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: 04/30/2012

 

Item 1 – Report to Stockholders

 

April 30, 2012

Annual Report

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
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	38
Statements of Operations	39
Statements of Changes in Net Assets	40
Statements of Cash Flows	42
Financial Highlights	43
Notes to Financial Statements	49
Report of Independent Registered Public Accounting Firm	57
Important Tax Information	57
Automatic Dividend Reinvestment Plans	58
Officers and Trustees	59
Additional Information	62

Municipal Market Overview

For the 12-Month Period Ended April 30, 2012

One year ago, the municipal bond market was steadily recovering from a difficult fourth quarter of 2010 that brought severe losses amid a steepening US Treasury yield curve and a flood of inflated headlines about municipal finance troubles. Retail investors had lost confidence in municipals and retreated from the market. Political uncertainty surrounding the midterm elections and tax policies exacerbated the situation. These conditions combined with seasonal illiquidity weakened willful market participation from the trading community. December 2010 brought declining demand with no comparable reduction in supply as issuers rushed their deals to market before the Build America Bond program was retired. This supply-demand imbalance led to wider quality spreads and higher yields for municipal bonds heading into 2011.

Demand is usually strong at the beginning of a new year, but retail investors continued to move away from municipal mutual funds in the first half of 2011. From the middle of November 2010, outflows persisted for 29 consecutive weeks, totaling $35.1 billion before the trend finally broke in June 2011. However, weak demand was counterbalanced by lower supply in 2011. According to Thomson Reuters, new issuance was down 32% in 2011 as compared to the prior year. While these technical factors were improving, municipalities were struggling to balance their budgets, although the late-2010 predictions for widespread municipal defaults did not materialize. Other concerns that resonated at the beginning of the year, such as rising interest rates, weakening credits and higher rates of inflation, abated as these scenarios also did not come to fruition.

On August 5, 2011, Standard & Poor’s (“S&P”) downgraded the US government’s credit rating from AAA to AA+. While this led to the downgrade of approximately 11,000 municipal issues directly tied to the US debt rating, this represented a very small fraction of the municipal market and said nothing about the individual municipal credits themselves. In fact, demand for municipal bonds increased as severe volatility in US equities drove investors to more stable asset classes. The municipal market benefited from an exuberant Treasury market and continued muted new issuance. As supply remained constrained, demand from both traditional and non-traditional buyers was strong, pushing long-term municipal bond yields lower and sparking a curve-flattening trend that continued through year end. Ultimately, 2011 was one of the strongest performance years in municipal market history. The S&P Municipal Bond Index returned 10.62% in 2011, making municipal bonds a top-performing fixed income asset class for the year.

Municipal market supply-and-demand technicals typically strengthen considerably upon the conclusion of tax season as net negative supply takes hold. This theme remained intact for 2012. Overall, the municipal yield curve flattened during the period from April 30, 2011 to April 30, 2012. As measured by Thomson Municipal Market Data, yields declined by 133 basis points (“bps”) to 3.25% on AAA-rated 30-year municipal bonds and by 98 bps to 1.87% on 10-year bonds, while yields on 5-year issues fell 68 bps to 0.82%. While the entire municipal curve flattened over the 12-month time period, the spread between 2- and 30-year maturities tightened by 108 bps, and in the 2- to 10-year range, the spread tightened by 73 bps.

The fundamental picture for municipalities continues to improve. Austerity has been the general theme across the country, while a small number of states continue to rely on a “kick-the-can” approach to close their budget shortfalls, with aggressive revenue projections and accounting gimmicks. It has been well over a year since the fiscal problems plaguing state and local governments first became highly publicized. Thus far, the prophecy of widespread defaults across the municipal market has not materialized. Year-to-date through the end of April, less than $470 million in par value of municipal bonds have defaulted for the first time. This represents only 0.0125% in total municipal bonds outstanding, as compared to 0.065% for the full year 2011. (Data provided by Bank of America.) 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.

Trust Summary as of April 30, 2012

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 12 months ended April 30, 2012, the Trust returned 29.15% based on market price and 29.46% 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 25.51% based on market price and 23.04% based on NAV. 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 its overall 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. These factors had the largest positive impact on returns as the municipal yield curve rallied lower (interest rates declined) and flattened (rates on the longer end of the curve fell the most) during the period. Also contributing positively to performance was the Trust’s heavy weighting in the health sector, which provided above-market average yields and price appreciation as spreads narrowed.

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

Trust Information

Symbol on New York Stock Exchange (“NYSE”)	BKN
Initial Offering Date	February 19, 1993
Yield on Closing Market Price as of April 30, 2012 ($15.75)1	6.40%
Tax Equivalent Yield2	9.85%
Current Monthly Distribution per Common Share3	$0.084
Current Annualized Distribution per Common Share3	$1.008
Economic Leverage as of April 30, 20124	35%

1

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

2

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

3

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

4

Represents Variable Rate Muni Term Preferred Shares (“VMTP Shares”) and tender option bond trusts (“TOBs”) as a percentage of total managed assets, which is the total assets of the Trust, including any assets attributable to VMTP Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging on page 11.

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

	4/30/12	4/30/11	Change	High	Low
Market Price	$15.75	$13.08	20.41%	$16.72	$12.80
Net Asset Value	$15.39	$12.75	20.71%	$15.39	$12.75

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

Sector Allocations

	4/30/12		4/30/11
Health	27	%	27	%
County/City/Special District/School District	18		15
State	15		14
Education	10		12
Transportation	10		11
Utilities	9		7
Corporate	5		6
Tobacco	4		4
Housing	2		4

Credit Quality Allocations⁵

	4/30/12		4/30/11
AAA/Aaa	1	%	3	%
AA/Aa	36		36
A	34		29
BBB/Baa	20		19
BB/Ba	2		2
B	—		1
CCC/Caa	—		1
Not Rated6	7		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 April 30, 2012 and April 30, 2011, the market value of these securities was $18,973,610, representing 5%, and $8,694,533, representing 2%, respectively, of the Trust’s long-term investments.

Trust Summary as of April 30, 2012

BlackRock Long-Term Municipal Advantage Trust

Trust Overview

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

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

Performance

For the 12 months ended April 30, 2012, the Trust returned 28.70% based on market price and 24.09% based on NAV. For the same period, the closed-end Lipper General & Insured Municipal Debt Funds (Leveraged) category posted an average return of 25.51% based on market price and 23.04% based on NAV. 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 primary factors contributing to positive performance during the period were the Trust’s duration positioning (preference for securities with a higher sensitivity to interest rate movements) and yield curve-flattening bias. 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, security selection within the tobacco, education and tax-backed sectors added to returns. The Trust’s holdings generated a high distribution yield, which in the aggregate, had a meaningful impact on returns. Detracting from performance was the Trust’s long-standing focus on corporate-related debt, which modestly underperformed the market during the period.

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

Trust Information

Symbol on NYSE	BTA
Initial Offering Date	February 28, 2006
Yield on Closing Market Price as of April 30, 2012 ($12.27)1	6.45%
Tax Equivalent Yield2	9.92%
Current Monthly Distribution per Common Share3	$0.066
Current Annualized Distribution per Common Share3	$0.792
Economic Leverage as of April 30, 20124	37%

1

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

2

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

3

The distribution 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:

	4/30/12	4/30/11	Change	High	Low
Market Price	$12.27	$10.20	20.29%	$12.87	$ 9.86
Net Asset Value	$12.19	$10.51	15.98%	$12.19	$10.51

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

Sector Allocations

	4/30/12		4/30/11
Health	18	%	18	%
Education	15		15
Transportation	14		13
County/City/Special District/School District	13		14
Utilities	13		12
State	12		9
Housing	6		9
Corporate	5		5
Tobacco	4		5

Credit Quality Allocations⁵

	4/30/12		4/30/11
AAA/Aaa	21	%	22	%
AA/Aa	46		40
A	17		9
BBB/Baa	9		12
BB/Ba	1		1
B	1		2
Not Rated6	5		14

5

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

6

The investment advisor has deemed certain of these securities to be of investment grade quality. As of April 30, 2012 and April 30, 2011, the market value of these securities was $1,193,514 and $3,226,983, each representing 1%, respectively, of the Trust’s long-term investments.

Trust Summary as of April 30, 2012

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 12 months ended April 30, 2012, the Trust returned 11.83% based on market price and 17.27% based on NAV. For the same period, the closed-end Lipper General & Insured Municipal Debt Funds (Leveraged) category posted an average return of 25.51% based on market price and 23.04% based on NAV. All returns reflect reinvestment of dividends. The Trust moved from a premium to NAV to a discount by period end, which accounts for the difference between performance based on price and performance based on NAV. The following discussion relates to performance based on NAV. The Trust benefited from interest rates moving lower across the municipal yield curve during the period, as 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 experienced meaningful spread tightening and thus 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.

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

Trust Information

Symbol on NYSE	BKK
Initial Offering Date	September 30, 2003
Termination Date (on or about)	December 31, 2020
Yield on Closing Market Price as of April 30, 2012 ($16.06)1	4.65%
Tax Equivalent Yield2	7.15%
Current Monthly Distribution per Common Share3	$0.06225
Current Annualized Distribution per Common Share3	$0.74700
Economic Leverage as of April 30, 20124	35%

1

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

2

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

3

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

4

Represents Auction Market Preferred Shares (“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:

	4/30/12	4/30/11	Change	High	Low
Market Price	$16.06	$15.06	6.64%	$16.35	$14.85
Net Asset Value	$16.36	$14.63	11.83%	$16.38	$14.63

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

Sector Allocations

	4/30/12		4/30/11
State	17	%	10	%
Utilities	15		10
Transportation	14		13
Corporate	13		19
County/City/Special District/School District	13		10
Health	10		15
Tobacco	8		9
Education	6		9
Housing	4		5

Credit Quality Allocations⁵

	4/30/12		4/30/11
AAA/Aaa	14	%	12	%
AA/Aa	25		16
A	29		28
BBB/Baa	22		27
BB/Ba	1		4
B	1		4
CCC/Caa	—		1
Not Rated6	8		8

5

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

6

The investment advisor has deemed certain of these securities to be of investment grade quality. As of April 30, 2012 and April 30, 2011, the market value of these securities was $14,828,808, representing 3%, and $11,262,007, representing 2%, respectively, of the Trust’s long-term investments.

Trust Summary as of April 30, 2012

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 12 months ended April 30, 2012, the Trust returned 28.87% based on market price and 28.24% based on NAV. For the same period, the closed-end Lipper General & Insured Municipal Debt Funds (Leveraged) category posted an average return of 25.51% based on market price and 23.04% based on NAV. 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 primary factors contributing to positive performance during the period were the Trust’s duration positioning (preference for securities with a higher sensitivity to interest rate movements) and yield curve-flattening bias. 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, sector concentrations in health, transportation and utilities proved beneficial, as did the avoidance of pre-refunded and escrowed issues, which underperformed the broader market. The Trust’s holdings generated a high distribution yield, which in the aggregate, had a meaningful impact on returns. Detracting from performance was the Trust’s long-standing focus on corporate-related debt, which modestly underperformed the market during the period.

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

Trust Information

Symbol on NYSE	BFK
Initial Offering Date	July 27, 2001
Yield on Closing Market Price as of April 30, 2012 ($14.83)1	6.48%
Tax Equivalent Yield2	9.97%
Current Monthly Distribution per Common Share3	$0.0801
Current Annualized Distribution per Common Share3	$0.9612
Economic Leverage as of April 30, 20124	39%

1

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

2

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

3

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

4

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

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

	4/30/12	4/30/11	Change	High	Low
Market Price	$14.83	$12.35	20.08%	$15.37	$12.30
Net Asset Value	$14.53	$12.16	19.49%	$14.54	$12.16

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

Sector Allocations

	4/30/12		4/30/11
Transportation	20	%	16	%
Health	19		20
Utilities	14		11
State	14		13
Corporate	9		12
County/City/Special District/School District	9		10
Education	8		9
Tobacco	5		4
Housing	2		5

Credit Quality Allocations⁵

	4/30/12		4/30/11
AAA/Aaa	11	%	11	%
AA/Aa	35		33
A	26		24
BBB/Baa	16		15
BB/Ba	1		4
B	3		6
CCC/Caa	—		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 April 30, 2012 and April 30, 2011, the market value of these securities was $30,018,520, representing 4%, and $28,787,350, representing 3%, respectively, of the Trust’s long-term investments.

Trust Summary as of April 30, 2012

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 12 months ended April 30, 2012, the Trust returned 25.34% based on market price and 22.57% based on NAV. For the same period, the closed-end Lipper Pennsylvania Municipal Debt Funds category posted an average return of 22.53% based on market price and 18.98% based on NAV. 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. 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. 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.

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

Trust Information

Symbol on NYSE Amex	BPS
Initial Offering Date	August 25, 1999
Yield on Closing Market Price as of April 30, 2012 ($15.27)1	5.97%
Tax Equivalent Yield2	9.18%
Current Monthly Distribution per Common Share3	$0.076
Current Annualized Distribution per Common Share3	$0.912
Economic Leverage as of April 30, 20124	41%

1

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

2

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

3

The Monthly Distribution per Common Share, declared on June 1, 2012, was decreased to $0.07100 per share. The Yield on Closing Market Price, Current Monthly Distribution per Common Share and Current Annualized Distribution per Common Share do not reflect the new distribution rate. The new distribution rate is not constant and is subject to change in the future.

4

Represents 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:

	4/30/12	4/30/11	Change	High	Low
Market Price	$15.27	$12.99	17.55%	$15.68	$12.79
Net Asset Value	$15.07	$13.11	14.95%	$15.19	$13.11

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

Sector Allocations

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

Credit Quality Allocations⁵

	4/30/12		4/30/11
AAA/Aaa	—		9	%
AA/Aa	67	%	48
A	19		25
BBB/Baa	9		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 April 30, 2012 and April 30, 2011, the market value of these securities was $1,616,703, representing 4%, and $486,340, representing 1%, respectively, of the Trust’s long-term investments.

Trust Summary as of April 30, 2012

BlackRock Strategic Municipal Trust

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 12 months ended April 30, 2012, the Trust returned 29.32% based on market price and 25.65% based on NAV. For the same period, the closed-end Lipper General & Insured Municipal Debt Funds (Leveraged) category posted an average return of 25.51% based on market price and 23.04% based on NAV. All returns reflect reinvestment of dividends. The Trust's discount to NAV, which narrowed during the period, accounts for the difference between performance based on price and performance based on NAV. The following discussion relates to performance based on NAV. The primary factors contributing to positive performance during the period were the Trust’s duration positioning (preference for securities with a higher sensitivity to interest rate movements) and yield curve-flattening bias. 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, sector concentrations in health and transportation proved beneficial, as did the avoidance of pre-refunded and escrowed issues, which underperformed the broader market. The Trust’s holdings generated a high distribution yield, which in the aggregate, had a meaningful impact on returns. Detracting from performance was the Trust’s long-standing focus on corporate-related debt, which modestly underperformed the market during the period.

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

Trust Information

Symbol on NYSE	BSD
Initial Offering Date	August 25, 1999
Yield on Closing Market Price as of April 30, 2012 ($14.38)1	6.18%
Tax Equivalent Yield2	9.51%
Current Monthly Distribution per Common Share3	$0.074
Current Annualized Distribution per Common Share3	$0.888
Economic Leverage as of April 30, 20124	39%

1

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

2

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

3

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

4

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

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

	4/30/12	4/30/11	Change	High	Low
Market Price	$14.38	$11.88	21.04%	$14.67	$11.85
Net Asset Value	$14.43	$12.27	17.60%	$14.43	$12.27

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

Sector Allocations

	4/30/12		4/30/11
Health	23	%	24	%
Transportation	20		18
State	15		10
Education	11		12
Utilities	11		8
Corporate	9		9
County/City/Special District/School District	8		12
Tobacco	3		1
Housing	—		6

Credit Quality Allocations⁵

	4/30/12		4/30/11
AAA/Aaa	13	%	16	%
AA/Aa	37		35
A	22		17
BBB/Baa	16		17
BB/Ba	2		5
B	3		3
CCC/Caa	—		1
Not Rated6	7		6

5

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

6

The investment advisor has deemed certain of these securities to be of investment grade quality. As of April 30, 2012 and April 30, 2011, the market value of these securities was $4,567,039, representing 3%, and $3,150,431, representing 2%, respectively, of the Trust’s long-term investments.

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 obtain leverage, the Trusts, except for BTA, issue Auction Market Preferred Shares (“AMPS”) or Variable Rate Muni Term Preferred Shares (“VMTP Shares”) (collectively, “Preferred Shares”). Preferred Shares pay dividends at prevailing short-term interest rates, and the Trusts 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 Preferred Shares for an additional $50 million, creating a total value of $150 million available for investment in long-term municipal bonds. If prevailing short-term interest rates are 3% and long-term interest rates are 6%, the yield curve has a strongly positive slope. In this case, the Trust pays dividends on the $50 million of Preferred Shares based on the lower short-term interest rates. At the same time, the securities purchased by the Trust with assets received from Preferred Shares issuance earn the income based on long-term interest rates. In this case, the dividends paid to holders of Preferred Shares (“Preferred Shareholders”) are significantly lower than the income earned on the Trust’s long-term investments, and therefore the Common Shareholders are the beneficiaries of the incremental net income.

If short-term interest rates rise, narrowing the differential between short-term and long-term interest rates, the incremental net income pickup 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’ Preferred Shares 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 Preferred Shares 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 Preferred Shares issued by the Trusts, as described above. Additionally, fluctuations in the market value of municipal bonds deposited into the TOB trust may adversely affect each Trust’s 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 Preferred Shares issued by the Trusts. Each Trust will incur expenses in connection with the use of leverage, all of which are borne by Common Shareholders and may reduce income to the Common Shares.

Under the Investment Company Act of 1940, as amended (the “1940 Act”), the Trusts are permitted to issue senior securities in the form of equity securities (e.g., Preferred Shares) up to 50% of their total managed assets (each Trust’s total assets less the sum of its accrued liabilities). In addition, each Trust voluntarily limits its economic leverage to 50% of its total managed assets and 45% for Trusts with VMTP Shares. As of April 30, 2012, the Trusts had economic leverage from Preferred Shares and/or TOBs as a percentage of their total managed assets as follows:

	Percent of Economic Leverage
BKN	35%
BTA	37%
BKK	35%
BFK	39%
BPS	41%
BSD	39%

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, interest rate and/or other 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.

Schedule of Investments April 30, 2012	BlackRock Investment Quality Municipal Trust Inc. (BKN)
	(Percentages shown are based on Net Assets)

Municipal Bonds	Par (000)		Value
Alabama — 3.4%
Birmingham Special Care Facilities Financing Authority,
RB, Children’s Hospital (AGC):
6.00%, 6/01/34	$	1,745	$	2,008,355
6.00%, 6/01/39	500		569,620
Birmingham Water Works Board, RB, 4.75%, 1/01/36	3,150		3,326,211
Hoover City Board of Education, GO, Refunding,
4.25%, 2/15/40	3,050		3,166,693
			9,070,879
Arizona — 7.9%
Apache County IDA, RB, Tucson Electric Power Co.,
Series A, 4.50%, 3/01/30	900		904,644
Arizona Sports & Tourism Authority, RB, Multipurpose
Stadium Facilities, Series A (NPFGC), 5.00%, 7/01/31	2,750		2,767,820
Arizona State University, RB, Series D, 5.50%, 7/01/26	475		567,863
County of Pinal Arizona Election District No. 3,
Refunding RB, 4.75%, 7/01/31	3,750		3,931,613
Pima County IDA, Refunding IDRB, Tucson Electric Power,
5.75%, 9/01/29	1,375		1,457,239
Salt Verde Financial Corp., RB, Senior:
5.00%, 12/01/32	1,035		1,055,027
5.00%, 12/01/37	4,585		4,651,253
San Luis Facility Development Corp., RB, Senior Lien,
Regional Detention Center Project:
6.25%, 5/01/15	305		300,382
7.00%, 5/01/20	490		492,308
7.25%, 5/01/27	980		910,400
State of Arizona, COP, Department of Administration,
Series A (AGM), 5.00%, 10/01/29	1,100		1,195,733
University Medical Center Corp. Arizona, RB:
6.00%, 7/01/39	1,600		1,774,768
6.50%, 7/01/39	750		850,815
			20,859,865
Arkansas — 0.3%
City of Conway Arkansas, RB, Wastewater Revenue
Improvement, Series A, 4.20%, 10/01/37 (a)	750		738,450
California — 23.8%
California County Tobacco Securitization Agency, RB, CAB,
Stanislaus, Sub-Series C, 10.51%, 6/01/55 (b)	7,090		85,860
California Educational Facilities Authority, RB,
5.00%, 2/01/40	3,000		3,258,510
California Health Facilities Financing Authority, Refunding
RB, Sutter Health, Series B, 5.88%, 8/15/31	2,300		2,733,780
Carlsbad Unified School District, GO, Election of 2006,
Series B, 5.28% 5/01/34 (c)	1,500		1,119,060
City of San Jose California, ARB, Series A-1, AMT,
5.75%, 3/01/34	3,000		3,326,100

Municipal Bonds	Par (000)		Value
California (concluded)
County of Sacramento California, RB, Senior Series A
(AGM), 5.00%, 7/01/41	$	2,100	$	2,221,926
Dinuba Unified School District, GO, Election of 2006 (AGM):
5.63%, 8/01/31	250		284,613
5.75%, 8/01/33	535		612,222
Foothill Eastern Transportation Corridor Agency California,
Refunding RB:
5.75%, 1/15/40	3,495		3,495,035
CAB, 5.88%, 1/15/28	7,000		7,124,250
Hartnell Community College District California, GO, CAB,
Election of 2002, Series D, 5.37%, 8/01/34 (c)	2,475		1,643,152
Norwalk-La Mirada Unified School District California, GO,
Refunding, CAB, Election of 2002, Series E (AGC),
5.57%, 8/01/38 (b)	12,000		2,836,680
Palomar Community College District, GO, CAB, Election
of 2006, Series B:
5.01%, 8/01/30 (b)	2,270		919,963
6.14%, 8/01/33 (b)	4,250		1,176,400
5.29%, 8/01/39 (c)	3,000		1,633,320
San Diego Community College District California, GO, CAB,
Election of 2002, 5.07%, 8/01/19 (c)	4,200		3,190,950
San Jose Evergreen Community College District, GO,
Election of 2010, Series B, 3.50%, 8/01/32	1,800		1,753,956
State of California, GO, Various Purposes:
5.75%, 4/01/31	3,000		3,477,420
6.00%, 3/01/33	2,270		2,700,415
6.50%, 4/01/33	2,900		3,533,940
5.50%, 3/01/40	3,650		4,051,244
(CIFG), 5.00%, 3/01/15 (d)	515		582,362
(CIFG), 5.00%, 3/01/33	4,485		4,724,454
(NPFGC), 5.00%, 6/01/37	5,000		5,265,500
State of California, GO, Refunding, Various Purpose (CIFG),
4.50%, 8/01/28	1,000		1,050,990
			62,802,102
Colorado — 0.3%
Park Creek Metropolitan District, Refunding RB, Senior
Limited Property Tax (AGM), 6.00%, 12/01/38	750		848,753
Connecticut — 1.9%
Connecticut State Health & Educational Facilities
Authority, RB:
Hartford Healthcare, Series A, 5.00%, 7/01/32	2,140		2,294,315
Lawrence & Memorial Hospital, Series F,
5.00%, 7/01/36	1,900		2,016,071
Sacred Heart University, Series G, 5.38%, 7/01/31	600		651,258
			4,961,644

Portfolio Abbreviations

To simplify the listings of portfolio holdings	ACA	American Capital Access Corp.	HDA	Housing Development Authority
in the Schedules of Investments, the names and	AGC	Assured Guaranty Corp.	HFA	Housing Finance Agency
descriptions of many of the securities have been	AGM	Assured Guaranty Municipal Corp.	HRB	Housing Revenue Bonds
abbreviated according to the following list:	AMBAC	American Municipal Bond Assurance Corp.	IDA	Industrial Development Authority
	AMT	Alternative Minimum Tax (subject to)	IDB	Industrial Development Board
	ARB	Airport Revenue Bonds	IDRB	Industrial Development Revenue Bonds
	ARS	Auction Rate Securities	ISD	Independent School District
	CAB	Capital Appreciation Bonds	NPFGC	National Public Finance Guarantee Corp.
	CIFG	CDC IXIS Financial Guaranty	PILOT	Payment in Lieu of Taxes
	COP	Certificates of Participation	PSF-GTD	Permanent School Fund Guaranteed
	EDA	Economic Development Authority	RB	Revenue Bonds
	EDC	Economic Development Corp.	SAN	State Aid Notes
	ERB	Economic Revenue Bonds	S/F	Single Family
	GARB	General Airport Revenue Bonds	Syncora	Syncora Guarantee
	GO	General Obligation Bonds

See Notes to Financial Statements.

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

Municipal Bonds	Par (000)		Value
Delaware — 0.7%
County of Sussex Delaware, RB, NRG Energy, Inc., Indian
River Project, 6.00%, 10/01/40	$	1,800	$	1,949,076
District of Columbia — 1.5%
District of Columbia Tobacco Settlement Financing Corp.,
Refunding RB, Asset-Backed, 6.50%, 5/15/33	3,500		3,822,420
Florida — 12.1%
County of Lee Florida, Refunding RB, Lee Airport, Series A,
AMT (AGM), 5.00%, 10/01/28	3,000		3,185,250
County of Miami-Dade Florida, RB, CAB, Sub-Series A
(NPFGC) (b):
5.76%, 10/01/32	5,000		1,567,850
5.78%, 10/01/32	4,225		1,318,792
5.80%, 10/01/33	15,375		4,518,097
5.83%, 10/01/33	4,000		1,167,400
5.89%, 10/01/34	4,580		1,245,577
5.89%, 10/01/35	5,000		1,283,400
County of Orange Florida, Refunding RB (Syncora),
4.75%, 10/01/32	5,000		5,170,850
Hillsborough County IDA, RB, National Gypsum Co.,
Series A, AMT, 7.13%, 4/01/30	3,700		3,664,665
Orange County Health Facilities Authority, Refunding RB,
Mayflower Retirement Center, 5.00%, 6/01/32 (a)	200		200,136
Sumter Landing Community Development District Florida,
RB, Sub-Series B, 5.70%, 10/01/38	3,525		3,059,735
Village Community Development District No. 6, Special
Assessment Bonds, 5.63%, 5/01/22	5,575		5,614,081
			31,995,833
Georgia — 0.7%
Milledgeville & Baldwin County Development Authority,
RB, Georgia College & State University Foundation,
6.00%, 9/01/33	1,500		1,711,605
Idaho — 1.1%
Idaho Health Facilities Authority, Refunding RB, Trinity
Health Group, Series B, 6.25%, 12/01/33	2,500		2,946,250
Illinois — 11.5%
Chicago Public Building Commission Building Illinois, RB,
Series A (NPFGC), 7.00%, 1/01/20	5,000		6,654,800
City of Chicago Illinois Transit Authority, RB,
5.25%, 12/01/40	1,000		1,108,770
Illinois Finance Authority, RB:
MJH Education Assistance IV LLC, Sub-Series B,
5.38%, 6/01/35 (e)(f)	700		69,979
Navistar International, Recovery Zone,
6.50%, 10/15/40	1,925		2,082,811
Northwestern Memorial Hospital, Series A,
5.50%, 8/15/43	5,800		6,471,234
Roosevelt University Project, 6.50%, 4/01/44	1,500		1,626,375
Rush University Medical Center, Series C,
6.63%, 11/01/39	1,200		1,471,128
Illinois Finance Authority, Refunding RB:
Friendship Village Schaumburg, Series A,
5.63%, 2/15/37	345		311,356
OSF Healthcare System, Series A, 6.00%, 5/15/39	1,510		1,693,827
Railsplitter Tobacco Settlement Authority, RB:
6.25%, 6/01/24	6,000		6,955,980
6.00%, 6/01/28	1,700		1,929,092
			30,375,352
Indiana — 1.8%
Indiana Finance Authority, RB, Wastewater Utility,
5.25%, 10/01/38	3,000		3,344,160
Indiana Finance Authority, Refunding RB, Improvement,
U.S. Steel Corp., 6.00%, 12/01/26	1,350		1,414,138
			4,758,298

Municipal Bonds	Par (000)		Value
Iowa — 1.6%
Iowa Higher Education Loan Authority, RB, Private College
Facility, Buena Vista University Project, 5.00%, 4/01/31	$	1,480	$	1,601,611
Iowa Higher Education Loan Authority, Refunding RB,
Private College Facility:
5.75%, 9/01/30	965		1,033,467
6.00%, 9/01/39	1,500		1,603,545
			4,238,623
Kansas — 0.5%
Kansas Development Finance Authority, Refunding RB,
Sisters of Leavenworth, Series A, 5.00%, 1/01/28	1,155		1,274,681
Kentucky — 3.0%
Kentucky Economic Development Finance Authority,
Refunding RB, Norton Healthcare, Inc., Series B
(NPFGC), 4.63%, 10/01/23 (b)	8,500		5,039,820
Louisville & Jefferson County Metropolitan Government,
RB, Jewish Hospital & St. Mary’s HealthCare,
6.13%, 2/01/37	2,250		2,859,975
			7,899,795
Louisiana — 2.7%
Jefferson Parish Hospital Service District No. 1, Refunding
RB, Jefferson Medical Center, Series A, 6.00%, 1/01/39	1,800		2,031,894
Louisiana Local Government Environmental Facilities &
Community Development Authority, RB, Westlake
Chemical Corp., Series A-1, 6.50%, 11/01/35	1,565		1,756,509
Louisiana Public Facilities Authority, RB, Belle Chasse
Educational Foundation Project, 6.50%, 5/01/31	600		664,602
Louisiana Public Facilities Authority, Refunding RB,
Entergy Gulf States Louisiana, LLC Projects, Series A,
5.00%, 9/01/28	2,500		2,601,800
			7,054,805
Maryland — 1.7%
Maryland EDC, Refunding RB, CNX Marine Terminals, Inc.,
5.75%, 9/01/25	180		188,410
Maryland Health & Higher Educational Facilities
Authority, Refunding RB, Doctor’s Community Hospital,
5.63%, 7/01/30	4,100		4,317,587
			4,505,997
Michigan — 5.1%
Board of Control of Michigan Technological University,
Refunding RB, General, Series A, 4.00%, 10/01/30	1,930		1,945,035
Michigan State Building Authority, Refunding RB, Facilities
Program, Series I, 6.25%, 10/15/38	1,875		2,159,606
Michigan State Hospital Finance Authority,
Refunding RB, Trinity Health Credit Group, Series A,
4.00%, 12/01/32 (a)	6,000		5,949,900
Royal Oak Hospital Finance Authority Michigan, Refunding
RB, William Beaumont Hospital, 8.25%, 9/01/39	2,750		3,497,120
			13,551,661
Minnesota — 2.8%
City of Minneapolis Minnesota, Refunding RB, Fairview
Health Services, Series B (AGC), 6.50%, 11/15/38	2,250		2,647,327
City of Rochester Minnesota, RB, Health Care Facilities
(Mayo Clinic), 4.00%, 11/15/41	3,500		3,469,970
Tobacco Securitization Authority Minnesota, Refunding RB,
Tobacco Settlement, 5.25%, 3/01/31	1,200		1,319,904
			7,437,201
Mississippi — 3.5%
Mississippi Development Bank, RB, Hinds Community
College District, Capital Improvement Project (AGM),
5.00%, 4/01/36	1,910		2,062,456
Mississippi Development Bank Special Obligation, RB,
Jackson County Limited Tax Note (AGC), 5.50%, 7/01/32	2,655		2,964,016

See Notes to Financial Statements.

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

Municipal Bonds	Par (000)		Value
Mississippi (concluded)
University of Southern Mississippi, RB, Campus Facilities
Improvements Project, 5.38%, 9/01/36	$	3,150	$	3,505,383
Warren County Mississippi, RB, Gulf Opportunity Zone
Bonds (International Paper Company Project), Series A,
AMT, 5.38%, 12/01/35	600		633,078
			9,164,933
Missouri — 0.7%
Missouri State Development Finance Board, RB, St. Joseph
Sewage System Improvements, 5.25%, 5/01/31	620		650,963
Missouri State Health & Educational Facilities Authority,
RB, A.T. Still University Health Sciences:
5.25%, 10/01/31	500		538,865
5.25%, 10/01/41	650		692,204
			1,882,032
Montana — 0.5%
Montana Facility Finance Authority, Refunding RB,
Sisters of Leavenworth, Series A, 4.75%, 1/01/40	1,250		1,327,450
Nebraska — 2.8%
Central Plains Energy Project Nebraska, RB, Gas Project
(Project No. 3):
5.25%, 9/01/37	765		795,294
5.00%, 9/01/42	900		902,826
City of Omaha, RB, 4.25%, 11/15/38	2,840		2,957,604
Nebraska Investment Finance Authority, Refunding RB,
Series A, 6.05%, 9/01/41	1,315		1,397,503
Omaha Nebraska Sanitation Sewer Revenue, RB, System,
4.25%, 11/15/41	1,170		1,214,636
			7,267,863
Nevada — 0.4%
County of Clark Nevada, Refunding RB, Alexander Dawson
School Nevada Project, 5.00%, 5/15/29	1,065		1,107,589
New Jersey — 6.5%
Middlesex County Improvement Authority, RB, Subordinate,
Heldrich Center Hotel, Series B, 6.25%, 1/01/37 (e)(f)	1,510		134,375
New Jersey EDA, RB, Cigarette Tax, 5.75%, 6/15/14 (d)	5,250		5,844,195
New Jersey EDA, Refunding RB, Cigarette Tax,
5.00%, 6/15/25	695		759,753
New Jersey Educational Facilities Authority, Refunding RB,
University of Medicine & Dentistry, Series B:
7.13%, 12/01/23	950		1,170,732
7.50%, 12/01/32	1,225		1,485,545
New Jersey Health Care Facilities Financing Authority,
Refunding RB, Barnabas Health, Series A:
4.63%, 7/01/23	770		792,584
5.63%, 7/01/37	2,560		2,705,254
New Jersey State Housing & Mortgage Finance Agency,
RB, Series AA, 6.50%, 10/01/38	705		756,409
New Jersey Transportation Trust Fund Authority, RB,
Transportation System, 5.25%, 6/15/36	2,860		3,195,821
Union County Utilities Authority, Refunding RB, County
Deficiency Agreement, Series A:
4.00%, 6/15/32	250		260,918
5.00%, 6/15/41	95		106,046
			17,211,632
New York — 6.1%
Albany Industrial Development Agency, RB, New Covenant
Charter School Project, Series A, 7.00%, 5/01/35 (e)(f)	725		166,743
Hudson New York Yards Infrastructure Corp., RB, Series A:
5.00%, 2/15/47	250		258,803
(AGM), 5.00%, 2/15/47	1,250		1,306,713
(NPFGC), 4.50%, 2/15/47	1,980		1,962,675
(NPFGC), 5.00%, 2/15/47	1,500		1,552,815

Municipal Bonds	Par (000)		Value
New York (concluded)
Long Island Power Authority, Refunding RB, Series A,
5.75%, 4/01/39	$	2,475	$	2,822,663
New York City Industrial Development Agency, RB:
American Airlines, Inc., JFK International Airport, AMT,
7.63%, 8/01/25 (e)(f)(g)	2,600		2,635,672
Queens Baseball Stadium, PILOT (AGC),
6.50%, 1/01/46	300		338,079
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		1,391,662
New York State Dormitory Authority, RB, Rochester Institute
of Technology, 6.00%, 7/01/33	1,625		1,890,671
Westchester County Healthcare Corp. New York, RB,
Senior Lien, Series A, Remarketing, 5.00%, 11/01/30	1,600		1,681,520
			16,008,016
North Carolina — 6.1%
City of Charlotte North Carolina, Refunding RB, Series A,
5.50%, 7/01/34	325		369,584
Gaston County Industrial Facilities & Pollution Control
Financing Authority North Carolina, RB, Exempt Facilities,
National Gypsum Co. Project, 5.75%, 8/01/35	2,425		2,038,964
North Carolina Capital Facilities Finance Agency, RB, Duke
Energy Carolinas Project, Series B, 4.38%, 10/01/31	1,385		1,449,001
North Carolina Capital Facilities Finance Agency,
Refunding RB, Duke Energy Carolinas Project, Series B,
4.63%, 11/01/40	9,650		10,109,436
North Carolina Medical Care Commission, Refunding RB,
University Health System, Series D, 6.25%, 12/01/33	1,750		2,021,933
			15,988,918
North Dakota — 0.8%
City of Grand Forks North Dakota, Healthcare Systems,
RB, 5.00%, 12/01/32 (a)	2,120		2,237,215
Oregon — 2.2%
City of Tigard Washington County Oregon, RB, Water
System, Water System, 5.00%, 8/01/42 (a)	1,400		1,560,370
Oregon Health & Science University, RB, Series A,
5.75%, 7/01/39	1,250		1,420,962
Oregon State Facilities Authority, New Student, HRB,
5.00%, 7/01/44	900		932,625
Oregon State Facilities Authority, Refunding RB, Limited
College Project, Series A:
5.00%, 10/01/34	1,150		1,237,446
5.25%, 10/01/40	500		542,430
			5,693,833
Pennsylvania — 4.2%
County of Allegheny Pennsylvania IDA, Refunding RB,
U.S. Steel Corp. Project, 6.55%, 12/01/27	2,535		2,740,918
Delaware River Port Authority, RB, Series D (AGM),
5.00%, 1/01/40	3,640		3,913,000
McKeesport Area School District, GO, CAB (FGIC) (b):
5.00%, 10/01/31	2,435		933,238
3.43%, 10/01/31 (h)	500		258,310
Pennsylvania Economic Development Financing Authority,
RB, Aqua Pennsylvania, Inc. Project, Series B,
4.50%, 12/01/42	3,000		3,139,110
			10,984,576
Puerto Rico — 1.3%
Puerto Rico Sales Tax Financing Corp., RB:
First Sub-Series A, 5.75%, 8/01/37	1,500		1,658,775
Series A, 5.82%, 8/01/35 (b)	1,000		263,420
Puerto Rico Sales Tax Financing Corp., Refunding RB, CAB,
Series A (NPFGC), 5.72%, 8/01/41 (b)	7,500		1,440,675
			3,362,870

See Notes to Financial Statements.

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

Municipal Bonds	Par (000)		Value
Rhode Island — 3.5%
Rhode Island Health & Educational Building Corp., RB,
Hospital Financing, LifeSpan Obligation, Series A (AGC),
7.00%, 5/15/39	$	3,000	$	3,556,830
Rhode Island Health & Educational Building Corp.,
Refunding RB, Rhode Island School of Design,
3.50%, 6/01/29	4,205		4,076,243
State of Rhode Island, COP, Series C, School for the Deaf
(AGC), 5.38%, 4/01/28	1,330		1,482,897
			9,115,970
South Carolina — 3.9%
South Carolina Jobs-EDA, Refunding RB:
Palmetto Health Alliance, Series A, 6.25%, 8/01/31	2,185		2,276,726
Palmetto Health, Series C, 6.88%, 8/01/13 (d)	3,560		3,846,224
South Carolina State Housing Finance & Development
Authority, Refunding RB, Series A-2, AMT (AMBAC),
5.15%, 7/01/37	3,890		4,090,608
			10,213,558
South Dakota — 0.5%
State of South Dakota Board of Regents Housing &
Auxiliary Facility System Revenue, RB, 4.25%, 4/01/33	1,350		1,408,860
Tennessee — 0.9%
Memphis-Shelby County Sports Authority, Inc.,
Refunding RB, Memphis Arena Project, Series A:
5.25%, 11/01/27	1,135		1,256,627
5.38%, 11/01/28	1,000		1,103,350
			2,359,977
Texas — 7.7%
Harris County Health Facilities Development Corp.,
Refunding RB, Memorial Hermann Healthcare System,
Series B:
7.13%, 12/01/31	1,000		1,198,530
7.25%, 12/01/35	2,650		3,162,828
Harris County Metropolitan Transit Authority, RB, Series A,
5.00%, 11/01/36	1,345		1,498,841
Harris County-Houston Sports Authority, Refunding RB,
CAB, Senior Lien, Series A (NPFGC),
6.27%, 11/15/38 (b)	5,000		971,250
Love Field Airport Modernization Corp., RB, Southwest
Airlines Co. Project, 5.25%, 11/01/40	1,445		1,493,726
Lower Colorado River Authority, Refunding RB, Series A
(NPFGC), 5.00%, 5/15/13 (d)	5		5,246
Matagorda County Navigation District No. 1 Texas,
Refunding RB, Central Power & Light Co. Project,
Series A, 6.30%, 11/01/29	2,200		2,511,542
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		3,489,780
Texas State Turnpike Authority, RB (AMBAC):
CAB, 6.03%, 8/15/31 (b)	15,000		4,768,800
First Tier, Series A, 5.00%, 8/15/42	1,250		1,250,500
			20,351,043
Vermont — 1.0%
Vermont Educational & Health Buildings Financing
Agency, RB, Hospital, Fletcher Allen Health, Series A,
4.75%, 12/01/36	2,550		2,565,555
Virginia — 0.7%
Virginia Small Business Financing Authority, RB, AMT,
Senior Lien, Elizabeth River Crossing OPCO LLC Project,
5.50%, 1/01/42	1,870		1,923,856

Municipal Bonds	Par (000)		Value
Washington — 1.4%
City of Lynnwood, GO, 4.00%, 12/01/37	$	1,200	$	1,196,148
Washington Health Care Facilities Authority, RB, MultiCare
Health System, Series B (AGC), 6.00%, 8/15/39	2,100		2,376,549
			3,572,697
West Virginia — 0.7%
West Virginia State University, RB, West Virginia University
Projects, Series B, 5.00%, 10/01/36	1,650		1,865,474
Wisconsin — 1.4%
Wisconsin State Health & Educational Facilities Authority,
RB, Aurora Health Care, Series A, 4.00%, 7/15/28	1,700		1,660,237
Wisconsin State Health & Educational Facilities Authority,
Revenue RB, Series C, 5.00%, 8/15/32 (a)	1,800		1,931,670
			3,591,907
Wyoming — 0.8%
County of Sweetwater Wyoming, Refunding RB, Idaho
Power Co. Project, 5.25%, 7/15/26	1,800		2,024,334
Total Municipal Bonds — 142.0%			374,033,448
Municipal Bonds Transferred to Tender Option Bond Trusts (i)
Colorado — 2.1%
Colorado Health Facilities Authority, RB, Catholic Health,
Series C-7 (AGM), 5.00%, 9/01/36	5,250		5,510,557
Massachusetts — 1.3%
Massachusetts Water Resources Authority, Refunding RB,
General, Series A, 5.00%, 8/01/41	3,070		3,365,856
New York — 6.3%
Hudson New York Yards Infrastructure Corp., RB, Senior,
Series A, 5.75%, 2/15/47	1,750		1,974,823
New York City Municipal Water Finance Authority, RB,
Water & Sewer System:
Second Generation Resolution, Series FF-2,
5.50%, 6/15/40	810		925,379
Series A, 4.75%, 6/15/30	4,000		4,373,120
Series A, 5.75%, 6/15/40	690		816,725
New York Liberty Development Corp., RB,
5.25%, 12/15/43	4,500		5,056,425
New York State Dormitory Authority, RB, New York
University, Series A, 5.00%, 7/01/38	3,359		3,620,887
			16,767,359
Ohio — 1.8%
County of Montgomery Ohio, RB, Catholic Health,
Series C-1 (AGM), 5.00%, 10/01/41	1,740		1,866,907
Ohio Higher Educational Facility Commission, RB, Hospital,
Cleveland Clinic Health, Series A, 5.25%, 1/01/33	2,600		2,813,954
			4,680,861
Total Municipal Bonds Transferred to
Tender Option Bond Trusts — 11.5%			30,324,633
Total Long-Term Investments
(Cost — $373,554,985) — 153.5%			404,358,081

See Notes to Financial Statements.

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

Short-Term Securities	Shares		Value
FFI Institutional Tax-Exempt Fund, 0.09% (j)(k)		4,510,968	$	4,510,968
Total Short-Term Securities
(Cost — $4,510,968) — 1.7%			4,510,968
Total Investments (Cost — $378,065,953) — 155.2%			408,869,049
Liabilities in Excess of Other Assets — (1.8)%			(4,704,023)
Liability for TOB Trust Certificates, Including Interest
Expense and Fees Payable — (5.6)%			(14,890,198)
VMTP Shares, at Liquidation Value — (47.8)%			(125,900,000)
Net Assets Applicable to Common Shares — 100.0%			$	263,374,828

(a)

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

Counterparty		Value				Unrealized Appreciation
Bank of America Merrill Lynch		$	10,118,785			$	94,700
Crews & Associates, Inc.		$	738,450				—
Piper Jaffray, Inc.		$	200,136			$	136
Wells Fargo Bank NA		$	1,560,370			$	20,174

(b)

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

(c)

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

(d)

US government securities, held in escrow, are used to pay interest on this security, as well as to retire the bond in full at the date indicated, typically at a premium to par.

(e)

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

(f)

Non-income producing security.

(g)

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

(h)

Security is collateralized by Municipal or US Treasury obligations.

(i)

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.

(j)

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

Affiliate	Shares Held at April 30, 2011	Net Activity	Shares Held at April 30, 2012	Income
FFI Institutional
Tax-Exempt Fund	1,084,525	3,426,443	4,510,968	$ 1,341

(k)

Represents the current yield as of report date.

•

Financial futures contracts sold as of April 30, 2012 were as follows:

Contracts	Issue	Exchange	Expiration	Notional Value	Unrealized Depreciation
292	10-Year US	Chicago Board	June
	Treasury Note	of Trade	2012	$38,626,125	$ (565,164)

•

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

•

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

•

Level 3 — unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Trust’s own assumptions used in determining the fair value of investments and derivative financial instruments)

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. 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 is not necessarily an indication of the risks associated with 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 April 30, 2012 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	—		$404,358,081	—	$404,358,081
Short-Term
Securities	$	4,510,968	—	—	4,510,968
Total	$	4,510,968	$404,358,081	—	$408,869,049
1 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
Liabilities:
Interest
rate contracts	$ (565,164)		—	—	$ (565,164)

2

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

See Notes to Financial Statements.

Schedule of Investments April 30, 2012	BlackRock Long-Term Municipal Advantage Trust (BTA)
	(Percentages shown are based on Net Assets)

Municipal Bonds	Par (000)		Value
Alabama — 0.3%
County of Jefferson Alabama, RB, 5.25%, 1/01/19	$	515	$	508,135
Arizona — 0.7%
Salt Verde Financial Corp., RB, Senior, 5.00%, 12/01/37	1,090		1,105,751
California — 6.2%
California Health Facilities Financing Authority, RB, Sutter
Health, Series B, 6.00%, 8/15/42	1,040		1,219,119
California Health Facilities Financing Authority, Refunding
RB, Series A:
Catholic Healthcare West, 6.00%, 7/01/39	680		784,605
St. Joseph Health System, 5.75%, 7/01/39	385		435,835
California HFA, RB, Home Mortgage, Series K, AMT,
5.50%, 2/01/42	565		585,668
California State Public Works Board, RB, Various Capital
Projects, Sub-Series I-1, 6.38%, 11/01/34	400		467,120
California Statewide Communities Development Authority,
RB, 5.00%, 4/01/42	760		810,791
City of Los Angeles Department of Airports, RB, Senior
Series A, 5.25%, 5/15/39	270		297,489
City of Los Angeles Department of Airports, Refunding RB,
Senior, Los Angeles International Airport, Series A,
5.00%, 5/15/40	2,045		2,221,013
San Marcos Unified School District, GO, SAN, Election
of 2010, Series B CAB, 5.51%, 8/01/38 (a)(b)	3,725		896,421
State of California, GO, Various Purpose, 6.50%, 4/01/33	2,000		2,437,200
			10,155,261
Colorado — 0.7%
North Range Metropolitan District No. 2, GO, Limited Tax,
5.50%, 12/15/37	1,200		1,091,328
Delaware — 1.2%
County of Sussex Delaware, RB, NRG Energy, Inc., Indian
River Project, 6.00%, 10/01/40	750		812,115
Delaware State EDA, RB, Exempt Facilities, Indian River
Power, 5.38%, 10/01/45	1,165		1,202,758
			2,014,873
District of Columbia — 6.9%
District of Columbia, RB, Methodist Home District of
Columbia, Series A:
7.38%, 1/01/30	550		566,984
7.50%, 1/01/39	910		937,482
District of Columbia, Tax Allocation Bonds, City Market at
O Street Project, 5.13%, 6/01/41	750		781,545
District of Columbia Tobacco Settlement Financing Corp.,
Refunding RB, Asset-Backed:
6.25%, 5/15/24	4,380		4,402,776
6.50%, 5/15/33	3,000		3,276,360
Metropolitan Washington Airports Authority, RB, First Senior
Lien, Series A:
5.00%, 10/01/39	170		181,942
5.25%, 10/01/44	1,000		1,076,210
			11,223,299
Florida — 2.3%
Mid-Bay Bridge Authority, RB, Series A, 7.25%, 10/01/40	745		863,581
Sumter Landing Community Development District Florida,
RB, Sub-Series B, 5.70%, 10/01/38	1,375		1,193,514
Tolomato Community Development District, Special
Assessment Bonds, 6.65%, 5/01/40 (c)(d)	1,750		745,500
Watergrass Community Development District, Special
Assessment Bonds, Series A, 5.38%, 5/01/39	1,845		940,083
			3,742,678
Guam — 0.1%
Territory of Guam, GO, Series A, 6.00%, 11/15/19	200		213,870

Municipal Bonds	Par (000)		Value
Illinois — 6.4%
Chicago Board of Education Illinois, GO, Series A:
5.50%, 12/01/39	$	720	$	813,838
5.00%, 12/01/41	240		258,154
Chicago O’Hare International Airport, GARB, General Third
Lien, Series A, 5.75%, 1/01/39	2,500		2,863,025
City of Chicago Illinois, Refunding RB, Sales Tax Revenue,
Series A, 5.25%, 1/01/38	280		311,623
City of Chicago Illinois Transit Authority, RB, Sales Tax
Receipts, 5.25%, 12/01/40	360		399,157
Illinois Finance Authority, RB, Advocate Health Care,
Series C, 5.38%, 4/01/44	1,845		1,983,117
Illinois Finance Authority, Refunding RB:
5.00%, 11/15/37 (b)	335		364,121
5.00%, 11/15/42 (b)	610		659,489
Central DuPage Health, Series B, 5.50%, 11/01/39	550		601,898
Metropolitan Pier & Exposition Authority, Refunding RB,
McCormick Place Expansion Project (AGM):
Series B, 5.00%, 6/15/50	1,095		1,140,563
Series B-2, 5.00%, 6/15/50	600		624,756
Railsplitter Tobacco Settlement Authority, RB,
5.50%, 6/01/23	180		205,699
State of Illinois, RB, Build Illinois, Series B,
5.25%, 6/15/34	215		236,543
			10,461,983
Indiana — 1.9%
Indiana Finance Authority, RB, Wastewater Utility (CWA
Authority Project), First Lien, Series A, 5.25%, 10/01/38	540		601,949
Indiana Finance Authority, Refunding RB, Parkview Health
System, Series A, 5.75%, 5/01/31	1,100		1,217,975
Indiana Finance Authority, Wastewater Utility, RB, Sisters of
St. Francis Health, 5.25%, 11/01/39	290		311,935
Indiana Finance Authority, Wastewater Utility, Refunding
RB, Ascension Health Senior Credit, Series B-5,
5.00%, 11/15/36	500		522,895
Indiana Municipal Power Agency, RB, Series B,
6.00%, 1/01/39	350		400,953
			3,055,707
Iowa — 0.7%
Iowa Student Loan Liquidity Corp., Refunding RB,
Series A-1, AMT, 5.15%, 12/01/22	975		1,084,561
Kentucky — 0.5%
Kentucky Economic Development Finance Authority, RB,
Series A, 6.38%, 6/01/40	350		400,432
Kentucky Economic Development Finance Authority,
Refunding RB, Owensboro Medical Health System,
Series B, 6.38%, 3/01/40	370		423,313
			823,745
Louisiana — 2.1%
Louisiana Local Government Environmental Facilities &
Community Development Authority, RB:
Series A-1, 6.50%, 11/01/35	1,135		1,273,890
Westlake Chemical Corp. Projects, 6.75%, 11/01/32	2,000		2,201,960
			3,475,850
Maine — 0.9%
Maine Health & Higher Educational Facilities Authority, RB,
Maine General Medical Center, 6.75%, 7/01/41	970		1,082,956
Maine State Turnpike Authority, RB, 5.00%, 7/01/42	310		346,109
			1,429,065

See Notes to Financial Statements.

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

Municipal Bonds	Par (000)		Value
Maryland — 2.0%
Maryland EDC, RB, Transportation Facilities Project,
Series A, 5.75%, 6/01/35	$	970	$	1,028,772
Maryland EDC, Refunding RB, CNX Marine Terminals, Inc.,
5.75%, 9/01/25	1,000		1,046,720
Maryland Health & Higher Educational Facilities Authority,
RB, 5.00%, 11/15/51 (b)	1,140		1,230,607
			3,306,099
Massachusetts — 0.8%
Massachusetts Development Finance Agency, RB, Wellesley
College, Series J, 5.00%, 7/01/42	630		711,975
Massachusetts Health & Educational Facilities Authority,
Refunding RB, Partners Healthcare, Series J1,
5.00%, 7/01/39	615		655,738
			1,367,713
Michigan — 2.5%
City of Detroit Michigan, RB, Senior Lien, Series B (AGM),
7.50%, 7/01/33	560		701,714
City of Detroit Michigan, Water Supply System, RB,
Senior Lien, Series A, 5.25%, 7/01/41	1,500		1,529,415
Royal Oak Hospital Finance Authority Michigan, Refunding
RB, William Beaumont Hospital, 8.25%, 9/01/39	1,400		1,780,352
			4,011,481
Minnesota — 1.5%
Tobacco Securitization Authority Minnesota, Refunding RB,
Series B:
5.25%, 3/01/25	1,540		1,734,425
5.25%, 3/01/31	650		714,948
			2,449,373
Nebraska — 0.5%
Central Plains Energy Project Nebraska, RB:
5.25%, 9/01/37	285		296,286
5.00%, 9/01/42	500		501,570
			797,856
New Jersey — 1.4%
New Jersey EDA, Cigarette Tax, Refunding RB, Cigarette Tax
Revenue, 5.00%, 6/15/24	335		370,738
New Jersey EDA, RB, Continental Airlines, Inc. Project, AMT,
6.40%, 9/15/23	1,000		1,002,400
New Jersey Transportation Trust Fund Authority, RB,
Transportation System, Series B, 5.25%, 6/15/36	845		944,220
			2,317,358
New York — 5.2%
Metropolitan Transportation Authority, Refunding RB,
Transportation, Series D, 5.25%, 11/15/40	410		448,626
New York City Industrial Development Agency, RB:
American Airlines, JFK International Airport, AMT,
7.63%, 8/01/25 (c)(d)(e)	4,000		4,054,880
British Airways Place Project, 7.63%, 12/01/32	1,000		1,032,500
New York City Transitional Finance Authority, RB,
Sub-Series E, 5.00%, 2/01/42	850		944,146
New York Liberty Development Corp., Refunding RB,
Second Priority, Bank of America Tower at One Bryant
Park Project, 6.38%, 7/15/49	420		467,598
New York State Dormitory Authority, RB, New York
University, Series A, 5.25%, 7/01/48	1,000		1,101,840
Port Authority of New York & New Jersey, RB,
JFK International Air Terminal, 6.00%, 12/01/42	430		476,595
			8,526,185
North Carolina — 0.3%
North Carolina Medical Care Commission, RB, Duke
University Health System, Series A, 5.00%, 6/01/42	480		516,398

Municipal Bonds	Par (000)		Value
Ohio — 0.6%
State of Ohio, RB, Ford Motor Co. Project, AMT,
5.75%, 4/01/35	$	1,000	$	1,005,000
Oregon — 0.5%
City of Tigard Washington County Oregon, RB, Water
System, 5.00%, 8/01/42 (b)	100		111,455
City of Tigard Washington County Oregon, Refunding RB,
Water System, 5.00%, 8/01/37 (b)	90		100,554
Oregon State Facilities Authority, New Student, HRB,
CHF-Ashland, LLC - Southern Oregon University Project,
4.70%, 7/01/33	655		677,676
			889,685
Pennsylvania — 0.6%
Allegheny County Hospital Development Authority, RB,
Health System, West Penn, Series A, 5.38%, 11/15/40	1,115		929,297
Puerto Rico — 3.4%
Commonwealth of Puerto Rico, GO, Refunding, Public
Improvement, Series A, 5.00%, 7/01/41	1,100		1,088,263
Puerto Rico Commonwealth Aqueduct & Sewer Authority,
RB, Senior Lien, Series A:
5.13%, 7/01/37	120		119,738
5.25%, 7/01/42	200		199,384
Puerto Rico Sales Tax Financing Corp., RB, First
Sub-Series A, 6.50%, 8/01/44	1,705		1,999,027
Puerto Rico Sales Tax Financing Corp., Refunding RB,
CAB (a):
First Sub-Series C, 5.96%, 8/01/38	1,490		318,845
Series C, 5.61%, 8/01/39	8,540		1,890,671
			5,615,928
South Carolina — 0.9%
South Carolina State Public Service Authority, RB:
5.00%, 12/01/43	735		803,789
Santee Copper Project, Series C, 5.00%, 12/01/36	530		588,782
			1,392,571
Tennessee — 0.1%
Rutherford County Health & Educational Facilities Board,
RB, Ascension Health, Series C, 5.00%, 11/15/47 (b)	75		80,961
Texas — 7.2%
Brazos River Authority, RB, TXU Electric, Series A, AMT,
8.25%, 10/01/30	1,500		224,565
Central Texas Regional Mobility Authority, RB, Senior Lien,
6.25%, 1/01/46	730		804,832
City of Dallas Texas, Refunding RB, Waterworks & Sewer
System, 5.00%, 10/01/35	525		590,951
City of Houston Texas, Refunding RB, Senior Lien, Series A,
5.50%, 7/01/39	250		275,910
HFDC of Central Texas, Inc., RB, Village at Gleannloch
Farms, Series A, 5.50%, 2/15/27	1,150		974,637
Houston Higher Education Finance Corp., RB, Cosmos
Foundation, Inc. Series A, 6.88%, 5/15/41	200		239,068
Matagorda County Navigation District No. 1 Texas,
Refunding RB, Central Power & Light Co. Project,
Series A, 6.30%, 11/01/29	700		799,127
North Texas Tollway Authority, Refunding RB, Toll, Second
Tier, Series F, 6.13%, 1/01/31	2,290		2,520,053
Tarrant County Cultural Education Facilities Finance Corp.,
RB, Scott & White Healthcare, 6.00%, 8/15/45	1,390		1,597,138
Texas Private Activity Bond Surface Transportation Corp.,
RB, Senior Lien, LBJ Infrastructure Group LLC,
LBJ Freeway Managed Lanes
Project, 7.00%, 6/30/40	1,000		1,163,260
Texas State Public Finance Authority, RB, Charter School
Finance, Cosmos Foundation, Series A, 5.38%, 2/15/37	1,250		1,270,112
University of Texas System, Refunding RB, Refunding
Financing System Series B, 5.00%, 8/15/43	1,070		1,222,561
			11,682,214

See Notes to Financial Statements.

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

Municipal Bonds	Par (000)		Value
Virginia — 2.8%
Peninsula Ports Authority, Refunding RB, Virginia Baptist
Homes, Series C, 5.38%, 12/01/26	$	1,600	$	1,240,944
Virginia HDA, RB, Rental Housing, Series F,
5.00%, 4/01/45	1,000		1,040,160
Virginia Small Business Financing Authority, RB, AMT,
Senior Lien, Elizabeth River Crossings Project:
5.25%, 1/01/32	275		282,395
6.00%, 1/01/37	1,500		1,629,540
5.50%, 1/01/42	400		411,520
			4,604,559
Washington — 0.5%
Washington Health Care Facilities Authority, RB, Swedish
Health Services, Series A, 6.75%, 11/15/41	660		840,926
Wisconsin — 1.8%
Wisconsin Health & Educational Facilities Authority,
RB, Ascension Health Credit Group, Series A,
5.00%, 11/15/31	2,835		3,009,636
Wyoming — 0.1%
Wyoming Municipal Power Agency, RB, Series A,
5.00%, 1/01/42	100		105,978
Total Municipal Bonds — 63.6%			103,835,324
Municipal Bonds Transferred to Tender Option Bond Trusts (f)
Arizona — 0.5%
Salt River Project Agricultural Improvement & Power
District, RB, Series A, 5.00%, 1/01/38	820		889,215
California — 13.0%
Bay Area Toll Authority, Refunding RB, San Francisco
Bay Area, Series F-1, 5.63%, 4/01/44	1,090		1,222,160
California Educational Facilities Authority, RB, University of
Southern California, Series A, 5.25%, 10/01/39	840		953,039
San Diego Community College District California, GO,
Election of 2002, 5.25%, 8/01/33	553		635,144
San Francisco City & County Public Utilities Commission,
RB, Series B, 5.00%, 11/01/39	3,225		3,561,948
University of California, RB, Series B (NPFGC),
4.75%, 5/15/38	14,500		14,826,395
			21,198,686
Colorado — 3.0%
Colorado Health Facilities Authority, Refunding RB, Series A:
Catholic Healthcare, 5.50%, 7/01/34	740		827,915
Sisters of Leavenworth, 5.00%, 1/01/40	3,930		4,131,491
			4,959,406
Florida — 1.3%
County of Miami-Dade Florida, RB, Water & Sewer System,
5.00%, 10/01/34	1,950		2,143,422
Illinois — 4.8%
City of Chicago Illinois, RB, (O’Hare International),
Third Lien, Series A (NPFGC), 5.00%, 1/01/33	4,995		5,156,738
Illinois Finance Authority, RB, Carle Foundation, Series A
(AGM), 6.00%, 8/15/41	2,340		2,636,174
			7,792,912
Indiana — 7.9%
Carmel Redevelopment Authority, RB, Performing Arts Center:
4.75%, 2/01/33	5,365		5,615,975
5.00%, 2/01/33	6,580		7,207,600
			12,823,575

Municipal Bonds Transferred to Tender Option Bond Trusts (f)	Par (000)		Value
Massachusetts — 8.5%
Massachusetts HFA, Refunding HRB, Series D, AMT,
5.45%, 6/01/37	$	11,855	$	12,057,004
Massachusetts School Building Authority, RB, Senior,
Series B, 5.00%, 10/15/41	1,560		1,748,354
			13,805,358
Nebraska — 3.2%
Omaha Public Power District, RB, System, Sub-Series B
(NPFGC), 4.75%, 2/01/36	5,000		5,219,550
New Hampshire — 0.5%
New Hampshire Health & Education Facilities Authority,
RB, Dartmouth College, 5.25%, 6/01/39	660		758,234
New York — 24.2%
Hudson New York Yards Infrastructure Corp., RB, Series A,
5.75%, 2/15/47	1,510		1,703,991
New York City Municipal Water & Sewer Finance
Authority, RB, Second General Resolution, Series HH,
5.00%, 6/15/31	2,835		3,254,906
New York City Municipal Water Finance Authority, RB:
Series D, 5.00%, 6/15/39	7,500		8,096,025
Water & Sewer, Series FF-2, 5.50%, 6/15/40	495		565,509
New York Liberty Development Corp., RB, World Trade
Center Port Authority Construction, 5.25%, 12/15/43	6,135		6,893,593
New York Liberty Development Corp., Refunding RB,
World Trade Center Project, 5.75%, 11/15/51	2,220		2,519,944
New York State Dormitory Authority, ERB:
Series B, 5.75%, 3/15/36	11,250		13,135,838
Series F, 5.00%, 3/15/35	3,000		3,251,441
			39,421,247
North Carolina — 9.7%
University of North Carolina at Chapel Hill, Refunding RB,
General, Series A, 4.75%, 12/01/34	15,170		15,907,684
Ohio — 4.9%
County of Allen Ohio, Refunding RB, Catholic Healthcare,
Series A, 5.25%, 6/01/38	2,650		2,871,116
State of Ohio, Refunding RB, Cleveland Clinic Health,
Series A, 5.50%, 1/01/39	4,634		5,108,648
			7,979,764
South Carolina — 1.7%
South Carolina State Housing Finance & Development
Authority, Refunding RB, Series B-1, 5.55%, 7/01/39	2,709		2,860,901
Texas — 8.4%
County of Harris Texas, RB, Senior Lien, Toll Road, Series A,
5.00%, 8/15/38	2,130		2,315,374
Harris County Metropolitan Transit Authority, RB, Series A,
5.00%, 11/01/41	1,170		1,290,931
New Caney ISD, GO, School Building (PSF-GTD),
5.00%, 2/15/35	9,150		10,136,645
			13,742,950
Utah — 0.6%
City of Riverton Utah, RB, IHC Health Services Inc.,
5.00%, 8/15/41	960		1,028,666
Virginia — 0.7%
Virginia Small Business Financing Authority, Refunding RB,
Sentara Healthcare, 5.00%, 11/01/40	1,000		1,078,906
Wisconsin — 1.3%
Wisconsin Health & Educational Facilities Authority,
Refunding RB, Froedtert & Community Health, Inc.,
5.25%, 4/01/39	1,990		2,162,311
Total Municipal Bonds Transferred to
Tender Option Bond Trusts — 94.2%			153,772,787
Total Long-Term Investments
(Cost — $246,326,109) — 157.8%			257,608,111

See Notes to Financial Statements.

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

Short-Term Securities	Shares		Value
FFI Institutional Tax-Exempt Fund, 0.09% (g)(h)		3,415,500	$	3,415,500
Total Short-Term Securities
(Cost — $3,415,500) — 2.1%			3,415,500
Total Investments (Cost — $249,741,609) — 159.9%			261,023,611
Liabilities in Excess of Other Assets — (0.5)%			(910,053)
Liability for TOB Trust Certificates, Including Interest
Expense and Fees Payable — (59.4)%			(96,898,496)
Net Assets — 100.0%			$	163,215,062

(a)

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

(b)

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

Counterparty		Value				Unrealized Appreciation
Morgan Stanley & Co., Inc.		$	2,335,178			$	21,630
Stifel Nicolaus & Co.		$	896,421			$	5,764
Wells Fargo Bank NA		$	212,009			$	2,500

(c)

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

(d)

Non-income producing security.

(e)

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

(f)

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.

(g)

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

Affiliate	Shares Held at April 30, 2011	Net Activity	Shares Held at April 30, 2012	Income
FFI Institutional
Tax-Exempt Fund	1,227,518	2,187,982	3,415,500	$      604

(h)

Represents the current yield as of report date.

•

Financial futures contracts sold as of April 30, 2012 were as follows:

Contracts	Issue	Exchange	Expiration	Notional Value	Unrealized Depreciation
36	10-Year US	Chicago Board	June
	Treasury Note	of Trade	2012	$ 4,762,125	$ (63,068)

•

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

•

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

•

Level 3 — unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Trust’s own assumptions used in determining the fair value of investments and derivative financial instruments)

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. 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 is not necessarily an indication of the risks associated with 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 April 30, 2012 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			—			$	257,608,111				—			$	257,608,111
Short-Term
Securities		$	3,415,500				—				—				3,415,500
Total		$	3,415,500			$	257,608,111				—			$	261,023,611
1 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		$	(63,068	)			—				—			$	(63,068	)

2

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

See Notes to Financial Statements.

Schedule of Investments April 30, 2012	BlackRock Municipal 2020 Term Trust (BKK)
	(Percentages shown are based on Net Assets)

Municipal Bonds	Par (000)		Value
Alabama — 0.7%
Alabama State 21st Century Authority Tobacco Settlement,
RB, Series A, 5.00%, 6/01/20	$	1,000	$	1,191,100
Courtland IDB Alabama, Refunding RB, International
Paper Co. Projects, Series A, 4.75%, 5/01/17	1,165		1,218,823
			2,409,923
Alaska — 2.0%
City of Valdez Alaska, Refunding RB, BP Pipelines Project:
Series B, 5.00%, 1/01/21	3,200		3,760,000
Series C, 5.00%, 1/01/21	2,500		2,937,500
			6,697,500
Arizona — 3.3%
Phoenix Civic Improvement Corp., RB, Junior Lien, Series A:
5.00%, 7/01/20	1,300		1,541,930
5.00%, 7/01/21	5,585		6,789,014
Salt Verde Financial Corp., RB, Senior:
5.00%, 12/01/18	1,500		1,608,480
5.25%, 12/01/20	1,000		1,096,140
			11,035,564
California — 19.9%
California Health Facilities Financing Authority, Refunding
RB, Sutter Health, Series B, 5.00%, 8/15/22	815		965,294
California State Department of Water Resources,
Refunding RB, Series L, 5.00%, 5/01/20	10,000		12,456,900
California Statewide Communities Development Authority,
RB, John Muir Health, Series A, 5.00%, 8/15/22	5,000		5,408,450
Foothill Eastern Transportation Corridor Agency California,
Refunding RB, CAB (a):
5.98%, 1/15/21	12,500		7,485,375
6.00%, 1/15/22	10,000		5,633,200
Golden State Tobacco Securitization Corp. California, RB:
ARS, Asset-Backed, Series A-3, 7.88%, 6/01/42	975		1,053,995
Series 2003-A-1, 6.63%, 6/01/13 (b)	1,500		1,601,820
Series 2003-A-1, 6.75%, 6/01/39	11,010		11,772,222
Los Angeles Unified School District California, GO, Series I,
5.00%, 7/01/20	3,750		4,508,925
Riverside County Asset Leasing Corp. California,
RB, Riverside County Hospital Project (NPFGC),
5.56%, 6/01/25 (a)	6,865		3,350,257
San Manuel Entertainment Authority, Series 04-C,
4.50%, 12/01/16 (c)	4,000		4,114,320
State of California, GO, Various Purpose, 5.00%, 11/01/22	7,050		7,432,955
			65,783,713
Colorado — 0.9%
E-470 Public Highway Authority Colorado, RB, CAB, Senior
Series B (NPFGC), 4.32%, 9/01/22 (a)	4,500		2,893,050
District of Columbia — 3.0%
District of Columbia Tobacco Settlement Financing Corp.,
Refunding RB, Asset-Backed, 6.50%, 5/15/33	4,215		4,603,286
Metropolitan Washington Airports Authority, Refunding RB,
Series C-2, AMT (AGM), 5.00%, 10/01/24	5,000		5,388,200
			9,991,486
Florida — 8.3%
Bellalago Educational Facilities Benefit District, Special
Assessment Bonds, Series A, 5.85%, 5/01/22	2,020		1,990,306
Broward County School Board Florida, COP, Series A (AGM),
5.25%, 7/01/22	1,250		1,402,413
City of Jacksonville Florida, RB, Better Jacksonville,
5.00%, 10/01/22	5,160		5,915,011
Florida State Board of Education, GO, Refunding, Series B,
5.00%, 6/01/20	5,000		6,206,600

Municipal Bonds	Par (000)		Value
Florida (concluded)
Habitat Community Development District, Special
Assessment Bonds, 5.80%, 5/01/25	$	1,820	$	1,823,968
Miami Beach Health Facilities Authority, RB, Mount Sinai
Medical Center of Florida, 6.75%, 11/15/21	2,170		2,363,000
Middle Village Community Development District, Special
Assessment Bonds, Series A, 5.80%, 5/01/22	3,285		3,141,018
Pine Island Community Development District, RB,
5.30%, 11/01/10 (d)(e)	250		100,030
Stevens Plantation Community Development District,
Special Assessment Bonds, Series B, 6.38%, 5/01/13	3,530		2,647,500
Village Community Development District No. 5 Florida,
Special Assessment Bonds, Series A, 6.00%, 5/01/22	1,975		2,020,464
			27,610,310
Illinois — 13.5%
City of Chicago Illinois, RB, General Airport, Third Lien,
Series A (AMBAC):
5.00%, 1/01/21	5,000		5,472,300
5.00%, 1/01/22	7,000		7,596,890
Illinois Finance Authority, RB:
MJH Education Assistance IV LLC, Sub-Series B,
5.00%, 6/01/24 (d)(e)	1,075		107,468
Northwestern University, 5.00%, 12/01/21	4,800		5,105,040
Illinois State Toll Highway Authority, RB, Senior Priority,
Series A (AGM), 5.00%, 1/01/19	2,250		2,520,315
Lake Cook-Dane & McHenry Counties Community Unit
School District 220 Illinois, GO, Refunding (AGM),
5.25%, 12/01/20	1,000		1,267,130
Metropolitan Pier & Exposition Authority Illinois,
Refunding RB, CAB, McCormick, Series A (NPFGC),
4.02%, 6/15/22 (a)	13,455		8,991,303
Railsplitter Tobacco Settlement Authority, RB,
5.25%, 6/01/20	10,000		11,356,300
State of Illinois, RB, Build Illinois, Series B,
5.00%, 6/15/20	2,000		2,372,740
			44,789,486
Indiana — 4.4%
City of Vincennes Indiana, Refunding RB, Southwest
Indiana Regional Youth Village, 6.25%, 1/01/24	4,000		2,430,560
Indiana Municipal Power Agency, Series A, 5.00%, 1/01/21	600		725,082
Indianapolis Airport Authority, Refunding RB, Special
Facilities, FedEx Corp. Project, AMT, 5.10%, 1/15/17	10,000		11,361,000
			14,516,642
Kansas — 2.2%
Kansas Development Finance Authority, Refunding RB,
Adventist Health, 5.25%, 11/15/20	2,500		3,018,325
Wyandotte County-Kansas City Unified Government,
RB, Kansas International Speedway (NPFGC),
4.65%, 12/01/20 (a)	6,440		4,340,818
			7,359,143
Kentucky — 1.9%
Kentucky Housing Corp., RB, Series C, AMT,
4.63%, 7/01/22	2,000		2,072,340
Louisville & Jefferson County, Revenue RB, Metro
Government Catholic Health Initiatives, Series A:
3.50%, 12/01/20	2,115		2,298,286
5.00%, 12/01/20	1,430		1,722,077
			6,092,703
Louisiana — 0.6%
Parish of DeSoto Louisiana, RB, Series A, AMT,
5.85%, 11/01/27	2,000		2,086,300

See Notes to Financial Statements.

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

Municipal Bonds	Par (000)		Value
Maryland — 4.9%
Maryland EDC, RB, Transportation Facilities Project,
Series A, 5.13%, 6/01/20	$	1,250	$	1,339,775
Maryland Health & Higher Educational Facilities Authority,
Refunding RB:
Charlestown Community, 5.50%, 1/01/21	1,335		1,514,931
University of Maryland Medical System,
5.00%, 7/01/19	670		769,341
Maryland State and Local Facilities Loan, GO, Series B,
5.00%, 3/15/20	10,000		12,624,300
			16,248,347
Massachusetts — 1.5%
Massachusetts Development Finance Agency, RB, Waste
Management, Inc. Project, AMT, 5.45%, 6/01/14	4,500		4,862,205
Massachusetts State Water Pollution Abatement, Refunding
RB, MWRA Program, Sub-Series A, 6.00%, 8/01/23	140		140,626
			5,002,831
Michigan — 2.5%
Kalamazoo Hospital Finance Authority, Refunding RB,
Bronson Methodist Hospital, 5.00%, 5/15/20	1,720		1,935,103
Lansing Board of Water & Light, RB, Series A,
3.50%, 7/01/20	1,000		1,103,000
Michigan State Building Authority, RB, Refunding Facilities
Program, Series A:
4.00%, 10/15/20	1,205		1,354,143
5.00%, 10/15/20	325		389,994
State of Michigan, Refunding RB:
5.00%, 11/01/20	1,000		1,213,170
5.00%, 11/01/21	2,000		2,400,680
			8,396,090
Minnesota — 7.2%
Minnesota Higher Education Facilities Authority, RB,
University of St. Thomas, Series 5-Y, 5.00%, 10/01/24	1,250		1,315,225
Minnesota State Trunk Highway, GO, Series B,
5.00%, 10/01/20	16,000		20,293,440
Tobacco Securitization Authority, Refunding RB, Tobacco
Settlement, Series B, 5.00%, 3/01/20	2,000		2,309,720
			23,918,385
Missouri — 3.4%
Missouri Development Finance Board, RB, Branson
Landing Project, Series A, 5.50%, 12/01/24	5,000		5,194,200
Missouri State Health & Educational Facilities Authority,
Refunding RB, BJC Health System, Series A,
5.00%, 5/15/20	5,500		6,144,105
			11,338,305
Multi-State — 5.8%
Centerline Equity Issuer Trust (c)(f):
5.75%, 5/15/15	1,000		1,082,560
6.00%, 5/15/15	4,000		4,356,000
6.00%, 5/15/19	2,500		2,871,475
6.30%, 5/15/19	2,500		2,916,025
MuniMae TE Bond Subsidiary LLC (c)(f)(g):
5.40%	5,000		3,299,900
5.80%	5,000		3,399,900
Series D, 5.90%	2,000		1,119,960
			19,045,820
Nebraska — 1.2%
Central Plains Energy Project No. 3, RB, Gas Project,
5.00%, 9/01/20 (h)	3,500		3,876,915

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	$	1,045,506
County of Clark Nevada, Refunding RB, Alexander Dawson
School Nevada Project, 5.00%, 5/15/20	5,000		5,409,400
			6,454,906
New Hampshire — 2.8%
New Hampshire Business Finance Authority, Refunding RB,
Public Service Co. of New Hampshire Project, Series B,
AMT (NPFGC), 4.75%, 5/01/21	4,350		4,566,761
New Hampshire Health & Education Facilities Authority,
Refunding RB, Elliot Hospital, Series B, 5.60%, 10/01/22	4,225		4,508,962
			9,075,723
New Jersey — 8.5%
Middlesex County Improvement Authority, RB, Street
Student Housing Project, Series A, 5.00%, 8/15/23	1,000		1,029,660
New Jersey EDA, RB:
Cigarette Tax, 5.50%, 6/15/24	10,000		10,064,700
Continental Airlines, Inc. Project, AMT,
9.00%, 6/01/33 (i)	1,500		1,608,060
New Jersey EDA, Refunding RB:
Cigarette Tax, 5.00%, 6/15/20	2,500		2,859,425
First Mortgage, Winchester, Series A, 4.80%, 11/01/13	520		530,478
School Facilities, Series GG, 5.00%, 9/01/22	2,000		2,350,800
New Jersey Educational Facilities Authority, Refunding RB,
University of Medicine & Dentistry, Series B,
6.25%, 12/01/18	2,500		3,022,750
New Jersey Health Care Facilities Financing Authority,
Refunding RB:
AtlantiCare Regional Medical Center, 5.00%, 7/01/20	2,110		2,334,019
Capital Health System Obligation Group, Series A,
5.75%, 7/01/23	4,000		4,248,440
			28,048,332
New York — 8.4%
City of New York New York, GO, 5.00%, 4/01/18	2,365		2,837,338
New York City Industrial Development Agency, RB, American
Airlines, Inc., JFK International Airport, AMT (d)(e)(i):
7.63%, 8/01/25	3,885		3,938,302
7.75%, 8/01/31	5,000		5,099,950
New York State Energy Research & Development Authority,
Refunding RB, Brooklyn Union Gas/Keyspan, Series A,
AMT (NPFGC), 4.70%, 2/01/24	8,500		8,944,635
Port Authority of New York & New Jersey, RB,
JFK International Air Terminal, 5.00%, 12/01/20	1,525		1,610,446
Tobacco Settlement Financing Corp. New York, RB,
Asset-Backed, Series B-1C, 5.50%, 6/01/20	5,000		5,268,750
			27,699,421
North Carolina — 2.4%
North Carolina Eastern Municipal Power Agency,
Refunding RB, Series B, 5.00%, 1/01/21	1,550		1,815,717
North Carolina Municipal Power Agency No. 1,
Refunding RB, Series B, 5.00%, 1/01/20	5,000		6,029,900
			7,845,617
Ohio — 4.2%
Cuyahoga County, RB, Cleveland Clinic Health System,
Series A:
6.00%, 1/01/19	1,530		1,631,347
6.00%, 1/01/19	1,470		1,567,373
6.00%, 1/01/20	5,100		5,437,824
6.00%, 1/01/20	4,900		5,224,576
			13,861,120

See Notes to Financial Statements.

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

Municipal Bonds	Par (000)		Value
Pennsylvania — 6.0%
Lancaster County Hospital Authority, RB, General Hospital
Project, 5.75%, 3/15/20	$	7,500	$	8,029,425
Pennsylvania Economic Development Financing
Authority, RB, Refunding Amtrak Project, Series A, AMT,
4.00%, 11/01/20	2,175		2,334,797
Pennsylvania Higher Educational Facilities Authority,
Refunding RB, Drexel University, Series A,
5.00%, 5/01/20	1,575		1,859,870
Pennsylvania IDA, Refunding RB, 5.00%, 7/01/20 (h)	1,500		1,767,600
Pennsylvania Turnpike Commission, RB, Sub-Series A
(AGC), 5.00%, 6/01/22	1,000		1,157,400
Pennsylvania Turnpike Commission, Refunding RB,
Series A, 5.00%, 12/01/20	4,000		4,831,160
			19,980,252
Puerto Rico — 7.1%
Commonwealth of Puerto Rico, GO, Public Improvement,
Series B, 5.25%, 7/01/17	3,300		3,626,172
Puerto Rico Commonwealth Aqueduct & Sewer Authority,
RB, Senior Lien, Series A, 5.00%, 7/01/21	8,415		9,183,458
Puerto Rico Electric Power Authority, RB, Series NN,
5.13%, 7/01/24	9,000		9,506,520
Puerto Rico Sales Tax Financing Corp., RB, Sales Tax
Revenue, Series C, 5.00%, 8/01/22	1,100		1,316,634
			23,632,784
South Carolina — 0.7%
South Carolina State Ports Authority, RB, 5.00%, 7/01/20	2,000		2,418,240
Texas — 9.5%
Central Texas Regional Mobility Authority, RB, Senior Lien:
5.75%, 1/01/19	800		882,184
5.75%, 1/01/20	1,140		1,270,735
City of Dallas Texas, Refunding RB (AGC), 5.00%, 8/15/21	2,500		2,855,950
City of Frisco TX, GO, Refunding, 3.00%, 2/15/20	2,250		2,456,055
City of Houston Texas, Refunding RB, Sub Lien, Series B,
5.00%, 7/01/20	250		297,953
Lower Colorado River Authority, 5.00%, 5/15/20	5,000		6,068,150
North Texas Tollway Authority, RB, Series C:
5.25%, 1/01/20	1,000		1,178,020
5.38%, 1/01/21	5,000		5,884,550
Texas State Turnpike Authority, RB, CAB, First Tier, Series A
(AMBAC) (a):
3.82%, 8/15/21	7,990		5,621,524
4.41%, 8/15/24	8,450		4,924,744
			31,439,865
US Virgin Islands — 0.3%
Virgin Islands Public Finance Authority, RB, Senior Lien,
Matching Fund Loan Note, Series A, 5.25%, 10/01/17	1,000		1,074,890
Virginia — 7.5%
Charles City County EDA, RB, Waste Management, Inc.
Project, Mandatory Put Bonds, AMT, 5.13%, 8/01/27	10,000		10,708,500
Mecklenburg County IDA Virginia, Refunding RB, Exempt
Facility, UAE LP Project, AMT, 6.50%, 10/15/17	7,500		7,534,200
Norfolk Virginia Water Revenue, Refunding RB,
5.00%, 11/01/20	2,000		2,514,160
Roanoke EDA, RB, Carilion Clinic Obligation Group,
5.00%, 7/01/20	1,500		1,774,275
Russell County IDA, Refunding RB, Appalachian Power,
Series K, 4.63%, 11/01/21	2,000		2,190,260
			24,721,395
Washington — 0.1%
Washington Health Care Facilities Authority, RB, Providence
Health & Services B, 5.00%, 10/01/20	250		299,218

Municipal Bonds	Par (000)		Value
Wisconsin — 2.8%
State of Wisconsin, Refunding RB, Series A,
5.25%, 5/01/20	$	1,000	$	1,214,300
Wisconsin Health & Educational Facilities Authority,
Refunding RB:
Froedtert & Community Health, Inc., 5.00%, 4/01/20	1,515		1,783,003
Wheaton Franciscan Services, Series A,
5.50%, 8/15/17	2,880		2,989,210
Wheaton Franciscan Services, Series A,
5.50%, 8/15/18	3,190		3,302,479
			9,288,992
Total Municipal Bonds — 149.5%			494,933,268
Municipal Bonds Transferred to Tender Option Bond Trusts (j) — 1.8%
Illinois — 1.8%
City of Chicago Illinois, Refunding RB, Second Lien (AGM),
5.00%, 11/01/20	5,000		5,885,350
Total Long-Term Investments
(Cost — $476,275,878) — 151.3%			500,818,618
Short-Term Securities	Shares
FFI Institutional Tax-Exempt Fund, 0.09% (k)(l)		3,693,013		3,693,013
Total Short-Term Securities
(Cost — $3,693,013) — 1.1%			3,693,013
Total Investments (Cost — $479,968,891) — 152.4%			504,511,631
Other Assets Less Liabilities — 1.2%			4,157,538
Liability for TOB Trust Certificates, Including Interest
Expense and Fees Payable — (1.1)%			(3,753,152)
AMPS, at Redemption Value — (52.5)%			(173,858,030)
Net Assets Applicable to Common Shares — 100.0%			$	331,057,987

(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)

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

Counterparty		Value				Unrealized Appreciation
Goldman Sachs & Co.		$	3,876,915			$	560
Morgan Stanley & Co., Inc.		$	1,767,600			$	6,720

See Notes to Financial Statements.

Schedule of Investments (concluded)

BlackRock Municipal 2020 Term Trust (BKK)

(i)

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

(j)

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.

(k)

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

Affiliate	Shares Held at April 30, 2011	Net Activity	Shares Held at April 30, 2012	Income
FFI Institutional
Tax-Exempt Fund	3,220,721	472,292	3,693,013	$ 1,414

(l)

Represents the current yield as of report date

•

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)

Changes in valuation techniques may result in transfers into 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 is not necessarily an indication of the risks associated with investing in those securities. For information about the Trust’s policy regarding valuation of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements.

The following table summarizes the inputs used as of April 30, 2012 in determining the fair valuation of the Trust’s investments:

Valuation Inputs		Level 1				Level 2				Level 3				Total
Assets:
Investments:
Long-Term
Investments1			—			$	500,818,618				—			$	500,818,618
Short-Term
Securities		$	3,693,013				—				—				3,693,013
Total		$	3,693,013			$	500,818,618				—			$	504,511,631

1

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

See Notes to Financial Statements.

Schedule of Investments April 30, 2012	BlackRock Municipal Income Trust (BFK)
	(Percentages shown are based on Net Assets)

Municipal Bonds	Par (000)		Value
Alabama — 1.1%
Alabama State Docks Department, Refunding RB,
6.00%, 10/01/40	$	4,080	$	4,510,807
County of Jefferson Alabama, RB, 5.25%, 1/01/19	2,910		2,871,210
			7,382,017
Arizona — 3.1%
Salt Verde Financial Corp., RB:
5.00%, 12/01/32	10,030		10,224,081
5.00%, 12/01/37	9,460		9,596,697
			19,820,778
California — 22.3%
Bay Area Toll Authority, Refunding RB, San Francisco
Bay Area, Series F-1, 5.63%, 4/01/44	4,445		4,983,156
California County Tobacco Securitization Agency, RB, CAB,
Stanislaus, Sub-Series C, 10.51%, 6/01/55 (a)	17,855		216,224
California Health Facilities Financing Authority, RB, Sutter
Health, Series B, 6.00%, 8/15/42	6,230		7,302,993
California State Public Works Board, RB, Various Capital
Projects, Sub-Series 1, 6.38%, 11/01/34	2,315		2,703,457
California Statewide Communities Development
Authority, RB:
5.00%, 4/01/42	4,295		4,582,035
Health Facility Memorial Health Services, Series A,
5.50%, 4/01/13 (b)	5,000		5,239,500
City of Lincoln California, Special Tax Bonds, Community
Facilities District No. 2003-1, 6.00%, 9/01/13 (b)	3,115		3,403,262
City of Los Angeles Department of Airports, RB, Series A,
5.25%, 5/15/39	1,560		1,718,824
City of Los Angeles Department of Airports, Refunding RB,
Senior Los Angeles International Airport, Series A,
5.00%, 5/15/40	11,690		12,696,158
Foothill Eastern Transportation Corridor Agency California,
Refunding RB, CAB (a):
6.26%, 1/15/32	54,635		16,210,204
6.46%, 1/15/38	75,000		14,646,750
Foothill-De Anza Community College District, GO, Series C,
5.00%, 8/01/40	7,000		7,835,170
Golden State Tobacco Securitization Corp. California, RB,
Series 2003-A-1, 6.63%, 6/01/13 (b)	5,000		5,339,400
Los Angeles Regional Airports Improvement Corp.
California, Refunding RB, Facilities LAXFUEL Corp.,
LA International, AMT (AMBAC), 5.50%, 1/01/32	13,320		13,326,660
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		5,039,500
San Marcos Unified School District, GO, Election of 2010,
Series B, CAB (a)(c):
5.37%, 8/01/34	3,500		1,078,665
5.45%, 8/01/36	4,000		1,088,240
State of California, GO:
6.00%, 3/01/33	4,970		5,912,362
6.50%, 4/01/33	20,410		24,871,626
5.00%, 10/01/41	5,935		6,320,063
			144,514,249
Colorado — 1.5%
City of Colorado Springs Colorado, RB, Subordinate Lien,
Improvement, Series C (AGM), 5.00%, 11/15/45	2,115		2,201,884
Colorado Health Facilities Authority, Refunding RB,
Catholic Health, Series A, 5.50%, 7/01/34	4,205		4,705,689
Park Creek Metropolitan District Colorado, Refunding RB,
Senior, Limited Tax, Property Tax, 5.50%, 12/01/37	2,530		2,655,817
			9,563,390
Connecticut — 0.4%
Connecticut State Health & Educational Facility Authority,
RB, Ascension Health Senior Credit, 5.00%, 11/15/40	2,710		2,915,933

Municipal Bonds	Par (000)		Value
Delaware — 1.6%
County of Sussex Delaware, RB, NRG Energy, Inc., Indian
River Project, 6.00%, 10/01/40	$	2,225	$	2,409,275
Delaware State EDA, RB, Exempt Facilities, Indian River
Power, 5.38%, 10/01/45	7,950		8,207,659
			10,616,934
District of Columbia — 4.1%
District of Columbia Tobacco Settlement Financing Corp.,
Refunding RB, Asset-Backed, 6.75%, 5/15/40	23,035		23,129,904
Metropolitan Washington Airports Authority, RB, First Senior
Lien, Series A:
5.00%, 10/01/39	990		1,059,547
5.25%, 10/01/44	2,465		2,652,858
			26,842,309
Florida — 4.1%
County of Miami-Dade Florida, Refunding RB, Miami
International Airport, Series A-1, 5.38%, 10/01/41	2,280		2,519,309
Highlands County Florida Health Facilities Authority, RB,
Series 2006-G, 5.13%, 11/15/32 (d)	1,000		1,053,920
Miami Beach Health Facilities Authority, RB, Mount Sinai
Medical Center of Florida, 6.75%, 11/15/21	6,575		7,159,780
Mid-Bay Bridge Authority, RB, Series A, 7.25%, 10/01/40	4,450		5,158,307
Orange County Health Facilities Authority, Refunding RB (c):
5.00%, 6/01/32	600		600,408
Mayflower Retirement Center, 5.00%, 6/01/36	125		121,249
Mayflower Retirement Center, 5.13%, 6/01/42	1,575		1,559,423
Stevens Plantation Community Development District,
Special Assessment Bonds, Series A, 7.10%, 5/01/35	3,650		2,737,573
Village Community Development District No. 6, Special
Assessment Bonds, 5.63%, 5/01/22	5,575		5,614,081
			26,524,050
Georgia — 1.7%
DeKalb Private Hospital Authority, Refunding RB, Children’s
Healthcare, 5.25%, 11/15/39	1,650		1,784,228
Metropolitan Atlanta Rapid Transit Authority, RB, Third
Series, 5.00%, 7/01/39	5,000		5,425,450
Richmond County Development Authority, Refunding RB,
International Paper Co. Project, Series A, AMT,
6.00%, 2/01/25	4,000		4,050,000
			11,259,678
Hawaii — 0.5%
State of Hawaii, Refunding RB, Series A, 5.25%, 7/01/30	2,660		2,934,459
Illinois — 10.2%
Chicago Board of Education Illinois, GO, Series A:
5.50%, 12/01/39	4,110		4,645,656
5.00%, 12/01/41	1,355		1,457,492
City of Chicago Illinois, RB, General, Third Lien, Series C,
6.50%, 1/01/41	11,385		13,655,283
City of Chicago Illinois, Refunding RB, Series A,
5.25%, 1/01/38	1,605		1,786,269
City of Chicago Illinois Transit Authority, RB, Sales Tax
Receipts Revenue, 5.25%, 12/01/40	2,055		2,278,522
Illinois Finance Authority, RB:
Advocate Health Care, Series C, 5.38%, 4/01/44	10,630		11,425,762
MJH Education Assistance IV LLC, Sub-Series B,
5.38%, 6/01/35 (e)(f)	1,675		167,450
Navistar International Recovery Zone,
6.50%, 10/15/40	3,010		3,256,760
Illinois Finance Authority, Refunding RB:
5.00%, 11/15/37 (c)	1,895		2,059,732
5.00%, 11/15/42 (c)	3,450		3,729,898
Central Dupage Health, Series B, 5.50%, 11/01/39	3,160		3,458,178
Friendship Village Schaumburg, Series A,
5.63%, 2/15/37	845		762,596

See Notes to Financial Statements.

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

Municipal Bonds	Par (000)		Value
Illinois (concluded)
Metropolitan Pier & Exposition Authority, Refunding RB,
McCormick Place Expansion Project (AGM):
Series B, 5.00%, 6/15/50	$	3,905	$	4,066,120
Series B-2, 5.00%, 6/15/50	6,155		6,411,110
Railsplitter Tobacco Settlement Authority, RB:
5.50%, 6/01/23	2,625		2,999,771
6.00%, 6/01/28	2,245		2,547,536
State of Illinois, RB, Build Illinois, Series B,
5.25%, 6/15/34	1,240		1,364,248
			66,072,383
Indiana — 2.7%
City of Vincennes Indiana, Refunding RB, Southwest
Indiana Regional Youth Village, 6.25%, 1/01/24	1,925		1,169,707
Indiana Finance Authority, RB, First Lien, CWA Authority,
Series A, 5.25%, 10/01/38	3,080		3,433,338
Indiana Finance Authority, Wastewater Utility, RB, Sisters
of St. Francis Health, 5.25%, 11/01/39	1,655		1,780,184
Indiana Health Facility Financing Authority, Refunding RB,
Methodist Hospital, Inc., 5.50%, 9/15/31	9,000		8,769,240
Indiana Municipal Power Agency, RB, Series B,
6.00%, 1/01/39	2,150		2,462,997
			17,615,466
Iowa — 0.7%
Iowa Student Loan Liquidity Corp., Refunding RB, Senior
Series A-1, AMT, 5.15%, 12/01/22	3,830		4,260,377
Kansas — 0.5%
Kansas Development Finance Authority, Refunding RB,
Sisters of Leavenworth, Series A, 5.00%, 1/01/40	3,275		3,489,283
Kentucky — 0.3%
Kentucky Economic Development Finance Authority,
RB, Owensboro Medical Health System, Series A,
6.38%, 6/01/40	1,490		1,704,694
Louisiana — 1.9%
Louisiana Local Government Environmental Facilities &
Community Development Authority, RB, Westlake
Chemical Corp., Series A-1, 6.50%, 11/01/35	6,535		7,334,688
Parish of Saint John the Baptist Louisiana, RB, Marathon
Oil Corp., Series A, 5.13%, 6/01/37	5,040		5,222,347
			12,557,035
Maine — 0.3%
Maine State Turnpike Authority, RB, 5.00%, 7/01/42	1,715		1,914,763
Maryland — 2.4%
Maryland EDC, RB, Transportation Facilities Project,
Series A, 5.75%, 6/01/35	855		906,804
Maryland EDC, Refunding RB, CNX Marine Terminals, Inc.,
5.75%, 9/01/25	1,760		1,842,227
Maryland Health & Higher Educational Facilities
Authority, RB:
5.00%, 11/15/51 (c)	6,450		6,962,646
Charlestown Community, 6.25%, 1/01/41	4,295		4,773,936
Montgomery County Housing Opportunities Commission,
RB, Series D, AMT, 5.50%, 1/01/38	825		873,518
			15,359,131
Massachusetts — 0.6%
Massachusetts Health & Educational Facilities Authority,
Refunding RB, Partners Healthcare, Series J1,
5.00%, 7/01/39	3,535		3,769,158
Michigan — 2.6%
City of Detroit Michigan, Water Supply System, RB, Senior
Lien, Series A, 5.25%, 7/01/41	6,015		6,132,954
Kalamazoo Hospital Finance Authority, Refunding RB,
Bronson Methodist Hospital, 5.50%, 5/15/36	2,700		2,920,158

Municipal Bonds	Par (000)		Value
Michigan (concluded)
Lansing Board of Water & Light, RB, Series A,
5.50%, 7/01/41	$	2,870	$	3,316,773
Michigan State Hospital Finance Authority, Refunding RB,
Henry Ford Health System, Series A, 5.25%, 11/15/46	4,230		4,374,370
			16,744,255
Minnesota — 2.5%
City of Rochester Minnesota, RB, 4.00%, 11/15/41	2,010		1,992,754
Tobacco Securitization Authority Minnesota, Refunding RB,
Series B:
5.25%, 3/01/25	8,780		9,888,475
5.25%, 3/01/31	3,700		4,069,704
			15,950,933
Mississippi — 2.2%
City of Gulfport Mississippi, RB, Memorial Hospital at
Gulfport Project, Series A, 5.75%, 7/01/31	14,025		14,041,409
Missouri — 0.3%
Missouri State Health & Educational Facilities Authority,
RB, Senior Living Facilities, Lutheran Senior Home,
5.50%, 2/01/42	2,035		2,092,977
Multi-State — 2.7%
Centerline Equity Issuer Trust, 6.80%, 10/31/52 (g)(h)	16,000		17,544,160
Nebraska — 1.3%
Central Plains Energy Project Nebraska, RB:
5.25%, 9/01/37	1,610		1,673,756
5.00%, 9/01/42	2,815		2,823,839
Douglas County Hospital Authority No. 2, RB, Health
Facilities, Immanuel Obligation Group, 5.63%, 1/01/40	3,280		3,563,392
Lancaster County Hospital Authority No. 1, RB, Immanuel
Obligation Group, 5.63%, 1/01/40	600		651,840
			8,712,827
Nevada — 0.7%
County of Clark Nevada, Refunding RB, Alexander Dawson
School Nevada Project, 5.00%, 5/15/29	4,550		4,731,955
New Jersey — 7.3%
Middlesex County Improvement Authority, RB, Heldrich
Center Hotel, Series B, 6.25%, 1/01/37 (e)(f)	3,680		327,483
New Jersey EDA, Cigarette Tax, Refunding RB,
5.00%, 6/15/24	1,905		2,108,225
New Jersey EDA, RB, Continental Airlines, Inc. Project, AMT:
6.25%, 9/15/29	3,000		3,007,200
7.00%, 11/15/30 (d)	15,410		15,467,788
New Jersey EDA, Special Assessment Bonds, Refunding,
Kapkowski Road Landfill Project, 6.50%, 4/01/28	8,000		9,234,320
New Jersey Transportation Trust Fund Authority, RB,
Transportation System:
Series A, 5.50%, 6/15/41	8,000		9,119,520
Series B, 5.25%, 6/15/36	4,810		5,374,790
Tobacco Settlement Financing Corp. New Jersey,
Refunding RB, Series 1A, 4.50%, 6/01/23	3,135		2,964,362
			47,603,688
New York — 5.9%
Albany Industrial Development Agency, RB, New Covenant
Charter School Project, Series A, 7.00%, 5/01/35 (e)(f)	1,820		418,582
Metropolitan Transportation Authority, Refunding RB,
Transportation, Series D, 5.25%, 11/15/40	2,375		2,598,749
New York City Industrial Development Agency, RB, American
Airlines, Inc., JFK International Airport, AMT (d)(e)(f):
8.00%, 8/01/28	5,000		5,099,900
7.75%, 8/01/31	22,140		22,582,578
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		2,671,992

See Notes to Financial Statements.

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

Municipal Bonds	Par (000)		Value
New York (concluded)
Port Authority of New York & New Jersey, RB,
JFK International Air Terminal:
6.00%, 12/01/36	$	2,525	$	2,827,470
6.00%, 12/01/42	1,960		2,172,386
			38,371,657
North Carolina — 3.8%
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		10,199,025
North Carolina Capital Facilities Finance Agency, RB, Duke
University Project, Series B, 5.00%, 10/01/38	10,000		11,188,100
North Carolina Medical Care Commission, RB, Duke
University Health System, Series A, 5.00%, 6/01/42	2,750		2,958,533
			24,345,658
Ohio — 2.4%
County of Allen Ohio, Refunding RB, Catholic Healthcare,
Series A, 5.25%, 6/01/38	6,125		6,636,070
County of Montgomery Ohio, Refunding RB, Catholic
Healthcare, Series A, 5.00%, 5/01/39	5,450		5,745,935
Pinnacle Community Infrastructure Financing Authority,
RB, Facilities, Series A, 6.25%, 12/01/36	3,760		3,183,893
			15,565,898
Oregon — 0.2%
City of Tigard Washington County Oregon, RB, Water
System, 5.00%, 8/01/42 (c)	575		640,866
City of Tigard Washington County Oregon, Refunding RB,
Water System, 5.00%, 8/01/37 (c)	495		553,049
			1,193,915
Pennsylvania — 0.9%
Allegheny County Hospital Development Authority, RB,
Health System, West Penn, Series A, 5.38%, 11/15/40	2,255		1,879,430
Pennsylvania Economic Development Financing Authority,
RB, Aqua Pennsylvania, Inc. Project, 5.00%, 11/15/40	3,725		4,064,124
			5,943,554
Puerto Rico — 4.3%
Puerto Rico Commonwealth Aqueduct & Sewer Authority,
RB, Senior Lien, Series A:
5.13%, 7/01/37	670		668,539
5.25%, 7/01/42	1,115		1,111,566
Puerto Rico Sales Tax Financing Corp., RB:
CAB, Series A, 5.69%, 8/01/33 (a)	11,400		3,458,418
CAB, Series A, 5.88%, 8/01/36 (a)	40,000		9,809,600
First Sub-Series A, 6.50%, 8/01/44	10,900		12,779,705
			27,827,828
South Carolina — 3.1%
South Carolina Jobs-EDA, Refunding RB, Palmetto Health
Alliance, Series A, 6.25%, 8/01/31	5,075		5,288,048
South Carolina State Ports Authority, RB, 5.25%, 7/01/40	6,455		7,087,719
South Carolina State Public Service Authority, RB:
5.00%, 12/01/43	4,095		4,478,251
Santee Cooper Project, Series C, 5.00%, 12/01/36	3,015		3,349,394
			20,203,412
Tennessee — 0.6%
Knox County Health Educational & Housing Facilities
Board Tennessee, Refunding RB, CAB, Series A (AGM),
5.48%, 1/01/20 (a)	5,055		3,340,395
Rutherford County Health & Educational Facilities Board,
RB, 5.00%, 11/15/47 (c)	415		447,984
			3,788,379

Municipal Bonds	Par (000)		Value
Texas — 14.4%
Brazos River Authority, RB, TXU Electric, Series A, AMT,
8.25%, 10/01/30	$	4,370	$	654,233
Central Texas Regional Mobility Authority, RB, Senior Lien,
6.25%, 1/01/46	4,210		4,641,567
City of Dallas Texas, Refunding RB, 5.00%, 10/01/35	2,970		3,343,091
City of Houston Texas, Refunding RB:
Airport System, Senior Lien, Series A, 5.50%, 7/01/39	3,000		3,310,920
Combined First Lien, Series A (AGC),
6.00%, 11/15/35	16,425		19,669,923
Harris County-Houston Sports Authority, Refunding RB
(NPFGC) (a):
CAB, Junior Lien, Series H, 6.68%, 11/15/35	5,000		1,065,750
CAB, Senior Lien, Series A, 6.27%, 11/15/38	12,580