Industrial Development Agency, RB,       
 American Airlines Inc., JFK International Airport, AMT:       
     7.63%, 8/01/25    5,635  5,713,721 
     7.75%, 8/01/31    5,000  5,111,950 
New York State Energy Research & Development Authority,     
 Refunding RB, Brooklyn Union Gas/Keyspan, Series A,     
 AMT (FGIC), 4.70%, 2/01/24    8,500  8,422,990 
Tobacco Settlement Financing Corp. New York, RB,       
 Asset-Backed, Series B-1C, 5.50%, 6/01/20    5,000  5,422,700 
      24,671,361 
North Carolina — 0.6%       
North Carolina Eastern Municipal Power Agency,       
 Refunding RB, Series B, 5.00%, 1/01/21    1,550  1,650,827 
Ohio — 7.0%       
American Municipal Power-Ohio Inc., RB, Prairie State       
 Energy Campus Project, Series A, 5.25%, 2/15/23    5,000  5,438,300 
County of Cuyahoga Ohio, Refunding RB, Series A:       
     6.00%, 1/01/19    3,000  3,330,990 
     6.00%, 1/01/20    10,000  11,103,300 
Pinnacle Community Infrastructure Financing Authority,       
 RB, Facilities, Series A, 6.00%, 12/01/22    967  847,227 
      20,719,817 
Oklahoma — 1.1%       
Tulsa Airports Improvement Trust, RB, Series A, AMT,       
 7.75%, 6/01/35 (h)    3,350  3,385,510 
Pennsylvania — 6.0%       
Lancaster County Hospital Authority, RB, General Hospital     
 Project, 5.75%, 9/15/13 (b)    7,500  8,528,850 
Montgomery County IDA Pennsylvania, MRB, Whitemarsh     
 Continuing Care, 6.00%, 2/01/21    1,275  1,104,800 
Pennsylvania Higher Educational Facilities Authority, RB,     
 LaSalle University, 5.50%, 5/01/26    6,680  6,807,455 
Pennsylvania Turnpike Commission, RB, Sub-Series A       
 (AGC), 5.00%, 6/01/22    1,000  1,081,700 
      17,522,805 

See Notes to Financial Statements.

20 ANNUAL REPORT

APRIL 30, 2010


Schedule of Investments (continued)

BlackRock Municipal 2020 Term Trust (BKK)
(Percentages shown are based on Net Assets)

  Par   
Municipal Bonds  (000)  Value 
Puerto Rico — 4.7%     
Commonwealth of Puerto Rico, GO, Public Improvement,     
 Series B, 5.25%, 7/01/17  $ 3,300  $ 3,512,223 
Puerto Rico Electric Power Authority, RB, Series NN,     
 5.13%, 7/01/13 (b)  9,000  10,140,210 
    13,652,433 
Tennessee — 3.4%     
Tennessee Energy Acquisition Corp., RB, Series A,     
 5.25%, 9/01/20  10,000  9,920,600 
Texas — 10.2%     
Brazos River Authority, Refunding RB, TXU Energy Co., LLC     
 Project, Series A, AMT, 6.75%, 4/01/38  1,100  905,520 
Central Texas Regional Mobility Authority, RB, Senior Lien:     
     5.75%, 1/01/19  800  832,024 
     5.75%, 1/01/20  1,140  1,179,205 
City of Dallas Texas, Refunding RB (AGC),     
 5.00%, 8/15/21  2,500  2,674,450 
North Texas Tollway Authority, RB, Series C:     
     5.25%, 1/01/20  1,000  1,075,580 
     5.38%, 1/01/21  5,000  5,396,500 
Port Corpus Christi Industrial Development Corp. Texas,     
 Refunding RB, Valero, Series C, 5.40%, 4/01/18  3,255  3,241,166 
Texas State Turnpike Authority, RB, CAB, First Tier, Series A     
 (AMBAC) (a):     
     5.39%, 8/15/21  7,990  4,248,842 
     5.53%, 8/15/24  8,450  3,634,176 
Weatherford ISD, GO, Refunding, CAB (PSF-GTD) (a):     
     5.75%, 2/15/11 (b)  4,040  2,020,970 
     5.78%, 2/15/11 (b)  4,040  1,908,294 
     5.75%, 2/15/23  2,905  1,412,643 
     5.77%, 2/15/24  2,905  1,332,756 
    29,862,126 
Virginia — 8.0%     
Celebrate North Community Development Authority,     
 Special Assessment Bonds, Celebrate Virginia North     
 Project, Series B, 6.60%, 3/01/25  4,902  3,934,492 
Charles City County EDA, RB, Waste Management Inc.     
 Project, AMT, 5.13%, 8/01/27 (h)  10,000  10,015,100 
Mecklenburg County IDA Virginia, Refunding RB, Exempt     
 Facility, UAE LP Project, AMT, 6.50%, 10/15/17  7,500  7,391,250 
Russell County IDA, Refunding RB, Appalachian Power,     
 Series K, 4.63%, 11/01/21  2,000  2,021,160 
    23,362,002 
Wisconsin — 3.0%     
State of Wisconsin, Refunding RB, Series A,     
 5.25%, 5/01/20  1,000  1,123,220 
Wisconsin Health & Educational Facilities Authority,     
 Refunding RB:     
     Froedtert & Community Health Inc., 5.00%, 4/01/20  1,515  1,583,690 
     Wheaton Franciscan Services, Series A,     
     5.50%, 8/15/17  2,880  2,934,346 
     Wheaton Franciscan Services, Series A,     
     5.50%, 8/15/18  3,190  3,230,832 
    8,872,088 
U.S. Virgin Islands — 0.4%     
Virgin Islands Public Finance Authority, RB, Senior Lien,     
 Matching Fund Loan Note, Series A, 5.25%, 10/01/17  1,000  1,050,020 
Total Municipal Bonds — 155.5%    456,418,916 

Municipal Bonds Transferred to  Par   
Tender Option Bond Trusts (i)  (000)  Value 
Illinois — 1.9%     
City of Chicago Illinois, Refunding RB, Second Lien     
(AGM), 5.00%, 11/01/20  $ 5,000  $ 5,480,800 
Total Municipal Bonds Transferred to     
Tender Option Bond Trusts — 1.9%    5,480,800 
Total Long-Term Investments     
(Cost — $464,194,995) — 157.4%    461,899,716 
Short-Term Securities  Shares   
FFI Institutional Tax-Exempt Fund, 0.25% (j)(k)  1,901,695  1,901,695 
Total Short-Term Securities     
(Cost — $1,901,695) — 0.6%    1,901,695 
Total Investments (Cost — $466,096,690*) — 158.0%    463,801,411 
Other Assets Less Liabilities — 2.5%    7,367,635 
Liability for Trust Certificates, Including Interest     
   Expense and Fees Payable — (1.3)%    (3,757,383) 
Preferred Shares, at Redemption Value — (59.2)%    (173,863,049) 
Net Assets Applicable to Common Shares — 100.0%    $293,548,614 

* The cost and unrealized appreciation (depreciation) of investments as of April 30,
2010, as computed for federal income tax purposes, were as follows:

Aggregate cost  $461,922,849 
Gross unrealized appreciation  $ 14,665,686 
Gross unrealized depreciation  (16,537,124) 
Net unrealized depreciation  $ (1,871,438) 

(a) Represents a zero-coupon bond. Rate shown reflects the current yield as of
report date.
(b) US government securities, held in escrow, are used to pay interest on this security as
well as to retire the bond in full at the date indicated, typically at a premium to par.
(c) Issuer filed for bankruptcy and/or is in default of interest payments.
(d) Non-income producing security.
(e) Security exempt from registration under Rule 144A of the Securities Act of 1933.
These securities may be resold in transactions exempt from registration to qualified
institutional investors.
(f) 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 govern-
ments, or their respective agencies or authorities. The security is subject to remarket-
ing prior to its stated maturity.
(g) Security is perpetual in nature and has no stated maturity date.
(h) Variable rate security. Rate shown is as of report date.
(i) Securities represent bonds transferred to a tender option bond trust in exchange for
which the Trust acquired residual interest certificates. These securities serve as col-
lateral in a financing transaction. See Note 1 of the Notes to Financial Statements
for details of municipal bonds transferred to tender option bond trusts.
(j) Investments in companies considered to be an affiliate of the Trust during the year,
for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were
as follows:

  Shares Held at    Shares Held at   
  April 30,  Net  April 30,   
     Affiliate  2009  Activity  2010  Income 
     FFI Institutional         
         Tax-Exempt Fund  2,301,041  (399,346)  1,901,695  $8,261 
(k) Represents the current yield as of report date.     

See Notes to Financial Statements.

ANNUAL REPORT

APRIL 30, 2010

21


Schedule of Investments (concluded)

BlackRock Municipal 2020 Term Trust (BKK)

Fair Value Measurements — Various inputs are used in determining the fair value of
investments, which are as follows:
Level 1 — price quotations in active markets/exchanges for identical assets
and liabilities
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)
The inputs or methodologies used for valuing securities are not necessarily an
indication of the risk associated with investing in those securities. For information
about the Trust’s policy regarding valuation of investments and other significant
accounting policies, please refer to Note 1 of the Notes to Financial Statements.
The following table summarizes the inputs used as of April 30, 2010 in determining
the fair valuation of the Trust’s investments:

Investments in Securities

Valuation Inputs  Level 1  Level 2  Level 3  Total 
Assets:         
Long-Term         
   Investments1    $461,899,716    $461,899,716 
Short-Term         
   Securities  $ 1,901,695      1,901,695 
Total  $ 1,901,695  $461,899,716    $463,801,411 

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

See Notes to Financial Statements.

22 ANNUAL REPORT

APRIL 30, 2010


Schedule of Investments April 30, 2010

BlackRock Municipal Income Trust (BFK)
(Percentages shown are based on Net Assets)

  Par   
Municipal Bonds  (000)  Value 
Arizona — 3.7%     
Pima County IDA, RB, American Charter Schools     
 Foundation, Series A, 5.63%, 7/01/38  $ 4,590  $ 3,630,690 
Pima County IDA, Refunding IDRB, Tucson Electric Power,     
 5.75%, 9/01/29  2,185  2,223,412 
Salt River Project Agricultural Improvement & Power     
 District, RB, Series A, 5.00%, 1/01/38  3,860  4,034,704 
Salt Verde Financial Corp., RB, Senior:     
     5.00%, 12/01/32  10,280  9,323,343 
     5.00%, 12/01/37  2,855  2,531,671 
    21,743,820 
California — 28.3%     
Bay Area Toll Authority, Refunding RB, San Francisco     
 Bay Area, Series F-1, 5.63%, 4/01/44  4,445  4,839,538 
California County Tobacco Securitization Agency, RB, CAB,     
 Stanislaus, Sub-Series C, 6.30%, 6/01/55 (a)  17,855  216,581 
California HFA, RB, Home Mortgage, Series G, AMT,     
 5.50%, 8/01/42  7,280  7,367,142 
California State Public Works Board, RB, Various Capital     
 Projects, Sub-Series I-1, 6.38%, 11/01/34  2,315  2,480,175 
California Statewide Communities Development Authority,     
 RB, Health Facility, Memorial Health Services, Series A,     
 5.50%, 10/01/33  5,000  5,075,050 
City of Lincoln California, Special Tax Bonds, Community     
 Facilities District No. 2003-1, 6.00%, 9/01/13 (b)  3,115  3,647,260 
Foothill Eastern Transportation Corridor Agency California,     
 Refunding RB, CAB (a):     
     6.08%, 1/15/32  54,635  12,140,990 
     6.09%, 1/15/38  75,000  10,452,750 
Golden State Tobacco Securitization Corp. California, RB,     
 Series 2003-A-1, 6.63%, 6/01/13 (b)  5,000  5,814,850 
Los Angeles Department of Airports, RB, Series A,     
 5.25%, 5/15/39  1,560  1,616,753 
Los Angeles Department of Airports, Refunding RB,     
 Senior, Los Angeles International Airport, Series A,     
 5.00%, 5/15/40  11,690  11,911,642 
Los Angeles Regional Airports Improvement Corp.     
 California, Refunding RB, Facilities, LAXFUEL Corp.,     
 LA International, AMT (AMBAC), 5.50%, 1/01/32  13,320  12,909,211 
Los Angeles Unified School District California, GO,     
 Series D:     
     5.25%, 7/01/24  5,000  5,475,550 
     5.25%, 7/01/25  3,490  3,793,979 
     5.00%, 7/01/26  1,305  1,382,674 
Murrieta Community Facilities District Special Tax     
 California, Special Tax Bonds, District No. 2, The Oaks     
 Improvement Area A, 6.00%, 9/01/34  5,000  4,576,550 
San Francisco City & County Public Utilities Commission,     
 RB, Series B, 5.00%, 11/01/39  18,550  19,217,243 
State of California, GO, Refunding, Various Purpose,     
 5.00%, 6/01/34  6,250  6,206,438 
State of California, GO, Various Purpose:     
     5.00%, 6/01/32  4,000  4,002,200 
     6.00%, 3/01/33  4,970  5,470,529 
     6.50%, 4/01/33  20,410  23,140,246 
University of California, RB, Limited Project, Series B,     
 4.75%, 5/15/38  10,465  10,368,617 
West Valley-Mission Community College District, GO,     
 Election of 2004, Series A (AGM), 4.75%, 8/01/30  4,015  4,031,983 
    166,137,951 
Colorado — 1.6%     
City of Colorado Springs Colorado, RB, Subordinate Lien,     
 Improvement, Series C (AGM), 5.00%, 11/15/45  2,545  2,604,248 
Colorado Health Facilities Authority, Refunding RB,     
 Catholic Healthcare, Series A, 5.50%, 7/01/34  4,205  4,459,402 

  Par   
Municipal Bonds  (000)  Value 
Colorado (concluded)     
Park Creek Metropolitan District Colorado, Refunding RB,     
 Senior, Limited Tax, Property Tax, 5.50%, 12/01/37  $ 2,530  $ 2,409,344 
    9,472,994 
Connecticut — 0.5%     
Connecticut State Health & Educational Facility Authority,     
 RB, Ascension Health Senior Credit, 5.00%, 11/15/40  2,710  2,784,471 
District of Columbia — 7.2%     
District of Columbia, RB, CAB, Georgetown, Series A     
 (NPFGC), 6.03%, 4/01/11 (a)(b):  15,600  3,547,284 
District of Columbia, RB, CAB, Georgetown, Series A     
 (NPFGC), 6.03%, 4/01/11 (a)(b):  51,185  10,963,315 
District of Columbia, Refunding RB, Friendship Public     
 Charter School Inc. (ACA), 5.25%, 6/01/33  2,390  2,058,124 
District of Columbia Tobacco Settlement Financing Corp.,     
 Refunding RB, Asset-Backed, 6.75%, 5/15/40  23,035  23,073,008 
Metropolitan Washington Airports Authority, RB, First     
 Senior Lien, Series A:     
     5.00%, 10/01/39  990  1,027,630 
     5.25%, 10/01/44  1,545  1,615,236 
    42,284,597 
Florida — 4.9%     
County of Miami-Dade Florida, RB, Water & Sewer     
 System, 5.00%, 10/01/34  6,625  6,748,689 
County of Miami-Dade Florida, Refunding RB, Miami     
 International Airport, Series A-1, 5.38%, 10/01/41  2,280  2,306,197 
County of Orange Florida, Refunding RB (Syncora),     
 4.75%, 10/01/32  2,895  2,851,691 
Miami Beach Health Facilities Authority, RB, Mount Sinai     
 Medical Center of Florida, 6.75%, 11/15/21  7,485  7,644,356 
Stevens Plantation Community Development District,     
 Special Assessment Bonds, Series A, 7.10%, 5/01/35  3,710  2,911,014 
Village Community Development District No. 6, Special     
 Assessment Bonds, 5.63%, 5/01/22  6,805  6,532,732 
    28,994,679 
Georgia — 2.2%     
De Kalb Private Hospital Authority, Refunding RB,     
 Children’s Healthcare, 5.25%, 11/15/39  1,650  1,712,667 
Metropolitan Atlanta Rapid Transit Authority, RB, Third     
 Series, 5.00%, 7/01/39  6,805  7,162,399 
Richmond County Development Authority, Refunding RB,     
 International Paper Co. Project, Series A, AMT,     
 6.00%, 2/01/25  4,000  4,007,600 
    12,882,666 
Guam — 0.8%     
Territory of Guam, GO, Series A:     
     6.00%, 11/15/19  1,245  1,288,837 
     6.75%, 11/15/29  1,775  1,887,819 
     7.00%, 11/15/39  1,255  1,340,139 
    4,516,795 
Illinois — 5.1%     
Illinois Finance Authority, RB:     
     Advocate Health Care, Series C, 5.38%, 4/01/44  10,630  10,898,195 
     MJH Education Assistance IV LLC, Sub-Series B,     
     5.38%, 6/01/35 (c)(d)  1,675  452,300 
Illinois Finance Authority, Refunding RB:     
     Central DuPage Health, Series B, 5.50%, 11/01/39  3,160  3,283,209 
     Elmhurst Memorial Healthcare, 5.63%, 1/01/28  6,000  5,743,800 
     Friendship Village Schaumburg, Series A,     
     5.63%, 2/15/37  845  673,355 
     Series 05-A, 5.25%, 7/01/41  760  790,218 

See Notes to Financial Statements.

ANNUAL REPORT

APRIL 30, 2010

23


Schedule of Investments (continued)

BlackRock Municipal Income Trust (BFK)
(Percentages shown are based on Net Assets)

  Par   
Municipal Bonds  (000)  Value 
Illinois (concluded)     
Illinois Municipal Electric Agency, RB (NPFGC),     
 4.50%, 2/01/35  $ 890  $ 833,147 
State of Illinois, RB, Build Illinois, Series B,     
 5.25%, 6/15/34  1,240  1,291,931 
Village of Bolingbrook Illinois, GO, Refunding, Series B     
 (NPFGC) (a):     
     6.01%, 1/01/33  6,820  2,088,079 
     6.01%, 1/01/34  14,085  4,064,790 
    30,119,024 
Indiana — 6.9%     
City of Vincennes Indiana, Refunding RB, Southwest     
 Indiana Regional Youth Village, 6.25%, 1/01/24  2,130  1,775,483 
Indiana Finance Authority, RB, Sisters of St. Francis     
 Health, 5.25%, 11/01/39  1,655  1,684,740 
Indiana Finance Authority, Refunding RB, Duke Energy     
 Indiana Inc., Series C, 4.95%, 10/01/40  5,775  5,708,530 
Indiana Health Facility Financing Authority, Refunding RB,     
 Methodist Hospital Inc., 5.50%, 9/15/31  9,000  7,699,680 
Indiana Municipal Power Agency, RB, Indiana Municipal     
 Power Agency, Series B, 6.00%, 1/01/39  2,150  2,323,139 
Petersburg Indiana, RB, Indiana Power & Light, AMT:     
     5.90%, 12/01/24  5,000  5,127,850 
     5.95%, 12/01/29  16,000  16,069,760 
    40,389,182 
Kentucky — 0.4%     
Kentucky Economic Development Finance Authority,     
 Refunding RB, Owensboro Medical Health System,     
 Series A, 6.38%, 6/01/40  1,990  2,045,720 
Kentucky Housing Corp., RB, Series F, AMT (FNMA),     
 5.45%, 1/01/32  235  235,985 
    2,281,705 
Louisiana — 1.3%     
Louisiana Local Government Environmental Facilities     
 & Community Development Authority, RB, Capital     
 Projects & Equipment Acquisition Program (ACA),     
 6.55%, 9/01/25  8,430  7,551,763 
Maryland — 0.6%     
Maryland Community Development Administration,     
 Refunding RB, Residential, Series A, AMT,     
 4.65%, 9/01/32  2,585  2,450,606 
Maryland EDC, RB, Transportation Facilities Project,     
 Series A, 5.75%, 6/01/35  855  873,323 
    3,323,929 
Massachusetts — 0.6%     
Massachusetts Health & Educational Facilities Authority,     
 Refunding RB, Partners Healthcare, Series J1,     
 5.00%, 7/01/39  3,535  3,584,101 
Michigan — 0.6%     
Michigan State Hospital Finance Authority, Refunding RB,     
 Henry Ford Health System, Series A, 5.25%, 11/15/46  4,230  3,858,225 
Mississippi — 2.7%     
City of Gulfport Mississippi, RB, Memorial Hospital at     
 Gulfport Project, Series A, 5.75%, 7/01/31  15,655  15,774,917 
Multi-State — 5.3%     
Centerline Equity Issuer Trust (e)(f):     
     6.80%, 11/30/50  6,500  6,626,035 
     6.80%, 10/31/52  16,000  17,278,080 
MuniMae TE Bond Subsidiary LLC,     
 7.50%, 6/30/49 (e)(f)(g)  7,683  7,125,449 
    31,029,564 

  Par   
Municipal Bonds  (000)  Value 
Nebraska — 0.6%     
Douglas County Hospital Authority No. 2, RB, Health     
 Facilities, Immanuel Obligation Group, 5.63%, 1/01/40 $  3,280  $ 3,267,962 
Lancaster County Hospital Authority No. 1, RB, Immanuel     
 Obligation Group, 5.63%, 1/01/40  600  601,500 
    3,869,462 
Nevada — 0.8%     
County of Clark Nevada, Refunding RB, Alexander Dawson     
 School Nevada Project, 5.00%, 5/15/29  4,550  4,554,596 
New Hampshire — 0.6%     
New Hampshire Health & Education Facilities Authority,     
 RB, Exeter Project, 5.75%, 10/01/31  3,500  3,568,495 
New Jersey — 7.5%     
Middlesex County Improvement Authority, RB, Subordinate,     
 Heldrich Center Hotel, Series B, 6.25%, 1/01/37  3,680  679,770 
New Jersey EDA, RB:     
     Cigarette Tax, 5.75%, 6/15/29  15,500  15,216,970 
     Continental Airlines Inc. Project, AMT,     
     7.00%, 11/15/30  15,410  15,404,298 
New Jersey EDA, Special Assessment Bonds, Refunding,     
 Kapkowski Road Landfill Project, 6.50%, 4/01/28  8,000  8,712,160 
Tobacco Settlement Financing Corp. New Jersey,     
 Refunding RB, Series 1A, 4.50%, 6/01/23  4,125  3,939,952 
    43,953,150 
New York — 7.8%     
Albany Industrial Development Agency, RB, New Covenant     
 Charter School Project, Series A, 7.00%, 5/01/35 (c)  1,820  728,018 
New York City Industrial Development Agency, RB,     
 American Airlines Inc., JFK International Airport, AMT:     
     8.00%, 8/01/28  5,000  5,209,350 
     7.75%, 8/01/31  22,140  22,635,715 
New York State Dormitory Authority, ERB, Series F,     
 5.00%, 3/15/35  16,705  17,250,585 
    45,823,668 
North Carolina — 5.1%     
City of Charlotte North Carolina, RB, Series B,     
 5.00%, 7/01/38  1,860  2,004,373 
Gaston County Industrial Facilities and Pollution Control     
 Financing Authority North Carolina, RB, Exempt     
 Facilities, National Gypsum Co. Project, AMT,     
 5.75%, 8/01/35  12,130  8,713,343 
North Carolina Capital Facilities Finance Agency, RB,     
 Duke University Project, Series B, 5.00%, 10/01/38  10,000  10,574,400 
North Carolina Capital Facilities Finance Agency,     
 Refunding RB, Duke University Project, Series B,     
 4.25%, 7/01/42  4,575  4,485,833 
North Carolina Medical Care Commission, RB, Duke     
 University Health System, Series A:     
     5.00%, 6/01/39  1,240  1,264,441 
     5.00%, 6/01/42  2,750  2,792,020 
    29,834,410 
Ohio — 3.0%     
Buckeye Tobacco Settlement Financing Authority, RB,     
 Asset-Backed, Senior Series A-2, 6.50%, 6/01/47  3,120  2,560,397 
County of Allen Ohio, Refunding RB, Catholic Healthcare,     
 Series A, 5.25%, 6/01/38 (h)  6,125  6,288,844 
County of Montgomery Ohio, Refunding RB, Catholic     
 Healthcare, Series A, 5.00%, 5/01/39  5,450  5,601,128 
Pinnacle Community Infrastructure Financing Authority,     
 RB, Facilities, Series A, 6.25%, 12/01/36  3,760  2,977,807 
    17,428,176 

See Notes to Financial Statements.

24 ANNUAL REPORT

APRIL 30, 2010


Schedule of Investments (continued)

BlackRock Municipal Income Trust (BFK)
(Percentages shown are based on Net Assets)

  Par   
Municipal Bonds  (000)  Value 
Oklahoma — 1.2%     
Tulsa Airports Improvement Trust, RB, Series A, AMT,     
 7.75%, 6/01/35 (g)  $ 7,175  $ 7,251,055 
Pennsylvania — 4.5%     
Pennsylvania Economic Development Financing     
 Authority, RB:     
     Amtrak Project, Series A, AMT, 6.38%, 11/01/41  6,500  6,585,605 
     Aqua Pennsylvania Inc. Project, 5.00%, 11/15/40  3,725  3,836,042 
     Reliant Energy, Series A, AMT, 6.75%, 12/01/36  11,345  11,705,204 
Pennsylvania HFA, Refunding RB, Series 97A, AMT,     
 4.60%, 10/01/27  1,110  1,114,029 
Pennsylvania Turnpike Commission, RB, Sub-Series D,     
 5.13%, 12/01/40  3,100  3,155,087 
    26,395,967 
Puerto Rico — 5.5%     
Commonwealth of Puerto Rico, GO, Refunding, Public     
 Improvement, Series C, 6.00%, 7/01/39  5,820  6,129,624 
Puerto Rico Sales Tax Financing Corp., RB:     
     CAB, Series A, 6.58%, 8/01/31 (a)  10,000  2,765,700 
     CAB, Series A, 6.66%, 8/01/33 (a)  12,670  3,075,642 
     CAB, Series A, 6.67%, 8/01/36 (a)  40,000  7,970,400 
     First Sub-Series A, 6.50%, 8/01/44  10,900  12,313,839 
    32,255,205 
South Carolina — 3.0%     
Lexington County Health Services District Inc.,     
 Refunding RB, 5.75%, 11/01/13 (b)  10,000  11,489,300 
South Carolina Jobs-EDA, Refunding RB:     
     Palmetto Health Alliance, Series A, 6.25%, 8/01/31  5,075  5,194,009 
     Palmetto Health, Series C, 6.88%, 8/01/13 (b)  990  1,164,438 
    17,847,747 
Tennessee — 0.9%     
Knox County Health Educational & Housing Facilities     
 Board Tennessee, Refunding RB, CAB, Series A (AGM),     
 5.70%, 1/01/20 (a)  5,055  3,030,372 
Rutherford County Health & Educational Facilities     
 Board, RB, Ascension Health Senior Credit Group,     
 5.00%, 11/15/40  2,015  2,051,693 
    5,082,065 
Texas — 15.8%     
Brazos River Authority, RB, TXU Electric, Series A, AMT,     
 8.25%, 10/01/30  4,370  2,709,706 
Brazos River Authority, Refunding RB, TXU Electric Co.     
 Project, Series C, AMT, 5.75%, 5/01/36  4,265  4,146,007 
City of Houston Texas, RB, Senior Lien, Series A,     
 5.50%, 7/01/39  3,000  3,196,650 
City of Houston Texas, Refunding RB, Combined, First Lien,     
 Series A (AGC), 6.00%, 11/15/35  16,425  18,842,760 
Harris County-Houston Sports Authority, Refunding RB     
 (NPFGC) (a):     
     CAB, Junior Lien, Series H, 6.11%, 11/15/35  5,000  823,050 
     CAB, Senior Lien, Series A, 5.94%, 11/15/38  12,580  1,755,665 
     Third Lien, Series A-3, 5.97%, 11/15/37  26,120  3,733,070 
Lower Colorado River Authority, Refunding RB (NPFGC):     
     5.00%, 5/15/13 (b)  50  55,644 
     5.00%, 5/15/13 (b)  70  77,768 
     5.00%, 5/15/31  2,275  2,304,370 
     LCRA Transmission Services Project (AMBAC),     
     4.75%, 5/15/34  2,210  2,194,287 
     Series A (NPFGC), 5.00%, 5/15/13 (b)  5  5,564 
North Texas Tollway Authority, RB, Toll, 2nd Tier, Series F,     
 6.13%, 1/01/31  12,180  12,990,457 
San Antonio Energy Acquisition Public Facility Corp., RB,     
 Gas Supply, 5.50%, 8/01/25  6,540  6,606,773 

  Par   
Municipal Bonds  (000)  Value 
Texas (concluded)     
State of Texas, GO, Transportation Community, Mobility     
 Fund, Series A, 4.75%, 4/01/35  $ 7,000  $ 7,051,660 
Texas Private Activity Bond Surface Transportation Corp.,     
 RB, Senior Lien, Note Mobility, 6.88%, 12/31/39  7,590  7,929,425 
Texas State Affordable Housing Corp., RB, American     
 Opportunity Housing Portfolio, Junior Series B,     
 8.00%, 3/01/32 (c)(d)  4,435  220,863 
Texas State Turnpike Authority, RB (AMBAC):     
     CAB, 6.06%, 8/15/32 (a)  24,850  5,932,689 
     CAB, 6.07%, 8/15/33 (a)  32,325  7,204,273 
     First Tier, Series A, 5.00%, 8/15/42  5,000  4,798,700 
    92,579,381 
Utah — 1.2%     
City of Riverton Utah, RB, IHC Health Services Inc.,     
 5.00%, 8/15/41  7,150  7,271,765 
Virginia — 1.5%     
City of Norfolk Virginia, Refunding RB, Series B (AMBAC),     
 5.50%, 2/01/31  2,635  2,586,806 
Tobacco Settlement Financing Corp. Virginia,     
 Refunding RB, Senior Series B1, 5.00%, 6/01/47  5,780  3,978,547 
Virginia Commonwealth Transportation Board, RB, CAB,     
 Contract, Route 28 (NPFGC), 5.29%, 4/01/32 (a)  8,105  2,580,551 
    9,145,904 
Washington — 0.6%     
County of King Washington, Refunding RB (AGM),     
 5.00%, 1/01/36  3,615  3,742,754 
Wisconsin — 2.4%     
Wisconsin Health & Educational Facilities Authority, RB:     
     Ascension Health Senior Credit Group,     
     5.00%, 11/15/30  3,210  3,305,690 
     Ascension Health Senior Credit Group,     
     5.00%, 11/15/33  1,640  1,671,127 
     Aurora Health Care, 6.40%, 4/15/33  7,500  7,657,200 
Wisconsin Health & Educational Facilities Authority,     
 Refunding RB, Froedtert & Community Health Inc.,     
 5.38%, 10/01/30  1,205  1,224,449 
    13,858,466 
Total Municipal Bonds — 134.7%    791,192,649 
Municipal Bonds Transferred to     
Tender Option Bond Trusts (i)     
Alabama — 0.8%     
Alabama Special Care Facilities Financing Authority-     
 Birmingham, Refunding RB, Ascension Health Senior     
 Credit, Series C-2, 5.00%, 11/15/36  4,548  4,598,619 
California — 3.2%     
California Educational Facilities Authority, RB, University of     
 Southern California, Series A, 5.25%, 10/01/18  5,115  5,484,917 
Los Angeles Community College District California, GO,     
 Election of 2001, Series A (AGM), 5.00%, 8/01/32  4,500  4,606,830 
San Diego Community College District California, GO,     
 Election of 2002, 5.25%, 8/01/33  3,261  3,423,889 
University of California, RB, Series C (NPFGC),     
 4.75%, 5/15/37  5,000  4,984,800 
    18,500,436 
Colorado — 2.1%     
Colorado Health Facilities Authority, RB:     
     Catholic Health, Series C-7 (AGM), 5.00%, 9/01/36  4,860  4,885,467 
     Catholic Health, Series C-3 (AGM), 5.10% 10/01/41  7,600  7,649,552 
    12,535,019 

See Notes to Financial Statements.

ANNUAL REPORT

APRIL 30, 2010

25


Schedule of Investments (concluded)

BlackRock Municipal Income Trust (BFK)
(Percentages shown are based on Net Assets)

Municipal Bonds Transferred to  Par   
Tender Option Bond Trusts (i)  (000)  Value 
Connecticut — 3.3%     
Connecticut State Health & Educational Facility     
 Authority, RB:     
Yale University, Series T-1, 4.70%, 7/01/29  $ 9,400  $ 9,861,164 
Yale University, Series X-3, 4.85%, 7/01/37  9,360  9,755,086 
    19,616,250 
Illinois — 1.5%     
Chicago Housing Authority, Refunding RB (AGM),     
 5.00%, 7/01/24  8,232  8,554,362 
Massachusetts — 1.2%     
Massachusetts Water Resources Authority, Refunding RB,     
 General, Series A, 5.00%, 8/01/41  6,770  6,978,313 
New Hampshire — 0.7%     
New Hampshire Health & Education Facilities Authority,     
 Refunding RB, Dartmouth College, 5.25%, 6/01/39  3,988  4,329,868 
New York — 1.5%     
New York City Municipal Water Finance Authority, RB,     
 Series FF-2, 5.50%, 6/15/40  3,074  3,418,762 
New York State Environmental Facilities Corp., RB,     
 Revolving Funds, New York City Municipal Water Project,   
 Series B, 5.00%, 6/15/31  5,370  5,486,905 
    8,905,667 
Virginia — 3.1%     
University of Virginia, Refunding RB, General,     
 5.00%, 6/01/40  10,750  11,379,412 
Virginia HDA, RB, Sub-Series H-1 (NPFGC),     
 5.35%, 7/01/31  6,810  6,872,448 
    18,251,860 
Washington — 3.6%     
Central Puget Sound Regional Transit Authority, RB,     
 Series A (AGM), 5.00%, 11/01/32  5,459  5,744,677 
State of Washington, GO, Various Purpose, Series E,     
 5.00%, 2/01/34  14,487  15,273,619 
    21,018,296 
Total Municipal Bonds Transferred to     
Tender Option Bond Trusts — 21.0%    123,288,690 
Total Long-Term Investments     
(Cost — $920,560,274) — 155.7%    914,481,339 
Short-Term Securities  Shares   
FFI Institutional Tax-Exempt Fund, 0.25% (j)(k)  22,810,780  22,810,780 
Total Short-Term Securities     
(Cost — $22,810,780) — 3.9%    22,810,780 
Total Investments (Cost — $943,371,054*) — 159.6%    937,292,119 
Liabilities in Excess of Other Assets — (1.8)%    (10,506,651) 
Liability for Trust Certificates, Including Interest     
   Expense and Fees Payable — (11.7)%    (68,643,062) 
Preferred Shares, at Redemption Value — (46.1)%    (270,892,814) 
Net Assets Applicable to Common Shares — 100.0%    $ 587,249,592 

* The cost and unrealized appreciation (depreciation) of investments as of April 30,
2010, as computed for federal income tax purposes, were as follows:

Aggregate cost  $ 873,383,866 
Gross unrealized appreciation  $ 31,709,202 
Gross unrealized depreciation  (36,384,450) 
Net unrealized depreciation  $ (4,675,248) 

(a) Represents a zero-coupon bond. Rate shown reflects the current yield as of
report date.
(b) US government securities, held in escrow, are used to pay interest on this security as
well as to retire the bond in full at the date indicated, typically at a premium to par.
(c) Issuer filed for bankruptcy and/or is in default of interest payments.
(d) Non-income producing security.
(e) Security exempt from registration under Rule 144A of the Securities Act of 1933.
These securities may be resold in transactions exempt from registration to qualified
institutional investors.
(f) 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 govern-
ments, or their respective agencies or authorities. The security is subject to remarket-
ing prior to its stated maturity.
(g) Variable rate security. Rate shown is as of report date.
(h) When-issued security. Unsettled when-issued transactions were as follows:

    Unrealized 
Counterparty  Value  Appreciation 
JPMorgan Securities, Inc.  $ 6,288,844  $ 58,616 

(i) Securities represent bonds transferred to a tender option bond trust in exchange for
which the Trust acquired residual interest certificates. These securities serve as col-
lateral in a financing transaction. See Note 1 of the Notes to Financial Statements
for details of municipal bonds transferred to tender option bond trusts.
(j) Investments in companies considered to be an affiliate of the Trust during the year,
for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were
as follows:

  Shares Held at    Shares Held at   
  April 30,  Net  April 30,   
Affiliate  2009  Activity  2010  Income 
FFI Institutional         
   Tax-Exempt Fund       423,950  22,386,830  22,810,780  $38,138 

(k) Represents the current yield as of report date.
Fair Value Measurements — Various inputs are used in determining the fair value of
investments, which are as follows:
Level 1 — price quotations in active markets/exchanges for identical assets
and liabilities
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, repayment 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)
The inputs or methodologies used for valuing securities are not necessarily an indi-
cation of the risk associated with investing in those securities. For information about
the Trust’s policy regarding valuation of investments and other significant accounting
policies, please refer to Note 1 of the Notes to Financial Statements.
The following table summarizes the inputs used as of April 30, 2010 in determining
the fair valuation of the Trust’s investments:

Investments in Securities

Valuation Inputs  Level 1  Level 2  Level 3  Total 
Assets:         
Long-Term         
   Investments1    $914,481,339    $914,481,339 
Short-Term         
   Securities  $ 22,810,780      22,810,780 
Total  $ 22,810,780  $914,481,339    $937,292,119 

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

See Notes to Financial Statements.

26 ANNUAL REPORT

APRIL 30, 2010


Schedule of Investments April 30, 2010

BlackRock Pennsylvania Strategic Municipal Trust (BPS)

(Percentages shown are based on Net Assets)

  Par   
Municipal Bonds  (000)           Value 
Pennsylvania — 113.4%     
Corporate — 2.4%     
Pennsylvania Economic Development Financing Authority,     
 RB, Aqua Pennsylvania Inc. Project, Series A, AMT,     
 6.75%, 10/01/18  $ 600  $ 678,888 
County/City/Special District/School District — 12.8%     
Delaware Valley Regional Financial Authority, RB, Series A     
 (AMBAC), 5.50%, 8/01/28  1,500  1,615,185 
Marple Newtown School District, GO (AGM),     
 5.00%, 6/01/31  600  629,910 
Owen J. Roberts School District, GO, 4.75%, 11/15/25  700  736,281 
Philadelphia School District, GO, Series E,     
 6.00%, 9/01/38  100  107,305 
Scranton School District Pennsylvania, GO, Series A     
 (AGM), 5.00%, 7/15/38  500  511,845 
    3,600,526 
Education — 18.2%     
Cumberland County Municipal Authority, RB, AICUP     
 Financing Program, Dickinson College Project,     
 5.00%, 11/01/39  200  196,666 
Delaware County Authority Pennsylvania, RB, Villanova     
 University, 5.25%, 12/01/31  100  106,425 
Delaware County Authority, RB, Haverford College:     
     5.00%, 11/15/35  415  439,871 
     5.00%, 11/15/40  300  316,473 
Lancaster Higher Education Authority, RB, Franklin     
 & Marshall College Project, 5.00%, 4/15/37  500  509,190 
Pennsylvania Higher Educational Facilities Authority, RB:     
     Drexel University, Series A (NPFGC), 5.00%, 5/01/37  250  253,747 
     Lafayette College Project, 6.00%, 5/01/30  1,250  1,253,525 
     Thomas Jefferson University, 5.00%, 3/01/40  1,000  1,026,520 
University of Pittsburgh Pennsylvania, RB, Capital Project,     
 Series B, 5.00%, 9/15/28  350  380,002 
Wilkes-Barre Finance Authority, Refunding RB, Wilkes     
 University Project, 5.00%, 3/01/37  700  635,677 
    5,118,096 
Health — 44.7%     
Allegheny County Hospital Development Authority,     
 Refunding RB, Health System, West Penn, Series A:     
     5.00%, 11/15/28  250  210,753 
     5.38%, 11/15/40  470  377,189 
Berks County Municipal Authority, Refunding RB,     
 Reading Hospital & Medical Center Project, Series A-3,     
 5.50%, 11/01/31  500  525,675 
Bucks County IDA, Refunding RB, Pennswood Village     
 Project, Series A, 6.00%, 10/01/12 (a)  1,400  1,565,480 
Cumberland County Municipal Authority, RB, Diakon     
 Lutheran, 6.38%, 1/01/39  500  503,745 
Dauphin County General Authority, Refunding RB,     
 Pinnacle Health System Project, Series A,     
 6.00%, 6/01/29  500  527,905 
Lehigh County General Purpose Authority, Refunding RB,     
 Hospital, Saint Luke’s Bethlehem, 5.38%, 8/15/23 (a)  3,520  3,982,598 
Lycoming County Authority, Refunding RB, Susquehanna     
 Health System Project, Series A, 5.75%, 7/01/39  210  212,516 
Monroe County Hospital Authority Pennsylvania,     
 Refunding RB, Hospital, Pocono Medical Center,     
 5.13%, 1/01/37  345  326,063 
Montgomery County Higher Education & Health Authority,     
 Refunding RB, Abington Memorial Hospital, Series A,     
 5.13%, 6/01/33  370  370,381 

    Par   
Municipal Bonds    (000)           Value 
Pennsylvania (concluded)       
Health (concluded)       
Montgomery County IDA Pennsylvania, Acts Retirement       
 Life Community RB:       
     5.25%, 11/15/28  $ 1,250  $ 1,175,200 
     Series A, 4.50%, 11/15/36    400  322,620 
Pennsylvania Higher Educational Facilities Authority, RB,     
 University of Pittsburgh Medical Center, Series E,       
 5.00%, 5/15/31    800  811,336 
South Fork Municipal Authority, Refunding RB, Conemaugh     
 Valley Memorial, Series B (AGC), 5.38%, 7/01/35 (b)  245  247,563 
Southcentral General Authority Pennsylvania,       
 Refunding RB, Wellspan Health Obligor Group,       
 Series A, 6.00%, 6/01/29    1,250  1,364,587 
      12,523,611 
Housing — 11.7%       
Pennsylvania HFA, RB:       
     Series 94-A, AMT, 5.10%, 10/01/31    150  150,840 
     Series 95-A, AMT, 4.90%, 10/01/37    1,000  979,280 
     Series 103C, 5.40%, 10/01/33    250  260,368 
Pennsylvania HFA, Refunding RB, AMT:       
     Series 96-A, 4.70%, 10/01/37    490  455,744 
     Series 97A, 4.65%, 10/01/31    1,300  1,230,086 
     Series 99A, 5.15%, 4/01/38    200  204,480 
      3,280,798 
State — 2.0%       
Commonwealth of Pennsylvania, GO, First Series,       
 5.00%, 3/15/29    275  297,069 
State Public School Building Authority, Refunding RB,       
 Harrisburg School District Project, Series A (AGC),       
 5.00%, 11/15/33    250  258,820 
      555,889 
Transportation — 15.3%       
City of Philadelphia Pennsylvania, RB, Series A, AMT       
 (AGM), 5.00%, 6/15/37    1,150  1,106,990 
Pennsylvania Economic Development Financing Authority,     
 RB, Amtrak Project, Series A, AMT:       
     6.25%, 11/01/31    1,000  1,011,960 
     6.38%, 11/01/41    1,000  1,013,170 
Pennsylvania Turnpike Commission, RB:       
     CAB, Sub-Series E, 6.48%, 12/01/38 (c)    385  258,369 
     Series A (AMBAC), 5.25%, 12/01/32    870  886,626 
      4,277,115 
Utilities — 6.3%       
City of Philadelphia Pennsylvania, RB, Series A,       
 5.25%, 1/01/36    100  102,797 
Delaware County IDA Pennsylvania, RB, Water Facilities,     
 AMT (NPFGC), 6.00%, 6/01/29    1,250  1,250,775 
Montgomery County IDA Pennsylvania, RB, Aqua       
 Pennsylvania Inc. Project, Series A, AMT, 5.25%, 7/01/42  300  300,966 
Pennsylvania Economic Development Financing Authority,     
 RB, Philadelphia Biosolids Facility, 6.25%, 1/01/32    100  104,489 
      1,759,027 
Total Municipal Bonds in Pennsylvania      31,793,950 
Multi-State — 12.7%       
Housing — 12.7%       
MuniMae TE Bond Subsidiary LLC,       
 7.50%, 6/30/49 (d)(e)(f)    3,842  3,562,725 
Total Municipal Bonds in Multi-State      3,562,725 

See Notes to Financial Statements.

ANNUAL REPORT

APRIL 30, 2010

27


Schedule of Investments (continued)

BlackRock Pennsylvania Strategic Municipal Trust (BPS)

(Percentages shown are based on Net Assets)

    Par   
Municipal Bonds    (000)  Value 
Puerto Rico — 21.3%       
Education — 2.7%       
Puerto Rico Industrial Tourist Educational Medical       
 & Environmental Control Facilities Financing Authority,       
 RB, Ana G. Mendez University System Project,       
 5.00%, 3/01/26  $ 830  $ 750,569 
State — 16.0%       
Commonwealth of Puerto Rico, GO, Refunding,       
 Sub-Series C-7 (NPFGC), 6.00%, 7/01/27    1,385  1,471,119 
Puerto Rico Public Buildings Authority, Refunding RB,       
 Government Facilities, Series N, 5.00%, 7/01/37    300  286,680 
Puerto Rico Public Finance Corp., RB, Commonwealth       
 Appropriation, Series E, 5.50%, 2/01/12 (a)    1,495  1,612,477 
Puerto Rico Sales Tax Financing Corp., RB, First       
 Sub-Series A, 6.38%, 8/01/39    1,000  1,122,830 
      4,493,106 
Utilities — 2.6%       
Puerto Rico Aqueduct & Sewer Authority, RB, Senior Lien,     
 Series A, 6.00%, 7/01/38    200  208,764 
Puerto Rico Electric Power Authority, RB, Series WW,       
 5.50%, 7/01/38    500  513,525 
      722,289 
Total Municipal Bonds in Puerto Rico      5,965,964 
U.S. Virgin Islands — 0.3%       
State — 0.3%       
Virgin Islands Public Finance Authority, RB, Senior Lien,       
 Capital Projects, Series A-1, 5.00%, 10/01/39    100  94,696 
Total Municipal Bonds in U.S. Virgin Islands      94,696 
Total Municipal Bonds — 147.7%      41,417,335 
Municipal Bonds Transferred to       
Tender Option Bond Trusts (g)       
Pennsylvania — 16.0%       
Education — 1.8%       
Pennsylvania Higher Educational Facilities Authority,       
 Refunding RB, Trustees of the University of Pennsylvania,     
 Series C, 4.75%, 7/15/35    500  503,865 
Health — 5.5%       
Geisinger Authority, RB, Series A:       
5.13%, 6/01/34    500  514,430 
5.25%, 6/01/39    1,000  1,032,040 
      1,546,470 
Housing — 1.8%       
Pennsylvania HFA, Refunding RB, Series 105C,       
 5.00%, 10/01/39    500  508,620 
State — 6.9%       
Commonwealth of Pennsylvania, GO, First Series,       
 5.00%, 3/15/28    825  895,461 
Pennsylvania Turnpike Commission, RB, Series C of 2003     
 Pennsylvania Turnpike (NPFGC), 5.00%, 12/01/32    1,000  1,033,810 
      1,929,271 
Total Municipal Bonds Transferred to       
Tender Option Bond Trusts — 16.0%      4,488,226 
Total Long-Term Investments       
(Cost — $45,168,136) — 163.7%      45,905,561 

Short-Term Securities  Shares  Value 
CMA Pennsylvania Municipal Money Fund 0.00%, (h)(i)  455,164  $ 455,164 
Total Short-Term Securities     
(Cost — $455,164) — 1.6%    455,164 
Total Investments (Cost — $45,623,300*) — 165.3%    46,360,725 
Other Assets Less Liabilities — 1.1%    304,432 
Liability for Trust Certificates, Including Interest     
   Expense and Fees Payable — (8.2)%    (2,300,948) 
Preferred Shares, at Redemption Value — (58.2)%    (16,325,844) 
Net Assets Applicable to Common Shares — 100.0%    $ 28,038,365 

* The cost and unrealized appreciation (depreciation) of investments as of April 30,
2010, as computed for federal income tax purposes, were as follows:

Aggregate cost  $ 43,196,402 
Gross unrealized appreciation  $ 1,607,883 
Gross unrealized depreciation  (743,302) 
Net unrealized appreciation  $ 864,581 

(a) US government securities, held in escrow, are used to pay interest on this security
as well as to retire the bond in full at the date indicated, typically at a premium
to par.
(b) When-issued security. Unsettled when-issued transactions were as follows:

    Unrealized 
Affiliate  Value  Depreciation 
Merrill Lynch & Co., Inc.  $ 45,471  $ 302 
Raymond C. Forbes & Co.  $ 202,092  $ 1,092 

(c) 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.
(d) Security exempt from registration under Rule 144A of the Securities Act of 1933.
These securities may be resold in transactions exempt from registration to qualified
institutional investors.
(e) 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 govern-
ments, or their respective agencies or authorities. The security is subject to remarket-
ing prior to its stated maturity.
(f) Variable rate security. Rate shown is as of report date.
(g) Securities represent bonds transferred to a tender option bond trust in exchange for
which the Trust acquired residual interest certificates. These securities serve as col-
lateral in a financing transaction. See Note 1 of the Notes to Financial Statements
for details of municipal bonds transferred to tender option bond trusts.
(h) Investments in companies considered to be an affiliate of the Trust during the year,
for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were
as follows:

  Shares Held at    Shares Held at   
  April 30,  Net  April 30,   
Affiliate  2009  Activity  2010  Income 
CMA Pennsylvania         
   Municipal Money         
Fund  99,970  355,194  455,164  $ 161 

(i) Represents the current yield as of report date.
For Trust compliance purposes, the Trust’s industry classifications refer to any one
or more of the industry sub-classifications used by one or more widely recognized
market indexes or rating group indexes, and/or as defined by Trust management.
This definition may not apply for purposes of this report, which may combine such
industry sub-classifications for reporting ease.

See Notes to Financial Statements.

28 ANNUAL REPORT

APRIL 30, 2010


Schedule of Investments (concluded)

BlackRock Pennsylvania Strategic Municipal Trust (BPS)

Fair Value Measurements — Various inputs are used in determining the fair value of
investments, which are as follows:
Level 1 — price quotations in active markets/exchanges for identical assets
and liabilities
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)
The inputs or methodologies used for valuing securities are not necessarily an
indication of the risk associated with investing in those securities. For information
about the Trust’s policy regarding valuation of investments and other significant
accounting policies, please refer to Note 1 of the Notes to Financial Statements.
The following table summarizes the inputs used as of April 30, 2010 in determining
the fair valuation of the Trust’s investments:

Investments in Securities

Valuation Inputs  Level 1  Level 2  Level 3  Total 
Assets:         
Long-Term         
   Investments1  — $  45,905,561    $ 45,905,561 
Short-Term         
   Securities  $ 455,164      455,164 
Total  $ 455,164 $  45,905,561    $ 46,360,725 
 1 See above Schedule of Investments for values in each sector.   

See Notes to Financial Statements.

ANNUAL REPORT

APRIL 30, 2010

29


Schedule of Investments April 30, 2010

BlackRock Strategic Municipal Trust (BSD)
(Percentages shown are based on Net Assets)

  Par   
Municipal Bonds  (000)           Value 
Arizona — 3.1%     
Pima County IDA, Refunding IDRB, Tucson Electric Power,     
 5.75%, 9/01/29  $ 350  $ 356,153 
Salt River Project Agricultural Improvement & Power     
 District, RB, Series A, 5.00%, 1/01/38  625  653,288 
Salt Verde Financial Corp., RB, Senior, 5.00%, 12/01/37  1,320  1,170,510 
San Luis Facility Development Corp., RB, Senior Lien,     
 Regional Detention Center Project:     
     6.25%, 5/01/15  210  196,480 
     7.00%, 5/01/20  210  195,319 
     7.25%, 5/01/27  420  385,795 
    2,957,545 
California — 21.0%     
Bay Area Toll Authority, Refunding RB, San Francisco     
 Bay Area, Series F-1, 5.63%, 4/01/44  720  783,907 
California County Tobacco Securitization Agency, RB, CAB,     
 Stanislaus, Sub-Series C, 6.30%, 6/01/55 (a)  3,095  37,542 
California State Public Works Board, RB, Various Capital     
 Projects, Sub-Series I-1, 6.38%, 11/01/34  375  401,756 
Los Angeles Department of Airports, RB, Series A,     
 5.25%, 5/15/39  250  259,095 
Los Angeles Department of Airports, Refunding RB,     
 Senior, Los Angeles International Airport, Series A,     
 5.00%, 5/15/40  1,875  1,910,550 
Los Angeles Unified School District California, GO,     
 Series D, 5.00%, 7/01/26  1,585  1,679,339 
San Francisco City & County Public Utilities Commission,     
 RB, Series B, 5.00%, 11/01/39  2,965  3,071,651 
State of California, GO, Various Purpose:     
     6.00%, 3/01/33  800  880,568 
     6.50%, 4/01/33  650  736,951 
     (CIFG), 5.00%, 3/01/33  5,000  4,992,900 
University of California, RB, Limited Project, Series B,     
 4.75%, 5/15/38  1,835  1,818,100 
West Valley-Mission Community College District, GO,     
 Election of 2004, Series A (AGM), 4.75%, 8/01/30  3,350  3,364,171 
    19,936,530 
Colorado — 4.9%     
City of Colorado Springs Colorado, RB, Subordinate Lien,     
 Improvement, Series C (AGM), 5.00%, 11/15/45  395  404,196 
Colorado Health Facilities Authority, Refunding RB,     
 Catholic Healthcare, Series A, 5.50%, 7/01/34  680  721,140 
Northwest Parkway Public Highway Authority Colorado, RB,     
 CAB, Senior Series B (AGM), 6.30%, 6/15/11 (a)(b)  10,000  3,095,100 
Park Creek Metropolitan District Colorado, Refunding RB,     
 Senior, Limited Tax, Property Tax, 5.50%, 12/01/37  440  419,016 
    4,639,452 
District of Columbia — 0.7%     
Metropolitan Washington Airports Authority, RB, First     
 Senior Lien, Series A:     
     5.00%, 10/01/39  160  166,081 
     5.25%, 10/01/44  465  486,139 
    652,220 
Florida — 7.7%     
Arborwood Community Development District, Special     
 Assessment Bonds, Master Infrastructure Projects,     
 Series B, 5.10%, 5/01/14  1,455  1,064,929 
County of Miami-Dade Florida, Refunding RB, Miami     
 International Airport, Series A-1, 5.38%, 10/01/41  370  374,251 
County of Orange Florida, Refunding RB (Syncora),     
 4.75%, 10/01/32  475  467,894 
Hillsborough County IDA, RB, National Gypsum Co.,     
 Series A, AMT, 7.13%, 4/01/30  3,300  2,874,333 

  Par   
Municipal Bonds  (000)           Value 
Florida (concluded)     
Miami Beach Health Facilities Authority, RB, Mount Sinai     
 Medical Center of Florida, 6.75%, 11/15/21  $ 1,245  $ 1,271,506 
Sumter Landing Community Development District Florida,     
 RB, Sub-Series B, 5.70%, 10/01/38  1,565  1,225,082 
    7,277,995 
Georgia — 1.5%     
De Kalb Private Hospital Authority, Refunding RB,     
 Children’s Healthcare, 5.25%, 11/15/39  265  275,065 
Metropolitan Atlanta Rapid Transit Authority, RB,     
 Third Series, 5.00%, 7/01/39  1,095  1,152,509 
    1,427,574 
Guam — 0.8%     
Territory of Guam, GO, Series A:     
     6.00%, 11/15/19  200  207,042 
     6.75%, 11/15/29  290  308,432 
     7.00%, 11/15/39  195  208,229 
    723,703 
Illinois — 8.6%     
Illinois Finance Authority, RB:     
     MJH Education Assistance IV LLC, Sub-Series B,     
     5.38%, 6/01/35 (c)(d)  300  81,009 
     Northwestern University, 5.00%, 12/01/33  5,000  5,148,500 
Illinois Finance Authority, Refunding RB:     
     Central DuPage Health, Series B, 5.50%, 11/01/39  2,500  2,597,475 
     Friendship Village Schaumburg, Series A,     
     5.63%, 2/15/37  145  115,546 
State of Illinois, RB, Build Illinois, Series B,     
 5.25%, 6/15/34  200  208,376 
    8,150,906 
Indiana — 2.8%     
Indiana Finance Authority, RB, Sisters of St. Francis     
 Health, 5.25%, 11/01/39  270  274,852 
Indiana Finance Authority, Refunding RB, Duke Energy     
 Indiana Inc., Series C, 4.95%, 10/01/40  1,050  1,037,914 
Indiana Health Facility Financing Authority, Refunding RB,     
 Methodist Hospital Inc., 5.38%, 9/15/22  1,060  983,394 
Indiana Municipal Power Agency, RB, Indiana Municipal     
 Power Agency, Series B, 6.00%, 1/01/39  350  378,186 
    2,674,346 
Kentucky — 8.2%     
Kentucky Economic Development Finance Authority,     
 Refunding RB:     
     Norton Healthcare Inc., Series B (NPFGC),     
     6.20%, 10/01/24 (a)  17,255  7,421,203 
     Owensboro Medical Health System, Series A,     
     6.38%, 6/01/40  320  328,960 
    7,750,163 
Maryland — 2.6%     
Maryland Community Development Administration,     
 Refunding RB, Residential, Series A, AMT,     
 4.70%, 9/01/37  2,500  2,349,750 
Maryland EDC, RB, Transportation Facilities Project,     
 Series A, 5.75%, 6/01/35  135  137,893 
    2,487,643 
Massachusetts — 0.6%     
Massachusetts Health & Educational Facilities Authority,     
 Refunding RB, Partners Healthcare, Series J1,     
 5.00%, 7/01/39  570  577,917 
Michigan — 0.7%     
Michigan State Hospital Finance Authority, Refunding RB,     
 Henry Ford Health System, Series A, 5.25%, 11/15/46  730  665,840 

See Notes to Financial Statements.

30 ANNUAL REPORT

APRIL 30, 2010


Schedule of Investments (continued)

BlackRock Strategic Municipal Trust (BSD)
(Percentages shown are based on Net Assets)

    Par   
Municipal Bonds    (000)  Value 
Multi-State — 5.9%       
Centerline Equity Issuer Trust, 7.60%, 12/15/50 (e)(f)  $ 2,000  $ 2,047,640 
MuniMae TE Bond Subsidiary LLC, 7.50%,       
   6/30/49 (e)(f)(g)    3,842  3,562,725 
      5,610,365 
Nebraska — 0.8%       
Douglas County Hospital Authority No. 2, RB, Health       
 Facilities, Immanuel Obligation Group, 5.63%, 1/01/40  720  717,358 
Nevada — 0.9%       
County of Clark Nevada, Refunding RB, Alexander Dawson     
 School Nevada Project, 5.00%, 5/15/29    880  880,889 
New Jersey — 6.3%       
Middlesex County Improvement Authority, RB, Subordinate,     
 Heldrich Center Hotel, Series B, 6.25%, 1/01/37    645  119,144 
New Jersey EDA, RB, Cigarette Tax, 5.50%, 6/15/24    2,090  2,069,643 
New Jersey State Turnpike Authority, RB, Series E,       
 5.25%, 1/01/40    1,355  1,418,279 
Tobacco Settlement Financing Corp. New Jersey,       
 Refunding RB, Series 1A, 4.50%, 6/01/23    2,500  2,387,850 
      5,994,916 
New York — 6.3%       
Albany Industrial Development Agency, RB, New Covenant     
 Charter School Project, Series A, 7.00%, 5/01/35 (c)  315  126,003 
New York City Industrial Development Agency, RB,       
 American Airlines Inc., JFK International Airport, AMT,       
 7.75%, 8/01/31    3,000  3,067,170 
New York State Dormitory Authority, ERB, Series F,       
 5.00%, 3/15/35    2,680  2,767,529 
      5,960,702 
North Carolina — 1.4%       
City of Charlotte North Carolina, RB, Series B,       
 5.00%, 7/01/38    300  323,286 
North Carolina Medical Care Commission, RB, Duke       
 University Health System, Series A:       
     5.00%, 6/01/39    200  203,942 
     5.00%, 6/01/42    440  446,723 
North Carolina Municipal Power Agency No. 1 Catawba,     
 Refunding RB, Series A, 5.00%, 1/01/30    340  347,902 
      1,321,853 
Ohio — 2.6%       
Buckeye Tobacco Settlement Financing Authority, RB,       
 Asset-Backed, Senior Series A-2, 6.50%, 6/01/47    1,880  1,542,803 
County of Montgomery Ohio, Refunding RB, Catholic       
 Healthcare, Series A, 5.00%, 5/01/39    885  909,541 
      2,452,344 
Oklahoma — 1.3%       
Tulsa Airports Improvement Trust, RB, Series A, AMT,       
 7.75%, 6/01/35 (g)    1,225  1,237,985 
Pennsylvania — 8.1%       
Pennsylvania Economic Development Financing       
 Authority, RB:       
     Amtrak Project, Series A, AMT, 6.50%, 11/01/16    1,000  1,023,710 
     Amtrak Project, Series A, AMT, 6.13%, 11/01/21    700  708,981 
     Amtrak Project, Series A, AMT, 6.25%, 11/01/31    1,000  1,011,960 
     Aqua Pennsylvania Inc. Project, 5.00%, 11/15/40    600  617,886 
     Reliant Energy, Series A, AMT, 6.75%, 12/01/36    2,000  2,063,500 
Pennsylvania Turnpike Commission, RB, Sub-Series B,       
 5.25%, 6/01/39    2,175  2,247,906 
      7,673,943 

  Par   
Municipal Bonds  (000)  Value 
Puerto Rico — 3.2%     
Commonwealth of Puerto Rico, GO, Refunding, Public     
 Improvement, Series C, 6.00%, 7/01/39  $ 940  $ 990,008 
Puerto Rico Sales Tax Financing Corp., RB,     
 First Sub-Series A, 6.50%, 8/01/44  1,770  1,999,587 
    2,989,595 
South Carolina — 3.1%     
South Carolina Jobs, EDA, Refunding RB, Palmetto Health,     
 Series C (b):     
7.00%, 8/01/13  2,225  2,616,133 
7.00%, 8/01/13  275  324,497 
    2,940,630 
South Dakota — 0.6%     
South Dakota Health & Educational Facilities Authority,     
 RB, Sanford Health, 5.00%, 11/01/40  545  539,942 
Texas — 17.8%     
Brazos River Authority, RB, TXU Electric, Series A, AMT,     
 8.25%, 10/01/30  730  452,651 
Brazos River Authority, Refunding RB, TXU Electric Co.     
 Project, Series C, AMT, 5.75%, 5/01/36  730  709,633 
City of Houston Texas, RB, Senior Lien, Series A,     
 5.50%, 7/01/39  485  516,792 
City of Houston Texas, Refunding RB, Combined,     
 First Lien, Series A (AGC), 6.00%, 11/15/35  2,730  3,131,856 
Harris County-Houston Sports Authority,     
 Refunding RB, CAB, Senior Lien, Series A     
 (NPFGC), 6.17%, 11/15/38 (a)  4,750  662,910 
La Joya ISD Texas, GO (PSF-GTD), 5.00%, 2/15/34  4,060  4,173,924 
La Vernia Higher Education Finance Corp., RB, KIPP Inc.,     
 6.38%, 8/15/44  500  515,845 
North Texas Tollway Authority, RB, Toll, 2nd Tier, Series F,     
 6.13%, 1/01/31  1,025  1,093,203 
State of Texas, GO, Refunding, Water Financial Assistance,     
 5.75%, 8/01/22  500  505,445 
Texas Private Activity Bond Surface Transportation Corp.,     
 RB, Senior Lien, Note Mobility, 6.88%, 12/31/39  1,220  1,274,558 
Texas State Turnpike Authority, RB, CAB (AMBAC),     
 6.05%, 8/15/31 (a)  15,000  3,834,450 
    16,871,267 
Utah — 1.2%     
City of Riverton Utah, RB, IHC Health Services Inc.,     
 5.00%, 8/15/41  1,150  1,169,584 
Virginia — 3.9%     
City of Norfolk Virginia, Refunding RB, Series B (AMBAC),     
 5.50%, 2/01/31  420  412,318 
Tobacco Settlement Financing Corp. Virginia,     
 Refunding RB, Senior Series B1, 5.00%, 6/01/47  935  643,589 
University of Virginia, Refunding RB, General,     
 5.00%, 6/01/40  2,500  2,646,375 
    3,702,282 
Washington — 0.7%     
County of King Washington, Refunding RB (AGM),     
 5.00%, 1/01/36  620  641,911 
Wisconsin — 4.7%     
Wisconsin Health & Educational Facilities Authority,     
 RB, Ascension Health Credit Group, Series A,     
 5.00%, 11/15/31  4,330  4,426,819 

See Notes to Financial Statements.

ANNUAL REPORT

APRIL 30, 2010

31


Schedule of Investments (continued)

BlackRock Strategic Municipal Trust (BSD)
(Percentages shown are based on Net Assets)

    Par   
Municipal Bonds    (000)  Value 
Wyoming — 1.2%       
County of Sweetwater Wyoming, Refunding RB, Idaho       
 Power Co. Project, 5.25%, 7/15/26  $ 975  $ 1,030,809 
Wyoming Municipal Power Agency, RB, Series A,       
 5.00%, 1/01/42    95  94,247 
      1,125,056 
Total Municipal Bonds — 133.2%      126,179,275 
Municipal Bonds Transferred to       
Tender Option Bond Trusts (h)       
Alabama — 0.8%       
Alabama Special Care Facilities Financing Authority-       
 Birmingham, Refunding RB, Ascension Health Senior       
 Credit, Series C-2, 5.00%, 11/15/36    760  768,121 
California — 2.4%       
California Educational Facilities Authority, RB, University of     
 Southern California, Series A, 5.25%, 10/01/18    855  916,833 
Los Angeles Community College District California, GO,       
 Election of 2001, Series A (AGM), 5.00%, 8/01/32    740  757,568 
San Diego Community College District California, GO,       
 Election of 2002, 5.25%, 8/01/33    553  581,119 
      2,255,520 
Colorado — 2.1%       
Colorado Health Facilities Authority, RB, Catholic       
 Health (AGM):       
     Series C-3, 5.10%, 10/01/41    1,210  1,217,890 
     Series C-7, 5.00%, 9/01/36    780  784,087 
      2,001,977 
Connecticut — 3.4%       
Connecticut State Health & Educational Facility Authority,     
 RB, Yale University:       
     Series T-1, 4.70%, 7/01/29    1,580  1,657,515 
     Series X-3, 4.85%, 7/01/37    1,540  1,605,003 
      3,262,518 
Illinois — 1.6%       
Chicago Housing Authority, Refunding RB (AGM),       
 5.00%, 7/01/24    1,424  1,480,263 
Massachusetts — 2.2%       
Massachusetts Water Resources Authority, Refunding RB,     
 General, Series A, 5.00%, 8/01/41    1,980  2,040,925 
New Hampshire — 0.7%       
New Hampshire Health & Education Facilities Authority,     
 Refunding RB, Dartmouth College, 5.25%, 6/01/39    645  699,941 
New York — 0.6%       
New York City Municipal Water Finance Authority, RB,       
 Series FF-2, 5.50%, 6/15/40    510  567,014 
Tennessee — 1.4%       
Shelby County Health Educational & Housing Facilities       
 Board, Refunding RB, St. Jude’s Children’s Research       
 Hospital, 5.00%, 7/01/31    1,280  1,323,814 
Texas — 2.3%       
County of Harris Texas, RB, Senior Lien, Toll Road,       
 Series A, 5.00%, 8/15/38    2,140  2,213,809 
Virginia — 3.0%       
University of Virginia, Refunding RB, General,       
 5.00%, 6/01/40    1,790  1,894,805 
Virginia I, RB, Sub-Series H-1 (NPFGC), 5.35%, 7/01/31  960  968,803 
      2,863,608 

Municipal Bonds Transferred to  Par   
Tender Option Bond Trusts (h)  (000)  Value 
Washington — 3.7%     
Central Puget Sound Regional Transit Authority, RB,     
 Series A (AGM), 5.00%, 11/01/32  $ 900  $ 946,925 
State of Washington, GO, Various Purpose, Series E,     
 5.00%, 2/01/34  2,400  2,529,792 
    3,476,717 
Total Municipal Bonds Transferred to     
Tender Option Bond Trusts — 24.2%    22,954,227 
Total Long-Term Investments     
(Cost — $148,853,844) — 157.4%    149,133,502 
Short-Term Securities  Shares   
FFI Institutional Tax-Exempt Fund, 0.25% (i)(j)  1,940,417  1,940,417 
Total Short-Term Securities     
(Cost — $1,940,417) — 2.1%    1,940,417 
Total Investments (Cost — $150,794,261*) — 159.5%    151,073,919 
Liabilities in Excess of Other Assets — (1.0)%    (954,098) 
Liability for Trust Certificates, Including Interest     
   Expense and Fees Payable — (13.1)%    (12,406,366) 
Preferred Shares, at Redemption Value — (45.4)%    (42,977,223) 
Net Assets Applicable to Common Shares — 100.0%    $ 94,736,232 

* The cost and unrealized appreciation (depreciation) of investments as of April 30,
2010, as computed for federal income tax purposes, were as follows:

Aggregate cost  $138,070,160 
Gross unrealized appreciation  $ 4,456,436 
Gross unrealized depreciation  (3,849,059) 
Net unrealized appreciation  $ 607,377 

(a) Represents a zero-coupon bond. Rate shown reflects the current yield as of
report date.
(b) US government securities, held in escrow, are used to pay interest on this security as
well as to retire the bond in full at the date indicated, typically at a premium to par.
(c) Issuer filed for bankruptcy and/or is in default of interest payments.
(d) Non-income producing security.
(e) Security exempt from registration under Rule 144A of the Securities Act of 1933.
These securities may be resold in transactions exempt from registration to qualified
institutional investors.
(f) 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 govern-
ments, or their respective agencies or authorities. The security is subject to remarket-
ing prior to its stated maturity.
(g) Variable rate security. Rate shown is as of report date.
(h) Securities represent bonds transferred to a tender option bond trust in exchange for
which the Trust acquired residual interest certificates. These securities serve as col-
lateral in a financing transaction. See Note 1 of the Notes to Financial Statements
for details of municipal bonds transferred to tender option bond trusts.
(i) Investments in companies considered to be an affiliate of the Trust during the year,
for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were
as follows:

  Shares Held at    Shares Held at   
  April 30,  Net  April 30,   
   Affiliate  2009  Activity  2010  Income 
   FFI Institutional         
       Tax-Exempt Fund  301,197  1,639,220  1,940,417  $8,970 
(j) Represents the current yield as of report date.     

See Notes to Financial Statements.

32 ANNUAL REPORT

APRIL 30, 2010


Schedule of Investments (concluded)

BlackRock Strategic Municipal Trust (BSD)

Fair Value Measurements — Various inputs are used in determining the fair value of
investments, which are as follows:
Level 1 — price quotations in active markets/exchanges for identical assets
and liabilities
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)
The inputs or methodologies used for valuing securities are not necessarily an
indication of the risk associated with investing in those securities. For information
about the Trust’s policy regarding valuation of investments and other significant
accounting policies, please refer to Note 1 of the Notes to Financial Statements.
The following table summarizes the inputs used as of April 30, 2010 in determining
the fair valuation of the Trust’s investments:

Investments in Securities

Valuation Inputs  Level 1  Level 2  Level 3  Total 
Assets:         
Long-Term         
   Investments1    $149,133,502    $149,133,502 
Short-Term         
   Securities  $ 1,940,417      1,940,417 
Total  $ 1,940,417  $149,133,502    $151,073,919 

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

See Notes to Financial Statements.

ANNUAL REPORT

APRIL 30, 2010

33


Statements of Assets and Liabilities           
    BlackRock  BlackRock      BlackRock  BlackRock 
    Investment  Long-Term  BlackRock  BlackRock  Pennsylvania  Strategic 
         Quality  Municipal  Municipal     Municipal  Strategic  Municipal 
  Municipal Trust Inc.  Advantage Trust  2020 Term Trust  Income Trust  Municipal Trust  Trust 
April 30, 2010        (BKN)       (BTA)  (BKK)  (BFK)  (BPS)  (BSD) 
     Assets               
Investments at value — unaffiliated1  $ 364,592,636  $ 234,605,555  $ 461,899,716  $ 914,481,339  $ 45,905,561  $ 149,133,502 
Investments at value — affiliated2    7,659,955  1,118,809  1,901,695  22,810,780  455,164  1,940,417 
Cash        169,500  253,600  126,800  126,800 
Interest receivable    5,354,560  4,167,439  7,574,720  14,282,294  656,940  2,287,954 
Investments sold receivable    13,006,492  4,002,333  1,135,000  2,552,078    72,649 
Income receivable — affiliated    186  42  144  645  15  30 
Prepaid expenses    42,935  35,073  56,404  120,780  4,311  26,073 
Other assets    46,647  10,885  36,295  166,231  3,981  7,775 
Total assets    390,703,411  243,940,136  472,773,474  954,667,747  47,152,772  153,595,200 
     Accrued Liabilities               
Investments purchased payable    19,380,457  6,231,596    23,611,539  246,169  2,788,501 
Income dividends payable — Common Shares    1,426,960  794,037  1,259,730  3,488,502  141,642  528,471 
Investment advisory fees payable    111,995  78,089  205,066  442,051  24,184  78,239 
Administration fees payable    48,122           
Officer’s and Trustees’ fees payable    48,045  12,530  38,075  166,719  5,094  9,188 
Interest expense and fees payable    8,419  299,643  7,383  59,561  1,206  9,984 
Other affiliates payable      1,442  2,900  5,665  280  919 
Other accrued expenses payable    102,928  75,565  98,657  167,803  70,246  70,061 
Total accrued liabilities    21,126,926  7,492,902  1,611,811  27,941,840  488,821  3,485,363 
     Other Liabilities               
Trust certificates3    11,137,401  86,090,000  3,750,000  68,583,501  2,299,742  12,396,382 
Total Liabilities    32,264,327  93,582,902  5,361,811  96,525,341  2,788,563  15,881,745 
     Preferred Shares at Redemption Value               
$25,000 per share liquidation preference, plus               
unpaid dividends4,5,6    125,967,819    173,863,049  270,892,814  16,325,844  42,977,223 
Net Assets Applicable to Common Shareholders  $ 232,471,265  $ 150,357,234  $ 293,548,614  $ 587,249,592  $ 28,038,365  $ 94,736,232 
     Net Assets Applicable to Common Shareholders Consist of             
Paid-in capital6,7,8  $ 236,061,147  $ 190,789,578  $ 287,184,576  $ 630,054,377  $ 28,487,095  $ 103,356,106 
Undistributed net investment income    4,523,905  2,312,458  10,354,633  10,453,607  620,889  1,552,284 
Accumulated net realized loss    (12,721,966)  (34,755,551)  (1,695,316)  (47,179,457)  (1,807,044)  (10,451,816) 
Net unrealized appreciation/depreciation    4,608,179  (7,989,251)  (2,295,279)  (6,078,935)  737,425  279,658 
Net Assets Applicable to Common Shareholders  $ 232,471,265  $ 150,357,234  $ 293,548,614  $ 587,249,592  $ 28,038,365  $ 94,736,232 
Net asset value per Common Share.  $ 13.68  $ 11.27  $ 14.51  $ 13.23  $ 13.86  $ 13.00 
     1 Investments at cost — unaffiliated  $ 359,984,457  $ 242,594,806  $ 464,194,995  $ 920,560,274  $ 45,168,136  $ 148,853,844 
     2 Investments at cost — affiliated  $ 7,659,955  $ 1,118,809  $ 1,901,695  $ 22,810,780  $ 455,164  $ 1,940,417 
     3 Represents short-term floating rate certificates               
        issued by tender option bond trusts.               
     4 Preferred Shares outstanding    5,038    6,954  10,835  653  1,719 
     5 Preferred Shares authorized    5,862    Unlimited  Unlimited  Unlimited  Unlimited 
     6 Par value per Preferred and Common Share  $ 0.01  $ 0.001  $ 0.001  $ 0.001  $ 0.001  $ 0.001 
     7 Common Shares outstanding    16,987,617  13,345,152  20,236,628  44,376,991  2,023,459  7,289,261 
     8 Common Shares authorized    200 Million  Unlimited  Unlimited  Unlimited  Unlimited  Unlimited 

See Notes to Financial Statements.

34 ANNUAL REPORT

APRIL 30, 2010


Statements of Operations             
  BlackRock  BlackRock      BlackRock  BlackRock 
  Investment  Long-Term  BlackRock  BlackRock  Pennsylvania  Strategic 
            Quality  Municipal  Municipal  Municipal  Strategic  Municipal 
  Municipal Trust Inc.  Advantage Trust  2020 Term Trust  Income Trust  Municipal Trust         Trust 
Year Ended April 30, 2010             (BKN)         (BTA)         (BKK)         (BFK)  (BPS)         (BSD) 
     Investment Income             
Interest  $ 20,481,299  $ 12,018,459  $ 25,154,135  $ 51,992,958  $ 2,285,150  $ 8,221,409 
Income — affiliated  25,777  7,129  11,895  52,527  530  9,811 
Total income  20,507,076  12,025,588  25,166,030  52,045,485  2,285,680  8,231,220 
     Expenses             
Investment advisory  1,247,439  1,419,828  2,269,629  5,332,926  263,992  868,242 
Administration  534,617           
Commissions for Preferred Shares  187,506    260,358  369,847  20,632  59,535 
Accounting services  65,484  45,365  65,885  125,368  14,477  29,678 
Professional  48,751  38,046  49,799  98,115  32,884  44,454 
Printing  48,177  23,776  61,153  113,341  8,599  19,685 
Officer and Trustees  46,291  21,902  48,921  123,751  5,179  14,579 
Transfer agent  40,570  11,609  31,643  45,045  42,820  26,201 
Custodian  22,559  15,939  25,592  43,305  5,125  11,192 
Registration  9,526  9,178  9,229  15,621  800  9,245 
Miscellaneous  77,818  44,240  72,294  130,121  27,209  42,733 
Total expenses excluding interest expense and fees  2,328,738  1,629,883  2,894,503  6,397,440  421,717  1,125,544 
Interest expense and fees1  79,991  922,997  28,465  475,893  5,912  85,745 
Total expenses  2,408,729  2,552,880  2,922,968  6,873,333  427,629  1,211,289 
Less fees waived by advisor  (8,791)  (570,545)  (3,357)  (564,896)  (2,180)  (3,555) 
Total expenses after fees waived  2,399,938  1,982,335  2,919,611  6,308,437  425,449  1,207,734 
Net investment income  18,107,138  10,043,253  22,246,419  45,737,048  1,860,231  7,023,486 
     Realized and Unrealized Gain (Loss)             
Net realized gain (loss) from:             
   Investments  (3,235,639)  (5,621,912)  658,970  (3,314,116)  (258,713)  (4,328,834) 
   Financial futures contracts  (6,854)  (32,862)    917,454  17,063  71,802 
  (3,242,493)  (5,654,774)  658,970  (2,396,662)  (241,650)  (4,257,032) 
Net change in unrealized appreciation/depreciation             
   on investments  36,666,543  28,098,398  42,967,169  109,819,979  3,925,374  18,437,955 
Total realized and unrealized gain  33,424,050  22,443,624  43,626,139  107,423,317  3,683,724  14,180,923 
     Dividends to Preferred Shareholders From             
Net investment income  (573,855)    (778,339)  (1,235,954)  (73,835)  (198,039) 
Net Increase in Net Assets Applicable to Common             
   Shareholders Resulting from Operations  $ 50,957,333  $ 32,486,877  $ 65,094,219  $ 151,924,411  $ 5,470,120  $ 21,006,370 
   1 Related to tender option bond trusts.             

See Notes to Financial Statements.

ANNUAL REPORT

APRIL 30, 2010

35


Statements of Changes in Net Assets           
  BlackRock Investment Quality Municipal Trust Inc. (BKN)  BlackRock Long-Term Municipal Advantage Trust (BTA) 
    Period      Period   
    November 1,      November 1,   
  Year Ended  2008  Year Ended  Year Ended  2008     Year Ended 
Increase (Decrease) in Net Assets  April 30,  to April 30,  October 31,  April 30,  to April 30,     October 31, 
Applicable to Common Shareholders:  2010  2009  2008  2010  2009  2008 
     Operations             
Net investment income  $ 18,107,138  $ 8,544,311  $ 18,150,327  $ 10,043,253  $ 4,504,862  $ 10,760,652 
Net realized loss  (3,242,493)  (4,525,056)  (4,205,572)  (5,654,774)  (6,911,767)  (22,180,142) 
Net change in unrealized appreciation/depreciation  36,666,543  20,121,215  (62,760,434)  28,098,398  19,507,695  (48,552,418) 
Dividends to Preferred Shareholders from             
   net investment income  (573,855)  (776,524)  (5,278,893)       
Net increase (decrease) in net assets applicable to             
   Common Shareholders resulting from operations  50,957,333  23,363,946  (54,094,572)  32,486,877  17,100,790  (59,971,908) 
     Dividends to Common Shareholders From             
Net investment income  (16,049,999)  (6,741,319)  (15,020,485)  (9,208,155)  (4,403,900)  (8,807,800) 
     Capital Share Transactions             
Reinvestment of common dividends  752,867    2,031,105       
     Net Assets Applicable to Common Shareholders             
Total increase (decrease) in net assets applicable to             
   Common Shareholders  35,660,201  16,622,627  (67,083,952)  23,278,722  12,696,890  (68,779,708) 
Beginning of period  196,811,064  180,188,437  247,272,389  127,078,512  114,381,622  183,161,330 
End of period  $ 232,471,265  $ 196,811,064  $ 180,188,437  $ 150,357,234  $ 127,078,512  $ 114,381,622 
Undistributed net investment income  $ 4,523,905  $ 3,076,570  $ 2,054,424  $ 2,312,458  $ 1,540,840  $ 1,424,388 
  BlackRock Municipal 2020 Term Trust (BKK)  BlackRock Municipal Income Trust (BFK) 
    Period      Period   
    January 1,      November 1,   
  Year Ended  2009     Year Ended  Year Ended  2008  Year Ended 
Increase (Decrease) in Net Assets  April 30,  to April 30,  December 31,  April 30,  to April 30,     October 31, 
Applicable to Common Shareholders:  2010  2009  2008  2010  2009  2008 
     Operations             
Net investment income  $ 22,246,419  $ 7,064,504  $ 22,005,731  $ 45,737,048  $ 22,838,597  $ 49,640,897 
Net realized gain (loss)  658,970  48,391  54,030  (2,396,662)  (2,136,165)  (9,708,923) 
Net change in unrealized appreciation/depreciation  42,967,169  28,473,603  (86,853,534)  109,819,979  28,233,438  (184,440,555) 
Dividends to Preferred Shareholders from             
   net investment income  (778,339)  (448,388)  (5,989,683)  (1,235,954)  (1,535,815)  (13,027,692) 
Net increase (decrease) in net assets applicable to             
   Common Shareholders resulting from operations  65,094,219  35,138,110  (70,783,456)  151,924,411  47,400,055  (157,536,273) 
     Dividends to Common Shareholders From             
Net investment income  (15,116,761)  (5,038,920)  (15,116,761)  (41,349,932)  (18,194,578)  (40,311,763) 
     Capital Share Transactions             
Reinvestment of common dividends        1,861,576  319,545  2,155,812 
     Net Assets Applicable to Common Shareholders             
Total increase (decrease) in net assets applicable to             
   Common Shareholders  49,977,458  30,099,190  (85,900,217)  112,436,055  29,525,022  (195,692,224) 
Beginning of period  243,571,156  213,471,966  299,372,183  474,813,537  445,288,515  640,980,739 
End of period  $ 293,548,614  $ 243,571,156  $ 213,471,966  $ 587,249,592  $ 474,813,537  $ 445,288,515 
Undistributed net investment income  $ 10,354,633  $ 4,003,314  $ 2,426,118  $ 10,453,607  $ 7,300,273  $ 4,201,196 
See Notes to Financial Statements.             

36 ANNUAL REPORT

APRIL 30, 2010


Statements of Changes in Net Assets (concluded)         
  BlackRock Pennsylvania Strategic Municipal Trust (BPS)  BlackRock Strategic Municipal Trust (BSD) 
    Period        Period   
    January 1,        January 1,   
  Year Ended  2009  Year Ended  Year Ended  2009  Year Ended 
Increase (Decrease) in Net Assets  April 30,  to April 30,  December 31,  April 30,  to April 30,  December 31, 
Applicable to Common Shareholders:  2010  2009     2008  2010  2009  2008 
     Operations               
Net investment income  $ 1,860,231  $ 540,466  $ 1,801,648  $ 7,023,486  $ 2,354,066  $ 7,433,389 
Net realized loss  (241,650)  (220,388)    (1,066,925)  (4,257,032)  (202,367)  (4,074,584) 
Net change in unrealized appreciation/depreciation  3,925,374  2,311,593    (5,698,117)  18,437,955  7,424,734  (27,351,787) 
Dividends to Preferred Shareholders from net               
   investment income  (73,835)  (42,935)    (573,868)  (198,039)  (121,851)  (1,866,936) 
Net increase (decrease) in net assets applicable to               
   Common Shareholders resulting from operations  5,470,120  2,588,736    (5,537,262)  21,006,370  9,454,582  (25,859,918) 
     Dividends to Common Shareholders From               
Net investment income  (1,454,867)  (364,223)    (1,244,164)  (6,104,489)  (1,822,006)  (5,920,231) 
     Capital Share Transactions               
Reinvestment of common dividends        19,724  14,173    86,152 
     Net Assets Applicable to Common Shareholders               
Total increase (decrease) in net assets applicable to               
   Common Shareholders  4,015,253  2,224,513    (6,761,702)  14,916,054  7,632,576  (31,693,997) 
Beginning of period  24,023,112  21,798,599    28,560,301  79,820,178  72,187,602  103,881,599 
End of period  $ 28,038,365  $ 24,023,112  $ 21,798,599  $ 94,736,232  $ 79,820,178  $ 72,187,602 
Undistributed net investment income  $ 620,889  $ 289,360  $ 156,046  $ 1,552,284  $ 850,120  $ 444,294 

See Notes to Financial Statements.

ANNUAL REPORT

APRIL 30, 2010

37


Statement of Cash Flows  BlackRock Long-Term Municipal Advantage Trust (BTA) 
Year Ended April 30, 2010     
     Cash Provided by Operating Activities     
Net increase in net assets resulting from operations  $ 32,486,877 
Adjustments to reconcile net increase in net assets resulting from operations to net cash used for operating activities:   
   Increase in interest receivable    (121,063) 
   Increase in other assets    (2,696) 
   Decrease in income receivable — affiliated    19 
   Decrease in prepaid expenses    4,216 
   Increase in investment advisory fees payable    17,293 
   Increase in other affiliates payable    665 
   Decrease in accrued expenses payable    (7,750) 
   Decrease in interest expense and fees payable    (248,897) 
   Increase in officers and trustees’ fees payable    3,478 
   Net realized and unrealized gain (loss)    (22,476,486) 
   Amortization of premium and discount on investments    452,406 
Proceeds from sales and paydowns of long-term investments    64,070,059 
Purchases of long-term investments    (72,323,765) 
Net proceeds from sales of short-term securities    281,376 
Cash provided by operating activities    2,135,732 
     Cash Used for Financing Activities     
Cash receipts from trust certificates    9,490,000 
Cash payments from trust certificates    (2,535,000) 
Cash dividends paid to Common Shareholders    (9,148,101) 
Cash used for financing activities    (2,193,101) 
     Cash     
Net decrease in cash    (57,369) 
Cash at beginning of year    57,369 
Cash at end of year  $ — 
     Cash Flow Information     
Cash paid for interest  $ 1,171,894 
       A Statement of Cash Flows is presented when a Trust had a significant amount of borrowing during the period based on the average borrowing outstanding   
       in relation to total assets.     

See Notes to Financial Statements.

38 ANNUAL REPORT

APRIL 30, 2010


Financial Highlights      BlackRock Investment Quality Municipal Trust Inc. (BKN) 
    Period           
    November 1,           
  Year Ended  2008 to           
  April 30,  April 30,      Year Ended October 31,   
  2010  2009    2008  2007  2006  2005 
     Per Share Operating Performance               
Net asset value, beginning of period  $ 11.63  $ 10.64  $ 14.73  $ 15.79  $ 15.59  $ 15.71 
Net investment income  1.071  0.501            1.081  1.08  1.10  1.14 
Net realized and unrealized gain (loss)  1.96  0.94    (3.97)  (0.79)  0.44  (0.11) 
Dividends to Preferred Shareholders from               
   net investment income  (0.03)  (0.05)    (0.31)  (0.32)  (0.28)  (0.19) 
Net increase (decrease) from investment operations  3.00  1.39    (3.20)  (0.03)  1.26  0.84 
Dividends to Common Shareholders from               
   net investment income  (0.95)  (0.40)    (0.89)  (1.03)  (1.06)  (0.96) 
Net asset value, end of period  $ 13.68  $ 11.63  $ 10.64  $ 14.73  $ 15.79  $ 15.59 
Market price, end of period  $ 14.19  $ 11.35  $ 10.25  $ 16.35  $ 18.97  $ 16.62 
     Total Investment Return2               
Based on net asset value  26.55%  13.63%3    (22.93)%  (0.95)%  7.38%  5.34% 
Based on market price  34.50%  15.12%3    (33.11)%  (8.49)%  21.06%  16.68% 
     Ratios to Average Net Assets Applicable to Common Shareholders               
Total expenses4  1.10%  1.29%5    1.19%  1.08%  1.09%  1.08% 
Total expenses after fees waived and before fees               
   paid indirectly4  1.10%  1.28%5    1.19%  1.07%  1.09%  1.08% 
Total expenses after fees waived and paid indirectly4  1.10%  1.28%5    1.17%  1.07%  1.09%  1.08% 
Total expenses after fees waived and paid indirectly               
   and excluding interest expense and fees4,6  1.06%  1.20%5    1.07%  1.07%  1.09%  1.08% 
Net investment income4  8.29%  9.53%5    7.84%  7.06%  7.09%  7.21% 
Dividends to Preferred Shareholders  0.26%  0.87%5    2.28%  2.07%  1.81%  1.17% 
Net investment income to Common Shareholders  8.03%  8.66%5    5.56%  4.99%  5.28%  6.04% 
     Supplemental Data               
Net assets applicable to Common Shareholders,               
   end of period (000)  $ 232,471  $ 196,811  $ 180,188  $ 247,272  $ 263,878  $ 260,494 
Preferred Shares outstanding at $25,000 liquidation               
   preference, end of period (000)  $ 125,950  $ 126,950  $ 126,950  $ 146,550  $ 146,550  $ 146,550 
Portfolio turnover  43%  26%    26%  17%  82%  77% 
Asset coverage per Preferred Share at $25,000 liquidation               
   preference, end of period  $ 71,147  $ 63,762  $ 60,495  $ 67,185  $ 70,054  $ 69,465 

1 Based on average shares outstanding.
2 Total investment returns based on market price, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Where applicable,
total investment returns exclude the effects of any sales charges and include the reinvestment of dividends and distributions.
3 Aggregate total investment return.
4 Do not reflect the effect of dividends to Preferred Shareholders.
5 Annualized.
6 Interest expense and fees related to tender option bond trusts. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option
bond trusts.

See Notes to Financial Statements.

ANNUAL REPORT

APRIL 30, 2010

39


Financial Highlights    BlackRock Long-Term Municipal Advantage Trust (BTA) 
    Period      Period 
    November 1,      February 28, 
  Year Ended  2008 to                 Year Ended  20061 to 
                   October 31,   
                         April 30,  April 30,      October 31, 
                        2010  2009  2008  2007  2006 
     Per Share Operating Performance           
Net asset value, beginning of period  $ 9.52  $ 8.57  $ 13.72  $ 14.89  $ 14.332 
Net investment income  0.753  0.343  0.813  0.70  0.45 
Net realized and unrealized gain (loss)  1.69  0.94  (5.30)  (1.15)  0.62 
Net increase (decrease) from investment operations  2.44  1.28  (4.49)  (0.45)  1.07 
Dividends from net investment income  (0.69)  (0.33)  (0.66)  (0.72)  (0.48) 
Capital charges with respect to issuance of Common Shares          (0.03) 
Net asset value, end of period  $ 11.27  $ 9.52  $ 8.57  $ 13.72  $ 14.89 
Market price, end of period  $ 10.77  $ 8.79  $ 8.40  $ 12.14  $ 14.70 
     Total Investment Return4           
Based on net asset value  26.81%  15.78%5  (33.64)%  (2.93)%  7.48%5 
Based on market price  31.25%  9.06%5  (26.49)%  (13.00)%  1.40%5 
     Ratios to Average Net Assets Applicable to Common Shareholders           
Total expenses  1.80%  2.95%6  4.00%  4.69%  4.55%6 
Total expenses after fees waived and before fees paid indirectly  1.40%  2.55%6  3.60%  4.29%  4.14%6 
Total expenses after fees waived and paid indirectly  1.40%  2.55%6  3.60%  4.29%  4.11%6 
Total expenses after fees waived and paid indirectly and excluding interest expense           
and fees7  0.75%  0.82%6  0.83%  0.89%  0.97%6 
Net investment income  7.07%  7.88%6  6.56%  4.87%  4.79%6 
     Supplemental Data           
Net assets, end of period (000)  $ 150,357  $ 127,079  $ 114,382  $ 183,161  $ 198,137 
Portfolio turnover  30%  15%  16%  39%  20% 

1 Commencement of operations.
2 Net asset value, beginning of period, reflects a deduction of $0.675 per sales charge from the initial offering price of $15.00 per share.
3 Based on average shares outstanding.
4 Total investment returns based on market price, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Where applicable,
total investment returns exclude the effects of any sales charges and include the reinvestment of dividends and distributions.
5 Aggregate total investment return.
6 Annualized.
7 Interest expense and fees related to tender option bond trusts. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option
bond trusts.

See Notes to Financial Statements.

40 ANNUAL REPORT

APRIL 30, 2010


Financial Highlights      BlackRock Municipal 2020 Term Trust (BKK) 
    Period         
    January 1,         
  Year Ended  2009 to         
            April 30,  April 30,    Year Ended December 31,   
           2010  2009  2008  2007  2006  2005 
     Per Share Operating Performance             
Net asset value, beginning of period  $ 12.04  $ 10.55  $ 14.79  $ 15.77  $ 15.28  $ 14.85 
Net investment income  1.101  0.351  1.091  1.12  1.10  1.11 
Net realized and unrealized gain (loss)  2.16  1.41  (4.28)  (0.97)  0.48  0.39 
Dividends to Preferred Shareholders from             
   net investment income  (0.04)  (0.02)  (0.30)  (0.33)  (0.29)  (0.20) 
Net increase (decrease) from investment operations  3.22  1.74  (3.49)  (0.18)  1.29  1.30 
Dividends to Common Shareholders from             
   net investment income  (0.75)  (0.25)  (0.75)  (0.80)  (0.80)  (0.87) 
Net asset value, end of period  $ 14.51  $ 12.04  $ 10.55  $ 14.79  $ 15.77  $ 15.28 
Market price, end of period  $ 14.89  $ 12.70  $ 10.57  $ 13.60  $ 15.77  $ 14.00 
     Total Investment Return2             
Based on net asset value  26.97%  16.39%3  (24.57)%  (1.16)%  8.72%  8.98% 
Based on market price  23.52%  22.54%3  (17.81)%  (9.11)%  18.66%  (1.28)% 
     Ratios to Average Net Assets Applicable to Common Shareholders             
Total expenses4  1.06%  1.23%5  1.12%  1.06%  1.07%  1.09% 
Total expenses after fees waived and paid indirectly4  1.06%  1.23%5  1.12%  1.05%  1.07%  1.08% 
Total expenses after fees waived and paid indirectly and             
   excluding interest expense and fees4,6  1.05%  1.21%5  1.10%  1.05%  1.07%  1.08% 
Net investment income4  8.08%  9.28%5  8.01%  7.27%  7.09%  7.27% 
Dividends to Preferred Shareholders  0.28%  0.59%5  2.18%  2.14%  1.89%  1.34% 
Net investment income to Common Shareholders  7.80%  8.69%5  5.83%  5.13%  5.20%  5.93% 
     Supplemental Data             
Net assets applicable to Common Shareholders,             
   end of period (000)  $ 293,549  $ 243,571  $ 213,472  $ 299,372  $ 319,131  $ 309,146 
Preferred Shares outstanding at $25,000 liquidation             
   preference, end of period (000)  $ 173,850  $ 173,850  $ 173,850  $ 177,600  $ 177,600  $ 177,600 
Portfolio turnover  6%  1%  5%  4%  12%  14% 
Asset coverage per Preferred Share at $25,000 liquidation             
   preference, end of period  $ 67,215  $ 60,027  $ 55,703  $ 67,154  $ 69,937  $ 68,527 

1 Based on average shares outstanding.
2 Total investment returns based on market price, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Where applicable,
total investment returns exclude the effects of any sales charges and include the reinvestment of dividends and distributions.
3 Aggregate total investment return.
4 Do not reflect the effect of dividends to Preferred Shareholders.
5 Annualized.
6 Interest expense and fees related to tender option bond trusts. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option
bond trusts.

See Notes to Financial Statements.

ANNUAL REPORT

APRIL 30, 2010

41


Financial Highlights        BlackRock Municipal Income Trust (BFK) 
    Period         
    November 1,         
  Year Ended  2008 to         
                April 30,  April 30,    Year Ended October 31,   
               2010  2009  2008  2007  2006  2005 
     Per Share Operating Performance             
Net asset value, beginning of period  $ 10.74  $ 10.08  $ 14.55  $ 15.37  $ 14.71  $ 14.26 
Net investment income  1.031  0.521  1.121  1.11  1.14  1.18 
Net realized and unrealized gain (loss)  2.42  0.58  (4.38)  (0.63)  0.78  0.43 
Dividends and distributions to Preferred Shareholders from:             
   Net investment income  (0.03)  (0.03)  (0.30)  (0.31)  (0.27)  (0.18) 
   Net realized gain                   (0.00)2     
Net increase (decrease) from investment operations  3.42  1.07  (3.56)  0.17  1.65  1.43 
Dividends and distributions to Common Shareholders from:             
   Net investment income  (0.93)  (0.41)  (0.91)  (0.99)  (0.99)  (0.98) 
   Net realized gain                   (0.00)2     
Total dividends and distributions to Common Shareholders  (0.93)  (0.41)  (0.91)  (0.99)  (0.99)  (0.98) 
Net asset value, end of period  $ 13.23  $ 10.74  $ 10.08  $ 14.55  $ 15.37  $ 14.71 
Market price, end of period  $ 13.44  $ 11.10  $ 8.75  $ 15.92  $ 17.30  $ 15.69 
     Total Investment Return3             
Based on net asset value  32.75%  11.15%4  (25.69)%  0.70%  11.24%  10.21% 
Based on market price  30.49%  32.34%4  (41.05)%  (2.11)%  17.39%  19.31% 
     Ratios to Average Net Assets Applicable to Common Shareholders             
Total expenses5  1.26%  1.44%6  1.38%  1.18%  1.21%  1.22% 
Total expenses after fees waived and paid indirectly5  1.15%  1.26%6  1.15%  0.88%  0.83%  0.83% 
Total expenses after fees waived and paid indirectly and             
   excluding interest expense and fees5,7  1.07%  1.15%6  0.98%  0.88%  0.83%  0.83% 
Net investment income5  8.37%  10.48%6  8.34%  7.43%  7.65%  7.97% 
Dividends to Preferred Shareholders  0.23%  0.70%6  2.19%  2.04%  1.83%  1.23% 
Net investment income to Common Shareholders  8.14%  9.78%6  6.15%  5.39%  5.82%  6.74% 
     Supplemental Data             
Net assets applicable to Common Shareholders,             
   end of period (000)  $ 587,250  $ 474,814  $ 445,289  $ 640,981  $ 674,080  $ 642,047 
Preferred Shares outstanding at $25,000 liquidation             
   preference, end of period (000)  $ 270,875  $ 293,125  $ 293,125  $ 375,125  $ 375,125  $ 375,125 
Portfolio turnover  32%  11%  13%  17%  77%  68% 
Asset coverage per Preferred Share at $25,000 liquidation             
   preference, end of period  $ 79,201  $ 65,498  $ 62,989  $ 67,727  $ 69,933  $ 67,797 

1 Based on average shares outstanding.
2 Amount is less than $(0.01) per share.
3 Total investment returns based on market price, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Where applicable,
total investment returns exclude the effects of any sales charges and include the reinvestment of dividends and distributions.
4 Aggregate total investment return.
5 Do not reflect the effect of dividends to Preferred Shareholders.
6 Annualized.
7 Interest expense and fees related to tender option bond trusts. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option
bond trusts.

See Notes to Financial Statements.

42 ANNUAL REPORT

APRIL 30, 2010


Financial Highlights      BlackRock Pennsylvania Strategic Municipal Trust (BPS) 
    Period         
    January 1,         
  Year Ended  2009 to         
                   April 30,  April 30,    Year Ended December 31,   
                  2010  2009  2008  2007  2006  2005 
     Per Share Operating Performance             
Net asset value, beginning of period  $ 11.87  $ 10.77  $ 14.12  $ 15.01  $ 15.27  $ 15.81 
Net investment income  0.921  0.271  0.891  0.99  1.02  0.97 
Net realized and unrealized gain (loss)  1.83  1.03  (3.36)  (0.74)  (0.09)  (0.42) 
Dividends to Preferred Shareholders from             
   net investment income  (0.04)  (0.02)  (0.26)  (0.31)  (0.28)  (0.19) 
Net increase (decrease) from investment operations  2.71  1.28  (2.73)  (0.06)  0.65  0.36 
Dividends to Common Shareholders from             
   net investment income  (0.72)  (0.18)  (0.62)  (0.83)  (0.91)  (0.90) 
Net asset value, end of period  $ 13.86  $ 11.87  $ 10.77  $ 14.12  $ 15.01  $ 15.27 
Market price, end of period  $ 13.88  $ 9.85  $ 8.42  $ 13.55  $ 17.43  $ 15.85 
     Total Investment Return2             
Based on net asset value  23.80%  12.28%3  (19.63)%  (0.82)%  4.09%  2.39% 
Based on market price  49.41%  19.18%3  (34.53)%  (18.04)%  16.45%  7.02% 
     Ratios to Average Net Assets Applicable to Common Shareholders             
Total expenses4  1.60%  1.63%5  1.61%  1.55%  1.51%  1.52% 
Total expenses after fees waived and before fees             
   paid indirectly4  1.59%  1.61%5  1.45%  1.37%  1.28%  1.21% 
Total expenses after fees waived and paid indirectly4  1.59%  1.61%5  1.45%  1.35%  1.23%  1.13% 
Total expenses after fees waived and paid indirectly             
   and excluding interest expense and fees4,6  1.57%  1.61%5  1.42%  1.35%  1.23%  1.13% 
Net investment income4  6.94%  7.38%5  6.82%  6.82%  6.73%  6.28% 
Dividends to Preferred Shareholders  0.28%  0.56%5  2.17%  2.10%  1.85%  1.22% 
Net investment income to Common Shareholders  6.66%  6.82%5  4.65%  4.72%  4.88%  5.06% 
     Supplemental Data             
Net assets applicable to Common Shareholders,             
   end of period (000)  $ 28,038  $ 24,023  $ 21,799  $ 28,560  $ 30,306  $ 30,801 
Preferred Shares outstanding at $25,000 liquidation             
   preference, end of period (000)  $ 16,325  $ 16,825  $ 16,825  $ 17,500  $ 17,500  $ 17,500 
Portfolio turnover  19%  8%  45%  41%  7%  8% 
Asset coverage per Preferred Share at $25,000 liquidation             
   preference, end of period  $ 67,939  $ 60,696  $ 57,399  $ 65,817  $ 68,305  $ 69,008 

1 Based on average shares outstanding.
2 Total investment returns based on market price, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Where applicable,
total investment returns exclude the effects of any sales charges and include the reinvestment of dividends and distributions.
3 Aggregate total investment return.
4 Do not reflect the effect of dividends to Preferred Shareholders.
5 Annualized. Certain expenses incurred during the period January 1, 2009 to April 30, 2009 have been included in the ratio but not annualized. If these expenses were annualized,
the annualized ratio of total expenses, total expenses after fees waived and before fees paid indirectly, total expenses after fees waived and paid indirectly, total expenses after fees
waived and paid indirectly and excluding interest expense and fees, net investment income and net investment income to Common Shareholders would have been 1.91%, 1.89%,
1.89%, 1.89%, 7.09% and 6.53%, respectively.
6 Interest expense and fees related to tender option bond trusts. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option
bond trusts.

See Notes to Financial Statements.

ANNUAL REPORT

APRIL 30, 2010

43


Financial Highlights        BlackRock Strategic Municipal Trust (BSD) 
    Period         
    January 1,         
  Year Ended  2009 to         
                   April 30,  April 30,    Year Ended December 31,   
                 2010  2009  2008  2007  2006  2005 
     Per Share Operating Performance             
Net asset value, beginning of period  $ 10.95  $ 9.90  $ 14.27  $ 15.64  $ 15.68  $ 15.70 
Net investment income  0.961  0.321  1.021  1.07  1.07  1.14 
Net realized and unrealized gain (loss)  1.96  1.00  (4.32)  (1.10)  0.28  0.07 
Dividends to Preferred Shareholders from             
   net investment income  (0.03)  (0.02)  (0.26)  (0.32)  (0.29)  (0.20) 
Net increase (decrease) from investment operations  2.89  1.30  (3.56)  (0.35)  1.06  1.01 
Dividends to Common Shareholders from             
   net investment income  (0.84)  (0.25)  (0.81)  (1.02)  (1.10)  (1.03) 
Net asset value, end of period  $ 13.00  $ 10.95  $ 9.90  $ 14.27  $ 15.64  $ 15.68 
Market price, end of period  $ 12.95  $ 10.15  $ 8.19  $ 13.96  $ 18.69  $ 17.14 
     Total Investment Return2             
Based on net asset value  27.36%  13.44%3  (25.70)%  (2.82)%  6.38%  6.67% 
Based on market price  36.87%  27.11%3  (37.17)%  (20.44)%  16.29%  26.08% 
     Ratios to Average Net Assets Applicable to Common Shareholders             
Total expenses4  1.36%  1.49%5  1.54%  1.30%  1.31%  1.29% 
Total expenses after fees waived and before fees             
   paid indirectly4  1.36%  1.48%5  1.45%  1.14%  1.07%  0.98% 
Total expenses after fees waived and paid indirectly4  1.36%  1.48%5  1.45%  1.13%  1.04%  0.97% 
Total expenses after fees waived and paid indirectly             
   and excluding interest expense and fees4,6  1.26%  1.40%5  1.23%  1.13%  1.04%  0.97% 
Net investment income4  7.91%  9.48%5  8.04%  7.12%  6.89%  7.23% 
Dividends to Preferred Shareholders  0.22%  0.49%5  2.02%  2.12%  1.83%  1.26% 
Net investment income to Common Shareholders  7.69%  8.99%5  6.02%  5.00%  5.06%  5.97% 
     Supplemental Data             
Net assets applicable to Common Shareholders,             
   end of period (000)  $ 94,736  $ 79,820  $ 72,188  $ 103,882  $ 113,697  $ 113,684 
Preferred Shares outstanding at $25,000 liquidation             
   preference, end of period (000)  $ 42,975  $ 47,750  $ 47,750  $ 62,000  $ 62,000  $ 62,000 
Portfolio turnover  32%  6%  17%  21%  71%  96% 
Asset coverage per Preferred Share at $25,000 liquidation             
   preference, end of period  $ 80,113  $ 66,791  $ 62,803  $ 66,904  $ 78,856  $ 70,847 

1 Based on average shares outstanding.
2 Total investment returns based on market price, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Where applicable,
total investment returns exclude the effects of any sales charges and include the reinvestment of dividends and distributions.
3 Aggregate total investment return.
4 Do not reflect the effect of dividends to Preferred Shareholders.
5 Annualized. Certain expenses incurred during the period January 1, 2009 to April 30, 2009 have been included in the ratio but not annualized. If these expenses were annualized,
the annualized ratio of total expenses, total expenses after fees waived and before fees paid indirectly, total expenses after fees waived and paid indirectly, total expenses after fees
waived and paid indirectly and excluding interest expense and fees, net investment income and net investment income to Common Shareholders would have been 1.91%, 1.89%,
1.89%, 1.89%, 7.09% and 6.53%, respectively.
6 Interest expense and fees related to tender option bond trusts. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option
bond trusts.

See Notes to Financial Statements.

44 ANNUAL REPORT

APRIL 30, 2010


Notes to Financial Statements

1. Organization and Significant Accounting Policies:

BlackRock Investment Quality Municipal Trust Inc. (“BKN”) is organized
as a Maryland corporation. BlackRock Long-Term Municipal Advantage
Trust (“BTA”), BlackRock Municipal 2020 Term Trust (“BKK”), BlackRock
Municipal Income Trust (“BFK”), BlackRock Pennsylvania Strategic
Municipal Trust (“BPS”) and BlackRock Strategic Municipal Trust (“BSD”)
(collectively, together with BKN, the “Trusts” or individually as the “Trust”)
are organized as Delaware statutory trusts. BKN, BKK, BFK and BSD are
registered under the Investment Company Act of 1940, as amended (the
“1940 Act”), as diversified, closed-end management investment compa-
nies. BTA and BPS are registered under the 1940 Act as non-diversified,
closed-end management investment companies. The Trusts’ financial state-
ments are prepared in conformity with accounting principles generally
accepted in the United States of America (“US GAAP”), which may require
the use of management accruals and estimates. Actual results may differ
from these estimates. The Board of Directors and the Board of Trustees of
the Trusts are referred to throughout this report as the “Board of Trustees”
or the “Board.” Each Trust determines, and makes available for publication
the net asset value of its Common Shares on a daily basis.

The following is a summary of significant accounting policies followed by
the Trusts:

Valuation: The Trusts’ policy is to fair value their financial instruments at
market value, using independent dealers and pricing services selected
under the supervision of the Board. Municipal investments (including
commitments to purchase such investments on a “when-issued” basis)
are valued on the basis of prices provided by dealers or pricing services.
In determining the value of a particular investment, pricing services may
use certain information with respect to transactions in such investments,
quotations from dealers, pricing matrixes, market transactions in comp-
arable investments and information with respect to various relationships
between investments. Financial futures contracts traded on exchanges
are valued at their last sale price. Short-term securities with remaining
maturities of 60 days or less may be valued at amortized cost, which
approximates fair value. Investments in open-end investment companies
are valued at net asset value each business day.

In the event that application of these methods of valuation results in a
price for an investment which is deemed not to be representative of the
market value of such investment or is not available, the investment will be
valued by a method approved by each Trust’s Board as reflecting fair value
("Fair Value Assets"). When determining the price for Fair Value Assets, the
investment advisor and/or the sub-advisor seeks to determine the price
that each Trust might reasonably expect to receive from the current sale
of that asset in an arm’s-length transaction. Fair value determinations
shall be based upon all available factors that the investment advisor
and/or sub-advisor deems relevant. The pricing of all Fair Value Assets
is subsequently reported to the Board or a committee thereof.

Forward Commitments and When-Issued Delayed Delivery Securities: The
Trusts may purchase securities on a when-issued basis and may purchase
or sell securities on a forward commitment basis. Settlement of such trans-
actions normally occurs within a month or more after the purchase or sale

commitment is made. The Trusts may purchase securities under such con-
ditions with the intention of actually acquiring them, but may enter into a
separate agreement to sell the securities before the settlement date. Since
the value of securities purchased may fluctuate prior to settlement, the
Trusts may be required to pay more at settlement than the security is
worth. In addition, the purchaser is not entitled to any of the interest
earned prior to settlement. When purchasing a security on a delayed
delivery basis, the Trusts assume the rights and risks of ownership of the
security, including the risk of price and yield fluctuations. In the event of
default by the counterparty, the Trusts’ maximum amount of loss is the
unrealized gain of the commitment, which is shown on the Schedules of
Investments, if any.

Municipal Bonds Transferred to Tender Option Bond Trusts: The Trusts
leverage their assets through the use of tender option bond trusts (“TOBs”).
A TOB is established by a third party sponsor forming a special purpose
entity, into which one or more funds, or an agent on behalf of the funds,
transfers municipal bonds. Other funds managed by the investment advisor
may also contribute municipal bonds to a TOB into which a Trust has con-
tributed bonds. A TOB typically issues two classes of beneficial interests:
short-term floating rate certificates, which are sold to third party investors,
and residual certificates (“TOB Residuals”), which are generally issued to
the participating funds that made the transfer. The TOB Residuals held
by a Trust include the right of the Trust (1) to cause the holders of a pro-
portional share of the short-term floating rate certificates to tender their
certificates at par, and (2) to transfer, within seven days, a corresponding
share of the municipal bonds from the TOB to the Trust. The TOB may also
be terminated without the consent of the Trust upon the occurrence of cer-
tain events as defined in the TOB agreements. Such termination events may
include the bankruptcy or default of the municipal bond, a substantial
downgrade in credit quality of the municipal bond, the inability of the TOB
to obtain quarterly or annual renewal of the liquidity support agreement, a
substantial decline in market value of the municipal bond or the inability to
remarket the short-term floating rate certificates to third party investors.

The cash received by the TOB from the sale of the short-term floating rate
certificates, less transaction expenses, is paid to the Trust, which typically
invests the cash in additional municipal bonds. Each Trust’s transfer of the
municipal bonds to a TOB is accounted for as a secured borrowing, there-
fore the municipal bonds deposited into a TOB are presented in the Trusts’
Schedules of Investments and the proceeds from the issuance of the
short-term floating rate certificates are shown as trust certificates in the
Statements of Assets and Liabilities.

Interest income from the underlying municipal bonds are recorded by the
Trusts on an accrual basis. Interest expense incurred on the secured bor-
rowing and other expenses related to remarketing, administration and
trustee services to a TOB are reported as expenses and fees of the Trusts.
The short-term floating rate certificates have interest rates that generally
reset weekly and their holders have the option to tender certificates to the
TOB for redemption at par at each reset date. At April 30, 2010, the aggre-
gate value of the underlying municipal bonds transferred to TOBs, the
related liability for trust certificates and the range of interest rates on the
liability for trust certificates were as follows:

ANNUAL REPORT

APRIL 30, 2010

45


Notes to Financial Statements (continued)

Underlying
Municipal
  Bonds  Liability   
  Transferred  for Trust  Range of 
  to TOBs  Certificates  Interest Rates 
BKN  $ 21,389,309  $11,137,401  0.23% – 0.40% 
BTA  $129,841,323  $86,090,000  0.23% – 0.51% 
BKK  $ 5,480,800  $ 3,750,000  0.40% 
BFK  $123,288,690  $68,583,501  0.21% – 0.45% 
BPS  $ 4,488,226  $ 2,299,742  0.23% – 0.46% 
BSD  $ 22,954,227  $12,396,382  0.21% – 0.40% 

For the year ended April 30, 2010, the Trusts’ average trust certificates
outstanding and the daily weighted average interest rate, including fees,
were as follows:

    Daily 
    Weighted 
  Average Trust  Average 
  Certificates  Interest 
  Outstanding  Rate 
BKN  $10,982,150  0.72% 
BTA  $82,681,431  1.11% 
BKK  $ 3,750,000  0.76% 
BFK  $65,136,376  0.73% 
BPS  $ 701,864  0.84% 
BSD  $11,769,343  0.73% 

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

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

Segregation and Collateralization: In cases in which the 1940 Act and
the interpretive positions of the Securities and Exchange Commission
(“SEC”) require that the Trusts either deliver collateral or segregate assets
in connection with certain investments (e.g., financial futures contracts),
each Trust will, consistent with SEC rules and/or certain interpretive letters
issued by the SEC, segregate collateral or designate on its books and
records cash or other liquid securities having a market value at least
equal to the amount that would otherwise be required to be physically
segregated. Furthermore, based on requirements and agreements with
certain exchanges and third party broker-dealers, each party has require-
ments to deliver/deposit securities as collateral for certain investments.

Investment Transactions and Investment Income: For financial reporting
purposes, investment transactions are recorded on the dates the trans-
actions are entered into (the trade dates). Realized gains and losses
on investment transactions are determined on the identified cost basis.
Dividend income is recorded on the ex-dividend dates. Interest income,
including amortization of premium and accretion of discount on debt
securities, is recognized on the accrual basis.

Dividends and Distributions: Dividends from net investment income are
declared and paid monthly. Distributions of capital gains are recorded on
the ex-dividend dates. The amount and timing of dividends and distribu-
tions are determined in accordance with federal income tax regulations,
which may differ from US GAAP. Dividends and distributions to Preferred
Shareholders are accrued and determined as described in Note 7.

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

Each Trust files US federal and various state and local tax returns. No
income tax returns are currently under examination. The statute of limita-
tions on the Trusts’ US federal tax returns remains open for the year ended
April 30, 2010, the period ended April 30, 2009 and the preceding three
taxable years of the respective Trust. The statutes of limitations on each of
the Trusts’ state and local tax returns may remain open for an additional
year depending upon the jurisdiction. There are no uncertain tax positions
that require recognition of a tax liability.

Recent Accounting Standard: In January 2010, the Financial Accounting
Standards Board issued amended guidance to improve disclosure about
fair value measurements which will require additional disclosures about
transfers into and out of Levels 1 and 2 and separate disclosures about
purchases, sales, issuances and settlements in the reconciliation for fair
value measurements using significant unobservable inputs (Level 3).
It also clarifies existing disclosure requirements relating to the levels of
disaggregation for fair value measurement and inputs and valuation tech-
niques used to measure fair value. The amended guidance is effective for
financial statements for fiscal years beginning after December 15, 2009,
and interim periods within those fiscal years, except for disclosures about
purchases, sales, issuances and settlements in the rollforward of activity in
Level 3 fair value measurements, which are effective for fiscal years begin-
ning after December 15, 2010 and for interim periods within those fiscal
years. The impact of this guidance on the Trusts’ financial statements and
disclosures is currently being assessed.

Deferred Compensation and BlackRock Closed-End Share Equivalent
Investment Plan: Under the deferred compensation plan approved by
each Trust’s Board, non-interested Trustees (“Independent Trustees”)
may defer a portion of their annual complex-wide compensation.
Deferred amounts earn an approximate return as though equivalent
dollar amounts had been invested in common shares of other certain
BlackRock Closed-End Funds selected by the Independent Trustees.
This has approximately the same economic effect for the Independent
Trustees as if the Independent Trustees had invested the deferred amounts
directly in other certain BlackRock Closed-End Funds.

The deferred compensation plan is not funded and obligations thereunder
represent general unsecured claims against the general assets of each
Trust. Each Trust may, however, elect to invest in common shares of other
certain BlackRock Closed-End Funds selected by the Independent Trustees
in order to match its deferred compensation obligations. Investments to

46 ANNUAL REPORT

APRIL 30, 2010


Notes to Financial Statements (continued)

cover each Trust’s deferred compensation liability, if any, are included in
other assets in the Statements of Assets and Liabilities. Dividends and
distributions from the BlackRock Closed-End Fund investments under the
plan are included in income — affiliated in the Statements of Operations.

Other: Expenses directly related to a Trust are charged to that Trust. Other
operating expenses shared by several funds are pro rated among those
funds on the basis of relative net assets or other appropriate methods.
The Trusts have an arrangement with the custodian whereby fees may be
reduced by credits earned on uninvested cash balances, which if applica-
ble are shown as fees paid indirectly in the Statements of Operations. The
custodian imposes fees on overdrawn cash balances, which can be offset
by accumulated credits earned or may result in additional custody charges.

2. Derivative Financial Instruments:

The Trusts may engage in various portfolio investment strategies both to
increase the returns of the Trusts and to economically hedge, or protect,
their exposure to certain risks such as interest rate risk. Losses may arise
if the value of the contract decreases due to an unfavorable change in
the price of the underlying instrument or if the counterparty’s does not per-
form under the contract. To the extent amounts due to the Trusts from their
counterparties are not fully collateralized contractually or otherwise, the
Trusts bear the risk of loss from counterparty non-performance. See Note 1
“Segregation and Collateralization” for information with respect to collateral
practices. In addition, each Trust manages counterparty risk by entering
into agreements only with counterparties that it believes have the financial
resources to honor their obligations and by monitoring the financial stability
of those counterparties. Counterparty risk related to exchange-traded finan-
cial futures contracts is minimal because of the protection against defaults
provided by the exchanges on which they trade.

Financial Futures Contracts: The Trusts may purchase or sell financial
futures contracts to gain exposure to, or economically hedge against,
changes in interest rates (interest rate risk). Financial futures contracts
are contracts for delayed delivery of securities at a specific future date
and at a specific price or yield. Pursuant to the contract, the Trusts agree
to receive from or pay to the broker an amount of cash equal to the daily
fluctuation in value of the contract. Such receipts or payments are known
as margin variation and are recognized by the Trusts as unrealized gains
or losses. When the contract is closed, the Trusts record a realized gain or
loss equal to the difference between the value of the contract at the time
it was opened and the value at the time it was closed. The use of financial
futures transactions involves the risk of an imperfect correlation in the
movements in the price of financial futures contracts, interest rates and
the underlying assets.

Derivative Instruments Categorized by Risk Exposure:

The Effect of Derivative Instruments of the Statements of Operations
Year Ended April 30, 2010*

Net Realized Gain (Loss) From

  BKN  BTA  BFK  BPS  BSD 
Interest rate           
contracts:           
   Financial           
   futures           
   contracts  $ (6,854)  $ (32,862)  $917,454  $ 17,063  $ 71,802 

For the year ended April 30, 2010, the average quarterly balance of out-
standing derivative financial instruments was as follows:

  BKN         BTA  BFK  BPS  BSD 
Financial futures           
contracts:           
   Average           
   number of           
   contracts           
   purchased  4  46  70  1  13 
   Average           
   number of           
   contracts           
   sold  26  13  150  3  8 
   Average           
   notional           
   value of           
   contracts           
   purchased  $ 402,508  $5,429,258   $ 8,058,216  $ 57,501   $1,502,005 
   Average           
   notional           
   value of           
   contracts           
   sold  $3,042,397  $1,487,996  $17,745,366  $357,118 $  952,318 

* As of April 30, 2010, there were no financial futures contracts outstanding.

3. Investment Advisory Agreement and Other Transactions

with Affiliates:

The PNC Financial Services Group, Inc. ("PNC"), Bank of America
Corporation ("BAC") and Barclays Bank PLC ("Barclays") are the largest
stockholders of BlackRock, Inc. ("BlackRock"). Due to the ownership
structure, PNC is an affiliate of the Trusts for 1940 Act purposes, but BAC
and Barclays are not.

Each Trust entered into an Investment Advisory Agreement with BlackRock
Advisors, LLC (the “Manager”), the Trusts’ investment advisor, an indirect,
wholly owned subsidiary of BlackRock, to provide investment advisory and
administration services. The Manager is responsible for the management
of each Trust’s portfolio and provides the necessary personnel, facilities,
equipment and certain other services necessary to the operations of each
Trust. For such services, each Trust pays the Manager a monthly fee at the
following annual rates of each Trust’s average weekly net assets as follows:

BKN  0.35% 
BTA  1.00% 
BKK  0.50% 
BFK  0.60% 
BPS  0.60% 
BSD  0.60% 

Average weekly net assets for all of the Trusts, except BTA, is the average
weekly value of each Trust’s total assets minus the sum of its accrued
liabilities. For BTA, average weekly net assets is the average weekly value
of the Trust’s total assets minus the sum of its total liabilities.

The Manager has voluntarily agreed to waive a portion of the investment
advisory fees as a percentage of average net assets as follows:

  Through  Rate 
BTA  January 31, 2011  0.40% 
  January 31, 2012  0.30% 
  January 31, 2013  0.20% 
  January 31, 2014  0.10% 
BFK  July 31, 2009  0.10% 
  July 31, 2010  0.05% 

ANNUAL REPORT

APRIL 30, 2010

47


Notes to Financial Statements (continued)

For the year ended April 30, 2010, the Manager waived the following
amounts, which are included in fees waived by advisor in the Statements
of Operations:

BTA  $567,931 
BFK  $549,893 

The Manager has voluntarily agreed to waive its advisory fees by the
amount of investment advisory fees the Trusts pay to the Manager indi-
rectly through their investment in affiliated money market funds; however,
the Manager does not waive its advisory fees by the amount of investment
advisory fees through its investment in other affiliated investment compa-
nies, if any. This amount is included in fees waived by advisor in the
Statements of Operations. For the year ended April 30, 2010, the amounts
waived were as follows:

BKN  $ 8,791 
BTA  $ 2,614 
BKK  $ 3,357 
BFK  $15,003 
BPS  $ 2,180 
BSD  $ 3,555 

The Manager has entered into a separate sub-advisory agreement with
BlackRock Financial Management, LLC (“BFM”), an affiliate of the Manager.
The Manager pays BFM for services it provides, a monthly fee that is a per-
centage of the investment advisory fees paid by each Trust to the Manager.

BKN has an Administration Agreement with the Manager. The administration
fee paid to the Manager is computed at an annual rate of 0.15% of the

Trust’s average weekly net assets including proceeds from the issuance of
Preferred Shares and TOBs.

For the year ended April 30, 2010, the Trusts reimbursed the Manager for
certain accounting services, which are included in accounting services in
the Statements of Operations. The reimbursements were as follows:

BTA  $ 4,942 
BKK  $ 9,005 
BFK  $17,922 
BPS  $ 858 
BSD  $ 2,835 

Certain officers and/or trustees of the Trusts are officers and/or directors of
BlackRock or its affiliates. The Trusts reimburse the Manager for compensa-
tion paid to the Trusts’ Chief Compliance Officer.

4. Investments:

Purchases and sales of investments, including paydowns and excluding
short-term securities, for the year ended April 30, 2010, were as follows:

  Purchases  Sales 
BKN  $153,183,797  $148,788,254 
BTA  $ 76,057,897  $ 67,156,173 
BKK  $ 31,453,700  $ 25,557,794 
BFK  $272,989,099  $273,903,009 
BPS  $ 11,770,611  $ 7,942,486 
BSD  $ 44,939,101  $ 45,902,121 

5. Income Tax Information:

Reclassifications: Accounting principles generally accepted in the United States of America require that certain components of net assets be adjusted to
reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset values per share. The
following permanent differences as of April 30, 2010 attributable to amortization methods on fixed income securities and income recognized from pass-
through entities were reclassified to the following accounts:

  BKN  BTA   BFK  BSD 
Undistributed net investment income  $ (35,949)  $ (63,480)  $ 2,172  $ (18,794) 
Accumulated net realized loss  $ 35,949  $ 63,480  $ (2,172)  $ 18,794 

The tax character of distributions paid during the fiscal year ended April 30, 2010, period ended April 30, 2009, and fiscal years ended October 31, 2008
and December 31, 2008 was as follows:

  BKN  BTA  BKK  BFK  BPS  BSD 
Tax—Exempt Income             
   4/30/2010  $16,623,854  $ 9,208,155  $15,895,100  $42,585,886  $ 1,528,702  $ 6,302,528 
   4/30/2009  7,032,294  4,403,900  5,487,308  19,730,393  407,158  1,943,857 
   12/31/2008      21,045,740    1,818,032  7,766,914 
   10/31/2008  19,993,104  8,807,259    51,795,142     
Ordinary Income             
   4/30/2009  $ 485,549           
   12/31/2008      $ 60,704      $ 20,253 
   10/31/2008  306,274  $ 541    $ 1,544,313     
Total Distributions             
   4/30/2010  $16,623,854  $ 9,208,155  $15,895,100  $42,585,886  $ 1,528,702  $ 6,302,528 
   4/30/2009  $ 7,517,843  $ 4,403,900  $ 5,487,308  $19,730,393  $ 407,158  $ 1,943,857 
   12/31/2008      $21,106,444    $ 1,818,032  $ 7,787,167 
   10/31/2008  $20,299,378  $ 8,807,800    $53,339,455     

48 ANNUAL REPORT

APRIL 30, 2010


Notes to Financial Statements (continued)           
As of April 30, 2010, the tax components of accumulated net earnings (losses) were as follows:         
  BKN  BTA  BKK  BFK  BPS  BSD 
Undistributed tax—exempt income  $ 4,443,228  $ 2,590,796  $ 10,022,655  $ 9,556,456  $ 469,813  $ 1,390,198 
Undistributed ordinary income  5,442  21,012  3,248  27,252  304  24,961 
Capital loss carryforwards  (10,976,747)  (34,458,618)  (1,672,606)  (47,548,605)  (1,777,681)  (8,101,021) 
Net unrealized gains/losses*  2,938,195  (8,585,534)  (1,989,259)  (4,839,888)  858,834  (1,934,012) 
Total  $ (3,589,882)  $(40,432,344)  $ 6,364,038  $(42,804,785)  $ (448,730)  $ (8,619,874) 

* The differences between book-basis and tax-basis net unrealized gains/losses were attributable primarily to the tax deferral of losses on wash sales, amortization methods for pre-
miums and discounts on fixed income securities, the deferral of post-October capital losses for tax purposes, the timing and recognition of partnership income, the treatment of
residual interests in tender option bond trusts and the deferral of compensation to trustees.

As of April 30, 2010, the Trusts had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates:

Expires April 30,  BKN  BTA  BKK  BFK           BPS  BSD 
2011        $ 11,445,922     
2012        15,775,833    $ 427,602 
2013      $ 264,701    $ 133,646  1,011,077 
2014  $ 728,359  $ 701,315    4,991,959     
2015      524,725  606,017     
2016  4,566,913  22,052,642  411,992  10,207,532  127,957  251,883 
2017  4,506,796  6,882,935    2,065,704  929,529  4,028,776 
2018  1,174,679  4,821,726  471,188  2,455,638  586,549  2,381,683 
Total  $ 10,976,747  $ 34,458,618  $ 1,672,606  $ 47,548,605  $ 1,777,681  $ 8,101,021 

6. Concentration, Market and Credit Risk:

The Trusts invest a substantial amount of their assets in issuers located
in a single state or limited number of states. Please see the Schedules
of Investments for concentrations in specific states.

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

In the normal course of business, the Trusts invest in securities and enter
into transactions where risks exist due to fluctuations in the market (market
risk) or failure of the issuer of a security to meet all its obligations (credit
risk). The value of securities held by the Trusts may decline in response to
certain events, including those directly involving the issuers whose securi-
ties are owned by the Trusts; conditions affecting the general economy;
overall market changes; local, regional or global political, social or eco-
nomic instability; and currency and interest rate and price fluctuations.
Similar to credit risk, the Trusts may be exposed to counterparty risk, or
the risk that an entity with which the Trusts have unsettled or open trans-
actions may default. The Trusts manage counterparty risk by entering
into transactions only with counterparties that they believe have the
financial resources to honor their obligations and by monitoring the finan-
cial stability of those counterparties. Financial assets, which potentially
expose the Trusts to credit and counterparty risks, consist principally of
investments and cash due from counterparties. The extent of the Trusts’
exposure to credit and counterparty risks with respect to these financial
assets is generally approximated by their value recorded in the Trusts’
Statements of Assets and Liabilities, less any collateral held by the Trusts.

7. Capital Share Transactions:

BKK, BFK, BPS and BSD are authorized to issue an unlimited number of
shares, including Preferred Shares, par value $0.001 per share, all of which
were initially classified as Common Shares. BKN is authorized to issue 200
million shares, including Preferred Shares, all of which were initially classi-
fied as Common Shares, par value $0.01 per share. BTA is authorized to
issue an unlimited number of Common Shares, par value $0.001 per
share. BTA is also allowed to issue Preferred Shares but has not done so.
Each Board is authorized, however, to reclassify any unissued shares with-
out approval of Common Shareholders.

Common Shares

At April 30, 2010, the shares owned by an affiliate of the Manager of the
Trusts were as follows:

  Shares 
BTA  9,704 
BKK  8,028 

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

  Year  Period   
  Ended  Ended  Prior 
  April 30,  April 30,  Year 
  2010  2009  Ended* 
BKN  58,180    138,790 
BFK  152,317  31,369  152,320 
BPS      1,436 
BSD  1,237    6,166 

* The prior year ended for BKN and BFK is October 31, 2008; and December 31, 2008
for BPS and BSD.

Shares issued and outstanding remained constant for BTA and BKK for
the year ended April 30, 2010, and the period ended April 30, 2009, and
for the year ended October 31, 2008 for BTA and for the year ended
December 31, 2008 for BKK.

ANNUAL REPORT

APRIL 30, 2010

49


Notes to Financial Statements (continued)

Preferred Shares

The Preferred Shares are redeemable at the option of each Trust, in whole
or in part, on any dividend payment date at their liquidation preference
per share plus any accumulated and unpaid dividends whether or not
declared. The Preferred Shares are also subject to mandatory redemption
at their liquidation preference plus any accumulated and unpaid dividends,
whether or not declared, if certain requirements relating to the composition
of the assets and liabilities of a Trust, as set forth in each Trust’s Articles
Supplementary (the “Governing Instrument”) are not satisfied.

From time to time in the future, each Trust may effect repurchases of its
Preferred Shares at prices below their liquidation preference as agreed
upon by the Trust and seller. Each Trust also may redeem its Preferred
Shares from time to time as provided in the applicable Governing
Instrument. Each Trust intends to effect such redemptions and/or repur-
chases to the extent necessary to maintain applicable asset coverage
requirements or for such other reasons as the Board may determine.

The holders of Preferred Shares have voting rights equal to the holders of
Common Shares (one vote per share) and will vote together with holders
of Common Shares (one vote per share) as a single class. However, the
holders of Preferred Shares, voting as a separate class, are also entitled to
elect two Directors for each Trust. In addition, the 1940 Act requires that
along with approval by shareholders that might otherwise be required, the
approval of the holders of a majority of any outstanding Preferred Shares,
voting separately as a class would be required to (a) adopt any plan of
reorganization that would adversely affect the Preferred Shares, (b) change
a Trust’s sub-classification as a closed-end investment company or change
its fundamental investment restrictions or (c) change its business so as to
cease to be an investment company.

The Trusts had the following series of Preferred Shares outstanding, effec-
tive yields and reset frequency as of April 30, 2010:

        Reset 
    Preferred  Effective  Frequency 
  Series  Shares  Yield  Days 
BKN  T7  2,804  0.47%  7 
  T28  2,234  0.46%  28 
BKK  M7  2,318  0.49%  7 
  W7  2,318  0.47%  7 
  F7  2,318  0.49%  7 
BFK  M7  2,167  0.49%  7 
  T7  2,167  0.47%  7 
  W7  2,167  0.47%  7 
  R7  2,167  0.47%  7 
  F7  2,167  0.49%  7 
BPS  W7  653  0.47%  7 
BSD  W7  1,719  0.47%  7 

Dividends on seven-day and 28-day Preferred Shares are cumulative at
a rate, which is reset every seven or 28 days, respectively, based on the
results of an auction. If the Preferred Shares fail to clear the auction on
an auction date, each Trust is required to pay the maximum applicable rate
on the Preferred Shares to holders of such shares for successive dividend
periods until such time as the shares are successfully auctioned. The

maximum applicable rate on all series of Preferred Shares is the higher of
110% of the AA commercial paper rate or 110% of 90% of the Kenny S&P
30-day High Grade Index rate divided by 1.00 minus the marginal tax rate.
The low, high and average dividend rates on the Preferred Shares for each
Trust for the year ended April 30, 2010 were as follows:

  Series  Low  High  Average 
BKN  T7  0.26%  0.79%  0.45% 
  T28  0.31%  0.75%  0.46% 
BKK  M7  0.24%  0.79%  0.44% 
  W7  0.26%  0.79%  0.45% 
  F7  0.24%  0.76%  0.44% 
BFK  M7  0.24%  0.79%  0.45% 
  T7  0.26%  0.79%  0.45% 
  W7  0.26%  0.79%  0.45% 
  R7  0.24%  0.76%  0.44% 
  F7  0.24%  0.76%  0.44% 
BPS  W7  0.26%  0.79%  0.45% 
BSD  W7  0.26%  0.79%  0.45% 

Since February 13, 2008, the Preferred Shares of the Trusts failed to
clear any of their auctions. As a result, the Preferred Shares dividend rates
were reset to the maximum applicable rate, which ranged from 0.24% to
0.79% for the year ended April 30, 2010. A failed auction is not an event
of default for the Trusts but it has a negative impact on the liquidity of
Preferred Shares. A failed auction occurs when there are more sellers of a
Trust’s auction rate preferred shares than buyers. A successful auction for
the Trusts’ Preferred Shares may not occur for some time, if ever, and even
if liquidity does resume, holders of the Preferred Shares may not have the
ability to sell the Preferred Shares at their liquidation preference.

The Trusts may not declare dividends or make other distributions on
Common Shares or purchase any such shares if, at the time of the decla-
ration, distribution or purchase, asset coverage with respect to the out-
standing Preferred Shares is less than 200%.

The Trusts pay commissions of 0.25% on the aggregate principal amount
of all shares that successfully clear their auctions and 0.15% on the
aggregate principal amount of all shares that fail to clear their auctions.
Certain broker dealers have individually agreed to reduce commissions for
failed auctions.

During the year ended April 30, 2010, the Trusts announced the following
redemptions of Preferred Shares at a price of $25,000 per share plus any
accrued and unpaid dividends through the redemption date:

    Redemption   Shares  Aggregate 
  Series  Date  Redeemed  Principal 
BKN  T7  7/08/09  22  $ 550,000 
  T28  7/08/09  18  $ 450,000 
BFK  M7  7/14/09  178  $4,450,000 
  T7  7/08/09  178  $4,450,000 
  W7  7/09/09  178  $4,450,000 
  R7  7/10/09  178  $4,450,000 
  F7  7/13/09  178  $4,450,000 
BPS  W7  7/09/09  20  $ 500,000 
BSD  W7  7/09/09  191  $4,775,000 

50 ANNUAL REPORT

APRIL 30, 2010


Notes to Financial Statements (concluded)

During the period ended April 30, 2009, the Trusts announced the following
redemptions of Preferred Shares at a price of $25,000 per share plus any
accrued and unpaid dividends through the redemption date:

    Redemption  Shares  Aggregate 
  Series  Date  Redeemed  Principal 
BKN  T7  6/25/08  436  $10,900,000 
  T28  7/09/08  348  $ 8,700,000 
BKK  M7  6/24/08  50  $ 1,250,000 
  W7  6/26/08  50  $ 1,250,000 
  F7  6/30/08  50  $ 1,250,000 
BFK  M7  6/24/08  656  $16,400,000 
  T7  6/25/08  656  $16,400,000 
  W7  6/26/08  656  $16,400,000 
  R7  6/27/08  656  $16,400,000 
  F7  6/30/08  656  $16,400,000 
BPS  W7  6/26/08  27  $ 675,000 
BSD  W7  6/26/08  570  $14,250,000 

The Trusts financed the Preferred Share redemptions with cash received
from TOB transactions.

Preferred Shares issued and outstanding remained constant for the year
ended April 30, 2010 for BKK.

8. Subsequent Events:

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

Each Trust paid a net investment income dividend on June 1, 2010 to
Common Shareholders of record on May 14, 2010 as follows:

  Common Dividend 
  Per Share 
BKN  $0.08400 
BTA  $0.05950 
BKK  $0.06225 
BFK  $0.07860 
BPS  $0.07000 
BSD  $0.07250 

The dividends declared on Preferred Shares for the period May 1, 2010 to
May 31, 2010 were as follows:

    Dividends 
  Series  Declared 
BKN  T7  $25,072 
  T28  $19,810 
BKK  M7  $20,560 
  W7  $20,631 
  F7  $20,512 
BFK  M7  $19,221 
  T7  $19,377 
  W7  $19,288 
  R7  $18,925 
  F7  $19,176 
BPS  W7  $ 5,812 
BSD  W7  $15,300 

On June 1, 2010, BPS declared a dividend to Common Shareholders of
record on June 15, 2010 of $0.07250 per share.

ANNUAL REPORT

APRIL 30, 2010

51


Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors/Trustees of:
BlackRock Investment Quality Municipal Trust Inc.
BlackRock Long-Term Municipal Advantage Trust
BlackRock Municipal 2020 Term Trust
BlackRock Municipal Income Trust
BlackRock Pennsylvania Strategic Municipal Trust
BlackRock Strategic Municipal Trust (collectively
the “Trusts”):

We have audited the accompanying statements of assets and liabilities of
BlackRock Investment Quality Municipal Trust Inc., BlackRock Long-Term
Municipal Advantage Trust, and BlackRock Municipal Income Trust, includ-
ing the schedules of investments, as of April 30, 2010, the related state-
ments of operations for the year then ended, the statement of cash flows
for the year then ended for BlackRock Long-Term Municipal Advantage
Trust, the statements of changes in net assets for the year ended April 30,
2010, for the period November 1, 2008 to April 30, 2009 and for the year
ended October 31, 2008, and the financial highlights for the periods pre-
sented. We have also audited the accompanying statements of assets and
liabilities of BlackRock Municipal 2020 Term Trust, BlackRock Pennsylvania
Strategic Municipal Trust, and BlackRock Strategic Municipal Trust, includ-
ing the schedules of investments, as of April 30, 2010, and the related
statements of operations for the year then ended, the statements of
changes in net assets for year ended April 30, 2010, for the period January
1, 2009 to April 30, 2009 and for the year ended December 31, 2008,
and the financial highlights for the periods presented. These financial state-
ments and financial highlights are the responsibility of the Trusts’ manage-
ment. Our responsibility is to express an opinion on these financial
statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public
Company Accounting Oversight Board (United States). Those standards
require that we plan and perform the audit to obtain reasonable assurance
about whether the financial statements and financial highlights are free of
material misstatement. The Trusts are not required to have, nor were we
engaged to perform, an audit of their internal control over financial report-
ing. Our audits included consideration of internal control over financial
reporting as a basis for designing audit procedures that are appropriate

in the circumstances, but not for the purpose of expressing an opinion
on the effectiveness of the Trusts’ internal control over financial reporting.
Accordingly, we express no such opinion. An audit also includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
financial statements, assessing the accounting principles used and signifi-
cant estimates made by management, as well as evaluating the overall
financial statement presentation. Our procedures included confirmation
of securities owned as of April 30, 2010, by correspondence with the
custodian and brokers; where replies were not received from brokers, we
performed other auditing procedures. We believe that our audits provide
a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred
to above present fairly, in all material respects, the financial position of
BlackRock Investment Quality Municipal Trust Inc., BlackRock Long-Term
Municipal Advantage Trust, and BlackRock Municipal Income Trust as of
April 30, 2010, the results of their operations for the year then ended, the
cash flows for the year then ended for BlackRock Long-Term Municipal
Advantage Trust, the changes in their net assets for the year ended April
30, 2010, for the period November 1, 2008 to April 30, 2009 and for the
year ended October 31, 2008, and the financial highlights for the periods
presented, in conformity with accounting principles generally accepted in
the United States of America. Additionally, in our opinion, the financial
statements and financial highlights referred to above present fairly, in all
material respects, the financial position of BlackRock Municipal 2020 Term
Trust, BlackRock Pennsylvania Strategic Municipal Trust, and BlackRock
Strategic Municipal Trust as of April 30, 2010, the results of their opera-
tions for the year then ended, the changes in their net assets for the year
ended April 30, 2010, for the period January 1, 2009 to April 30, 2009
and for the year ended December 31, 2008, and the financial highlights
for the periods presented, in conformity with accounting principles gener-
ally accepted in the United States of America.

Deloitte & Touche LLP
Princeton, New Jersey
June 28, 2010

Important Tax Information (Unaudited)

All of the net investment income distributions paid by BKN, BTA, BKK,
BFK, BPS and BSD during the taxable year ended April 30, 2010 qualify
as tax-exempt interest dividends for federal income tax purposes.

52 ANNUAL REPORT

APRIL 30, 2010


Automatic Dividend Reinvestment Plans

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

After BKN, BTA, BFK, BPS, and BSD declares a dividend or determines to
make a capital gain distribution, the Plan Agent will acquire shares for the
participants’ accounts, depending upon the following circumstances, either
(i) through receipt of unissued but authorized shares from the Trust (“newly
issued shares”) or (ii) by purchase of outstanding shares on the open mar-
ket, on the Trust’s primary exchange or elsewhere (“open-market pur-
chases”). If, on the dividend payment date, the net asset value per share
(“NAV”) is equal to or less than the market price per share plus estimated
brokerage commissions (such condition often referred to as a “market pre-
mium”), the Plan Agent will invest the dividend amount in newly issued
shares on behalf of the participants. The number of newly issued shares to
be credited to each participant’s account will be determined by dividing
the dollar amount of the dividend by the NAV on the date the shares are
issued. However, if the NAV is less than 95% of the market price on the
payment date, the dollar amount of the dividend will be divided by 95% of
the market price on the payment date. If, on the dividend payment date,
the NAV is greater than the market value per share plus estimated broker-
age commissions (such condition often referred to as a “market discount”),
the Plan Agent will invest the dividend amount in shares acquired on behalf
of the participants in open-market purchases. If the Plan Agent is unable to
invest the full dividend amount in open market purchases, or if the market
discount shifts to a market premium during the purchase period, the Plan
Agent will invest any un-invested portion in newly issued shares.

After BKK declares a dividend or determines to make a capital gain distri-
bution, the Plan Agent will acquire shares for the participants’ account by
the purchase of outstanding shares on the open market, on BKK’s primary
exchange or elsewhere (“open market purchases”). BKK will not issue any
new shares under the Plan.

Participation in the Plan is completely voluntary and may be terminated or
resumed at any time without penalty by notice if received and processed
by the Plan Administrator prior to the dividend record date; otherwise such
termination or resumption will be effective with respect to any subsequently
declared dividend or other distribution.

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

Each Trust reserves the right to amend or terminate the Plan. There is no
direct service charge to participants in the Plan; however, each Trust
reserves the right to amend the Plan to include a service charge payable
by the participants. Participants that request a sale of shares through the
Plan Agent are subject to a $2.50 sales fee and a $0.15 per share sold
brokerage commission. All correspondence concerning the Plan should be
directed to the Plan Agent at P.O. Box 43078, Providence, RI 02940-3078
or by calling (800) 699-1BFM. All overnight correspondence should be
directed to the Plan Agent at 250 Royall Street, Canton, MA 02021.

ANNUAL REPORT

APRIL 30, 2010

53


Officers and Trustees         
        Number of   
    Length of    BlackRock-   
  Position(s)  Time    Advised Funds   
Name, Address  Held with  Served as    and Portfolios  Public 
and Year of Birth  Trusts  a Trustee2  Principal Occupation(s) During Past Five Years  Overseen  Directorships 
     Non-Interested Trustees1         
Richard E. Cavanagh  Chairman  Since  Trustee, Aircraft Finance Trust from 1999 to 2009; Director, The Guardian Life  99 Funds  Arch Chemical 
55 East 52nd Street  of the Board  1994  Insurance Company of America since 1998; Trustee, Educational Testing Service  97 Portfolios  (chemical and allied 
New York, NY 10055  and Trustee    from 1997 to 2009 and Chairman thereof from 2005 to 2009; Senior Advisor,    products) 
1946      The Fremont Group since 2008 and Director thereof since 1996; Adjunct Lecturer,     
      Harvard University since 2007; President and Chief Executive Officer, The Conference     
Board, Inc. (global business research organization) from 1995 to 2007.

Karen P. Robards  Vice Chair of  Since  Partner of Robards & Company, LLC (financial advisory firm) since 1987;  99 Funds  AtriCure, Inc. 
55 East 52nd Street  the Board,  2007  Co-founder and Director of the Cooke Center for Learning and Development,  97 Portfolios  (medical devices); 
New York, NY 10055  Chair of    (a not-for-profit organization) since 1987; Director of Enable Medical Corp.    Care Investment 
1950  the Audit    from 1996 to 2005; Investment Banker at Morgan Stanley from 1976 to 1987.    Trust, Inc. (health 
  Committee        care real estate 
  and Trustee        investment trust) 
Frank J. Fabozzi  Trustee and  Since  Consultant/Editor of The Journal of Portfolio Management since 2006; Professor in  99 Funds  None 
55 East 52nd Street  Member of  1993  the Practice of Finance and Becton Fellow, Yale University, School of Management,  97 Portfolios   
New York, NY 10055  the Audit    since 2006; Adjunct Professor of Finance and Becton Fellow, Yale University from     
1948  Committee    1994 to 2006.     
Kathleen F. Feldstein  Trustee  Since  President of Economics Studies, Inc. (private economic consulting firm) since  99 Funds  The McClatchy 
55 East 52nd Street    2005  1987; Chair, Board of Trustees, McLean Hospital from 2000 to 2008 and Trustee  97 Portfolios  Company 
New York, NY 10055      Emeritus thereof since 2008; Member of the Board of Partners Community    (publishing); 
1941      Healthcare, Inc. from 2005 to 2009; Member of the Corporation of Partners    Bell South 
      HealthCare since 1995; Trustee, Museum of Fine Arts, Boston since 1992; Member    (telecommunications); 
      of the Visiting Committee to the Harvard University Art Museum since 2003; Director,    Knight Ridder 
      Catholic Charities of Boston since 2009.    (publishing) 
James T. Flynn  Trustee and  Since  Chief Financial Officer of JP Morgan & Co., Inc. from 1990 to 1995.  99 Funds  None 
55 East 52nd Street  Member of  2007    97 Portfolios   
New York, NY 10055  the Audit         
1939  Committee         
Jerrold B. Harris  Trustee  Since  Trustee, Ursinus College since 2000; Director, Troemner LLC (scientific equipment)  99 Funds  BlackRock Kelso 
55 East 52nd Street    2007  since 2000; Director of Delta Waterfowl Foundation since 2001; President and  97 Portfolios  Capital Corp. 
New York, NY 10055      Chief Executive Officer, VWR Scientific Products Corporation from 1990 to 1999.    (business 
1942          development 
          company) 

54 ANNUAL REPORT

APRIL 30, 2010


Officers and Trustees (continued)     
        Number of   
    Length of    BlackRock-   
  Position(s)  Time    Advised Funds   
Name, Address  Held with  Served as    and Portfolios  Public 
and Year of Birth  Trusts  a Trustee2  Principal Occupation(s) During Past Five Years  Overseen  Directorships 
     Non-Interested Trustees1 (concluded)         
R. Glenn Hubbard  Trustee  Since  Dean, Columbia Business School since 2004; Columbia faculty member since  99 Funds  ADP (data and 
55 East 52nd Street    2004  1988; Co-Director of Columbia Business School’s Entrepreneurship Program from  97 Portfolios  information services); 
New York, NY 10055      1997 to 2004; Chairman, U.S. Council of Economic Advisers under the President    KKR Financial 
1958      of the United States from 2001 to 2003; Chairman, Economic Policy Committee    Corporation (finance); 
      of the OECD from 2001 to 2003.    Metropolitan Life 
          Insurance Company 
          (insurance) 
W. Carl Kester  Trustee and  Since  George Fisher Baker Jr. Professor of Business Administration, Harvard Business  99 Funds  None 
55 East 52nd Street  Member of  2007  School; Deputy Dean for Academic Affairs since 2006; Unit Head, Finance,  97 Portfolios   
New York, NY 10055  the Audit    Harvard Business School from 2005 to 2006; Senior Associate Dean and     
1951  Committee    Chairman of the MBA Program of Harvard Business School from 1999 to 2005;     
      Member of the faculty of Harvard Business School since 1981; Independent     
      Consultant since 1978.     
  1 Trustees serve until their resignation, removal or death, or until December 31 of the year in which they turn 72.     
  2 Date shown is the earliest date a person has served for the Trusts covered by this annual report. Following the combination of Merrill Lynch Investment 
   Managers, L.P. (“MLIM”) and BlackRock, Inc. (“BlackRock”) in September 2006, the various legacy MLIM and legacy BlackRock Fund boards were 
   realigned and consolidated into three new Fund boards in 2007. As a result, although the chart shows certain trustees as joining the Trusts’ board in 
   2007, each trustee first became a member of the board of other legacy MLIM or legacy BlackRock Funds as follows: Richard E. Cavanagh, 1994; Frank J. 
   Fabozzi, 1988; Kathleen F. Feldstein, 2005; James T. Flynn, 1996; Jerrold B. Harris, 1999; R. Glenn Hubbard, 2004; W. Carl Kester, 1995; and Karen P. 
   Robards, 1998.       
     Interested Trustees3           
Richard S. Davis  Trustee  Since  Managing Director, BlackRock, Inc. since 2005; Chief Executive Officer, State  169 Funds  None 
55 East 52nd Street    2007  Street Research & Management Company from 2000 to 2005; Chairman of  298 Portfolios   
New York, NY 10055      the Board of Trustees, State Street Research Mutual Funds from 2000 to 2005.     
1945           
Henry Gabbay  Trustee  Since  Consultant, BlackRock, Inc. from 2007 to 2008; Managing Director, BlackRock,  169 Funds  None 
55 East 52nd Street    2007  Inc. from 1989 to 2007; Chief Administrative Officer, BlackRock Advisors, LLC  298 Portfolios   
New York, NY 10055      from 1998 to 2007; President of BlackRock Funds and BlackRock Bond Allocation     
1947      Target Shares from 2005 to 2007; Treasurer of certain closed-end funds in the     
      BlackRock fund complex from 1989 to 2006.     

3 Mr. Davis is an “interested person,” as defined in the Investment Company Act of 1940, of the Trusts based on his position with BlackRock, Inc. and
its affiliates. Mr. Gabbay is an “interested person” of the Trusts based on his former positions with BlackRock, Inc. and its affiliates as well as his ownership
of BlackRock, Inc. and the PNC Financial Services Group, Inc. securities. Trustees serve until their resignation, removal or death, or until December 31 of
the year in which they turn 72.

Effective January 1, 2010, Kent Dixon, a Trustee of the Trusts, retired.

Effective March 31, 2010, G. Nicholas Beckwith, III, a Trustee of the Trusts, resigned.

The Trusts’ Board of Trustees extends its best wishes to both Mr. Dixon and Mr. Beckwith.

ANNUAL REPORT

APRIL 30, 2010

55


Officers and Trustees (concluded)

  Position(s)     
Name, Address  Held with  Length of   
and Year of Birth  Trusts  Time Served  Principal Occupation(s) During Past 5 Years 
Officers1       
Anne Ackerley  Chief  Since  Managing Director of BlackRock, Inc. since 2000; Vice President of the BlackRock-advised funds from 2007 to 
55 East 52nd Street  Executive  20092  2009; Chief Operating Officer of BlackRock’s Global Client Group (GCG) since 2009; Chief Operating Officer 
New York, NY 10055  Officer    of BlackRock’s U.S. Retail Group from 2006 to 2009; Head of BlackRock’s Mutual Fund Group from 2000 
1962      to 2006. 
Brendan Kyne  Vice  Since  Managing Director of BlackRock, Inc. since 2010; Director of BlackRock, Inc. from 2008 to 2009; Head of Product 
55 East 52nd Street  President  2009  Development and Management for BlackRock’s U.S. Retail Group since 2009, Co-head thereof from 2007 to 
New York, NY 10055      2009; Vice President of BlackRock, Inc. from 2005 to 2008. 
1977       
Neal Andrews  Chief  Since  Managing Director of BlackRock, Inc. since 2006; Senior Vice President and Line of Business Head of Fund 
55 East 52nd Street  Financial  2007  Accounting and Administration at PNC Global Investment Servicing (U.S.) Inc. from 1992 to 2006. 
New York, NY 10055  Officer     
1966       
Jay Fife  Treasurer  Since  Managing Director of BlackRock, Inc. since 2007 and Director in 2006; Assistant Treasurer of the Merrill Lynch 
55 East 52nd Street    2007  Investment Managers, L.P. (“MLIM”) and Fund Asset Management, L.P. advised funds from 2005 to 2006; Director 
New York, NY 10055      of MLIM Fund Services Group from 2001 to 2006. 
1970       
Brian Kindelan  Chief  Since  Chief Compliance Officer of the BlackRock-advised funds since 2007; Managing Director and Senior Counsel of 
55 East 52nd Street  Compliance  2007  BlackRock, Inc. since 2005. 
New York, NY 10055  Officer     
1959       
Howard Surloff  Secretary  Since  Managing Director and General Counsel of U.S. Funds at BlackRock, Inc. since 2006; General Counsel (U.S.) of 
55 East 52nd Street    2007  Goldman Sachs Asset Management, L.P. from 1993 to 2006. 
New York, NY 10055       
1965       

1 Officers of the Trusts serve at the pleasure of the Boards.
2 Ms. Ackerley has been President and Chief Executive Officer since 2009 and was Vice President from 2007 to 2009.

Investment Advisor  Custodian  Auction Agent  Accounting Agent  Legal Counsel 
BlackRock Advisors, LLC  State Street Bank  Preferred Shares:  State Street Bank  Skadden, Arps, Slate, 
Wilmington, DE 19809  and Trust Company  The Bank of  and Trust Company  Meagher & Flom LLP 
  Boston, MA 02111  New York Mellon  Princeton, NJ 08540  New York, NY 10036 
    New York, NY 10286     
Sub-Advisor  Transfer Agent    Independent Registered  Address of the Trusts 
BlackRock Financial  Common Shares:    Public Accounting Firm  100 Bellevue Parkway 
Management, Inc.  Computershare Trust    Deloitte & Touche LLP  Wilmington, DE 19809 
New York, NY 10022  Company, N.A.    Princeton, NJ 08540   
  Canton, MA 02021       

56 ANNUAL REPORT

APRIL 30, 2010


Additional Information

Trust Certification

Those Trusts listed for trading on the New York Stock Exchange (“NYSE”)
have filed with the NYSE their annual chief executive officer certification
regarding compliance with the NYSE’s listing standards. Each Trust filed

with the Securities and Exchange Commission (“SEC”) the certification of
its chief executive officer and chief financial officer required by section 302
of the Sarbanes-Oxley Act.

Dividend Policy

The Trusts’ dividend policy is to distribute all or a portion of their net invest-
ment income to its shareholders on a monthly basis. In order to
provide shareholders with a more stable level of dividend distributions, the
Trusts may at times pay out less than the entire amount of net investment
income earned in any particular month and may at times in any particular
month pay out such accumulated but undistributed income in addition to

net investment income earned in that month. As a result, the dividends
paid by the Trusts for any particular month may be more or less than the
amount of net investment income earned by the Trusts during such month.
The Trusts’ current accumulated but undistributed net investment income,
if any, is disclosed in the Statements of Assets and Liabilities, which com-
prises part of the financial information included in this report.

General Information

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

During the period, there were no material changes in the Trusts’ investment
objectives or policies or to the Trusts’ charters or by-laws that were not
approved by the shareholders or in the principal risk factors associated
with investment in the Trusts. There have been no changes in the persons
who are primarily responsible for the day-to-day management of the
Trusts’ portfolio.

Quarterly performance, semi-annual and annual reports and other informa-
tion regarding the Funds may be found on BlackRock’s website, which can
be accessed at http://www.blackrock.com. This reference to BlackRock’s
website is intended to allow investors public access to information regard-
ing the Funds and does not, and is not intended to, incorporate
BlackRock’s website into this report.

Electronic Delivery

Electronic copies of most financial reports are available on the Trusts’ web-
sites or shareholders can sign up for e-mail notifications of quarterly state-
ments, annual and semi-annual reports by enrolling in the Trusts’ electronic
delivery program.

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

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

Householding

The Trusts will mail only one copy of shareholder documents, including
annual and semi-annual reports and proxy statements, to shareholders
with multiple accounts at the same address. This practice is commonly
called “householding” and is intended to reduce expenses and eliminate
duplicate mailings of shareholder documents. Mailings of your shareholder
documents may be householded indefinitely unless you instruct us other-
wise. If you do not want the mailing of these documents to be combined
with those for other members of your household, please
call (800) 441-7762.

Availability of Quarterly Portfolio Schedule of Investments

Each Trust files its complete schedule of portfolio holdings with the SEC for
the first and third quarters of each fiscal year on Form N-Q. The Trusts’
Forms N-Q are available on the SEC’s website at http://www.sec.gov and
may also be reviewed and copied at the SEC’s Public Reference Room in
Washington, DC. Information on the operation of the Public Reference
Room may be obtained by calling (800) SEC-0330. Each Trust’s Forms N-Q
may also be obtained upon request and without charge by calling
(800) 441-7762.

Aailability of Proxy Voting Policies and Procedures

A description of the policies and procedures that the Trusts use to
determine how to vote proxies relating to portfolio securities is available
(1) without charge, upon request, by calling (800) 441-7762; (2) at
www.blackrock.com; and (3) on the SEC’s website at http://www.sec.gov.

Availability of Proxy Voting Record

Information about how the Trusts voted proxies relating to securities
held in the Trusts’ portfolios during the most recent 12-month period
ended June 30 is available upon request and without charge (1) at
www.blackrock.com or by calling (800) 441-7762 and (2) on the SEC’s
website at http://www.sec.gov.

ANNUAL REPORT

APRIL 30, 2010

57


Additional Information (concluded)

BlackRock Privacy Principles

BlackRock is committed to maintaining the privacy of its current and for-
mer fund investors and individual clients (collectively, “Clients”) and to
safeguarding their non-public personal information. The following infor-
mation is provided to help you understand what personal information
BlackRock collects, how we protect that information and why in certain
cases we share such information with select parties.

If you are located in a jurisdiction where specific laws, rules or regulations
require BlackRock to provide you with additional or different privacy-related
rights beyond what is set forth below, then BlackRock will comply with those
specific laws, rules or regulations.

BlackRock obtains or verifies personal non-public information from and
about you from different sources, including the following: (i) information we
receive from you or, if applicable, your financial intermediary, on applica-
tions, forms or other documents; (ii) information about your transactions
with us, our affiliates, or others; (iii) information we receive from a consumer
reporting agency; and (iv) from visits to our websites.

BlackRock does not sell or disclose to non-affiliated third parties any non-
public personal information about its Clients, except as permitted by law
or as is necessary to respond to regulatory requests or to service Client
accounts. These non-affiliated third parties are required to protect the
confidentiality and security of this information and to use it only for its
intended purpose.

We may share information with our affiliates to service your account or to
provide you with information about other BlackRock products or services
that may be of interest to you. In addition, BlackRock restricts access
to non-public personal information about its Clients to those BlackRock
employees with a legitimate business need for the information. BlackRock
maintains physical, electronic and procedural safeguards that are designed
to protect the non-public personal information of its Clients, including pro-
cedures relating to the proper storage and disposal of such information.

58 ANNUAL REPORT

APRIL 30, 2010



This report is transmitted to shareholders only. It is not a prospectus. Past performance results shown in this report should not be considered a representation
of future performance. Certain Trusts have leveraged their Common Shares, which creates risks for Common Shareholders, including the likelihood of greater
volatility of net asset value and market price of the Common Shares and the risk that fluctuations in the short-term dividend rates of the Preferred Shares,
currently set at the maximum reset rate as a result of failed auctions, may reduce the Common Shares’ yield. Statements and other information herein are
as dated and are subject to change.



Item 2 – Code of Ethics – The registrant (or the “Fund”) has adopted a code of ethics, as of the end
of the period covered by this report, applicable to the registrant’s principal executive officer,
principal financial officer and principal accounting officer, or persons performing similar
functions. During the period covered by this report, there have been no amendments to or
waivers granted under the code of ethics. A copy of the code of ethics is available without
charge at www.blackrock.com.

Item 3 – Audit Committee Financial Expert – The registrant’s board of directors or trustees, as
applicable (the “board of directors”) has determined that (i) the registrant has the following
audit committee financial experts serving on its audit committee and (ii) each audit
committee financial expert is independent:
Kent Dixon (retired effective December 31, 2009)
Frank J. Fabozzi
James T. Flynn
W. Carl Kester
Karen P. Robards

The registrant’s board of directors has determined that W. Carl Kester and Karen P. Robards
qualify as financial experts pursuant to Item 3(c)(4) of Form N-CSR.

Prof. Kester has a thorough understanding of generally accepted accounting principles,
financial statements and internal control over financial reporting as well as audit committee
functions. Prof. Kester has been involved in providing valuation and other financial
consulting services to corporate clients since 1978. Prof. Kester’s financial consulting
services present a breadth and level of complexity of accounting issues that are generally
comparable to the breadth and complexity of issues that can reasonably be expected to be
raised by the registrant’s financial statements.

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

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


Item 4 – Principal Accountant Fees and Services           
           (a) Audit Fees   (b) Audit-Related Fees1             (c) Tax Fees2       (d) All Other Fees3 
  Current  Previous  Current  Previous  Current  Previous  Current  Previous 
  Fiscal Year  Fiscal Year  Fiscal Year  Fiscal Year  Fiscal Year  Fiscal Year  Fiscal Year  Fiscal Year 
     Entity Name  End  End  End  End  End  End  End  End 
BlackRock                 
Municipal Income  $33,700  $33,700  $3,500  $3,500  $6,100  $6,100  $0  $1,028 
Trust                 

1 The nature of the services include assurance and related services reasonably related to the performance of the audit of
financial statements not included in Audit Fees.
2 The nature of the services include tax compliance, tax advice and tax planning.
3 The nature of the services include a review of compliance procedures and attestation thereto.

(e)(1) Audit Committee Pre-Approval Policies and Procedures:
The registrant’s audit committee (the “Committee”) has adopted policies and
procedures with regard to the pre-approval of services. Audit, audit-related and tax
compliance services provided to the registrant on an annual basis require specific pre-
approval by the Committee. The Committee also must approve other non-audit services
provided to the registrant and those non-audit services provided to the registrant’s affiliated
service providers that relate directly to the operations and the financial reporting of the
registrant. Certain of these non-audit services that the Committee believes are a) consistent
with the SEC’s auditor independence rules and b) routine and recurring services that will
not impair the independence of the independent accountants may be approved by the
Committee without consideration on a specific case-by-case basis (“general pre-approval”).
The term of any general pre-approval is 12 months from the date of the pre-approval, unless
the Committee provides for a different period. Tax or other non-audit services provided to
the registrant which have a direct impact on the operation or financial reporting of the
registrant will only be deemed pre-approved provided that any individual project does not
exceed $10,000 attributable to the registrant or $50,000 for all of the registrants the
Committee oversees. For this purpose, multiple projects will be aggregated to determine if
they exceed the previously mentioned cost levels.
Any proposed services exceeding the pre-approved cost levels will require specific
pre-approval by the Committee, as will any other services not subject to general pre-
approval (e.g., unanticipated but permissible services). The Committee is informed of each
service approved subject to general pre-approval at the next regularly scheduled in-person
board meeting. At this meeting, an analysis of such services is presented to the Committee
for ratification. The Committee may delegate to one or more of its members the authority to
approve the provision of and fees for any specific engagement of permitted non-audit
services, including services exceeding pre-approved cost levels.

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

(f) Not Applicable

(g) Affiliates’ Aggregate Non-Audit Fees:

  Current Fiscal Year  Previous Fiscal Year 
               Entity Name  End  End 
BlackRock Municipal Income  $20,377  $418,128 
Trust     


(h) The registrant’s audit committee has considered and determined that the provision of
non-audit services that were rendered to the registrant’s investment adviser (not including
any non-affiliated sub-adviser whose role is primarily portfolio management and is
subcontracted with or overseen by the registrant’s investment adviser), and any entity
controlling, controlled by, or under common control with the investment adviser that
provides ongoing services to the registrant that were not pre-approved pursuant to paragraph
(c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal
accountant’s independence.

Regulation S-X Rule 2-01(c)(7)(ii) – $10,777, 0%

Item 5 – Audit Committee of Listed Registrants – The following individuals are members of the
registrant’s separately-designated standing audit committee established in accordance with
Section 3(a)(58)(A) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a)(58)(A)):

Kent Dixon (retired effective December 31, 2009)
Frank J. Fabozzi
James T. Flynn
W. Carl Kester
Karen P. Robards

Item 6 – Investments
(a) The registrant’s Schedule of Investments is included as part of the Report to
Stockholders filed under Item 1 of this form.
(b) Not Applicable due to no such divestments during the semi-annual period covered since
the previous Form N-CSR filing.

Item 7 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management
Investment Companies – The board of directors has delegated the voting of proxies for the
Fund securities to the Fund’s investment adviser (“Investment Adviser”) pursuant to the
Investment Adviser’s proxy voting guidelines. Under these guidelines, the Investment
Adviser will vote proxies related to Fund securities in the best interests of the Fund and its
stockholders. From time to time, a vote may present a conflict between the interests of the
Fund’s stockholders, on the one hand, and those of the Investment Adviser, or any affiliated
person of the Fund or the Investment Adviser, on the other. In such event, provided that the
Investment Adviser’s Equity Investment Policy Oversight Committee, or a sub-committee
thereof (the “Oversight Committee”) is aware of the real or potential conflict or material
non-routine matter and if the Oversight Committee does not reasonably believe it is able to
follow its general voting guidelines (or if the particular proxy matter is not addressed in the
guidelines) and vote impartially, the Oversight Committee may retain an independent
fiduciary to advise the Oversight Committee on how to vote or to cast votes on behalf of the
Investment Adviser’s clients. If the Investment Adviser determines not to retain an
independent fiduciary, or does not desire to follow the advice of such independent fiduciary,
the Oversight Committee shall determine how to vote the proxy after consulting with the
Investment Adviser’s Portfolio Management Group and/or the Investment Adviser’s Legal
and Compliance Department and concluding that the vote cast is in its client’s best interest
notwithstanding the conflict. A copy of the Fund’s Proxy Voting Policy and Procedures are
attached as Exhibit 99.PROXYPOL. Information on how the Fund voted proxies relating to
portfolio securities during the most recent 12-month period ended June 30 is available


without charge, (i) at www.blackrock.com and (ii) on the SEC’s website at
http://www.sec.gov.

Item 8 – Portfolio Managers of Closed-End Management Investment Companies – as of April 30,
2010.

(a)(1) The registrant is managed by a team of investment professionals comprised of
Theodore R. Jaeckel, Jr., CFA, Managing Director at BlackRock and Walter
O’Connor, Managing Director at BlackRock. Each is a member of BlackRock’s
municipal tax-exempt management group. Each is jointly responsible for the day-to-
day management of the registrant’s portfolio, which includes setting the registrant’s
overall investment strategy, overseeing the management of the registrant and/or
selection of its investments. Messrs. Jaeckel and O’Connor have been members of
the registrant’s portfolio management team since 2006 and 2006, respectively.

             Portfolio Manager  Biography         
             Theodore R. Jaeckel, Jr.  Managing Director at BlackRock, Inc. since 2006; Managing Director of 
    Merrill Lynch Investment Managers, L.P. (“MLIM”) from 2005 to 2006; 
    Director of MLIM from 1997 to 2005.     
             Walter O’Connor  Managing Director of BlackRock, Inc. since 2006; Managing Director of 
    MLIM from 2003 to 2006; Director of MLIM from 1998 to 2003.   
             (a)(2) As of April 30, 2010:         
  (ii) Number of Other Accounts Managed  (iii) Number of Other Accounts and 
  and Assets by Account Type    Assets for Which Advisory Fee is 
          Performance-Based   
  Other  Other Pooled    Other  Other Pooled   
(i) Name of  Registered  Investment  Other  Registered  Investment  Other 
Portfolio Manager  Investment  Vehicles  Accounts  Investment  Vehicles  Accounts 
  Companies      Companies     
Theodore R. Jaeckel, Jr.  72  0  0  0  0  0 
  $19.29 Billion  $0  $0  $0  $0  $0 
Walter O’Connor  72  0  0  0  0  0 
  $19.29 Billion  $0  $0  $0  $0  $0 
             (iv) Potential Material Conflicts of Interest         

BlackRock and its affiliates (collectively, herein “BlackRock”) has built a professional
working environment, firm-wide compliance culture and compliance procedures and
systems designed to protect against potential incentives that may favor one account over
another. BlackRock has adopted policies and procedures that address the allocation of
investment opportunities, execution of portfolio transactions, personal trading by employees
and other potential conflicts of interest that are designed to ensure that all client accounts are
treated equitably over time. Nevertheless, BlackRock furnishes investment management and
advisory services to numerous clients in addition to the Fund, and BlackRock may,
consistent with applicable law, make investment recommendations to other clients or
accounts (including accounts which are hedge funds or have performance or higher fees
paid to BlackRock, or in which portfolio managers have a personal interest in the receipt of
such fees), which may be the same as or different from those made to the Fund. In addition,
BlackRock, its affiliates and significant shareholders and any officer, director, stockholder
or employee may or may not have an interest in the securities whose purchase and sale


BlackRock recommends to the Fund. BlackRock, or any of its affiliates or significant
shareholders, or any officer, director, stockholder, employee or any member of their
families may take different actions than those recommended to the Fund by BlackRock with
respect to the same securities. Moreover, BlackRock may refrain from rendering any advice
or services concerning securities of companies of which any of BlackRock’s (or its
affiliates’ or significant shareholders’) officers, directors or employees are directors or
officers, or companies as to which BlackRock or any of its affiliates or significant
shareholders or the officers, directors and employees of any of them has any substantial
economic interest or possesses material non-public information. Each portfolio manager
also may manage accounts whose investment strategies may at times be opposed to the
strategy utilized for a fund. In this connection, it should be noted that a portfolio manager
may currently manage certain accounts that are subject to performance fees. In addition, a
portfolio manager may assist in managing certain hedge funds and may be entitled to
receive a portion of any incentive fees earned on such funds and a portion of such incentive
fees may be voluntarily or involuntarily deferred. Additional portfolio managers may in the
future manage other such accounts or funds and may be entitled to receive incentive fees.

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

(a)(3) As of April 30, 2010:

Portfolio Manager Compensation Overview

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

Base compensation. Generally, portfolio managers receive base compensation based on
their seniority and/or their position with the firm. Senior portfolio managers who perform
additional management functions within the portfolio management group or within
BlackRock may receive additional compensation for serving in these other capacities.

Discretionary Incentive Compensation
Discretionary incentive compensation is a function of several components: the performance
of BlackRock, Inc., the performance of the portfolio manager’s group within BlackRock,
the investment performance, including risk-adjusted returns, of the firm’s assets under
management or supervision by that portfolio manager relative to predetermined
benchmarks, and the individual’s seniority, role within the portfolio management team,
teamwork and contribution to the overall performance of these portfolios and BlackRock.


In most cases, including for the portfolio managers of the Fund, these benchmarks are the
same as the benchmark or benchmarks against which the performance of the Fund or other
accounts managed by the portfolio managers are measured. BlackRock’s Chief Investment
Officers determine the benchmarks against which the performance of funds and other
accounts managed by each portfolio manager is compared and the period of time over which
performance is evaluated. With respect to the portfolio managers, such benchmarks for the
Fund include a combination of market-based indices (e.g. Barclays Capital Municipal Bond
Index), certain customized indices and certain fund industry peer groups.

BlackRock’s Chief Investment Officers make a subjective determination with respect to the
portfolio managers’ compensation based on the performance of the funds and other accounts
managed by each portfolio manager relative to the various benchmarks noted above.
Performance is measured on both a pre-tax and after-tax basis over various time periods
including 1, 3, 5 and 10-year periods, as applicable.

Distribution of Discretionary Incentive Compensation
Discretionary incentive compensation is distributed to portfolio managers in a combination
of cash and BlackRock, Inc. restricted stock units which vest ratably over a number of
years. The BlackRock, Inc. restricted stock units, if properly vested, will be settled in
BlackRock, Inc. common stock. Typically, the cash bonus, when combined with base
salary, represents more than 60% of total compensation for the portfolio managers. Paying
a portion of annual bonuses in stock puts compensation earned by a portfolio manager for a
given year “at risk” based on BlackRock’s ability to sustain and improve its performance
over future periods.

Long-Term Retention and Incentive Plan (“LTIP”) — From time to time long-
term incentive equity awards are granted to certain key employees to aid in retention, align
their interests with long-term shareholder interests and motivate performance. Equity
awards are generally granted in the form of BlackRock, Inc. restricted stock units that, once
vested, settle in BlackRock, Inc. common stock. Messrs. Jaeckel and O’Connor have each
received awards under the LTIP.

Deferred Compensation Program — A portion of the compensation paid to
eligible BlackRock employees may be voluntarily deferred into an account that tracks the
performance of certain of the firm’s investment products. Each participant in the deferred
compensation program is permitted to allocate his deferred amounts among the various
investment options. Messrs. Jaeckel and O’Connor have each participated in the deferred
compensation program.

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

Incentive Savings Plans — BlackRock, Inc. has created a variety of incentive
savings plans in which BlackRock employees are eligible to participate, including a
401(k) plan, the BlackRock Retirement Savings Plan (RSP), and the BlackRock Employee
Stock Purchase Plan (ESPP). The employer contribution components of the RSP include a
company match equal to 50% of the first 6% of eligible pay contributed to the plan capped
at $4,000 per year, and a company retirement contribution equal to 3-5% of eligible
compensation. The RSP offers a range of investment options, including registered
investment companies managed by the firm. BlackRock contributions follow the investment


direction set by participants for their own contributions or, absent employee investment
direction, are invested into a balanced portfolio. The ESPP allows for investment in
BlackRock common stock at a 5% discount on the fair market value of the stock on the
purchase date. Annual participation in the ESPP is limited to the purchase of 1,000 shares
or a dollar value of $25,000. Each portfolio manager is eligible to participate in these plans.

(a)(4) Beneficial Ownership of Securities – April 30, 2010.

Portfolio Manager  Dollar Range of Equity Securities 
  Beneficially Owned 
Theodore R. Jaeckel, Jr.  $10,001 - $50,000 
Walter O’Connor  None 

Item 9 – Purchases of Equity Securities by Closed-End Management Investment Company and
Affiliated Purchasers – Not Applicable due to no such purchases during the period covered
by this report.

Item 10 – Submission of Matters to a Vote of Security Holders – The registrant’s Nominating and
Governance Committee will consider nominees to the board of directors recommended by
shareholders when a vacancy becomes available. Shareholders who wish to recommend a
nominee should send nominations that include biographical information and set forth the
qualifications of the proposed nominee to the registrant’s Secretary. There have been no
material changes to these procedures.

Item 11 – Controls and Procedures

11(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 13(a)-15(b) under the Securities Exchange Act of 1934, as amended.

11(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

12(a)(1) – Code of Ethics – See Item 2

12(a)(2) – Certifications – Attached hereto

12(a)(3) – Not Applicable

12(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/ Anne F. Ackerley
Anne F. Ackerley
Chief Executive Officer of
BlackRock Municipal Income Trust

Date: June 28, 2010

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/ Anne F. Ackerley
Anne F. Ackerley
Chief Executive Officer (principal executive officer) of
BlackRock Municipal Income Trust

Date: June 28, 2010

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

Date: June 28, 2010