Edgar Filing: BLACKROCK MUNICIPAL INCOME TRUST

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-10339

Name of Fund: BlackRock Municipal Income Trust (BFK)

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

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

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

Date of fiscal year end: 04/30/2012

Date of reporting period: 10/31/2011

Item 1 – Report to Stockholders

October 31, 2011

Semi-Annual Report (Unaudited)

BlackRock Investment Quality Municipal Trust Inc. (BKN)

BlackRock Long-Term Municipal Advantage Trust (BTA)

BlackRock Municipal 2020 Term Trust (BKK)

BlackRock Municipal Income Trust (BFK)

BlackRock Pennsylvania Strategic Municipal Trust (BPS)

BlackRock Strategic Municipal Trust (BSD)

Not FDIC Insured • No Bank Guarantee • May Lose Value

Table of Contents

Page


Dear Shareholder	3
Semi-Annual Report:
Municipal Market Overview	4
Trust Summaries	5
The Benefits and Risks of Leveraging	11
Derivative Financial Instruments	11
Financial Statements
Schedules of Investments	12
Statements of Assets and Liabilities	37
Statements of Operations	38
Statements of Changes in Net Assets	39
Statement of Cash Flows	41
Financial Highlights	42
Notes to Financial Statements	48
Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements	55
Officers and Trustees	59
Additional Information	60

SEMI-ANNUAL REPORT

OCTOBER 31, 2011

Dear Shareholder

One year ago, the global economy appeared to solidly be in recovery mode and investors were optimistic as the US Federal Reserve launched its second round of quantitative easing. Stock markets rallied despite ongoing sovereign debt problems in Europe and inflationary pressures looming over emerging markets. Fixed income markets, however, saw yields move sharply upward (pushing prices down), especially on the long end of the historically steep yield curve. While high yield bonds benefited from the risk rally, most fixed income sectors declined in the fourth quarter of 2010. The tax-exempt municipal market faced additional headwinds as it became evident that the Build America Bond program would not be extended and municipal finance troubles burgeoned.

Early 2011 saw spikes of volatility as political turmoil swept across the Middle East/North Africa region and prices of oil and other commodities soared. Natural disasters in Japan disrupted industrial supply chains and concerns mounted regarding US debt and deficit issues. Nevertheless, equities generally performed well early in the year as investors chose to focus on the continuing stream of strong corporate earnings and positive economic data. Credit markets were surprisingly resilient in this environment and yields regained relative stability in 2011. The tax-exempt market saw relief from its headwinds and steadily recovered from its fourth-quarter lows. Equities, commodities and high yield bonds outpaced higher-quality assets as investors increased their risk tolerance.

However, the environment changed dramatically in the middle of the second quarter. Markets dropped sharply in May when fears mounted over the possibility of Greece defaulting on its debt, rekindling fears about the broader sovereign debt crisis. Concurrently, economic data signaled that the recovery had slowed in the United States and other developed nations. Confidence was further shaken by the prolonged debt ceiling debate in Washington, DC. On August 5th, Standard & Poor’s downgraded the US government’s credit rating and turmoil erupted in financial markets around the world. Extraordinary levels of volatility persisted in the months that followed as Greece teetered on the brink of default. Financial problems intensified in Italy and Spain and both countries faced credit rating downgrades. Debt worries spread to the core European nations of France and Germany, and the entire euro-zone banking system came under intense pressure. Late in the summer, economic data out of the United States and Europe grew increasingly bleak while China and other emerging economies began to show signs of slowing growth. By the end of the third quarter, equity markets had fallen nearly 20% from their April peak while safe-haven assets such as US Treasuries, gold and the Swiss franc skyrocketed.

October brought enough positive economic data to assuage fears of a double-dip recession in the United States and corporate earnings continued to be strong. Additionally, European policymakers demonstrated an increased willingness to unite in their struggle to resolve the region’s debt and banking crisis. These encouraging developments brought many investors back from the sidelines and risk assets rallied through the month, albeit with large daily swings as investor reactions to news from Europe vacillated between faith and skepticism.

Overall, lower-risk investments including US Treasuries, municipal securities and investment grade credits posted gains for the 6- and 12-month periods ended October 31, 2011. Risk assets, including equities and high yield debt, broadly declined over the six months; however, US stocks and high yield bonds remained in positive territory on a 12-month basis. Continued low short-term interest rates kept yields on money market securities near their all-time lows. While markets remain volatile and uncertainties abound, BlackRock remains dedicated to finding opportunities and managing risk in this environment.

Sincerely,

Rob Kapito
President, BlackRock Advisors, LLC

“While markets remain volatile and uncertainties abound, BlackRock remains dedicated to finding opportunities and managing risk in this environment.”

Rob Kapito

President, BlackRock Advisors, LLC

Total Returns as of October 31, 2011


	6-month		12-month
US large cap equities	(7.11	)%	8.09	%
(S&P 500^®Index)
US small cap equities	(13.76	)	6.71
(Russell 2000^®Index)
International equities	(14.90	)	(4.08	)
(MSCI Europe, Australasia,
Far East Index)
Emerging market	(15.91	)	(7.72	)
equities (MSCI Emerging
Markets Index)
3-month Treasury	0.04		0.13
bill (BofA Merrill Lynch
3-Month Treasury
Bill Index)
US Treasury securities	12.11		7.79
(BofA Merrill Lynch 10-
Year US Treasury Index)
US investment grade	4.98		5.00
bonds (Barclays
Capital US Aggregate
Bond Index)
Tax-exempt municipal	5.56		3.78
bonds (Barclays Capital
Municipal Bond Index)
US high yield bonds	(0.95	)	5.16
(Barclays Capital US
Corporate High Yield 2%
Issuer Capped Index)

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

THIS PAGE NOT PART OF YOUR FUND REPORT

Municipal Market Overview

For the 12-Month Period Ended October 31, 2011

At the outset of the 12-month period, the municipal bond market was faced with a “perfect storm” of events that ultimately resulted in losses for the fourth quarter of 2010 at a level not seen since the Fed tightening cycle of 1994. US Treasury yields lost support due to concerns over the federal deficit and municipal valuations suffered a quick and severe setback, as it became evident the Build America Bond (“BAB”) program would expire at the end of 2010. The program had opened the taxable market to municipal issuers, successfully alleviating supply pressure in the traditional tax-exempt marketplace and bringing down yields in that space.

Towards the end of 2010, news about municipal finance troubles mounted and damaged confidence among retail investors. From mid-November through year end, weekly outflows from municipal mutual funds averaged over $2.5 billion. Political uncertainty surrounding the midterm elections and tax policies exacerbated the situation. These conditions combined with seasonal illiquidity sapped willful market participation from the trading community. December brought declining demand with no comparable reduction in supply as issuers rushed their deals to market before the BAB program was retired. This supply-demand imbalance led to wider quality spreads and higher yields.

Demand is usually strong at the beginning of a new year, but retail investors continued to move away from municipal mutual funds in 2011. From the middle of November 2010, outflows persisted for 29 consecutive weeks, totaling $35.1 billion before the trend finally broke in June. Weak demand has been counterbalanced by lower supply in 2011. According to Thomson Reuters, year-to-date through October, new issuance was down 34% compared to the same period last year. Higher interest rates during the first quarter, fiscal policy changes and a reduced need for municipal borrowing were among the factors that deterred issuers from bringing new deals to the market. In this positive technical environment, the S&P/Investortools Main Municipal Bond Index returned 8.05% for the first ten months of 2011, as municipal bonds outperformed most other fixed income asset classes year-to-date.

On August 5th, Standard & Poor’s (“S&P’s”) downgraded the US government credit rating from AAA to AA+, leading to the downgrade of approximately 11,000 municipal issues directly linked to the US debt rating. Nevertheless, the municipal market posted solid gains for the month of August, aided primarily by an exuberant Treasury market, severe volatility in US equities and continued supply constraint in the primary municipal market. Increased demand from both traditional and non-traditional buyers pushed long-term municipal bond yields lower, resulting in a curve-flattening trend that continued through period end.

Overall, the municipal yield curve flattened during the period from October 31, 2010 to October 31, 2011. As measured by Thomson Municipal Market Data, yields declined by 11 basis points (“bps”) to 3.75% on AAA quality-rated 30-year municipal bonds and by 12 bps to 2.39%, on 10-year bonds, while yields on 5-year issues rose 6 bps to 1.26%. With the exception of the 2- to 5-year range, the yield spreads between maturities decreased over the past year. The most significant decrease was seen in the 5- to 10-year range, where the spread tightened by 18 bps, while the overall slope between 2- and 30-year maturities decreased by 9 bps to 3.31%.

The fundamental picture for municipalities is improving. Austerity is the general theme across the country, while a small number of states continue to rely on the “kick the can” approach to close their shortfalls, using aggressive revenue projections and accounting gimmicks. It has been nearly a year since the first highly publicized interview about the fiscal problems plaguing state and local governments. Thus far, the prophecy of widespread defaults across the municipal market has not materialized. According to S&P’s, municipal defaults in 2011 are down 69% compared to the same period in 2010. Year-to-date monetary defaults in the S&P/Investortools Main Municipal Bond Index total roughly $750 million, representing less than 0.5% of the index. BlackRock maintains the view that municipal bond defaults will remain in the periphery and the overall market is fundamentally sound. We continue to recognize that careful credit research and security selection remain imperative amid uncertainty in this economic environment.

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

SEMI-ANNUAL REPORT

OCTOBER 31, 2011

Trust Summary as of October 31, 2011

BlackRock Investment Quality Municipal Trust Inc.

Trust Overview

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

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

Performance

For the six months ended October 31, 2011, the Trust returned 15.87% based on market price and 13.82% based on net asset value (“NAV”). For the same period, the closed-end Lipper General & Insured Municipal Debt Funds (Leveraged) category posted an average return of 11.60% based on market price and 11.08% based on NAV. During the period, Lipper combined the General Municipal Debt Funds (Leveraged) and Insured Municipal Debt Funds (Leveraged) categories into one General & Insured Municipal Debt Funds (Leveraged) category. All returns reflect reinvestment of dividends. The Trust's premium to NAV, which widened during the period, accounts for the difference between performance based on price and performance based on NAV. The following discussion relates to performance based on NAV. As the municipal yield curve moved lower (interest rates declined) and flattened (rates on the longer end of the curve fell the most), the Trust benefited from its slightly long duration bias (preference for securities with a higher sensitivity to interest rate movements) and its positioning toward the longer end of the municipal yield curve (preference for bonds with longer-dated maturities). The Trust also benefited from its holdings in tax-backed, development district and health care bonds. Detracting from performance were the Trust’s exposures to the housing and corporate-related sectors, which underperformed the broader municipal bond market for the six-month period.

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

Trust Information


Symbol on New York Stock Exchange (“NYSE”)	BKN
Initial Offering Date	February 19, 1993
Yield on Closing Market Price as of October 31, 2011 ($14.61)¹	6.90	%
Tax Equivalent Yield²	10.62	%
Current Monthly Distribution per Common Share³	$0.084
Current Annualized Distribution per Common Share³	$1.008
Leverage as of October 31, 2011⁴	36	%

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

Tax equivalent yield assumes the maximum federal tax rate of 35%.

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

⁴

Represents Auction Market Preferred Shares (“AMPS”) 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 AMPS and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging on page 11.

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


	10/31/11		4/30/11		Change		High		Low
Market Price	$	14.61	$	13.08	11.70	%	$	14.74	$	12.80
Net Asset Value	$	13.99	$	12.75	9.73	%	$	14.32	$	12.75

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

Sector Allocations


	10/31/11		4/30/11
Health	27	%	27	%
County/City/Special District/School District	17		15
State	14		14
Education	12		12
Transportation	11		11
Utilities	6		7
Corporate	6		6
Tobacco	4		4
Housing	3		4

Credit Quality Allocations⁵


	10/31/11		4/30/11
AAA/Aaa	3	%	3	%
AA/Aa	33		36
A	32		29
BBB/Baa	21		19
BB/Ba	1		2
B	1		1
CCC/Caa	1		1
Not Rated⁶	8		9

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 October 31, 2011 and April 30, 2011, the market value of these securities was $11,387,834, representing 3%, and $8,694,533, representing 2%, respectively, of the Trust’s long-term investments.

SEMI-ANNUAL REPORT

OCTOBER 31, 2011

Trust Summary as of October 31, 2011

BlackRock Long-Term Municipal Advantage Trust

Trust Overview

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

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

Performance

For the six months ended October 31, 2011, the Trust returned 11.66% based on market price and 11.82% based on NAV. For the same period, the closed-end Lipper General & Insured Municipal Debt Funds (Leveraged) category posted an average return of 11.60% based on market price and 11.08% based on NAV. During the period, Lipper combined the General Municipal Debt Funds (Leveraged) and Insured Municipal Debt Funds (Leveraged) categories into one General & Insured Municipal Debt Funds (Leveraged) category. All returns reflect reinvestment of dividends. The Trust's discount to NAV, which widened during the period, accounts for the difference between performance based on price and performance based on NAV. The following discussion relates to performance based on NAV. The Trust performed well due to its yield-curve-flattening bias and duration positioning. The Trust has consistently emphasized longer-dated securities in order to benefit from long-term rates declining faster than short-term rates, a scenario that occurred during the period. In addition, the Trust’s holdings generated a high distribution yield, which in the aggregate had a meaningful impact on returns. Sector concentrations in health and tobacco had a positive impact on performance, as did the avoidance of pre-refunded and escrowed issues, which underperformed the broader market. Detracting from performance was the Trust’s long-standing focus on corporate-related debt, which modestly underperformed for the six-month period.

Trust Information


Symbol on NYSE	BTA
Initial Offering Date	February 28, 2006
Yield on Closing Market Price as of October 31, 2011 ($11.00)¹	7.04	%
Tax Equivalent Yield²	10.83	%
Current Monthly Distribution per Common Share³	$0.0625
Current Annualized Distribution per Common Share³	$0.7740
Leverage as of October 31, 2011⁴	37	%

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

Tax equivalent yield assumes the maximum federal tax rate of 35%.

A change in the distribution rate was declared on November 1, 2011. The monthly Distribution per Common Share increased to $0.0645. The distribution rate is not constant and is subject to change.

⁴

Represents TOBs as a percentage of total managed assets, which is the total assets of the Trust, including any assets attributable to TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging on page 11.

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


	10/31/11		4/30/11		Change		High		Low
Market Price	$	11.00	$	10.20	7.84	%	$	11.42	$	9.86
Net Asset Value	$	11.35	$	10.51	7.99	%	$	11.54	$	10.51

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

Sector Allocations


	10/31/11		4/30/11
Health	18	%	18	%
Education	15		15
County/City/Special District/School District	13		14
Transportation	13		13
Utilities	12		12
State	12		9
Housing	7		9
Corporate	5		5
Tobacco	5		5

Credit Quality Allocations⁵


	10/31/11		4/30/11
AAA/Aaa⁶	22	%	22	%
AA/Aa⁶	41		40
A⁶	11		9
BBB/Baa⁶	10		12
BB/Ba	1		1
B	3		2
Not Rated⁷	12		14

⁵

Using the higher of S&P’s or Moody’s ratings.

⁶

Through its investment in TOBs, the Trust has economic exposure to investment grade bonds.

⁷

The investment advisor has deemed certain of these securities to be of investment grade quality. As of October 31, 2011 and April 30, 2011, the market value of these securities was $3,292,790 and $3,226,983, each representing 1%, respectively, of the Trust’s long-term investments.

SEMI-ANNUAL REPORT

OCTOBER 31, 2011

Trust Summary as of October 31, 2011

BlackRock Municipal 2020 Term Trust

Trust Overview

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

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

Performance

For the six months ended October 31, 2011, the Trust returned 5.17% based on market price and 8.06% based on NAV. For the same period, the closed-end Lipper General & Insured Municipal Debt Funds (Leveraged) category posted an average return of 11.60% based on market price and 11.08% based on NAV. During the period, Lipper combined the General Municipal Debt Funds (Leveraged) and Insured Municipal Debt Funds (Leveraged) categories into one General & Insured Municipal Debt Funds (Leveraged) category. 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 following discussion relates to performance based on NAV. The Trust benefited from interest rates moving lower across the municipal yield curve during the period, bond prices rise as their yields fall. The Trust’s exposure to zero-coupon bonds had a positive impact on performance as these issues outpaced other coupon structures in the broad market rally. Also boosting returns was exposure to lower-quality issues, which outperformed higher-quality municipal bonds during the period. The Trust is managed to a 2020 termination date and therefore generally maintains a shorter maturity profile than its Lipper category competitors. This shorter maturity profile was a disadvantage as the municipal yield curve moved lower and flattened during the period. The Trust had limited exposure to the long end of the curve, where interest rates fell the most, and therefore did not experience price appreciation of the same magnitude as did its Lipper category competitors with longer maturity profiles.

Trust Information


Symbol on NYSE	BKK
Initial Offering Date	September 30, 2003
Termination Date (on or about)	December 31, 2020
Yield on Closing Market Price as of October 31, 2011 ($15.46)¹	4.83	%
Tax Equivalent Yield²	7.43	%
Current Monthly Distribution per Common Share³	$0.06225
Current Annualized Distribution per Common Share³	$0.74700
Leverage as of October 31, 2011⁴	36	%

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

Tax equivalent yield assumes the maximum federal tax rate of 35%.

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

⁴

Represents AMPS and TOBs as a percentage of total managed assets, which is the total assets of the Trust, including any assets attributable to AMPS and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging on page 11.

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


	10/31/11		4/30/11		Change		High		Low
Market Price	$	15.46	$	15.06	2.66	%	$	15.70	$	14.85
Net Asset Value	$	15.43	$	14.63	5.47	%	$	15.73	$	14.63

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

Sector Allocations


	10/31/11		4/30/11
Corporate	18	%	19	%
Health	15		15
Transportation	14		13
Utilities	13		10
State	10		10
County/City/Special District/School District	9		10
Education	9		9
Tobacco	7		9
Housing	5		5

Credit Quality Allocations⁵


	10/31/11		4/30/11
AAA/Aaa	6	%	12	%
AA/Aa	20		16
A	29		28
BBB/Baa	31		27
BB/Ba	3		4
B	3		4
CCC/Caa	1		1
Not Rated⁶	7		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 October 31, 2011 and April 30, 2011, the market value of these securities was $15,463,770, representing 3%, and $11,262,007, representing 2%, respectively, of the Trust’s long-term investments.

SEMI-ANNUAL REPORT

OCTOBER 31, 2011

Trust Summary as of October 31, 2011

BlackRock Municipal Income Trust

Trust Overview

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

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

Performance

For the six months ended October 31, 2011, the Trust returned 16.00% based on market price and 13.89% based on NAV. For the same period, the closed-end Lipper General & Insured Municipal Debt Funds (Leveraged) category posted an average return of 11.60% based on market price and 11.08% based on NAV. During the period, Lipper combined the General Municipal Debt Funds (Leveraged) and Insured Municipal Debt Funds (Leveraged) categories into one General & Insured Municipal Debt Funds (Leveraged) category. All returns reflect reinvestment of dividends. The Trust's premium to NAV, which widened during the period, accounts for the difference between performance based on price and performance based on NAV. The following discussion relates to performance based on NAV. The Trust performed well due to its yield-curve-flattening bias and duration positioning. The Trust has consistently emphasized longer-dated securities in order to benefit from long-term rates declining faster than short-term rates, a scenario that occurred during the period. In addition, the Trust’s holdings generated a high distribution yield, which in the aggregate had a meaningful impact on returns. Sector concentrations in health and tobacco had a positive impact on performance, as did holding only minimal exposure to pre-refunded and escrowed issues, which underperformed the broader market. Detracting from performance was the Trust’s long-standing focus on corporate-related debt, which modestly underperformed for the six-month period.

Trust Information


Symbol on NYSE	BFK
Initial Offering Date	July 27, 2001
Yield on Closing Market Price as of October 31, 2011 ($13.81)¹	6.96	%
Tax Equivalent Yield²	10.71	%
Current Monthly Distribution per Common Share³	$0.0801
Current Annualized Distribution per Common Share³	$0.9612
Leverage as of October 31, 2011⁴	38	%

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

Tax equivalent yield assumes the maximum federal tax rate of 35%.

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

⁴

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


	10/31/11		4/30/11		Change		High		Low
Market Price	$	13.81	$	12.35	11.82	%	$	13.89	$	12.30
Net Asset Value	$	13.35	$	12.16	9.79	%	$	13.59	$	12.16

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

Sector Allocations


	10/31/11		4/30/11
Health	19	%	20	%
Transportation	18		16
State	15		13
Utilities	13		11
Corporate	11		12
County/City/Special District/School District	10		10
Education	8		9
Tobacco	4		4
Housing	2		5

Credit Quality Allocations⁵


	10/31/11		4/30/11
AAA/Aaa	6	%	11	%
AA/Aa	35		33
A	25		24
BBB/Baa	18		15
BB/Ba	1		4
B	5		6
CCC/Caa	1		1
C	1		—
Not Rated⁶	8		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 October 31, 2011 and April 30, 2011, the market value of these securities was $29,755,503 and $28,787,350, each representing 3%, respectively, of the Trust’s long-term investments.

SEMI-ANNUAL REPORT

OCTOBER 31, 2011

Trust Summary as of October 31, 2011

BlackRock Pennsylvania Strategic Municipal Trust

Trust Overview

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

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

Performance

For the six months ended October 31, 2011, the Trust returned 8.01% based on market price and 11.20% based on NAV. For the same period, the closed-end Lipper Pennsylvania Municipal Debt Funds category posted an average return of 9.40% based on market price and 9.06% based on NAV. All returns reflect reinvestment of dividends. The Trust's discount to NAV, which widened during the period, accounts for the difference between performance based on price and performance based on NAV. The following discussion relates to performance based on NAV. As the municipal yield curve moved lower (interest rates declined) and flattened (rates on the longer end of the curve fell the most), the Trust benefited from its slightly long duration bias (preference for securities with a higher sensitivity to interest rate movements) and its positioning toward the longer end of the municipal yield curve (preference for bonds with longer-dated maturities). The Trust generated a high level of income accrual during the period by improving the coupon structure of its portfolio and maintaining a low level of cash reserves. In addition, the Trust sought investments with valuations that remain attractive relative to their level of credit risk. Given the broad rally in the municipal market during the period, most sectors performed well. However, the Trust was exposed to short-term securities, which rallied less as the yield curve flattened, and pre-refunded securities, which had little room to rally from their near-zero rates.

Trust Information


Symbol on NYSE Amex	BPS
Initial Offering Date	August 25, 1999
Yield on Closing Market Price as of October 31, 2011 ($13.57)¹	6.72	%
Tax Equivalent Yield²	10.34	%
Current Monthly Distribution per Common Share³	$0.076
Current Annualized Distribution per Common Share³	$0.912
Leverage as of October 31, 2011⁴	43	%

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

Tax equivalent yield assumes the maximum federal tax rate of 35%.

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

⁴

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


	10/31/11		4/30/11		Change		High		Low
Market Price	$	13.57	$	12.99	4.46	%	$	14.45	$	12.79
Net Asset Value	$	14.10	$	13.11	7.55	%	$	14.42	$	13.11

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

Sector Allocations


	10/31/11		4/30/11
Health	33	%	32	%
Transportation	16		12
State	15		15
Education	14		12
Housing	9		15
County/City/Special District/School District	6		8
Utilities	4		3
Corporate	3		3

Credit Quality Allocations⁵


	10/31/11		4/30/11
AAA/Aaa	2	%	9	%
AA/Aa	59		48
A	23		25
BBB/Baa	11		6
BB/Ba	1		8
Not Rated⁶	4		4

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 October 31, 2011 and April 30, 2011, the market value of these securities was $1,734,359, representing 4%, and $486,340, representing 1%, respectively, of the Trust’s long-term investments.

SEMI-ANNUAL REPORT

OCTOBER 31, 2011

Trust Summary as of October 31, 2011

BlackRock Strategic Municipal Trust

Trust Overview

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

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

Performance

For the six months ended October 31, 2011, the Trust returned 17.19% based on market price and 11.78% based on NAV. For the same period, the closed-end Lipper General & Insured Municipal Debt Funds (Leveraged) category posted an average return of 11.60% based on market price and 11.08% based on NAV. During the period, Lipper combined the General Municipal Debt Funds (Leveraged) and Insured Municipal Debt Funds (Leveraged) categories into one General & Insured Municipal Debt Funds (Leveraged) category. 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 following discussion relates to performance based on NAV. The Trust performed well due to its yield-curve-flattening bias and duration positioning. The Trust has consistently emphasized longer-dated securities in order to benefit from long-term rates declining faster than short-term rates, a scenario that occurred during the period. In addition, the Trust’s holdings generated a high distribution yield, which in the aggregate had a meaningful impact on returns. Sector concentrations in health care and tobacco had a positive impact on performance, as did holding only minimal exposure to pre-refunded and escrowed issues, which underperformed the broader market. Detracting from performance was the Trust’s long-standing focus on corporate-related debt, which modestly underperformed for the six-month period.

Trust Information


Symbol on NYSE	BSD
Initial Offering Date	August 25, 1999
Yield on Closing Market Price as of October 31, 2011 ($13.45)¹	6.60	%
Tax Equivalent Yield²	10.15	%
Current Monthly Distribution per Common Share³	$0.074
Current Annualized Distribution per Common Share³	$0.888
Leverage as of October 31, 2011⁴	38	%

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

Tax equivalent yield assumes the maximum federal tax rate of 35%.

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

⁴

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


	10/31/11		4/30/11		Change		High		Low
Market Price	$	13.45	$	11.88	13.22	%	$	13.58	$	11.85
Net Asset Value	$	13.25	$	12.27	7.99	%	$	13.51	$	12.27

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

Sector Allocations


	10/31/11		4/30/11
Health	25	%	24	%
Transportation	18		18
State	14		10
Education	11		12
Corporate	11		9
Utilities	10		8
County/City/Special District/School District	9		12
Tobacco	2		1
Housing	—		6

Credit Quality Allocations⁵


	10/31/11		4/30/11
AAA/Aaa	12	%	16	%
AA/Aa	33		35
A	21		17
BBB/Baa	20		17
BB/Ba	2		5
B	5		3
CCC/Caa	1		1
Not Rated⁶	6		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 October 31, 2011 and April 30, 2011, the market value of these securities was $3,810,508, representing 3%, and $3,150,431, representing 2%, respectively, of the Trust’s long-term investments.

SEMI-ANNUAL REPORT

OCTOBER 31, 2011

The Benefits and Risks of Leveraging

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

To leverage, the Trusts, except for BTA, issue AMPS, 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 financing cost of assets to be obtained from leverage, which will be based on short-term interest rates, will normally 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 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 AMPS 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 AMPS based on the lower short-term interest rates. At the same time, the securities purchased by the Trust with assets received from AMPS issuance earn the income based on long-term interest rates. In this case, the dividends paid to holders of AMPS (“AMPS 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 will be reduced or eliminated completely. Furthermore, if prevailing short-term interest rates rise above long-term interest rates, the yield curve has a negative slope. In this case, the Trust pays higher short-term interest rates whereas the Trust’s total portfolio earns income based on lower long-term interest rates.

Furthermore, the value of the Trusts’ portfolio investments generally varies inversely with the direction of long-term interest rates, although other factors can influence the value of portfolio investments. In contrast, the redemption value of the Trusts’ AMPS does not fluctuate in relation to interest rates. As a result, changes in interest rates can influence the Trusts’ NAVs positively or negatively in addition to the impact on Trust performance from leverage from AMPS discussed above.

The Trusts may also leverage their assets through the use of TOBs, 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 AMPS 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 NAV 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 generally cause greater changes in the Trusts’ NAVs, market prices and dividend rates than comparable portfolios 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 available for distribution to Common Shareholders will be reduced. Each Trust may be required to sell portfolio securities at inopportune times or at distressed values in order to comply with regulatory requirements applicable to the use of leverage or as required by the terms of leverage instruments, which may cause 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 rating agencies that rate the AMPS 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 AMPS 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 AMPS and/or TOBs will not exceed 50% of its total managed assets at the time such leverage is incurred. As of October 31, 2011, the Trusts had economic leverage from AMPS and/or TOBs as a percentage of their total managed assets as follows:


	Percent of Leverage
BKN	36	%
BTA	37	%
BKK	36	%
BFK	38	%
BPS	43	%
BSD	38	%

Derivative Financial Instruments

The Trusts may invest in various derivative financial instruments, including financial futures contracts, as specified in Note 2 of the Notes to Financial Statements, which may constitute forms of economic leverage. Such derivative financial instruments 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. Derivative financial instruments involve risks, including the imperfect correlation between the value of a derivative financial instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity of the derivative financial instrument. The Trusts’ ability to use a derivative financial instrument successfully depends on the investment advisor’s ability to predict pertinent market movements accurately, which cannot be assured. The use of derivative financial instruments may result in losses greater than if they had not been used, may require a Trust to sell or purchase portfolio investments at inopportune times or for distressed values, may limit the amount of appreciation a Trust can realize on an investment, may result in lower dividends paid to shareholders or may cause a Trust to hold an investment that it might otherwise sell. The Trusts’ investments in these instruments are discussed in detail in the Notes to Financial Statements.

SEMI-ANNUAL REPORT

OCTOBER 31, 2011

Schedule of Investments October 31, 2011 (unaudited)

BlackRock Investment Quality Municipal Trust Inc. (BKN)
(Percentages shown are based on Net Assets)


Municipal Bonds	Par (000)		Value
Alabama — 3.6%
Birmingham Special Care Facilities Financing Authority,
RB, Children’s Hospital (AGC):
6.00%, 6/01/34	$	1,745	$	1,928,033
6.00%, 6/01/39		500		547,915
Birmingham Water Works Board, RB, 4.75%, 1/01/36		3,150		3,196,620
Hoover City Board of Education, GO, Refunding,
4.25%, 2/15/40		3,050		3,020,080
				8,692,648
Arizona — 7.1%
Arizona Sports & Tourism Authority, RB, Multipurpose
Stadium Facilities, Series A (NPFGC), 5.00%, 7/01/31		2,750		2,705,862
Arizona State University, RB, Series D, 5.50%, 7/01/26		475		531,891
Mohave County Unified School District No. 20 Kingman,
GO, School Improvement Project of 2006, Series C
(AGC), 5.00%, 7/01/26		1,800		1,946,142
Pima County IDA, Refunding IDRB, Tucson Electric Power,
5.75%, 9/01/29		1,375		1,405,621
Salt Verde Financial Corp., RB, Senior:
5.00%, 12/01/32		1,035		952,635
5.00%, 12/01/37		4,585		4,151,580
San Luis Facility Development Corp., RB, Senior Lien,
Regional Detention Center Project:
6.25%, 5/01/15		405		393,753
7.00%, 5/01/20		490		482,875
7.25%, 5/01/27		980		881,745
State of Arizona, COP, Department of Administration,
Series A (AGM), 5.00%, 10/01/29		1,100		1,142,933
University Medical Center Corp. Arizona, RB:
6.00%, 7/01/39		1,600		1,612,672
6.50%, 7/01/39		750		779,228
				16,986,937
Arkansas — 0.5%
City of Rogers Arkansas, RB, Sales & Use Tax:
4.00%, 11/01/27		600		594,402
4.13%, 11/01/31		600		592,752
				1,187,154
California — 28.0%
California County Tobacco Securitization Agency, RB, CAB,
Stanislaus, Sub-Series C, 6.30%, 6/01/55 (a)		7,090		71,467
California Educational Facilities Authority, RB,
5.00%, 2/01/40		3,000		3,133,770
California Health Facilities Financing Authority,
Refunding RB, Sutter Health, Series B, 5.88%, 8/15/31		2,300		2,483,954
Carlsbad Unified School District, GO, Election of 2006,
Series B, 6.00%, 5/01/34 (b)		1,500		1,015,395
City of San Jose California, RB, Series A-1, AMT,
5.75%, 3/01/34		3,000		3,131,820


Municipal Bonds	Par (000)		Value
California (concluded)
County of Sacramento California, RB, Senior Series A
(AGM), 5.00%, 7/01/41	$	2,100	$	2,136,771
Dinuba Unified School District, GO, Election
of 2006 (AGM):
5.63%, 8/01/31		250		274,730
5.75%, 8/01/33		535		591,571
Foothill Eastern Transportation Corridor Agency California,
Refunding RB:
5.75%, 1/15/40		3,495		3,147,352
CAB, 5.88%, 1/15/28		7,000		6,948,760
Hartnell Community College District California, GO, CAB,
Election of 2002, Series D, 7.39%, 8/01/34 (b)		2,475		1,399,216
Los Altos Elementary School District, GO, CAB, Election
of 1998, Series B (NPFGC), 5.93%, 8/01/24 (a)(c)		10,945		5,800,522
Norwalk-La Mirada Unified School District California, GO,
Refunding, CAB, Election of 2002, Series E (AGC),
6.47%, 8/01/38 (a)		12,000		2,190,600
Palomar Community College District, GO, CAB, Election
of 2006, Series B:
6.09%, 8/01/30 (a)		2,270		703,042
6.33%, 8/01/39 (b)		3,000		1,331,100
San Diego Community College District California, GO,
CAB, Election of 2002, 6.38%, 8/01/19 (b)		4,200		2,764,902
State of California, GO:
5.00%, 10/01/41		3,625		3,613,690
Refunding (CIFG), 4.50%, 8/01/28		1,000		990,530
Various Purpose, 5.75%, 4/01/31		3,000		3,269,640
Various Purpose, 6.00%, 3/01/33		2,270		2,554,658
Various Purpose, 6.50%, 4/01/33		2,900		3,381,429
Various Purpose, 5.50%, 3/01/40		3,650		3,820,966
Various Purpose (CIFG), 5.00%, 3/01/33		5,000		5,025,550
Various Purpose (NPFGC), 5.00%, 6/01/37		5,000		5,004,600
University of California, RB, Limited Project, Series B,
4.75%, 5/15/38		2,050		2,061,644
				66,847,679
Colorado — 0.7%
Park Creek Metropolitan District, Refunding RB, Senior
Limited Property Tax (AGM), 6.00%, 12/01/38		1,500		1,617,450
Connecticut — 2.5%
Connecticut State Health & Educational Facility
Authority, RB:
Hartford Healthcare, Series A, 5.00%, 7/01/32		2,140		2,151,256
Lawrence & Memorial Hospital, Series,
5.00%, 7/01/36		1,900		1,911,457
Sacred Heart University, Series G, 5.38%, 7/01/31		600		613,344
Western Connecticut Health, Series M,
5.38%, 7/01/41		1,300		1,342,952
				6,019,009

Portfolio Abbreviations

To simplify the listings of portfolio holdings in the Schedules of Investments, the names and descriptions of many of the securities have been abbreviated according to the following list:


ACA	American Capital Access Corp.	HFA	Housing Finance Agency
AGC	Assured Guaranty Corp.	HRB	Housing Revenue Bonds
AGM	Assured Guaranty Municipal Corp.	IDA	Industrial Development Authority
AMBAC	American Municipal Bond Assurance Corp.	IDB	Industrial Development Board
AMT	Alternative Minimum Tax (subject to)	IDRB	Industrial Development Revenue Bonds
ARS	Auction Rate Securities	ISD	Independent School District
CAB	Capital Appreciation Bonds	MRB	Mortgage Revenue Bonds
CIFG	CDC IXIS Financial Guaranty	NPFGC	National Public Finance Guarantee Corp.
COP	Certificates of Participation	PILOT	Payment in Lieu of Taxes
EDA	Economic Development Authority	PSF-GTD	Permanent School Fund Guaranteed
EDC	Economic Development Corp.	RB	Revenue Bonds
ERB	Economic Revenue Bonds	SAN	State Aid Notes
FGIC	Financial Guaranty Insurance Co.	S/F	Single Family
GO	General Obligation Bonds	Syncora	Syncora Guarantee
HDA	Housing Development Authority

See Notes to Financial Statements.

SEMI-ANNUAL REPORT

OCTOBER 31, 2011

Schedule of Investments (continued)

BlackRock Investment Quality Municipal Trust Inc. (BKN)
(Percentages shown are based on Net Assets)


Municipal Bonds	Par (000)		Value
Delaware — 0.8%
County of Sussex Delaware, RB, NRG Energy, Inc.,
Indian River Project, 6.00%, 10/01/40	$	1,800	$	1,810,530
District of Columbia — 1.5%
District of Columbia Tobacco Settlement Financing Corp.,
Refunding RB, Asset-Backed, 6.50%, 5/15/33		3,500		3,636,500
Florida — 12.9%
County of Lee Florida, Refunding, RB, Series A, Lee Airport
(AGM), 5.00%, 10/01/28		3,000		2,946,150
County of Miami-Dade Florida, RB, CAB, Sub-Series A
(NPFGC) (a):
5.20%, 10/01/32		4,225		1,050,884
6.68%, 10/01/32		5,000		1,288,200
5.21%, 10/01/33		4,000		931,080
6.78%, 10/01/33		15,375		3,712,601
5.21%, 10/01/34		4,580		990,883
5.22%, 10/01/35		5,000		1,006,700
County of Orange Florida, Refunding RB (Syncora),
4.75%, 10/01/32		5,000		5,012,850
Hillsborough County IDA, RB, National Gypsum Co.,
Series A, AMT, 7.13%, 4/01/30		3,700		3,297,440
Miami Beach Health Facilities Authority, RB, Mount Sinai
Medical Center of Florida, 6.75%, 11/15/21		1,725		1,782,098
Sumter Landing Community Development District Florida,
RB, Sub-Series B, 5.70%, 10/01/38		3,525		2,846,825
Village Community Development District No. 6, Special
Assessment Bonds, 5.63%, 5/01/22		6,035		6,068,977
				30,934,688
Georgia — 0.7%
Milledgeville & Baldwin County Development Authority,
RB, Georgia College & State University Foundation,
6.00%, 9/01/33		1,500		1,738,065
Idaho — 1.2%
Idaho Health Facilities Authority, Refunding RB, Trinity
Health Group, Series B, 6.25%, 12/01/33		2,500		2,773,925
Illinois — 12.2%
Chicago Public Building Commission Building Illinois, RB,
Series A (NPFGC), 7.00%, 1/01/20		5,000		6,569,100
City of Chicago Illinois Transit Authority, RB, Sales Tax
Receipts Revenue, 5.25%, 12/01/40		1,000		1,029,950
Illinois Finance Authority, RB:
MJH Education Assistance IV LLC, Sub-Series B,
5.38%, 6/01/35 (d)(e)		700		139,972
Navistar International, Recovery Zone,
6.50%, 10/15/40		1,925		1,985,888
Northwestern Memorial Hospital, Series A,
5.50%, 8/15/43		5,800		6,543,386
Roosevelt University Project, 6.50%, 4/01/44		1,500		1,562,910
Rush University Medical Center, Series C,
6.63%, 11/01/39		1,200		1,278,264
Illinois Finance Authority, Refunding RB:
Friendship Village Schaumburg, Series A,
5.63%, 2/15/37		345		280,909
OSF Healthcare System, Series A, 6.00%, 5/15/39		1,535		1,584,581
Railsplitter Tobacco Settlement Authority, RB:
6.25%, 6/01/24		6,000		6,323,580
6.00%, 6/01/28		1,700		1,767,694
				29,066,234
Indiana — 1.9%
Indiana Finance Authority, Refunding RB, Improvement,
U.S. Steel Corp., 6.00%, 12/01/26		1,350		1,325,646
Indiana Finance Authority Wastewater Utility, RB,
5.25%, 10/01/38		3,000		3,200,550
				4,526,196


Municipal Bonds	Par (000)		Value
Iowa — 1.7%
Iowa Higher Education Loan Authority, RB, Private College
Facility, Buena Vista University Project, 5.00%, 4/01/31 $		1,480	$	1,520,212
Iowa Higher Education Loan Authority, Refunding RB,
Private College Facility:
5.75%, 9/01/30		965		981,617
6.00%, 9/01/39		1,500		1,490,415
				3,992,244
Kansas — 0.5%
Kansas Development Finance Authority, Refunding RB,
Sisters of Leavenworth, Series A, 5.00%, 1/01/28		1,155		1,207,691
Kentucky — 3.2%
Kentucky Economic Development Finance Authority,
RB, Louisville Arena, Sub-Series A-1 (AGC),
6.00%, 12/01/38		700		740,026
Kentucky Economic Development Finance Authority,
Refunding RB, Norton Healthcare, Inc., Series B
(NPFGC), 6.19%, 10/01/23 (a)		8,500		4,508,825
Louisville & Jefferson County Metropolitan Government,
Refunding RB, Jewish Hospital & St. Mary’s HealthCare,
6.13%, 2/01/37		2,250		2,316,105
				7,564,956
Louisiana — 3.7%
Jefferson Parish Hospital Service District No. 1,
Refunding RB, 6.00%, 1/01/39		2,300		2,408,698
Louisiana Local Government Environmental Facilities
& Community Development Authority, RB:
Southeastern Louisiana University, Series A (AGM),
5.00%, 10/01/40		1,025		1,083,087
Westlake Chemical Corp., Series A-1,
6.50%, 11/01/35		1,565		1,631,293
Louisiana Public Facilities Authority, RB, Belle Chasse
Educational Foundation Project, 6.50%, 5/01/31		600		629,454
Louisiana Public Facilities Authority, Refunding RB,
Entergy Gulf States Louisiana, LLC Projects, Series A,
5.00%, 9/01/28		3,000		3,069,060
				8,821,592
Maryland — 1.9%
Maryland EDC, Refunding RB, CNX Marine Terminals, Inc.,
5.75%, 9/01/25		780		783,089
Maryland Health & Higher Educational Facilities
Authority, Refunding RB, Doctor’s Community Hospital,
5.63%, 7/01/30		4,100		3,798,322
				4,581,411
Michigan — 2.2%
Michigan State Building Authority, Refunding RB, Facilities
Program, Series I, 6.25%, 10/15/38		1,875		2,092,762
Royal Oak Hospital Finance Authority Michigan, Refunding
RB, William Beaumont Hospital, 8.25%, 9/01/39		2,750		3,261,665
				5,354,427
Minnesota — 1.6%
City of Minneapolis Minnesota, Refunding RB, Fairview
Health Services, Series B (AGC), 6.50%, 11/15/38		3,500		3,924,970
Mississippi — 3.4%
Mississippi Development Bank, RB, Hinds Community
College District, Capital Improvement Project (AGM),
5.00%, 4/01/36		1,910		1,982,580
Mississippi Development Bank Special Obligation, RB,
Jackson County Limited Tax Note (AGC), 5.50%, 7/01/32		2,655		2,841,354
University of Southern Mississippi, RB, Campus Facilities
Improvements Project, 5.38%, 9/01/36		3,150		3,390,345
				8,214,279

See Notes to Financial Statements.

SEMI-ANNUAL REPORT

OCTOBER 31, 2011


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


Municipal Bonds	Par (000)		Value
Missouri — 1.7%
Missouri Joint Municipal Electric Utility Commission, RB,
Plum Point Project (NPFGC), 4.60%, 1/01/36	$	2,790	$	2,603,879
Missouri State Health & Educational Facilities Authority,
RB, Lutheran Senior Services, 6.00%, 2/01/41		1,500		1,499,835
				4,103,714
Montana — 1.2%
Montana Facility Finance Authority, Refunding RB, Sisters
of Leavenworth, Series A, 4.75%, 1/01/40		2,750		2,762,760
Nebraska — 1.5%
Nebraska Investment Finance Authority, Refunding RB,
Series A:
5.90%, 9/01/36		1,700		1,833,212
6.05%, 9/01/41		1,515		1,637,457
				3,470,669
Nevada — 0.5%
County of Clark Nevada, Refunding RB, Alexander Dawson
School Nevada Project, 5.00%, 5/15/29		1,065		1,081,380
New Jersey — 5.1%
Middlesex County Improvement Authority, RB, Subordinate,
Heldrich Center Hotel, Series B, 6.25%, 1/01/37 (d)(e)		1,510		135,885
New Jersey EDA, RB, Cigarette Tax, 5.75%, 6/15/29		5,500		5,357,110
New Jersey Educational Facilities Authority, Refunding RB,
University of Medicine & Dentistry, Series B:
7.13%, 12/01/23		950		1,131,887
7.50%, 12/01/32		1,225		1,423,805
New Jersey State Healthcare Facilities Financing Authority,
RB, Barnabas Health, Series A:
4.63%, 7/01/23		770		750,973
5.63%, 7/01/37		2,560		2,540,877
New Jersey State Housing & Mortgage Finance Agency,
RB, Series AA, 6.50%, 10/01/38		770		835,443
				12,175,980
New York — 7.5%
Albany Industrial Development Agency, RB, New Covenant
Charter School Project, Series A, 7.00%, 5/01/35 (d)(e)		725		181,279
Hudson New York Yards Infrastructure Corp., RB, Series A,
5.75%, 2/15/47		1,750		1,853,092
Hudson Yards Infrastructure Corp., RB, Series A:
5.00%, 2/15/47		3,600		3,541,068
(AGM), 5.00%, 2/15/47		1,500		1,504,035
(NPFGC), 4.50%, 2/15/47		750		680,040
Long Island Power Authority, Refunding RB, Series A,
5.75%, 4/01/39		2,475		2,725,495
New York City Industrial Development Agency, RB:
American Airlines, Inc., JFK International Airport,
7.63%, 8/01/25 (f)		2,600		2,404,974
Queens Baseball Stadium, PILOT (AGC),
6.50%, 1/01/46		850		913,759
New York Liberty Development Corp., Refunding RB,
Second Priority, Bank of America Tower at One Bryant
Park Project, 6.38%, 7/15/49		1,250		1,297,088
New York State Dormitory Authority, RB, Series A:
Rochester Institute of Technology,, 6.00%, 7/01/33		1,625		1,790,457
University Rochester, 5.75%, 7/01/39 (b)		1,000		929,540
				17,820,827
North Carolina — 6.2%
City of Charlotte North Carolina, Refunding RB, Series A,
5.50%, 7/01/34		325		348,572
Gaston County Industrial Facilities & Pollution Control
Financing Authority North Carolina, RB, Exempt Facilities,
National Gypsum Co. Project, 5.75%, 8/01/35		2,425		1,883,352
North Carolina Capital Facilities Finance Agency, RB,
Duke Energy Carolinas, Series B, 4.38%, 10/01/31		1,500		1,504,905


Municipal Bonds	Par (000)		Value
North Carolina (concluded)
North Carolina Medical Care Commission, RB, Novant
Health Obligation, Series A, 4.75%, 11/01/43	$	9,900	$	9,093,744
North Carolina Medical Care Commission, Refunding RB,
University Health System, Series D, 6.25%, 12/01/33		1,750		1,937,268
				14,767,841
Ohio — 1.4%
State of Ohio, Refunding RB, Kenyon College Project,
5.00%, 7/01/41		3,345		3,366,910
Oklahoma — 1.1%
Tulsa Airports Improvement Trust, RB, Series A, Mandatory
Put Bonds, AMT, 7.75%, 6/01/35 (f)		2,900		2,668,435
Oregon — 1.3%
Oregon Health & Science University, RB, Series A,
5.75%, 7/01/39		1,250		1,355,337
Oregon State Facilities Authority, Refunding RB, Limited
College Project, Series A:
5.00%, 10/01/34		1,150		1,179,912
5.25%, 10/01/40		500		515,780
				3,051,029
Pennsylvania — 5.0%
Delaware River Port Authority, RB (AGM):
Port District Project, Series B, 5.70%, 1/01/22		2,000		2,003,700
Series D,, 5.00%, 1/01/40		3,640		3,760,484
McKeesport Area School District, GO, CAB (FGIC) (a):
5.53%, 10/01/31		870		386,915
5.53%, 10/01/31		2,435		796,537
Pennsylvania Economic Development Financing
Authority, RB:
Amtrak Project, Series A, AMT, 6.25%, 11/01/31		2,000		2,001,560
Aqua Pennsylvania, Inc. Project, Series B,
4.50%, 12/01/42		3,000		3,004,320
				11,953,516
Puerto Rico — 1.1%
Puerto Rico Sales Tax Financing Corp., RB, First
Sub-Series A, 5.75%, 8/01/37		1,500		1,572,405
Puerto Rico Sales Tax Financing Corp., Refunding RB,
CAB, Series A (NPFGC), 5.74%, 8/01/41 (a)		7,500		1,167,825
				2,740,230
Rhode Island — 3.0%
Rhode Island Health & Educational Building Corp., RB,
Hospital Financing, LifeSpan Obligation, Series A (AGC),
7.00%, 5/15/39		3,000		3,414,510
Rhode Island Housing & Mortgage Finance Corp.,
RB, Rental Housing Program, Series A-1 (FGIC),
4.75%, 10/01/43		2,500		2,212,500
State of Rhode Island, COP, Series C, School for the Deaf
(AGC), 5.38%, 4/01/28		1,330		1,434,804
				7,061,814
South Carolina — 4.7%
South Carolina Jobs-EDA, Refunding RB:
Palmetto Health Alliance, Series A, 6.25%, 8/01/31		2,185		2,216,114
Palmetto Health, Series C, 6.88%, 8/01/27		3,560		3,953,451
South Carolina State Housing Finance & Development
Authority, Refunding RB, Series A-2, AMT (AMBAC),
5.15%, 7/01/37		4,970		4,982,773
				11,152,338
Tennessee — 0.9%
Memphis-Shelby County Sports Authority Inc., Refunding
RB, Memphis Arena Project, Series A:
5.25%, 11/01/27		1,135		1,201,829
5.38%, 11/01/28		1,000		1,055,490
				2,257,319

See Notes to Financial Statements.

SEMI-ANNUAL REPORT

OCTOBER 31, 2011


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


Municipal Bonds	Par (000)		Value
Texas — 8.2%
Harris County Health Facilities Development Corp.,
Refunding RB, Memorial Hermann Healthcare System,
Series B:
7.13%, 12/01/31	$	1,000	$	1,123,490
7.25%, 12/01/35		2,650		2,973,300
Harris County Texas Metropolitan, Transit Authority,
5.00%, 11/01/36		1,480		1,587,122
Harris County-Houston Sports Authority, Refunding
RB, CAB, Senior Lien, Series A (NPFGC),
6.18%, 11/15/38 (a)		5,000		809,850
Love Field Airport Modernization Corp., RB, Southwest
Airlines Co. Project, 5.25%, 11/01/40		2,300		2,182,079
Lower Colorado River Authority, Refunding RB, Series A
(NPFGC), 5.00%, 5/15/31		5		5,353
Matagorda County Navigation District No. 1 Texas,
Refunding RB, Central Power & Light Co. Project,
Series A, 6.30%, 11/01/29		2,200		2,364,538
Texas Private Activity Bond Surface Transportation
Corp., RB, Senior Lien, LBJ Infrastructure Group LLC,
LBJ Freeway Managed Lanes Project, 7.00%, 6/30/40		3,000		3,225,270
Texas State Turnpike Authority, RB (AMBAC):
CAB, 6.05%, 8/15/31 (a)		15,000		4,238,250
First Tier, Series A, 5.00%, 8/15/42		1,250		1,191,463
				19,700,715
Vermont — 1.1%
Vermont Educational & Health Buildings Financing
Agency, RB, Hospital, Fletcher Allen Health, Series A,
4.75%, 12/01/36		3,000		2,654,760
Washington — 0.9%
Washington Health Care Facilities Authority, RB, MultiCare
Health System, Series B (AGC), 6.00%, 8/15/39		2,100		2,265,375
West Virginia — 1.0%
West Virginia University, 5.00%, 10/01/36		2,250		2,407,883
Wyoming — 0.8%
County of Sweetwater Wyoming, Refunding RB, Idaho
Power Co. Project, 5.25%, 7/15/26		1,800		1,938,222
Total Municipal Bonds — 146.0%				348,900,302

Municipal Bonds Transferred to
Tender Option Bond Trusts (g)
Colorado — 2.2%
Colorado Health Facilities Authority, RB, Catholic Health,
Series C-7 (AGM), 5.00%, 9/01/36		5,250		5,319,720
Massachusetts — 1.3%
Massachusetts Water Resources Authority, Refunding RB,
General, Series A, 5.00%, 8/01/41		3,070		3,187,980
New York — 3.9%
New York City Municipal Water Finance Authority, RB:
Fiscal 2009, Series A, 5.75%, 6/15/40		690		777,381
Series FF-2, 5.50%, 6/15/40		810		892,241
New York City Municipal Water Finance Authority,
Refunding RB, Series A, 4.75%, 6/15/30		4,000		4,165,880
New York State Dormitory Authority, RB, New York
University, Series A, 5.00%, 7/01/38		3,359		3,509,772
				9,345,274


Municipal Bonds Transferred to Tender Option Bond Trusts (g)	Par (000)		Value
Ohio — 1.9%
County of Montgomery Ohio, RB, Catholic Health,
Series C-1 (AGM), 5.00%, 10/01/41	$	1,740	$	1,762,994
Ohio Higher Educational Facility Commission, Refunding
RB, Hospital, Cleveland Clinic Health, Series A,
5.25%, 1/01/33		2,600		2,681,224
				4,444,218
Total Municipal Bonds Transferred to
Tender Option Bond Trusts — 9.3%				22,297,192
Total Long-Term Investments
(Cost — $360,958,806) — 155.3%				371,197,494


Short-Term Securities	Shares
FFI Institutional Tax-Exempt Fund, 0.01% (h)(i)		6,488,230		6,488,230
Total Short-Term Securities
(Cost — $6,488,230) — 2.7%				6,488,230
*Total Investments (Cost — $367,447,036) — 158.0%**				377,685,724
Liabilities in Excess of Other Assets — (0.7)%				(1,656,861	)
Liability for TOB Trust Certificates, Including Interest
Expense and Fees Payable — (4.6)%				(11,013,566	)
AMPS, at Redemption Value — (52.7)%				(125,954,721	)
Net Assets Applicable to Common Shares — 100.0%			$	239,060,576

The cost and unrealized appreciation (depreciation) of investments as of October 31, 2011, as computed for federal income tax purposes, were as follows:


Aggregate cost	$	356,082,244
Gross unrealized appreciation	$	19,201,339
Gross unrealized depreciation		(8,606,503	)
Net unrealized appreciation	$	10,594,836

(a)

Represents a zero-coupon bond. Rate shown reflects the current yield as of report date.

(b)

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

(c)

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.

(d)

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

(e)

Non-income producing security.

(f)

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

(g)

Securities represent bonds transferred to a TOB 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 TOBs.

(h)

Investments in companies considered to be an affiliate of the Trust during the period, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate	Shares Held at April 30, 2011	Net Activity	Shares Held at October 31, 2011	Income
FFI Institutional
Tax-Exempt Fund	1,084,525	5,403,705	6,488,230	$809

(i)

Represents the current yield as of report date.

See Notes to Financial Statements.

SEMI-ANNUAL REPORT

OCTOBER 31, 2011


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

•

Fair Value Measurements — Various inputs are used in determining the fair value of investments. These inputs are categorized into a disclosure hierarchy consisting of three broad levels for financial statement purposes as follows:

•

Level 1 — unadjusted 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 and derivative financial instruments)

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The categorization of a value determined for investments is based on the pricing transparency of the investment and does not necessarily correspond to the Trust’s perceived risk of 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 October 31, 2011 in determining the fair valuation of the Trust’s investments:

Valuation Inputs		Level 1	Level 2		Level 3		Total
Assets:
Investments:
Long-Term
Investments¹		—	$	371,197,494	—	$	371,197,494
Short-Term
Securities	$	6,488,230		—	—		6,488,230
Total	$	6,488,230	$	371,197,494	—	$	377,685,724

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

See Notes to Financial Statements.

SEMI-ANNUAL REPORT

OCTOBER 31, 2011


Schedule of Investments October 31, 2011 (Unaudited)	BlackRock Long-Term Municipal Advantage Trust (BTA)
	(Percentages shown are based on Net Assets)


Municipal Bonds	Par (000)		Value
Arizona — 1.2%
Salt River Project, Agricultural Improvement & Power
District, RB, Series A, 5.00%, 1/01/38	$	820	$	859,811
Salt Verde Financial Corp., RB, Senior, 5.00%, 12/01/37		1,090		986,962
				1,846,773
Arkansas — 0.4%
County of Little River Arkansas, Refunding RB, Georgia-
Pacific Corp. Project, AMT, 5.60%, 10/01/26		550		545,583
California — 5.7%
California Health Facilities Financing Authority,
Refunding RB:
St. Joseph Health System, Series A, 5.75%, 7/01/39		385		400,935
Catholic Healthcare West, Series A, 6.00%, 7/01/39		680		727,722
Sutter Health, Series B, 6.00%, 8/15/42		1,040		1,133,995
California HFA, RB, AMT, Home Mortgage, Series K,
5.50%, 2/01/42		655		651,732
California State Public Works Board, RB, Various Capital
Projects, Sub-Series I-1, 6.38%, 11/01/34		400		439,636
California Statewide Communities Development Authority,
Refunding RB, Senior Living, Southern California:
6.25%, 11/15/19		1,000		1,068,830
6.63%, 11/15/24		540		584,712
Los Angeles Department of Airports, RB, Series A,
5.25%, 5/15/39		270		288,152
State of California, GO, Various Purpose:
6.50%, 4/01/33		2,000		2,332,020
5.00%, 10/01/41		1,045		1,041,740
				8,669,474
Colorado — 0.7%
North Range Metropolitan District No. 2, GO, Limited Tax,
5.50%, 12/15/37		1,200		1,013,040
Delaware — 1.2%
County of Sussex Delaware, RB, NRG Energy, Inc., Indian
River Project, 6.00%, 10/01/40		750		754,388
Delaware State EDA, RB, Exempt Facilities, Indian River
Power, 5.38%, 10/01/45		1,165		1,068,398
				1,822,786
District of Columbia — 8.4%
District of Columbia, RB, Methodist Home District of
Columbia, Series A:
7.38%, 1/01/30		550		557,667
7.50%, 1/01/39		910		923,887
District of Columbia Tobacco Settlement Financing Corp.,
Refunding RB, Asset-Backed:
6.25%, 5/15/24		4,845		4,846,357
6.50%, 5/15/33		5,700		5,922,300
Metropolitan Washington Airports Authority, RB, First
Senior Lien, Series A:
5.00%, 10/01/39		170		176,060
5.25%, 10/01/44		270		280,616
				12,706,887
Florida — 4.2%
County of Miami-Dade Florida, RB, Water & Sewer System,
5.00%, 10/01/34		1,950		2,036,911
County of Miami-Dade Florida, Refunding RB, Miami
International Airport, Series A, 5.38%, 10/01/41		400		411,248
Mid-Bay Bridge Authority, RB, Series A, 7.25%, 10/01/40		745		779,777
Sumter Landing Community Development District Florida,
RB, Sub-Series B, 5.70%, 10/01/38		1,375		1,110,464
Tolomato Community Development District,
Special Assessment Bonds, Special Assessment,
6.65%, 5/01/40		1,750		1,086,557


Municipal Bonds	Par (000)		Value
Florida (concluded)
Watergrass Community Development District, Special
Assessment Bonds, Series A, 5.38%, 5/01/39	$	1,850	$	919,117
				6,344,074
Georgia — 0.2%
DeKalb Private Hospital Authority, Refunding RB, Children’s
Healthcare, 5.25%, 11/15/39		285		292,892
Guam — 0.3%
Territory of Guam, GO, Series A:
6.00%, 11/15/19		200		203,562
6.75%, 11/15/29		295		304,124
				507,686
Illinois — 5.7%
Chicago Board of Education, GO, Series A (a):
5.50%, 12/01/39		720		762,840
5.00%, 12/01/41		240		239,249
City of Chicago Illinois, RB, General Third Lien, Series A,
5.75%, 1/01/39		2,500		2,728,525
City of Chicago Transit Authority, RB, Sales Tax Receipts,
5.25%, 12/01/40 (a)		360		370,782
Illinois Finance Authority, RB, Advocate Health Care,
Series C, 5.38%, 4/01/44		1,845		1,889,649
Illinois Finance Authority, Refunding RB, Central DuPage
Health, Series B, 5.50%, 11/01/39		550		569,415
Metropolitan Pier & Exposition Authority, Refunding RB,
McCormick Place Expansion Project:
Series B, 5.00%, 6/15/50		1,095		1,067,515
Series B-2, 5.00%, 6/15/50		600		583,962
Railsplitter Tobacco Settlement Authority, RB,
5.50%, 6/01/23		180		190,004
State of Illinois, RB, Build Illinois, Series B,
5.25%, 6/15/34		215		225,015
				8,626,956
Indiana — 1.9%
Indiana Finance Authority, RB, Wastewater Utility:
Series 2011A, 5.25%, 10/01/38		540		576,099
Sisters of St. Francis Health, 5.25%, 11/01/39		290		295,498
Indiana Finance Authority, Refunding RB:
Parkview Health System, Series A, 5.75%, 5/01/31		1,100		1,151,777
Ascension Health Senior Credit, Series B-5,
5.00%, 11/15/36		500		507,995
Indiana Municipal Power Agency, RB, Series B,
6.00%, 1/01/39		350		382,057
				2,913,426
Kentucky — 0.5%
Kentucky Economic Development Finance Authority, RB,
Series A, 6.38%, 6/01/40		350		365,599
Kentucky Economic Development Finance Authority,
RB, Owensboro Medical Health System, Series B,
6.38%, 3/01/40		370		386,491
				752,090
Louisiana — 2.2%
Louisiana Local Government Environmental Facilities
& Community Development Authority, RB, Series A-1,
6.50%, 11/01/35		1,135		1,183,079
Louisiana Local Government Environmental Facilities
& Community Development Authority, RB, Westlake
Chemical Corp. Projects, Projects, 6.75%, 11/01/32		2,000		2,087,020
				3,270,099
Maine — 0.7%
Maine Health & Higher Educational Facilities Authority,
RB, Maine General Medical Center, 6.75%, 7/01/41		970		998,305

See Notes to Financial Statements.

SEMI-ANNUAL REPORT

OCTOBER 31, 2011


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


Municipal Bonds	Par (000)		Value
Maryland — 1.3%
Maryland EDC, RB, Transportation Facilities Project,
Series A, 5.75%, 6/01/35	$	970	$	959,699
Maryland EDC, Refunding RB, CNX Marine Terminals, Inc.,
5.75%, 9/01/25		1,000		1,003,960
				1,963,659
Massachusetts — 1.5%
Massachusetts Health & Educational Facilities Authority,
Refunding RB, Partners Healthcare, Series J1,
5.00%, 7/01/39		615		627,515
Massachusetts School Building Authority, RB,
Senior Dedicated Sales Tax Revenue, Series B,
5.00%, 10/15/41 (a)		1,560		1,665,893
				2,293,408
Michigan — 2.2%
City of Detroit Michigan, RB, Senior Lien, Series B (AGM),
7.50%, 7/01/33		560		663,874
Garden City Hospital Finance Authority Michigan,
Refunding RB, Garden City Hospital Obligation, Series A,
5.00%, 8/15/38		1,540		1,088,426
Royal Oak Hospital Finance Authority Michigan, Refunding
RB, William Beaumont Hospital, 8.25%, 9/01/39		1,400		1,660,484
				3,412,784
New Jersey — 1.3%
New Jersey EDA, RB, Continental Airlines, Inc. Project, AMT:
6.63%, 9/15/12		500		504,875
6.40%, 9/15/23		1,000		976,400
Port Authority of New York & New Jersey, RB,
JFK International Air Terminal, 6.00%, 12/01/42		430		449,660
				1,930,935
New York — 6.4%
Hudson Yards Infrastructure Corp., RB, 5.75%, 2/15/47		1,510		1,598,954
Metropolitan Transportation Authority, Refunding RB,
Transportation, Series D, 5.25%, 11/15/40		410		429,828
New York City Industrial Development Agency, RB:
American Airlines, JFK International Airport, AMT,
7.63%, 8/01/25 (b)		4,000		3,699,960
British Airways Place Project, 7.63%, 12/01/32		1,000		1,003,980
New York Dormitory Authority, RB, North Shore Long Island
Jewish, Series A, 5.00%, 5/01/41		435		430,367
New York Liberty Development Corp., Refunding RB,
Second Priority, Bank of America Tower at One Bryant
Park Project, 6.38%, 7/15/49		420		435,821
New York State Dormitory Authority, RB, New York
University, Series A, 5.25%, 7/01/48		2,000		2,119,700
				9,718,610
North Carolina — 0.3%
North Carolina Medical Care Commission, RB, Duke
University Health System, Series A, 5.00%, 6/01/42		480		488,160
Ohio — 0.6%
State of Ohio, RB, Ford Motor Co. Project, AMT,
5.75%, 4/01/35		1,000		935,960
Pennsylvania — 0.8%
Allegheny County Hospital Development Authority,
Refunding RB, Health System, West Penn, Series A,
5.38%, 11/15/40		1,500		1,230,705
Puerto Rico — 1.4%
Puerto Rico Sales Tax Financing Corp., RB, First Sub,
Series A, 6.50%, 8/01/44		1,705		1,919,950
Puerto Rico Sales Tax Financing Corp., Refunding RB,
CAB, First Sub-Series C, 6.52%, 8/01/38 (c)		1,490		277,706
				2,197,656


Municipal Bonds	Par (000)		Value
South Carolina — 1.6%
South Carolina Jobs-EDA, Refunding RB:
Senior Lien, Burroughs & Chapin, Series A (Radian),
4.70%, 4/01/35	$	1,340	$	1,097,326
First Mortgage, Lutheran Homes, 5.63%, 5/01/42		1,000		817,520
South Carolina State Public Service Authority, Refunding
RB, Santee Cooper Project, Series C, 5.00%, 12/01/36		530		569,506
				2,484,352
Texas — 8.1%
Brazos River Authority, RB, TXU Electric, Series A, AMT,
8.25%, 10/01/30		1,500		404,940
Central Texas Regional Mobility Authority, RB, Senior Lien,
6.25%, 1/01/46		730		742,395
City of Dallas Texas, Refunding RB, Waterworks & Sewer
System, 5.00%, 10/01/35		525		569,772
City of Houston Texas, Refunding RB, Senior Lien, Series A,
5.50%, 7/01/39		250		265,428
Harris County Texas Metropolitan Transit Authority, Sales
& Use Tax, RB, Series A, 5.00%, 11/01/41		1,170		1,249,735
HFDC of Central Texas, Inc., RB, Village at Gleannloch
Farms, Series A, 5.50%, 2/15/27		1,150		928,326
Houston Higher Education Finance Corp., RB, Cosmos
Foundation, Inc. Series A, 6.88%, 5/15/41		200		214,214
Matagorda County Navigation District No. 1 Texas,
Refunding RB, Central Power & Light Co. Project,
Series A, 6.30%, 11/01/29		700		752,353
North Texas Tollway Authority, Refunding, RB, Toll, Second
Tier, Series F, 6.13%, 1/01/31		2,290		2,398,775
Sabine River Authority Texas, Refunding RB, TXU Electric
Co. Project, Series B, Mandatory Put Bonds, AMT,
5.75%, 5/01/30 (b)		500		500,000
Tarrant County Cultural Education Facilities Finance Corp.,
RB, Scott & White Healthcare, 6.00%, 8/15/45		1,390		1,487,759
Texas Private Activity Bond Surface Transportation Corp.,
RB, Senior Lien:
TE Mobility Partners LLC, North Tarrant Express
Managed Lanes Project, 6.88%, 12/31/39		500		533,515
LBJ Infrastructure Group LLC, LBJ Freeway Managed
Lanes Project, 7.00%, 6/30/40		1,000		1,075,090
Texas Public Finance Authority, RB, Charter School Finance
Corp., Cosmos Foundation, Series A, 5.38%, 2/15/37		1,250		1,164,213
				12,286,515
Utah — 0.6%
City of Riverton Utah, RB, IHC Health Services, Inc.,
5.00%, 8/15/41		955		967,845
Virginia — 1.8%
Peninsula Ports Authority, Refunding RB, Virginia Baptist
Homes, Series C, 5.38%, 12/01/26		2,600		1,688,076
Virginia HDA, RB, Rental Housing, Series F,
5.00%, 4/01/45		1,000		1,010,380
				2,698,456
Washington — 0.5%
Washington Health Care Facilities Authority, RB, Swedish
Health Services, Series A, 6.75%, 11/15/41		660		727,274
Wisconsin — 1.9%
Wisconsin Health & Educational Facilities Authority,
RB, Ascension Health Credit Group, Series A,
5.00%, 11/15/31		2,835		2,908,511
Wyoming — 0.1%
Wyoming Municipal Power Agency, RB, Series A,
5.00%, 1/01/42		100		102,229
Total Municipal Bonds — 63.7%				96,657,130

See Notes to Financial Statements.

SEMI-ANNUAL REPORT

OCTOBER 31, 2011


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


Municipal Bonds Transferred to Tender Option Bond Trusts (d)	Par (000)		Value

California — 15.4%
Bay Area Toll Authority, Refunding RB, San Francisco
Bay Area, Series F-1, 5.63%, 4/01/44	$	1,090	$	1,180,675
California Educational Facilities Authority, RB, University
of Southern California, Series A, 5.25%, 10/01/39		840		907,612
Los Angeles Department of Airports, Refunding RB,
Senior, Los Angeles International Airport, Series A,
5.00%, 5/15/40		2,050		2,157,604
San Diego Community College District California, GO,
Election of 2002, 5.25%, 8/01/33		553		602,897
San Francisco City & County Public Water Utilities
Commission, RB, Series B, 5.00%, 11/01/39		3,225		3,367,577
University of California, RB, Series B (NPFGC),
4.75%, 5/15/38		15,000		15,085,200
				23,301,565
Colorado — 0.5%
Colorado Health Facilities Authority, Refunding RB,
Catholic Healthcare, Series A, 5.50%, 7/01/34		740		775,065
Illinois — 11.6%
City of Chicago Illinois Custodial Receipts, Series 1284,
5.00%, 1/01/33 (e)		15,000		15,077,400
Illinois Finance Authority, RB, Carle Foundation, Series A
(AGM), 6.00%, 8/15/41		2,340		2,450,869
				17,528,269
Indiana — 8.1%
Carmel Redevelopment Authority, RB, Performing
Arts Center:
4.75%, 2/01/33		5,365		5,463,770
5.00%, 2/01/33		6,580		6,780,295
				12,244,065
Massachusetts — 7.9%
Massachusetts HFA, Refunding HRB, Series D, AMT,
5.45%, 6/01/37		11,855		11,964,540
Nebraska — 3.3%
Omaha Public Power District, RB, System, Sub-Series B
(NPFGC), 4.75%, 2/01/36		5,000		5,080,400
New Hampshire — 0.5%
New Hampshire Health & Education Facilities Authority,
Refunding RB, Dartmouth College, 5.25%, 6/01/39		660		729,511
New York — 18.0%
New York City Municipal Water Finance Authority, RB,
Series FF-2 Water & Sewer, 5.50%, 6/15/40		495		545,259
New York City Municipal Water Finance Authority,
Refunding RB, Series D, 5.00%, 6/15/39		7,500		7,845,675
New York City Municipal Water Finance Authority, Water
& Sewer, RB, Second General Resolution, Series HH,
5.00%, 6/15/31		2,835		3,068,495
New York State Dormitory Authority, ERB:
Series F, 5.00%, 3/15/35		3,000		3,104,671
Series B, 5.75%, 3/15/36		11,250		12,717,900
				27,282,000
North Carolina — 10.2%
University of North Carolina at Chapel Hill, Refunding RB,
General, Series A, 4.75%, 12/01/34		15,170		15,553,953
Ohio — 4.9%
County of Allen Ohio, Refunding RB, Catholic Healthcare,
Series A, 5.25%, 6/01/38		2,650		2,671,730
State of Ohio, Refunding RB, Cleveland Clinic Health,
Series A, 5.50%, 1/01/39		4,630		4,818,534
				7,490,264


Municipal Bonds Transferred to Tender Option Bond Trusts (d)		Par (000)	Value
South Carolina — 1.9%
South Carolina State Housing Finance & Development
Authority, Refunding RB, Series B-1, 5.55%, 7/01/39	$	2,769	$	2,863,579
Texas — 7.8%
County of Harris Texas, RB, Senior Lien, Toll Road, Series A,
5.00%, 8/15/38		2,130		2,221,931
New Caney ISD, GO, School Building (PSF-GTD),
5.00%, 2/15/35		9,150		9,598,716
				11,820,647
Virginia — 0.7%
Virginia Small Business Financing Authority, Refunding RB,
Sentara Healthcare, 5.00%, 11/01/40		1,000		1,033,181
Wisconsin — 1.3%
Wisconsin Health & Educational Facilities Authority,
Refunding RB, Froedtert & Community Health, Inc.,
5.25%, 4/01/39		1,990		2,012,603
Total Municipal Bonds Transferred to
Tender Option Bond (TOB) Trusts — 92.1%				139,679,642
Total Long-Term Investments
(Cost — $236,848,589) — 155.8%				236,336,772


Short-Term Securities
Michigan – 0.7%
Michigan Finance Authority, RB, SAN, Detroit Schools,
Series A-1, 6.45%, 2/20/12		1,085		1,085,000

		Shares
Money Market – 0.0%
FFI Institutional Tax-Exempt Fund, 0.01% (f)(g)		18,910		18,910
Total Short-Term Securities
(Cost — $1,103,910) — 0.7%				1,103,910
*Total Investments (Cost — $237,952,499) — 156.5%**				237,440,682
Other Assets Less Liabilities — 3.5%				5,316,679
Liability for TOB Trust Certificates, Including Interest
Expense and Fees Payable — (60.0)%				(91,004,742	)
Net Assets — 100.0%			$	151,752,619

The cost and unrealized appreciation (depreciation) of investments as of October 31, 2011, as computed for federal income tax purposes, were as follows:


Aggregate cost	$	147,192,284
Gross unrealized appreciation	$	6,292,551
Gross unrealized depreciation		(6,825,118	)
Net unrealized depreciation	$	(532,567	)

(a)

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

Counterparty	Value		Unrealized Appreciation
Pershing LLC	$	1,002,089	$	23,691
Barclays Capital, Inc.	$	370,782	$	1,163
Wells Fargo Bank NA	$	1,665,893	$	5,288

(b)

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

(c)

Represents a zero-coupon bond. Rate shown reflects the current yield as of report date.

See Notes to Financial Statements.

SEMI-ANNUAL REPORT

OCTOBER 31, 2011


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

(d)

Securities represent bonds transferred to a TOB in exchange for which the Fund 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 TOBs.

(e)

Security exempt from registration pursuant to Rule 144A under 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 period, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:


Affiliate	Shares Held at April 30, 2011	Net Activity		Shares Held at October 31, 2011	Income
FFI Institutional
Tax-Exempt Fund	1,227,518	(1,208,608	)	18,910	$258

(g)

Represents the current yield as of report date.

•

Financial futures contracts sold as of October 31, 2011 were as follows:


Contracts	Issue	Exchange	Expiration	Notional Value	Unrealized Appreciation
31	10-Year US	Chicago Board	December
	Treasury Note	of Trade	2011	$4,000,938	$ 34,597

•

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

•

Level 1 — unadjusted price quotations in active markets/exchanges for identical assets and liabilities

•

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investment and derivative financial instrument and does not necessarily correspond to the Trust’s perceived risk of investing in those securities. For information about the Trust’s policy regarding valuation of investments and derivative financial instruments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements.

The following tables summarizes the inputs used as of October 31, 2011 in determining the fair valuation of the Trust’s investments and derivative financial instruments:

Valuation Inputs		Level 1		Level 2	Level 3		Total
Assets:
Investments:
Long-Term
Investments¹		—	$	236,336,772	—	$	236,336,772
Short-Term
Securities	$	18,910		1,085,000	—		1,103,910
Total	$	18,910	$	237,421,772	—	$	237,440,682

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

Valuation Inputs		Level 1	Level 2	Level 3		Total
Derivative Financial Instruments²
Assets:
Interest
rate
Contracts	$	34,597	—	—	$	34,597

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

See Notes to Financial Statements.

SEMI-ANNUAL REPORT

OCTOBER 31, 2011


Schedule of Investments October 31, 2011 (Unaudited)	BlackRock Municipal 2020 Term Trust (BKK)
	(Percentages shown are based on Net Assets)


Municipal Bonds	Par (000)		Value
Alabama — 0.4%
Courtland IDB Alabama, Refunding RB, International
Paper Co. Projects, Series A, 4.75%, 5/01/17	$	1,165	$	1,183,873
Alaska — 2.1%
City of Valdez AK, RB, Refunding BP Pipelines Projected
Series B:
5.00%, 1/01/21		2,500		2,808,475
5.00%, 1/01/21		3,200		3,594,848
				6,403,323
Arizona — 3.7%
Phoenix Civic Improvement Corp., RB, Junior Lien, Series A:
5.00%, 7/01/20		1,300		1,467,440
5.00%, 7/01/21		5,585		6,534,339
Pima County IDA, Refunding RB, Tucson Electric Power Co.,
San Juan, Series A, 4.95%, 10/01/20		1,015		1,026,997
Salt Verde Financial Corp., RB, Senior:
5.00%, 12/01/18		1,500		1,513,305
5.25%, 12/01/20		1,000		1,010,760
				11,552,841
California — 20.5%
California Health Facilities Financing Authority, Refunding
RB, Sutter Health, Series B, 5.00%, 8/15/22		815		889,548
California State Department of Water Resources,
Refunding RB, Series L, 5.00%, 5/01/20		10,000		11,783,900
California Statewide Communities Development Authority,
RB, John Muir Health, Series A, 5.00%, 8/15/22		5,000		5,192,000
Foothill Eastern Transportation Corridor Agency California,
Refunding RB, CAB (a):
5.96%, 1/15/21		12,500		7,266,500
5.87%, 1/15/22		10,000		5,304,000
Golden State Tobacco Securitization Corp.
California, RB (b):
ARS, Asset-Backed, Series A-3, 7.88%, 6/01/13		975		1,086,238
Series 2003-A-1, 6.63%, 6/01/13		1,500		1,642,515
Series 2003-A-1, 6.75%, 6/01/13		11,010		12,077,750
Los Angeles Unified School District California, GO,
Series I, 5.00%, 7/01/20		3,750		4,388,850
Riverside County Asset Leasing Corp. California,
RB, Riverside County Hospital Project (NPFGC),
5.76%, 6/01/25 (a)		6,865		2,805,314
San Manuel Entertainment Authority, Series 04-C,
4.50%, 12/01/16 (c)		4,000		4,032,480
State of California, GO, Various Purpose, 5.00%, 11/01/22		7,050		7,445,575
				63,914,670
Colorado — 1.7%
E-470 Public Highway Authority Colorado, RB, CAB, Senior
Series B (NPFGC), 5.55%, 9/01/22 (a)		4,500		2,295,000
Park Creek Metropolitan District Colorado, Refunding RB,
Senior, Limited Tax, Property Tax, 5.25%, 12/01/25		3,000		3,002,940
				5,297,940
District of Columbia — 4.9%
District of Columbia, Refunding RB, Friendship Public
Charter School, Inc. (ACA):
5.75%, 6/01/18		2,680		2,693,856
5.00%, 6/01/23		3,320		3,006,791
District of Columbia Tobacco Settlement Financing
Corp., Refunding RB, Asset-Backed, Asset-Backed,
6.50%, 5/15/33		4,215		4,379,385
Metropolitan Washington Airports Authority, Refunding RB,
Series C-2, AMT (AGM), 5.00%, 10/01/24		5,000		5,232,700
				15,312,732


Municipal Bonds	Par (000)		Value
Florida — 7.5%
Bellalago Educational Facilities Benefit District, Special
Assessment Bonds, Series A, 5.85%, 5/01/22	$	3,715	$	3,626,917
Broward County School Board Florida, COP, Series A
(AGM), 5.25%, 7/01/22		1,250		1,355,412
City of Jacksonville Florida, RB, Better Jacksonville,
5.00%, 10/01/22		5,160		5,747,311
Habitat Community Development District, Special
Assessment Bonds, 5.80%, 5/01/25		1,910		1,825,693
Miami Beach Health Facilities Authority, RB, Mount Sinai
Medical Center of Florida, 6.75%, 11/15/21		2,170		2,241,827
Middle Village Community Development District, Special
Assessment Bonds, Series A, 5.80%, 5/01/22		3,525		3,268,486
Pine Island Community Development District, RB,
5.30%, 11/01/10 (d)(e)		250		126,728
Stevens Plantation Community Development District,
Special Assessment Bonds, Series B, 6.38%, 5/01/13		3,530		3,058,745
Village Community Development District No. 5 Florida,
Special Assessment Bonds, Series A, 6.00%, 5/01/22		2,130		2,167,978
				23,419,097
Georgia — 0.8%
Richmond County Development Authority, RB,
Environment, Series A, AMT, 5.75%, 11/01/27		2,350		2,366,732
Illinois — 16.0%
City of Chicago Illinois, RB, General Airport, Third Lien,
Series A (AMBAC):
5.00%, 1/01/21		5,000		5,292,200
5.00%, 1/01/22		7,000		7,356,370
Illinois Finance Authority, RB:
Depaul University, Series C, 5.25%, 10/01/24		5,000		5,173,050
MJH Education Assistance IV LLC, Sub-Series A,
5.50%, 6/01/19 (d)(e)		3,250		1,949,967
MJH Education Assistance IV LLC, Sub-Series B,
5.00%, 6/01/24 (d)(e)		1,075		214,957
Northwestern University, 5.00%, 12/01/21		4,800		5,168,640
Illinois State Toll Highway Authority, RB, Senior Priority,
Series A (AGM), 5.00%, 1/01/19		2,250		2,433,510
Lake Cook-Dane & McHenry Counties Community Unit
School District 220 Illinois, GO, Refunding (AGM),
5.25%, 12/01/20		1,000		1,212,250
Metropolitan Pier & Exposition Authority Illinois,
Refunding RB, CAB, McCormick, Series A (NPFGC),
5.45%, 6/15/22 (a)		13,455		8,116,056
Railsplitter Tobacco Settlement Authority, RB,
5.25%, 6/01/20		10,000		10,697,700
State of Illinois, RB, Build Illinois, Series B,
5.00%, 6/15/20		2,000		2,264,260
				49,878,960
Indiana — 5.0%
City of Vincennes Indiana, Refunding RB, Southwest
Indiana Regional Youth Village, 6.25%, 1/01/24		4,220		3,740,186
Indiana Municipal Power Agency, Series A,
5.00%, 1/01/21		600		679,074
Indianapolis Airport Authority, Refunding RB, Special
Facilities, FedEx Corp. Project, AMT, 5.10%, 1/15/17		10,000		11,085,000
				15,504,260
Kansas — 2.2%
Kansas Development Finance Authority, Refunding RB,
Adventist Health, 5.25%, 11/15/20		2,500		2,857,650
Wyandotte County-Kansas City Unified Government,
RB, Kansas International Speedway (NPFGC),
5.20%, 12/01/20 (a)		6,440		4,055,719
				6,913,369

See Notes to Financial Statements.

SEMI-ANNUAL REPORT

OCTOBER 31, 2011


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


Municipal Bonds	Par (000)		Value
Kentucky — 0.6%
Kentucky Housing Corp., RB, Series C, AMT,
4.63%, 7/01/22	$	2,000	$	2,022,900
Louisiana — 0.6%
Parish of DeSoto Louisiana, RB, Series A, AMT,
5.85%, 11/01/27		2,000		2,019,300
Maryland — 2.9%
Maryland EDC, RB, Transportation Facilities Project,
Series A, 5.13%, 6/01/20		1,250		1,259,088
Maryland Health & Higher Educational Facilities Authority,
Refunding RB:
Charlestown Community, 5.50%, 1/01/21		1,335		1,442,614
MedStar Health, 5.38%, 8/15/24		5,500		5,727,315
University of Maryland Medical System,
5.00%, 7/01/19		670		738,454
				9,167,471
Massachusetts — 1.6%
Massachusetts Development Finance Agency, RB, Waste
Management, Inc. Project, AMT, 5.45%, 6/01/14		4,500		4,855,230
Massachusetts State Water Pollution Abatement, Refunding
RB, MWRA Program, Sub-Series A, 6.00%, 8/01/23		140		140,570
				4,995,800
Michigan — 3.0%
Kalamazoo Hospital Finance Authority, Refunding RB,
Bronson Methodist Hospital, 5.00%, 5/15/20		1,735		1,860,076
Lansing Board of Water & Light, RB, Series A,
3.50%, 7/01/20		1,000		1,044,100
Michigan State Building Authority, RB, Refunding Facilities
Program Series A:
4.00%, 10/15/20		1,205		1,271,841
5.00%, 10/15/20		325		368,069
Michigan State Hospital Finance Authority, Refunding RB,
Hospital, Sparrow Obligated, 4.50%, 11/15/26		1,500		1,442,820
State of Michigan, Refunding RB:
5.00%, 11/01/20		1,000		1,145,370
5.00%, 11/01/21		2,000		2,266,800
				9,399,076
Minnesota — 0.4%
Minnesota Higher Education Facilities Authority, RB,
University of St. Thomas, Series 5-Y, 5.00%, 10/01/24		1,250		1,302,125
Mississippi — 1.0%
County of Warren Mississippi, RB, Series A, AMT,
5.85%, 11/01/27		3,000		3,026,970
Missouri — 3.5%
Missouri Development Finance Board, RB, Branson
Landing Project, Series A, 5.50%, 12/01/24		5,000		5,152,450
Missouri State Health & Educational Facilities Authority,
Refunding RB, BJC Health System, Series A,
5.00%, 5/15/20		5,500		5,837,975
				10,990,425
Multi-State — 6.0%
Centerline Equity Issuer Trust (c)(f):
5.75%, 5/15/15		1,000		1,070,810
6.00%, 5/15/15		4,000		4,326,280
6.00%, 5/15/19		2,500		2,744,950
6.30%, 5/15/19		2,500		2,753,925
MuniMae TE Bond Subsidiary LLC (c)(f)(g):
5.40%		5,000		3,399,950
5.80%		5,000		3,399,950
Series D, 5.90%		2,000		1,139,980
				18,835,845


Municipal Bonds	Par (000)		Value
Nevada — 2.0%
City of Henderson Nevada, Special Assessment Bonds,
District No. T-18, 5.15%, 9/01/21	$	1,755	$	1,009,669
County of Clark Nevada, Refunding RB, Alexander Dawson
School Nevada Project, 5.00%, 5/15/20		5,000		5,294,700
				6,304,369
New Hampshire — 4.7%
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		10,188,400
New Hampshire Health & Education Facilities Authority,
Refunding RB, Elliot Hospital, Series B, 5.60%, 10/01/22		4,225		4,365,228
				14,553,628
New Jersey — 12.4%
Middlesex County Improvement Authority, RB, Street
Student Housing Project, Series A, 5.00%, 8/15/23		1,000		1,017,100
New Jersey EDA, RB:
Cigarette Tax, 5.50%, 6/15/24		10,000		9,838,700
Continental Airlines, Inc. Project, AMT,
7.00%, 11/15/30 (h)		5,000		4,999,200
Continental Airlines, Inc. Project, AMT,
9.00%, 6/01/33 (h)		1,500		1,539,570
Kapkowski Road Landfill Project, Series 1998B, AMT,
6.50%, 4/01/31		7,500		7,431,750
New Jersey EDA, Refunding RB:
First Mortgage, Winchester, Series A, 4.80%, 11/01/13		765		780,002
School Facilities, Series GG, 5.00%, 9/01/22		2,000		2,200,200
New Jersey Educational Facilities Authority, Refunding
RB, University of Medicine & Dentistry, Series B,
6.25%, 12/01/18		2,500		2,937,350
New Jersey Health Care Facilities Financing Authority,
Refunding RB:
AtlantiCare Regional Medical Center, 5.00%, 7/01/20		2,110		2,265,697
Capital Health System Obligation Group, Series A,
5.75%, 7/01/13 (b)		4,000		4,320,840
Newark Housing Authority, RB, South Ward Police Facility
(AGC), 5.00%, 12/01/21		1,250		1,372,587
				38,702,996
New York — 7.6%
New York City Industrial Development Agency, RB
American Airlines, Inc., JFK International Airport, AMT (h):
7.63%, 8/01/25		3,885		3,593,586
7.75%, 8/01/31		5,000		4,625,150
New York State Energy Research & Development Authority,
Refunding RB, Brooklyn Union Gas/Keyspan, Series A,
AMT (FGIC), 4.70%, 2/01/24		8,500		8,740,295
Port Authority of New York & New Jersey, RB,
JFK International Air Terminal, 5.00%, 12/01/20		1,525		1,557,315
Tobacco Settlement Financing Corp. New York, RB,
Asset-Backed, Series B-1C, 5.50%, 6/01/20		5,000		5,332,050
				23,848,396
North Carolina — 2.4%
North Carolina Eastern Municipal Power Agency,
Refunding RB, Series B, 5.00%, 1/01/21		1,550		1,722,112
North Carolina Municipal Power Agency No. 1,
Refunding RB, Series B, 5.00%, 1/01/20		5,000		5,770,250
				7,492,362
Ohio — 6.5%
American Municipal Power-Ohio, Inc., RB, Prairie State
Energy Campus Project, Series A, 5.25%, 2/15/23		5,000		5,519,500
County of Cuyahoga Ohio, Refunding RB, Series A:
6.00%, 1/01/19		3,000		3,215,640
6.00%, 1/01/20		10,000		10,705,100
Pinnacle Community Infrastructure Financing Authority,
RB, Facilities, Series A, 6.00%, 12/01/22		916		829,081
				20,269,321

See Notes to Financial Statements.

SEMI-ANNUAL REPORT

OCTOBER 31, 2011


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


Municipal Bonds	Par (000)		Value
Oklahoma — 1.0%
Tulsa Airports Improvement Trust, RB, Series A, Mandatory
Put Bonds, AMT, 7.75%, 6/01/35 (h)	$	3,350	$	3,082,502
Pennsylvania — 7.6%
Lancaster County Hospital Authority, RB, General Hospital
Project, 5.75%, 3/15/20 (b)		7,500		8,194,950
Montgomery County IDA Pennsylvania, MRB, Whitemarsh
Continuing Care, 6.00%, 2/01/21		1,275		1,173,599
Pennsylvania Higher Educational Facilities Authority, RB,
LaSalle University, 5.50%, 5/01/26		6,680		6,780,668
Pennsylvania Higher Educational Facilities Authority,
Refunding RB, Drexel University, Series A, 5.00%, 5/01/20		1,575		1,767,591
Pennsylvania Turnpike Commission, RB, Sub-Series A
(AGC), 5.00%, 6/01/22		1,000		1,106,350
Pennsylvania Turnpike Commission, Refunding RB,
Series A, 5.00%, 12/01/20		4,000		4,598,240
				23,621,398
Puerto Rico — 4.2%
Commonwealth of Puerto Rico, GO, Public Improvement,
Series B, 5.25%, 7/01/17		3,300		3,532,551
Puerto Rico Electric Power Authority, RB, Series NN,
5.13%, 7/01/13 (b)		9,000		9,705,600
				13,238,151
South Carolina — 0.7%
South Carolina State Ports Authority, RB, 5.00%, 7/01/20		2,000		2,251,960
Texas — 9.5%
Central Texas Regional Mobility Authority, RB, Senior Lien:
5.75%, 1/01/19		800		860,624
5.75%, 1/01/20		1,140		1,223,516
City of Dallas Texas, Refunding RB (AGC), 5.00%, 8/15/21		2,500		2,735,400
City of Houston TX, RB, Refunding, Sub Lien, Series B,
5.00%, 7/01/20		250		283,613
Lower Colorado River Authority, 5.00%, 5/15/20		5,000		5,723,200
North Texas Tollway Authority, RB, Series C:
5.25%, 1/01/20		1,000		1,126,220
5.38%, 1/01/21		5,000		5,629,950
Port Corpus Christi Industrial Development Corp. Texas,
Refunding RB, Valero, Series C, 5.40%, 4/01/18		2,985		2,985,836
Texas State Turnpike Authority, RB, CAB, First Tier, Series A
(AMBAC) (a):
5.39%, 8/15/21		7,990		4,966,824
5.54%, 8/15/24		8,450		4,094,109
				29,629,292
US Virgin Islands — 0.5%
Virgin Islands Public Finance Authority, RB, Senior Lien,
Matching Fund Loan Note, Series A, 5.25%, 10/01/17		1,000		1,051,920
Virgin Islands Public Finance Authority, Refunding RB,
Senior Secured, Hovensa Coker Project, AMT,
6.50%, 7/01/21		500		477,365
				1,529,285
Virginia — 6.5%
Celebrate North Community Development Authority,
Special Assessment Bonds, Celebrate Virginia North
Project, Series B, 6.60%, 3/01/25 (d)(e)		60		40,079
Charles City County EDA, RB, Waste Management, Inc.
Project, Mandatory Put Bonds, AMT, 5.13%, 8/01/27 (h)		10,000		10,736,800
Mecklenburg County IDA Virginia, Refunding RB, Exempt
Facility, UAE LP Project, AMT, 6.50%, 10/15/17		7,500		7,531,650
Russell County IDA, Refunding RB, Appalachian Power,
Series K, 4.63%, 11/01/21		2,000		2,089,180
				20,397,709
Washington — 0.1%
Washington Health Care Facilities Authority, RB,
Providence Health & Services B, 5.00%, 10/01/20		250		285,432


Municipal Bonds	Par (000)		Value
Wisconsin — 2.9%
State of Wisconsin, Refunding RB, Series A,
5.25%, 5/01/20	$	1,000	$	1,173,570
Wisconsin Health & Educational Facilities Authority,
Refunding RB:
Froedtert & Community Health, Inc., 5.00%, 4/01/20		1,515		1,676,135
Wheaton Franciscan Services, Series A,
5.50%, 8/15/17		2,880		2,951,078
Wheaton Franciscan Services, Series A,
5.50%, 8/15/18		3,190		3,256,161
				9,056,944
Total Municipal Bonds — 153.0%				477,771,454


Municipal Bonds Transferred to
Tender Option Bond Trusts (i)
Illinois — 1.8%
City of Chicago Illinois, Refunding RB, Second Lien (AGM),
5.00%, 11/01/20		5,000		5,540,600
Total Municipal Bonds Transferred to
Tender Option Bond Trusts — 1.8%				5,540,600
Total Long-Term Investments
(Cost — $473,569,864) — 154.8%				483,312,054


Short-Term Securities	Shares
FFI Institutional Tax-Exempt Fund, 0.01% (j)(k)		153,138		153,138
Total Short-Term Securities
(Cost — $153,138) — 0.1%				153,138
*Total Investments (Cost — $473,723,002) — 154.9%**				483,465,192
Other Assets Less Liabilities — 2.0%				6,323,510
Liability for TOB Trust Certificates, Including Interest
Expense and Fees Payable — (1.2)%				(3,753,384	)
AMPS, at Redemption Value — (55.7)%				(173,854,706	)
Net Assets Applicable to Common Shares — 100.0%			$	312,180,612

The cost and unrealized appreciation (depreciation) of investments as of October 31, 2011, as computed for federal income tax purposes, were as follows:


Aggregate cost	$	469,421,624
Gross unrealized appreciation	$	21,620,894
Gross unrealized depreciation		(11,327,326	)
Net unrealized appreciation	$	10,293,568

(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)

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional investors.

(d)

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

(e)

Non-income producing security.

(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 governments, or their respective agencies or authorities. The security is subject to remarketing 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.

See Notes to Financial Statements.

SEMI-ANNUAL REPORT

OCTOBER 31, 2011


Schedule of Investments (concluded)	BlackRock Municipal 2020 Term Trust (BKK)

(i)

(j)

Investments in companies considered to be an affiliate of the Trust during the period, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:


Affiliate	Shares Held at April 30, 2011	Net Activity		Shares Held at October 31, 2011	Income
FFI Institutional
Tax-Exempt Fund	3,220,721	(3,067,583	)	153,138	$	814

(k)

Represents the current yield as of report date.

•

Level 1 — unadjusted price quotations in active markets/exchanges for identical assets and liabilities

•

The following table summarizes the inputs used as of October 31, 2011 in determining the fair valuation of the Trust’s investments:

Valuation Inputs	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Long-Term
Investments1		—	$	483,312,054		—	$	483,312,054
Short-Term
Securities	$	153,138		—		—		153,138
Total	$	153,138	$	483,312,054		—	$	483,465,192

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

See Notes to Financial Statements.

SEMI-ANNUAL REPORT

OCTOBER 31, 2011


Schedule of Investments October 31, 2011 (Unaudited)	BlackRock Municipal Income Trust (BFK)
	(Percentages shown are based on Net Assets)


Municipal Bonds	Par (000)		Value
Alabama — 0.7%
Alabama State Docks Department, Refunding RB,
6.00%, 10/01/40	$	4,080	$	4,379,554
Arizona — 3.8%
Salt River Project Agricultural Improvement & Power
District, RB, Series A, 5.00%, 1/01/38		4,765		4,996,341
Salt Verde Financial Corp., RB:
5.00%, 12/01/32		10,030		9,231,813
5.00%, 12/01/37		9,460		8,565,746
				22,793,900
Arkansas — 0.5%
County of Little River Arkansas, Refunding RB, Georgia-
Pacific Corp. Project, AMT, 5.60%, 10/01/26		3,255		3,228,862
California — 25.7%
Bay Area Toll Authority, Refunding RB, San Francisco
Bay Area, Series F-1, 5.63%, 4/01/44		4,445		4,813,980
California County Tobacco Securitization Agency, RB, CAB,
Stanislaus, Sub-Series C, 6/01/55 (a)		17,855		179,978
California Health Facilities Financing Authority, Refunding
RB, Sutter Health, Series B, 6.00%, 8/15/42		6,230		6,793,067
California HFA, RB, Home Mortgage, Series G,
5.50%, 8/01/42		5,260		5,342,950
California State Public Works Board, RB, Various Capital
Projects, Sub-Series 1, 6.38%, 11/01/34		2,315		2,544,393
California Statewide Communities Development Authority,
RB, Health Facility Memorial Health Services, Series A,
5.50%, 10/01/33		5,000		5,037,650
City of Lincoln California, Special Tax Bonds, Community
Facilities District No. 2003-1, 6.00%, 9/01/34 (b)		3,115		3,457,339
Foothill Eastern Transportation Corridor Agency California,
Refunding RB, CAB (a):
6.09%, 1/15/32		54,635		14,525,808
6.09%, 1/15/38		75,000		12,407,250
Foothill-De Anza Community College District, GO, Series C,
5.00%, 8/01/40		7,000		7,432,320
Golden State Tobacco Securitization Corp. California, RB,
Series 2003, A-1, 6.63%, 6/01/13 (b)		5,000		5,475,050
Los Angeles Department of Airports, RB, Series A,
5.25%, 5/15/39		1,560		1,664,879
Los Angeles Department of Airports, Refunding RB,
Senior Los Angeles International Airport, Series A,
5.00%, 5/15/40		11,690		12,303,608
Los Angeles Regional Airports Improvement Corp.
California, Refunding RB, Facilities LAXFUEL Corp.,
LA International, AMT (AMBAC), 5.50%, 1/01/32		13,320		12,816,770
Los Angeles Unified School District California, GO,
Series D, 5.25%, 7/01/25		3,490		3,896,166
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		4,766,900
State of California, GO, Various Purpose:
6.00%, 3/01/33		4,970		5,593,238
6.50%, 4/01/33		20,410		23,798,264
5.00%, 10/01/41		5,935		5,916,483
University of California, RB, Limited Project, Series B,
4.75%, 5/15/38		9,840		9,895,891
West Valley-Mission Community College District, GO,
Election of 2004, Series A (AGM), 4.75%, 8/01/30		4,015		4,108,951
				152,770,935
Colorado — 1.5%
City of Colorado Springs Colorado, RB, Subordinate Lien,
Improvement, Series C (AGM), 5.00%, 11/15/45		2,115		2,171,682
Colorado Health Facilities Authority, Refunding RB,
Catholic Health, Series A, 5.50%, 7/01/34		4,205		4,405,368


Municipal Bonds	Par (000)		Value
Colorado (concluded)
Park Creek Metropolitan District Colorado, Refunding RB,
Senior, Limited Tax, Property Tax, 5.50%, 12/01/37	$	2,530	$	2,392,773
				8,969,823
Connecticut — 0.5%
Connecticut State Health & Educational Facility Authority,
RB, Ascension Health Senior Credit, 5.00%, 11/15/40		2,710		2,783,929
Delaware — 1.6%
County of Sussex Delaware, RB, NRG Energy, Inc., Indian
River Project, 6.00%, 10/01/40		2,225		2,238,016
Delaware State EDA, RB, Exempt Facilities, Indian River
Power, 5.38%, 10/01/45		7,950		7,290,786
				9,528,802
District of Columbia — 4.6%
District of Columbia, Refunding RB, Friendship Public
Charter School, Inc. (ACA), 5.25%, 6/01/33		2,390		1,985,492
District of Columbia Tobacco Settlement Financing Corp.,
Refunding RB, Asset-Backed, 6.75%, 5/15/40		23,035		22,605,628
Metropolitan Washington Airports Authority, RB, First
Senior Lien, Series A:
5.00%, 10/01/39		990		1,025,294
5.25%, 10/01/44		1,545		1,605,749
				27,222,163
Florida — 5.2%
County of Miami-Dade Florida, RB, Water & Sewer System,
5.00%, 10/01/34		6,625		6,920,276
County of Miami-Dade Florida, Refunding RB, Miami
International Airport, Series A-1, 5.38%, 10/01/41		2,280		2,344,114
Highlands County Florida Health Facilities Authority,
Series 2006-G, 5.13%, 11/15/32 (c)		1,000		1,010,360
Miami Beach Health Facilities Authority, RB, Mount Sinai
Medical Center of Florida, 6.75%, 11/15/21		6,575		6,792,632
Mid-Bay Bridge Authority, RB, Series A, 7.25%, 10/01/40		4,450		4,657,726
Stevens Plantation Community Development District,
Special Assessment Bonds, Series A, 7.10%, 5/01/35		3,650		2,958,800
Village Community Development District No. 6, Special
Assessment Bonds, 5.63%, 5/01/22		6,035		6,068,977
				30,752,885
Georgia — 1.8%
DeKalb Private Hospital Authority, Refunding RB, Children’s
Healthcare, 5.25%, 11/15/39		1,650		1,695,688
Metropolitan Atlanta Rapid Transit Authority, RB, Third
Series, 5.00%, 7/01/39		5,000		5,212,950
Richmond County Development Authority, Refunding RB,
International Paper Co. Project, Series A, AMT,
6.00%, 2/01/25		4,000		4,049,400
				10,958,038
Guam — 0.7%
Territory of Guam, GO, Series A:
6.00%, 11/15/19		1,245		1,267,173
6.75%, 11/15/29		1,775		1,829,901
7.00%, 11/15/39		1,255		1,300,431
				4,397,505
Hawaii — 0.5%
State of Hawaii, Refunding RB, Series A, 5.25%, 7/01/30		2,660		2,795,846
Illinois — 10.7%
City of Chicago Illinois, RB, General, Third Lien, Series C,
6.50%, 1/01/41		11,385		13,097,532
City of Chicago Illinois Board of Education, GO:
5.50%, 12/01/39		4,110		4,354,545
5.00%, 12/01/41		1,355		1,350,759

See Notes to Financial Statements.

SEMI-ANNUAL REPORT

OCTOBER 31, 2011


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


Municipal Bonds	Par (000)		Value
Illinois (concluded)
City of Chicago Illinois Transit Authority, RB, Sales Tax
Receipts Revenue, 5.25%, 12/01/40	$	2,055	$	2,116,547
Illinois Finance Authority, RB:
Advocate Health Care, Series C, 5.38%, 4/01/44		10,630		10,887,246
MJH Education Assistance IV LLC, Sub-Series B,
5.38%, 6/01/35 (d)(e)		1,675		334,933
Navistar International Recovery Zone,
6.50%, 10/15/40		3,010		3,105,206
Illinois Finance Authority, Refunding RB:
Central DuPage Health, Series B, 5.50%, 11/01/39		3,160		3,271,548
Elmhurst Memorial Healthcare, 5.63%, 1/01/28		3,000		2,999,910
Friendship Village Schaumburg, Series A,
5.63%, 2/15/37		845		688,024
Metropolitan Pier & Exposition Authority, Refunding RB,
McCormick Place Expansion Project, (AGM):
Series B, 5.00%, 6/15/50		3,905		3,800,619
Series B-2, 5.00%, 6/15/50		6,155		6,000,509
Railsplitter Tobacco Settlement Authority, RB:
5.50%, 6/01/23		2,625		2,770,898
6.00%, 6/01/28		2,245		2,334,396
State of Illinois, RB, Build Illinois, Series B,
5.25%, 6/15/34		1,240		1,297,759
Village of Bolingbrook Illinois, GO, Refunding, Series B
(NPFGC) (a):
6.01%, 1/01/33		6,820		1,808,596
6.01%, 1/01/34		14,085		3,508,292
				63,727,319
Indiana — 4.3%
City of Vincennes Indiana, Refunding RB, Southwest
Indiana Regional Youth Village, 6.25%, 1/01/24		2,030		1,799,189
Indiana Finance Authority, RB, Sisters of St. Francis
Health, 5.25%, 11/01/39		1,655		1,686,379
Indiana Finance Authority Wastewater Utility, RB,
5.25%, 10/01/38		3,080		3,285,898
Indiana Health Facility Financing Authority, Refunding RB,
Methodist Hospital, Inc., 5.50%, 9/15/31		9,000		7,786,980
Indiana Municipal Power Agency, RB, Series B,
6.00%, 1/01/39		2,150		2,346,918
Indianapolis Local Public Improvement Bond Bank, RB,
Series K, 5.00%, 6/01/27		3,640		3,731,801
Petersburg Indiana, RB, Indiana Power & Light, AMT,
5.90%, 12/01/24		5,000		5,103,900
				25,741,065
Kansas — 0.6%
Kansas Development Finance Authority, Refunding RB,
Sisters of Leavenworth, Series A, 5.00%, 1/01/40		3,275		3,309,781
Kentucky — 0.3%
Kentucky Economic Development Finance Authority,
Refunding RB, Owensboro Medical Health System,
Series A, 6.38%, 6/01/40		1,490		1,556,409
Louisiana — 1.1%
Louisiana Local Government Environmental Facilities
& Community Development Authority, RB, Westlake
Chemical Corp., Series A-1, 6.50%, 11/01/35		6,535		6,811,823
Maryland — 1.4%
Maryland EDC, RB, Transportation Facilities Project,
Series A, 5.75%, 6/01/35		855		845,920
Maryland EDC, Refunding RB, CNX Marine Terminals, Inc.,
5.75%, 9/01/25		1,760		1,766,969
Maryland Health & Higher Educational Facilities Authority,
Refunding RB, Charlestown Community, 6.25%, 1/01/41		4,295		4,464,524
Montgomery County Housing Opportunities Commission,
RB, Series D, AMT, 5.50%, 1/01/38		920		978,383
				8,055,796


Municipal Bonds	Par (000)		Value
Massachusetts — 2.2%
Massachusetts Health & Educational Facilities Authority,
Refunding RB, Partners Healthcare, Series J1,
5.00%, 7/01/39	$	3,535	$	3,606,937
Massachusetts State School Building Authority, RB,
Sales Tax Revenue, Series B, 5.00%, 10/15/41		8,865		9,466,756
				13,073,693
Michigan — 1.7%
Kalamazoo Hospital Finance Authority, Refunding RB,
Bronson Methodist Hospital, 5.50%, 5/15/36		2,700		2,716,362
Lansing Board of Water & Light, RB, Series A,
5.50%, 7/01/41		2,870		3,158,952
Michigan State Hospital Finance Authority, Refunding RB,
Henry Ford Health System, Series A, 5.25%, 11/15/46		4,230		4,090,579
				9,965,893
Mississippi — 2.4%
City of Gulfport Mississippi, RB, Memorial Hospital at
Gulfport Project, Series A, 5.75%, 7/01/31		14,025		14,029,348
Missouri — 0.3%
Missouri State Health & Educational Facilities Authority,
RB, Senior Living Facilities, Lutheran Senior Home,
5.50%, 2/01/42		2,035		1,893,568
Multi-State — 2.9%
Centerline Equity Issuer Trust, 6.80%, 10/31/52 (f)(g)		16,000		17,312,320
Nebraska — 0.7%
Douglas County Hospital Authority No. 2, RB, Health
Facilities, Immanuel Obligation Group, 5.63%, 1/01/40		3,280		3,369,347
Lancaster County Hospital Authority No. 1, RB, Immanuel
Obligation Group, 5.63%, 1/01/40		600		608,772
				3,978,119
Nevada — 0.8%
County of Clark Nevada, Refunding RB, Alexander Dawson
School Nevada Project, 5.00%, 5/15/29		4,550		4,619,979
New Hampshire — 0.6%
New Hampshire Health & Education Facilities Authority,
RB, Exeter Project, 5.75%, 10/01/31		3,500		3,538,115
New Jersey — 9.0%
Middlesex County Improvement Authority, RB, Heldrich
Center Hotel, Series B, 6.25%, 1/01/37 (d)(e)		3,680		331,163
New Jersey EDA, RB:
Cigarette Tax, 5.75%, 6/15/29		15,500		15,097,310
Continental Airlines, Inc. Project, AMT, 6.25%, 9/15/29		3,000		2,836,410
Continental Airlines, Inc. Project, AMT,
7.00%, 11/15/30 (c)		15,410		15,407,535
New Jersey EDA, Special Assessment Bonds, Refunding,
Kapkowski Road Landfill Project, 6.50%, 4/01/28		8,000		8,295,520
New Jersey Transportation Trust Fund Authority, RB,
Transportation System, Series A, 5.50%, 6/15/41		8,000		8,638,240
Tobacco Settlement Financing Corp. New Jersey,
Refunding RB, Series 1A, 4.50%, 6/01/23		3,135		2,846,329
				53,452,507
New York — 6.9%
Albany Industrial Development Agency, RB, New Covenant
Charter School Project, Series A, 7.00%, 5/01/35 (d)(e)		1,820		455,073
Hudson New York Yards Infrastructure Corp., RB, Series A,
5.75%, 2/15/47		3,135		3,319,683
Metropolitan Transportation Authority, Refunding RB,
Transportation, Series D, 5.25%, 11/15/40		2,375		2,489,855
New York City Industrial Development Agency, RB, American
Airlines, Inc., JFK International Airport, AMT (c):
8.00%, 8/01/28		5,000		4,625,150
7.75%, 8/01/31		22,140		20,480,164

See Notes to Financial Statements.

SEMI-ANNUAL REPORT

OCTOBER 31, 2011


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


Municipal Bonds	Par (000)		Value
New York (concluded)
New York Liberty Development Corp., Refunding RB,
Second Priority, Bank of America Tower at One Bryant
Park Project, 6.38%, 7/15/49	$	2,400	$	2,490,408
Port Authority of New York & New Jersey, RB,
JFK International Air Terminal:
6.00%, 12/01/36		2,525		2,614,183
6.00%, 12/01/42		1,960		2,049,611
State of New York Dormitory Authority, RB, North Shore
Long Island Jewish, Series A, 5.00%, 5/01/41		2,470		2,443,695
				40,967,822
North Carolina — 3.9%
Gaston County Industrial Facilities & Pollution Control
Financing Authority North Carolina, RB, Exempt
Facilities National Gypsum Co. Project, AMT,
5.75%, 8/01/35		12,130		9,420,643
North Carolina Capital Facilities Finance Agency, RB,
Duke University Project, Series B, 5.00%, 10/01/38		10,000		10,815,900
North Carolina Medical Care Commission, RB, Duke
University Health System, Series A, 5.00%, 6/01/42		2,750		2,796,750
				23,033,293
Ohio — 2.5%
County of Allen Ohio, Refunding RB, Catholic Healthcare,
Series A, 5.25%, 6/01/38		6,125		6,175,225
County of Montgomery Ohio, Refunding RB, Catholic
Healthcare, Series A, 5.00%, 5/01/39		5,450		5,511,149
Pinnacle Community Infrastructure Financing Authority,
RB, Facilities, Series A, 6.25%, 12/01/36		3,760		3,069,401
				14,755,775
Oklahoma — 1.1%
Tulsa Airports Improvement Trust, RB, Series A, Mandatory
Put Bonds, AMT, 7.75%, 6/01/35 (c)		7,175		6,602,076
Pennsylvania — 2.2%
Allegheny County Hospital Development Authority,
Refunding RB, Health System, West Penn, Series A,
5.38%, 11/15/40		3,000		2,461,410
Pennsylvania Economic Development Financing
Authority, RB:
Amtrak Project, Series A, AMT, 6.38%, 11/01/41		6,500		6,501,430
Aqua Pennsylvania, Inc. Project, 5.00%, 11/15/40		3,725		3,913,485
				12,876,325
Puerto Rico — 4.1%
Puerto Rico Sales Tax Financing Corp., RB:
CAB, Series A, 6.66%, 8/01/33 (a)		12,670		3,336,391
CAB, Series A, 6.67%, 8/01/36 (a)		40,000		8,534,400
First Sub-Series A, 6.50%, 8/01/44		10,900		12,274,163
				24,144,954
South Carolina — 2.5%
South Carolina Jobs-EDA, Refunding RB, Palmetto Health
Alliance, Series A, 6.25%, 8/01/31		5,075		5,147,268
South Carolina State Ports Authority, RB, 5.25%, 7/01/40		6,455		6,808,347
South Carolina State Public Service Authority, Refunding
RB, Santee Cooper Project, Series C, 5.00%, 12/01/36		3,015		3,239,738
				15,195,353
Tennessee — 0.5%
Knox County Health Educational & Housing Facilities
Board Tennessee, Refunding RB, CAB, Series A
(AGM), 1/01/20 (a)		5,055		3,253,449


Municipal Bonds	Par (000)		Value
Texas — 16.5%
Brazos River Authority, RB, TXU Electric, Series A, AMT,
8.25%, 10/01/30	$	4,370	$	1,179,725
Brazos River Authority, Refunding RB, TXU Electric Co.
Project, Series C, Mandatory Put Bonds, AMT,
5.75%, 5/01/36 (c)		3,625		3,625,000
Central Texas Regional Mobility Authority, RB, Senior Lien,
6.25%, 1/01/46		4,210		4,281,486
City of Dallas Texas, Refunding RB, 5.00%, 10/01/35		2,970		3,223,281
City of Houston Texas, RB, Senior Lien, Series A,
5.50%, 7/01/39		3,000		3,185,130
City of Houston Texas, Refunding RB:
Combined First Lien, Series A (AGC),
6.00%, 11/15/35		16,425		18,751,108
Refunding Sub Lien Series A, AMT, 5.00%, 7/01/22		6,020		6,354,953
Harris County Texas Metropolitan Transit Authority Sales
& Use Tax, RB, Series A, 5.00%, 11/01/41		6,650		7,103,197
Harris County-Houston Sports Authority, Refunding RB
(NPFGC) (a):
CAB, Junior Lien, Series H, 6.12%, 11/15/35		5,000		851,700
CAB, Senior Lien, Series A, 5.95%, 11/15/38		12,580		2,037,583
Third Lien, Series A-3, 5.97%, 11/15/37		26,120		3,792,363
Lower Colorado River Authority, Refunding RB:
LCRA Transmission Services Project (AMBAC),
4.75%, 5/15/34		140		140,008
Prerefunded, Series A (NPFGC), 5.00%, 5/15/31		5		5,353
Prerefunded-2009 (NPFGC), 5.00%, 5/15/31		70		74,941
North Texas Tollway Authority, RB, Toll Second Tier, Series F,
6.13%, 1/01/31		12,180		12,758,550
San Antonio Energy Acquisition Public Facility Corp., RB,
Gas Supply, 5.50%, 8/01/25		6,540		6,815,465
Tarrant County Cultural Education Facilities Finance Corp.,
RB, Scott & White Healthcare, 6.00%, 8/15/45		7,930		8,487,717
Texas Private Activity Bond Surface Transportation Corp.,
RB, Senior Lien:
Senior Lien Infrastructure, 7.00%, 6/30/40		7,975		8,573,843
Senior Lien, NTE Mobility Partners LLC, North Tarrant
Express Managed Lanes Project, 6.88%, 12/31/39		6,500		6,935,695
				98,177,098
Utah — 1.2%
City of Riverton Utah, RB, IHC Health Services, Inc.,
5.00%, 8/15/41		7,150		7,246,168
Virginia — 0.8%
City of Norfolk Virginia, Refunding RB, Series B (AMBAC),
5.50%, 2/01/31		2,240		2,240,202
Virginia Commonwealth Transportation Board, RB, CAB,
Contract, Route 28 (NPFGC), 4/01/32 (a)		8,105		2,780,258
				5,020,460
Washington — 0.7%
Washington Health Care Facilities Authority, RB, Swedish
Health Services, Series A, 6.75%, 11/15/41		3,900		4,297,527
Wisconsin — 2.3%
Wisconsin Health & Educational Facilities Authority, RB:
Ascension Health Senior Care Group,
5.00%, 11/15/30		3,210		3,345,783
Ascension Health Senior Care Group,
5.00%, 11/15/33		1,640		1,694,776
Aurora Health, Senior Credit Group, 6.40%, 4/15/33		7,500		7,652,775
Wisconsin Health & Educational Facilities Authority,
Refunding RB, Froedtert & Community Health, Inc.,
5.38%, 10/01/30		1,205		1,213,772
				13,907,106
Total Municipal Bonds — 131.3%				781,125,383

See Notes to Financial Statements.

SEMI-ANNUAL REPORT

OCTOBER 31, 2011


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


Municipal Bonds Transferred to Tender Option Bond Trusts (h)	Par (000)		Value
Alabama Special Care Facilities Financing Authority-
Birmingham, Refunding RB, Ascension Health Senior
Credit, Series C-2, 5.00%, 11/15/36	$	4,548	$	4,629,104
California — 6.4%
California Educational Facilities Authority, RB, University
of Southern California, Series B, 5.25%, 10/01/39		5,115		5,526,706
Los Angeles Community College District California, GO,
Election of 2001, Series A (AGM), 5.00%, 8/01/32		4,500		4,721,760
San Diego Community College District California, GO,
Election of 2002, 5.25%, 8/01/33		3,260		3,552,204
San Francisco City & County Public Utilities Commission,
RB, Series B, 5.00%, 11/01/39		18,540		19,359,654
University of California, RB, Series C (NPFGC),
4.75%, 5/15/37		5,000		5,029,600
				38,189,924
Colorado — 2.1%
Colorado Health Facilities Authority, RB, Catholic Health:
Series C-3 (AGM), 5.10%, 10/01/41		7,600		7,700,548
Series C-7, 5.00%, 9/01/36		4,860		4,924,541
				12,625,089
Connecticut — 3.3%
Connecticut State Health & Educational Facility Authority,
RB, Yale University:
Series T-1, 4.70%, 7/01/29		9,400		10,023,596
Series X-3, 4.85%, 7/01/37		9,360		9,836,892
				19,860,488
Massachusetts — 1.2%
Massachusetts Water Resources Authority, Refunding RB,
General, Series A, 5.00%, 8/01/41		6,770		7,030,171
New Hampshire — 0.7%
New Hampshire Health & Education Facilities Authority,
Refunding RB, Dartmouth College, 5.25%, 6/01/39		3,988		4,410,227
New York — 6.5%
New York City Municipal Water Finance Authority, RB,
Series FF-2, 5.50%, 6/15/40		3,074		3,387,213
New York City Municipal Water Finance Authority, Water
& Sewer, RB, Second General Resolution, Series HH,
5.00%, 6/15/31		16,393		17,745,320
New York State Dormitory Authority, ERB, Series F,
5.00%, 3/15/35		16,708		17,293,017
				38,425,550
Virginia — 2.0%
University of Virginia, Refunding RB, General,
5.00%, 6/01/40		10,769		11,599,282
Washington — 3.6%
Central Puget Sound Regional Transit Authority, RB,
Series A (AGM), 5.00%, 11/01/32		5,459		5,759,528
State of Washington, GO, Various Purpose, Series E,
5.00%, 2/01/34		14,487		15,664,994
				21,424,522
Total Municipal Bonds Transferred to
Tender Option Bond Trusts — 26.6%				158,194,357
Total Long-Term Investments
(Cost — $933,072,187) — 157.9%				939,319,740


Short-Term Securities	Par (000)		Value
Michigan — 1.1%
Michigan Finance Authority, RB, SAN, Detroit Schools,
Series A-1, 6.45%, 2/20/12	$	6,375	$	6,375,000

	Shares
Money Market Funds — 1.6%
FFI Institutional Tax-Exempt Fund, 0.01% (i)(j)		9,709,537		9,709,537
Total Short-Term Securities
(Cost — $16,084,537) — 2.7%				16,084,537
*Total Investments (Cost — $949,156,724) — 160.6%**				955,404,277
Other Assets Less Liabilities — 0.3%				1,720,615
Liability for TOB Trust Certificates, Including Interest
Expense and Fees Payable — (15.3)%				(91,240,056	)
AMPS, at Redemption Value — (45.6)%				(270,882,783	)
Net Assets Applicable to Common Shares — 100.0%			$	595,002,053

The cost and unrealized appreciation (depreciation) of investments as of October 31, 2011, as computed for federal income tax purposes, were as follows:


Aggregate cost	$	856,680,620
Gross unrealized appreciation	$	37,548,880
Gross unrealized depreciation		(30,031,189	)
Net unrealized appreciation	$	7,517,691

(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)

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

(d)

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

(e)

Non-income producing security.

(f)

(g)

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional investors.

(h)

(i)

Investments in companies considered to be an affiliate of the Trust during the period, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:


Affiliate	Shares Held at April 30, 2011	Net Activity		Shares Held at October 31, 2011	Income
FFI Institutional
Tax-Exempt Fund	30,616,864	(20,907,327	)	9,709,537	$	4,411

(j)

Represents the current yield as of report date.

•

Financial futures contracts sold as of October 31, 2011 were as follows:


Contracts	Issue	Exchange	Expiration	Notional Value	Unrealized Appreciation
164	10-Year US	Chicago Board	December
	Treasury Note	of Trade	2011	$21,166,250	$ 191,610

See Notes to Financial Statements.

SEMI-ANNUAL REPORT

OCTOBER 31, 2011


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

•

Level 1 — unadjusted price quotations in active markets/exchanges for identical assets and liabilities

•

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investment and derivative financial instrument and does not necessarily correspond to the Trust’s perceived risk of investing in those securities. For information about the Trust’s policy regarding valuation of investments and derivative financial instruments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements.

The following tables summarize the inputs used as of October 31, 2011 in determining the fair valuation of the Trust’s investments and derivative financial instruments:


Valuation Inputs	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Long-Term
Investments¹.		—	$	939,319,740	—	$	939,319,740
Short-Term
Securities	$	9,709,537		6,375,000	—		16,084,537
Total	$	9,709,537	$	945,694,740	—	$	955,404,277

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


Valuation Inputs	Level 1		Level 2		Level 3		Total
Derivative Financial Instruments²
Assets:
Interest rate
Contracts	$	191,610		—	—	$	191,610

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

See Notes to Financial Statements.

SEMI-ANNUAL REPORT

OCTOBER 31, 2011


Schedule of Investments October 31, 2011 (Unaudited)	BlackRock Pennsylvania Strategic Municipal Trust (BPS)
	(Percentages shown are based on Net Assets)


Municipal Bonds	Par (000)		Value
Pennsylvania — 122.8%
Corporate — 4.4%
Beaver County IDA, Refunding RB, FirstEnergy, Mandatory
Put Bonds, 3.38%, 1/01/35 (a)	$	200	$	200,440
Montgomery County IDA Pennsylvania, RB, Philadelphia
Presbytery Homes, 6.63%, 12/01/30		150		155,856
Pennsylvania Economic Development Financing Authority,
RB, Aqua Pennsylvania, Inc. Project, Series A, AMT,
6.75%, 10/01/18		600		725,406
Pennsylvania Economic Development Financing Authority,
Refunding RB, Aqua Pennsylvania, Inc. Project, Series A,
AMT, 5.00%, 12/01/34		180		185,290
				1,266,992
County/City/Special District/School District — 10.5%
County of York Pennsylvania, GO, 5.00%, 3/01/36		100		105,319
Delaware Valley Regional Financial Authority, RB, Series A
(AMBAC), 5.50%, 8/01/28		1,000		1,021,930
Falls Township Pennsylvania, RB, Water & Sewer Authority,
5.00%, 12/01/37		200		205,738
Marple Newtown School District, GO (AGM),
5.00%, 6/01/31		600		659,892
Owen J. Roberts School District, GO, 4.75%, 11/15/25		700		747,992
Philadelphia School District, GO, Series E, 6.00%, 9/01/38		100		108,672
Philipsburg Osceola Area School District Pennsylvania, GO
(AGM), 5.00%, 4/01/41		155		158,105
				3,007,648
Education — 14.7%
Adams County IDA, Refunding RB, Gettysburg College:
5.00%, 8/15/24		100		108,703
5.00%, 8/15/25		100		107,804
Cumberland County Municipal Authority, RB, AICUP
Financing Program, Dickinson College Project,
5.00%, 11/01/39		200		208,568
Delaware County Authority, RB:
Haverford College, 5.00%, 11/15/35		415		440,137
Villanova University, 5.25%, 12/01/31		100		107,912
Pennsylvania Higher Educational Facilities Authority, RB:
Drexel University, Series A (NPFGC), 5.00%, 5/01/37		150		154,382
Thomas Jefferson University, 5.00%, 3/01/40		1,000		1,040,010
Pennsylvania Higher Educational Facilities Authority,
Refunding RB:
Drexel University, Series A, 5.25%, 5/01/41		1,180		1,237,572
State System of Higher Education, Series AL,
5.00%, 6/15/35		100		106,178
University of Pittsburgh Pennsylvania, RB, Capital Project,
Series B, 5.00%, 9/15/28		610		686,695
				4,197,961
Health — 43.8%
Allegheny County Hospital Development Authority,
Refunding RB, Health System, West Penn, Series A:
5.00%, 11/15/28		250		208,310
5.38%, 11/15/40		470		385,621
Berks County Municipal Authority, Refunding RB, Reading
Hospital & Medical Center Project, Series A-3,
5.50%, 11/01/31		500		532,245
Bucks County IDA, Refunding RB, Pennswood Village
Project, Series A, 6.00%, 10/01/34 (b)		1,150		1,220,104
Centre County Hospital Authority, RB, Mount Nittany
Medical Center Project, 7.00%, 11/15/46		390		427,339
Cumberland County Municipal Authority, RB, Diakon
Lutheran, 6.38%, 1/01/39		500		514,255
Dauphin County General Authority, Refunding RB, Pinnacle
Health System Project, Series A, 6.00%, 6/01/29		500		518,755


Municipal Bonds	Par (000)		Value
Pennsylvania (continued)
Health — 43.8% (concluded)
Franklin County IDA Pennsylvania, RB, Chambersburg
Hospital Project, 5.38%, 7/01/42	$	415	$	415,108
Lehigh County General Purpose Authority, Refunding RB,
Saint Luke’s Bethlehem Hospital, 5.38%, 8/15/33 (b)		2,000		2,174,200
Lycoming County Authority, Refunding RB, Susquehanna
Health System Project, Series A, 5.75%, 7/01/39		210		207,686
Montgomery County Higher Education & Health Authority,
Refunding RB, Abington Memorial Hospital, Series A,
5.13%, 6/01/33		330		327,218
Montgomery County IDA Pennsylvania, RB, Acts
Retirement Life Community:
5.25%, 11/15/28		1,250		1,193,087
Series A, 4.50%, 11/15/36		375		301,751
Pennsylvania Higher Educational Facilities Authority,
RB, University of Pittsburgh Medical Center, Series E,
5.00%, 5/15/31		1,000		1,024,410
Philadelphia Hospitals & Higher Education Facilities
Authority, Refunding RB, Children’s Hospital of
Philadelphia, Series C, 5.00%, 7/01/41		940		958,716
South Fork Municipal Authority, Refunding RB,
Conemaugh Valley Memorial, Series B (AGC),
5.38%, 7/01/35		245		252,249
Southcentral General Authority, Refunding RB, Wellspan
Health Obligor Group, Series A, 6.00%, 6/01/29		1,250		1,371,325
Union County Hospital Authority, Refunding RB, Evangelical
Community Hospital Project, 7.00%, 8/01/41		460		478,037
				12,510,416
Housing — 12.1%
Pennsylvania HFA, RB, AMT:
Series 94-A, 5.10%, 10/01/31		150		150,839
Series 95-A, 4.90%, 10/01/37		970		967,139
Pennsylvania HFA, Refunding RB, Series 97A, AMT,
4.65%, 10/01/31		1,300		1,255,709
Pennsylvania HFA, Refunding RB, AMT:
S/F Mortgage, Series 92-A, 4.75%, 4/01/31		110		108,758
S/F Mortgage, Series 113, 4.85%, 10/01/37		775		769,319
Series 99A, 5.15%, 4/01/38		200		204,068
				3,455,832
State — 9.3%
Commonwealth of Pennsylvania, GO, First Series:
5.00%, 3/15/29		275		306,504
5.00%, 11/15/30		1,180		1,309,729
Delaware River Port Authority, RB, Series D,
5.00%, 1/01/40		750		772,245
State Public School Building Authority, Refunding RB,
Harrisburg School District Project, Series A (AGC),
5.00%, 11/15/33		250		262,640
				2,651,118
Transportation — 23.9%
City of Philadelphia Pennsylvania, RB, Series A,
5.00%, 6/15/40		1,325		1,322,920
Pennsylvania Economic Development Financing Authority,
RB, Amtrak Project, Series A, AMT:
6.25%, 11/01/31		1,000		1,000,780
6.38%, 11/01/41		1,000		1,000,220
Pennsylvania Turnpike Commission, Sub-Series B,
5.25%, 12/01/41		325		334,474

See Notes to Financial Statements.

SEMI-ANNUAL REPORT

OCTOBER 31, 2011


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


Municipal Bonds	Par (000)		Value
Pennsylvania (concluded)
Transportation — 23.9% (concluded)
Pennsylvania Turnpike Commission, RB:
Series A (AMBAC), 5.25%, 12/01/32	$	870	$	895,369
Sub-Series A, 5.13%, 12/01/26		100		107,078
Sub-Series A, 6.00%, 12/01/41		100		106,324
Sub-Series B, 5.25%, 6/01/24		250		270,615
Sub-Series B, 5.25%, 6/01/39		500		511,905
Southeastern Pennsylvania Transportation Authority, RB,
Capital Grant Receipts:
5.00%, 6/01/27		535		570,636
5.00%, 6/01/28		290		306,965
5.00%, 6/01/29		385		404,119
				6,831,405
Utilities — 4.1%
City of Philadelphia Pennsylvania, RB:
Ninth Series, 5.25%, 8/01/40		270		266,425
Series A, 5.25%, 1/01/36		100		104,358
Series C (AGM), 5.00%, 8/01/40		350		366,128
Lycoming County Water & Sewer Authority, RB (AGM),
5.00%, 11/15/41		100		101,987
Pennsylvania Economic Development Financing
Authority, RB:
American Water Co. Project, 6.20%, 4/01/39		210		232,850
Philadelphia Biosolids Facility, 6.25%, 1/01/32		100		104,939
				1,176,687
Total Municipal Bonds in Pennsylvania				35,098,059
Puerto Rico — 13.1%
State — 10.6%
Commonwealth of Puerto Rico, GO, Refunding,
Sub-Series C-7 (NPFGC), 6.00%, 7/01/27		385		405,678
Puerto Rico Public Buildings Authority, Refunding RB,
Government Facilities, Series N, 5.00%, 7/01/37		300		285,012
Puerto Rico Public Finance Corp., RB, Commonwealth
Appropriation, Series E, 5.50%, 8/01/29 (b)		1,200		1,215,588
Puerto Rico Sales Tax Financing Corp., RB, First
Sub-Series A, 6.38%, 8/01/39		1,000		1,108,340
				3,014,618
Utilities — 2.5%
Puerto Rico Aqueduct & Sewer Authority, RB, Senior Lien,
Series A, 6.00%, 7/01/38		200		207,760
Puerto Rico Electric Power Authority, RB, Series WW,
5.50%, 7/01/38		500		510,295
				718,055
Total Municipal Bonds in Puerto Rico				3,732,673
Guam — 0.5%
County/City/Special District/School District — 0.5%
Territory of Guam, RB, Section 30, Series A,
5.63%, 12/01/29		150		152,277
Total Municipal Bonds in Guam				152,277
Total Municipal Bonds — 136.4%				38,983,009


Municipal Bonds Transferred to Tender Option Bond Trusts (c)	Par (000)		Value
Pennsylvania — 36.2%
Education — 8.7%
Pennsylvania Higher Educational Facilities Authority,
RB, University of Pennsylvania Health System,
5.75%, 8/15/41	$	850	$	908,301
Pennsylvania Higher Educational Facilities Authority,
Refunding RB, Trustees of the University of Pennsylvania,
Series C, 4.75%, 7/15/35		500		510,350
Pennsylvania State University, RB, 5.00%, 3/01/40		1,000		1,070,220
				2,488,871
Health — 13.2%
Geisinger Authority, RB:
Series A, 5.13%, 6/01/34		500		519,545
Series A, 5.25%, 6/01/39		1,000		1,038,086
Series A-1, 5.13%, 6/01/41		1,160		1,201,261
Philadelphia Hospitals & Higher Education Facilities
Authority, Refunding RB, Jefferson Health System,
Series B, 5.00%, 5/15/40		1,000		1,015,260
				3,774,152
Housing — 3.4%
Pennsylvania HFA, Refunding RB:
Series 96-A, AMT, 4.70%, 10/01/37		490		468,754
Series 105C, 5.00%, 10/01/39		500		508,030
				976,784