Edgar Filing: BLACKROCK MUNICIPAL INCOME TRUST

bfkfinal.htm - Generated by SEC Publisher for SEC Filing

UNITEDSTATES
SECURITIESANDEXCHANGECOMMISSION
Washington,D.C.20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number 811-10339

Name of Fund: BlackRock Municipal Income Trust (BFK)

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: Donald C. Burke, Chief Executive Officer, BlackRock
Municipal Income Trust, 800 Scudders Mill Road, Plainsboro, NJ, 08536. Mailing address:
P.O. Box 9011, Princeton, NJ, 08543-9011

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

Date of fiscal year end: 04/30/2009

Date of reporting period: 04/30/2009

Item 1 – Report to Stockholders

EQUITIES FIXED INCOME REAL ESTATE LIQUIDITY ALTERNATIVES BLACKROCK SOLUTIONS

Annual Report

APRIL 30, 2009

BlackRock Investment Quality Municipal Trust Inc. (BKN)

BlackRock Long-Term Municipal Advantage Trust (BTA)

BlackRock Municipal 2020 Term Trust (BKK)

BlackRock Municipal Income Trust (BFK)

BlackRock Pennsylvania Strategic Municipal Trust (BPS)

BlackRock Strategic Municipal Trust (BSD)

NOT FDIC INSURED

MAY LOSE VALUE

NO BANK GUARANTEE


Table of Contents
	Page
Dear Shareholder	3
Annual Report:
Trust Summaries	4
The Benefits and Risks of Leveraging	10
Derivative Instruments	10
Financial Statements
Schedules of Investments	11
Statements of Assets and Liabilities	32
Statements of Operations	33
Statements of Changes in Net Assets	35
Statements of Cash Flows	38
Financial Highlights	39
Notes to Financial Statements	45
Report of Independent Registered Public Accounting Firm	52
Important Tax Information	53
Automatic Dividend Reinvestment Plans	54
Officers and Directors/Trustees	55
Additional Information	58

2 ANNUAL REPORT

APRIL 30, 2009

Dear Shareholder

The past 12 months reveal a tale of two markets — one of investor pessimism and decided weakness, and another of optimism and some early signs of

recovery. The majority of the past year was characterized by the former as the global financial crisis erupted into the worst recession in decades. Economic

data were uniformly poor and daily headlines recounted the downfalls of storied financial firms, volatile swings in global financial markets, and monumental

government actions that included widespread (and globally coordinated) monetary and quantitative easing by central banks and large-scale fiscal stimuli.

Sentiment improved noticeably in March 2009, however, on the back of new program announcements by the Treasury and Federal Reserve Board, as well

as signs of improved economic performance, such as in retail sales, consumer confidence and select areas of the housing market.

Against this backdrop, US equities contended with unprecedented levels of volatility, posting steep declines early, and then pared some of those losses in

March and April. The experience in international markets was similar to that in the United States, though there was a marked divergence in regional perform-

ance. Notably, emerging economies, which lagged most developed regions through the downturn, were among the market leaders during the late-period rally.

In fixed income markets, while risk aversion remained a dominant theme overall, relatively attractive yields and distressed valuations, alongside a more

favorable macro environment, eventually captured investor attention, leading to a modest recovery in non-Treasury assets. A notable example from the

opposite end of the credit spectrum was the high yield sector, which generally outperformed in the first four months of 2009 after extraordinary challenges

and severe underperformance last year. At the same time, the new year ushered in a return to normalcy for the tax-exempt market, which had registered one

of its worst years on record in 2008.


All told, the major benchmark indexes posted mixed results for the current reporting period, reflective of a bifurcated market.
Total Returns as of April 30, 2009	6-month	12-month
US equities (S&P 500 Index)	(8.53)%	(35.31)%
Small cap US equities (Russell 2000 Index)	(8.40)	(30.74)
International equities (MSCI Europe, Australasia, Far East Index)	(2.64)	(42.76)
US Treasury securities (Merrill Lynch 10-Year US Treasury Index)	8.98	9.30
Taxable fixed income (Barclays Capital US Aggregate Bond Index)	7.74	3.84
Tax-exempt fixed income (Barclays Capital Municipal Bond Index)	8.20	3.11
High yield bonds (Barclays Capital US Corporate High Yield 2% Issuer Capped Index)	16.39	(12.55)

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

On June 16, 2009, BlackRock, Inc. announced that it received written notice from Barclays PLC (“Barclays”) in which Barclays’ Board of Directors had

accepted BlackRock’s offer to acquire Barclays Global Investors (“BGI”). Barclays also notified BlackRock that its Board will recommend the transaction to

Barclays’ shareholders for approval at a special meeting to be held in early August 2009. The combination of BlackRock and BGI will bring together market

leaders in active and index strategies to create the preeminent asset management firm. The transaction is expected to close in the fourth quarter 2009

following approval by Barclays’ shareholders, the receipt of client consents and regulatory approvals, and satisfaction of customary closing conditions.

Through periods of market turbulence, as ever, BlackRock’s full resources are dedicated to the management of our clients’ assets. We thank you for entrusting

BlackRock with your investments and look forward to continuing to serve you in the months and years ahead.

Sincerely,

THIS PAGE NOT PART OF YOUR FUND REPORT

Trust Summary as of April 30, 2009 BlackRock Investment Quality Municipal Trust Inc.

Investment Objective

BlackRock Investment Quality Municipal Trust Inc. (BKN) (the “Trust”) seeks to provide high current income which, in the opinion of bond counsel to the
issuer, is exempt from regular federal income tax consistent with the preservation of capital. No assurance can be given that the Trust’s investment objective
will be achieved.

The Trust’s year end was changed to April 30.

Performance

For the six months ended April 30, 2009, the Trust returned 15.12% based on market price and 13.63% based on net asset value (NAV). For the same
period, the closed-end Lipper General Municipal Debt Funds (Leveraged) category posted an average return of 16.50% on a market price basis and 9.58%
on a NAV basis. All returns reflect reinvestment of dividends. The Trust’s discount to NAV, which narrowed during the period, accounts for the difference
between performance based on price and performance based on NAV. The Trust’s slightly longer duration position and lower-rated holdings had a positive
impact on performance, as did overweights in the housing and healthcare sectors. Many of these holdings underperformed the market as credit spreads
widened and liquidity became scarcer, but then outperformed significantly as the credit markets began to function more normally. The Trust also benefited
from the opportunities presented by the new-issue market, as anxious issuers, prohibited from issuing debt due to recent market forces, have provided many
attractive values in their rush to tap the loosening credit markets. By contrast, an underweight in tax-backed credits and essential service revenue bonds
detracted from performance. Both of these sectors outperformed early in the period, so the Trust’s light exposure hurt the total return. The Trust maintains
a neutral to slightly long duration bias. The Trust maintained moderate levels of cash during the period, which did not significantly impact performance.

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


Trust Information
	Symbol on New York Stock Exchange	BKN
	Initial Offering Date	February 19, 1993
	Yield on Closing Market Price as of April 30, 2009 ($11.35)¹	6.66%
	Tax Equivalent Yield²	10.25%
	Current Monthly Distribution per Common Share³	$0.063
	Current Annualized Distribution per Common Share³	$0.756
	Leverage as of April 30, 2009⁴	41%

¹Yield 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.
²Tax equivalent yield assumes the maximum federal tax rate of 35%.
³The Monthly Distribution per Share, declared on June 1, 2009, was increased to $0.0755. 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 further change in the future.
⁴Represents Auction Market Preferred Shares (“Preferred Shares”) and tender option bond trusts (“TOBs”) as a percentage of total managed assets,
which is the total assets of the Trust, including any assets attributable to Preferred Shares and TOBs, minus the sum of accrued liabilities. For a
discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging on page 10.

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


	4/30/09	10/31/08	Change	High	Low
Market Price	$11.35	$10.25	10.73%	$11.47	$6.59
Net Asset Value	$11.63	$10.64	9.30%	$11.76	$9.10

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


Sector Allocations
	4/30/09	10/31/08
Health	25%	20%
County/City/Special District/
School District	20	21
State	12	7
Housing	11	13
Transportation	10	13
Utilities	8	11
Education	7	6
Corporate	5	7
Tobacco	2	2


Credit Quality Allocations⁵
	4/30/09	10/31/08
AAA/Aaa	22%	20%
AA/Aa	30	42
A/A	26	13
BBB/Baa	9	13
BB/Ba	3	3
B/B	1	2
CCC/Caa	1	—
Not Rated⁶	8	7

⁵Using the higher of Standard & Poor’s (“S&P’s”) or Moody’s Investors
Service (Moody’s) ratings.
⁶The investment advisor has deemed certain of these securities to be
of investment grade quality. As of April 30, 2009 and October 31,
2008, the market value of these securities was $12,511,098 repre-
senting 4% and $13,439,579 representing 4%, respectively, of the
Trust’s long-term investments.

4 ANNUAL REPORT

APRIL 30, 2009

Trust Summary as of April 30, 2009 BlackRock Long-Term Municipal Advantage Trust

Investment Objective

BlackRock Long-Term Municipal Advantage Trust (BTA) (the “Trust”) seeks to provide current income which, in the opinion of bond counsel to the issuer, is
exempt from regular federal income tax. No assurance can be given that the Trust’s investment objective will be achieved.

The Trust’s year end was changed to April 30.

Performance

For the six months ended April 30, 2009, the Trust returned 9.06% based on market price and 15.78% based on net asset value (NAV). For the same period,
the closed-end Lipper General Municipal Debt Funds (Leveraged) category posted an average return of 16.50% on a market price basis and 9.58% on a NAV
basis. All returns reflect reinvestment of dividends. The Trust’s discount to NAV, which widened during the period, accounts for the difference between perform-
ance based on price and performance based on NAV. Portfolio positioning, with respect to duration and yield curve, was generally long relative to the Trust’s
peer group. In general, the Trust’s credit profile consistently reflected a high level of exposure to the lower end of the ratings spectrum. While this strategy
generates an above-average dividend yield, it also subjects the Trust to additional volatility during periods when credit spreads are fluctuating. Consequently,
performance tended to suffer late in 2008 when spreads widened, but more recently, the strong rebound in lower-rated bonds allowed the Trust to generate
a strong competitive return, while maintaining the historically attractive dividend.

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	BTA
	Initial Offering Date	February 28, 2006
	Yield on Closing Market Price as of April 30, 2009 ($8.79)¹	7.51%
	Tax Equivalent Yield²	11.55%
	Current Monthly Distribution per Common Share³	$0.055
	Current Annualized Distribution per Common Share³	$0.660
	Leverage as of April 30, 2009⁴	38%

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


	4/30/09	10/31/08	Change	High	Low
Market Price	$8.79	$8.40	4.64%	$8.90	$5.42
Net Asset Value	$9.52	$8.57	11.09%	$9.57	$7.16

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


Sector Allocations
	4/30/09	10/31/08
Education	16%	16%
County/City/Special District/
School District	15	15
Tobacco	13	19
Health	12	13
Housing	12	9
Transportation	10	14
State	9	2
Utilities	8	7
Corporate	5	5


Credit Quality Allocations⁵
	4/30/09	10/31/08
AAA/Aaa	18%	28%
AA/Aa	37	37
A/A	8	4
BBB/Baa	15	18
BB/Ba	1	1
B/B	3	3
Not Rated⁶	18	9

⁵Using the higher of S&P’s or Moody’s ratings.
⁶The investment advisor has deemed certain of these securities to be
of investment grade quality. As of April 30, 2009 and October 31,
2008, the market value of these securities was $1,468,107 repre-
senting 1% and $1,594,125 representing 1%, respectively, of the
Trust’s long-term investments.

ANNUAL REPORT

APRIL 30, 2009

Trust Summary as of April 30, 2009 BlackRock Municipal 2020 Term Trust

Investment Objective

BlackRock Municipal 2020 Term Trust (BKK) (the “Trust”) seeks to provide current income exempt from regular federal income tax and to return $15 per
share (the initial public offering price) on or about December 31, 2020. No assurance can be given that the Trust’s investment objective will be achieved.

The Trust’s year end was changed to April 30.

Performance

For the four months ended April 30, 2009, the Trust returned 22.54% based on market price and 16.39% based on net asset value (NAV). For the same
period, the closed-end Lipper General Municipal Debt Funds (Leveraged) category posted an average return of 26.43% on a market price basis and
15.39% on a NAV basis. All returns reflect reinvestment of dividends. The Trust’s premium to NAV, which widened during the period, accounts for the differ-
ence between performance based on price and performance based on NAV. Overall, the Trust performed well as the municipal market recovered from its
2008 lows. Out-of-favor sectors, such as hospital, housing and corporate-backed debt, outperformed the general market and the Trust benefited from its
exposure to these areas. As general market rates declined during the period, liquidity also improved, which resulted in some narrowing of quality spreads.
Leverage magnified the Trust’s positive performance, including income from leverage, as rates reset lower on preferred shares. By contrast, exposure to air-
lines and housing detracted from results, as these issues underperformed in the recessionary environment.

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					BKK
	Initial Offering Date				September 30, 2003
	Termination Date (on or about)				December 31, 2020
	Yield on Closing Market Price as of April 30, 2009 ($12.70)¹					5.88%
	Tax Equivalent Yield²					9.05%
	Current Monthly Distribution per Common Share³					$0.06225
	Current Annualized Distribution per Common Share³					$0.74700
	Leverage as of April 30, 2009⁴					42%
	¹Yield 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.
	²Tax equivalent yield assumes the maximum federal tax rate of 35%.
	³The distribution is not constant and is subject to change.
	⁴Represents Preferred Shares and TOBs as a percentage of total managed assets, which is the total assets of the Trust, including any assets attribu-
	table to Preferred Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Trust, please see
	The Benefits and Risks of Leveraging on page 10.
	The table below summarizes the changes in the Trust’s market price and net asset value per share:
		4/30/09	12/31/08	Change	High	Low
	Market Price	$12.70	$10.57	20.15%	$13.47	$10.46
	Net Asset Value	$12.04	$10.55	14.12%	$12.04	$10.55

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


Sector Allocations
	4/30/09	12/31/08
Corporate	17%	17%
County/City/Special District/
School District	17	14
Health	15	16
Tobacco	10	11
Education	9	9
Transportation	9	8
State	9	9
Utilities	8	9
Housing	6	7


Credit Quality Allocations⁵
	4/30/09	12/31/08
AAA/Aaa	22%	21%
AA/Aa	16	16
A/A	17	18
BBB/Baa	27	25
BB/Ba	1	1
B/B	3	3
CC/Ca	1	1
Not Rated⁶	13	15

⁵Using the higher of S&P’s or Moody’s ratings.
⁶The investment advisor has deemed certain of these securities to be
of investment grade quality. As of April 30, 2009 and December 31,
2008, the market value of these securities was $5,768,611 repre-
senting 1% and $5,382,113 representing 1%, respectively, of the
Trust’s long-term investments.

6 ANNUAL REPORT

APRIL 30, 2009

Trust Summary as of April 30, 2009 BlackRock Municipal Income Trust

Investment Objective

BlackRock Municipal Income Trust (BFK) (the “Trust”) seeks to provide current income which, in the opinion of bond counsel to the issuer, is exempt from
regular federal income tax. No assurance can be given that the Trust’s investment objective will be achieved.

The Trust’s year end was changed to April 30.

Performance

For the six months ended April 30, 2009, the Trust returned 32.34% based on market price and 11.15% based on net asset value (NAV). For the same
period, the closed-end Lipper General Municipal Debt Funds (Leveraged) category posted an average return of 16.50% on a market price basis and 9.58%
on a NAV basis. All returns reflect reinvestment of dividends. The Trust moved from a discount to NAV to a premium by period-end, which accounts for the
difference between performance based on price and performance based on NAV. Portfolio positioning, with respect to duration and yield curve, was gener-
ally long relative to the Trust’s peer group. In general, the Trust’s credit profile consistently reflected a high level of exposure to the lower end of the ratings
spectrum. While this strategy generates an above-average dividend yield, it also subjects the Trust to additional volatility during periods when credit spreads
are fluctuating. Consequently, performance tended to suffer late in 2008 when spreads widened, but more recently, the strong rebound in lower-rated bonds
allowed the Trust to generate a strong competitive return, while maintaining the historically attractive dividend.

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	BFK
	Initial Offering Date	July 27, 2001
	Yield on Closing Market Price as of April 30, 2009 ($11.10)¹	7.42%
	Tax Equivalent Yield²	11.42%
	Current Monthly Distribution per Common Share³	$0.0686
	Current Annualized Distribution per Common Share³	$0.8232
	Leverage as of April 30, 2009⁴	42%

¹Yield 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.
²Tax equivalent yield assumes the maximum federal tax rate of 35%.
³The Monthly Distribution per Share, declared on June 1, 2009, was increased to $0.0786. 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 further change in the future.
⁴Represents Preferred Shares and TOBs as a percentage of total managed assets, which is the total assets of the Trust, including any assets attribu-
table to Preferred Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Trust, please see
The Benefits and Risks of Leveraging on page 10.

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


	4/30/09	10/31/08	Change	High	Low
Market Price	$11.10	$ 8.75	26.86%	$11.10	$6.61
Net Asset Value	$10.74	$10.08	6.55%	$10.76	$8.61

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


Sector Allocations
	4/30/09	10/31/08
Health	22%	24%
Utilities	13	10
Corporate	12	13
Transportation	11	11
Education	11	14
State	9	7
Housing	9	9
County/City/Special District/
School District	8	7
Tobacco	5	5


Credit Quality Allocations⁵
	4/30/09	10/31/08
AAA/Aaa	34%	26%
AA/Aa	15	22
A/A	21	17
BBB/Baa	14	17
BB/Ba	3	3
B/B	4	4
CCC/Caa	1	1
Not Rated⁶	8	10

⁵Using the higher of S&P’s or Moody’s ratings.
⁶The investment advisor has deemed certain of these securities to be
of investment grade quality. As of April 30, 2009 and October 31,
2008, the market value of these securities was $17,649,155 repre-
senting 2% and $18,626,721 representing 2%, respectively, of the
Trust’s long-term investments.

ANNUAL REPORT

APRIL 30, 2009

Trust Summary as of April 30, 2009 BlackRock Pennsylvania Strategic Municipal Trust

Investment Objective

BlackRock Pennsylvania Strategic Municipal Trust (BPS) (the “Trust”) seeks to provide monthly income that is exempt from regular federal and
Pennsylvania income taxes. No assurance can be given that the Trust’s investment objective will be achieved.

The Trust’s year end was changed to April 30.

Performance

For the four months ended April 30, 2009, the Trust returned 19.18% based on market price and 12.28% based on net asset value (NAV). For the same
period, the closed-end Lipper Pennsylvania Municipal Debt Funds category posted an average return of 26.92% on a market price basis and 15.57% on a
NAV basis. All returns reflect reinvestment of dividends. The Trust’s discount to NAV, which narrowed during the period, accounts for the difference between
performance based on price and performance based on NAV. During the period, progress was made toward improving credit quality and reducing high levels
of cash by purchasing several new issue securities with ratings ranging from AA to AAA. On the whole, Trust performance was negatively affected by further
price deterioration in multi-family housing holdings and a low distribution yield. At period end, the Trust’s cash position remains elevated and will be
deployed opportunistically. The portfolio’s interest rate sensitivity is such that it will outperform in a stable- to lower-interest-rate environment.

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 American Stock Exchange	BPS
	Initial Offering Date	August 25, 1999
	Yield on Closing Market Price as of April 30, 2009 ($9.85)¹	5.48%
	Tax Equivalent Yield²	8.43%
	Current Monthly Distribution per Common Share³	$0.045
	Current Annualized Distribution per Common Share³	$0.540
	Leverage as of April 30, 2009⁴	41%

¹Yield 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.
²Tax equivalent yield assumes the maximum federal tax rate of 35%.
³The Monthly Distribution per Share, declared on June 1, 2009, was increased to $0.05. 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 further change in the future.
⁴Represents Preferred Shares as a percentage of total managed assets, which is the total assets of the Trust, including any assets attributable to
Preferred Shares, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and
Risks of Leveraging on page 10.

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


	4/30/09	12/31/08	Change	High	Low
Market Price	$ 9.85	$ 8.42	16.98%	$10.15	$ 8.42
Net Asset Value	$11.87	$10.77	10.21%	$12.04	$10.77

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


Sector Allocations
	4/30/09	12/31/08
Health	24%	26%
County/City/Special District/
School District	15	13
State	15	12
Housing	14	17
Transportation	11	10
Education	9	9
Utilities	8	7
Corporate	4	6


Credit Quality Allocations⁵
	4/30/09	12/31/08
AAA/Aaa	23%	24%
AA/Aa	46	39
A/A	17	23
BBB/Baa	7	7
BB/Ba	1	1
Not Rated⁶	6	6

⁵Using the higher of S&P’s or Moody’s ratings.
⁶The investment advisor has deemed certain of these securities to be
of investment grade quality. As of April 30, 2009 and December 31,
2008, the market value of these securities was $1,623,020 repre-
senting 4% and $1,604,974 representing 4%, respectively, of the
Trust's long-term investments.

8 ANNUAL REPORT

APRIL 30, 2009

Trust Summary as of April 30, 2009 BlackRock Strategic Municipal Trust

Investment Objective

BlackRock Strategic Municipal Trust (BSD) (the “Trust”) seeks to provide high current income exempt from regular federal income tax, consistent with the
preservation of capital. No assurance can be given that the Trust’s investment objective will be achieved.

The Trust’s year end was changed to April 30.

Performance

For the four months ended April 30, 2009, the Trust returned 27.11% based on market price and 13.44% based on net asset value (NAV). For the same
period, the closed-end Lipper General Municipal Debt Funds (Leveraged) category posted an average return of 26.43% on a market price basis and 15.39%
on a NAV basis. All returns reflect reinvestment of dividends. The Trust’s discount to NAV, which narrowed during the period, accounts for the difference
between performance based on price and performance based on NAV. Portfolio positioning with respect to duration and yield curve has generally been long
relative to the peer group. In general, the Trust’s credit profile has consistently reflected a high level of exposure to the lower end of the ratings spectrum. While
this strategy generates an above-average dividend yield, it also subjects the portfolio to additional volatility during periods when credit spreads are fluctuating.
As a consequence, performance tended to suffer early this year when spreads widened, but more recently, the strong rebound in lower-rated bonds has
allowed the Trust to generate a strong competitive return, while maintaining the historically attractive dividend.

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	BSD
	Initial Offering Date	August 25, 1999
	Yield on Closing Market Price as of April 30, 2009 ($10.15)¹	7.39%
	Tax Equivalent Yield²	11.37%
	Current Monthly Distribution per Common Share³	$0.0625
	Current Annualized Distribution per Common Share³	$0.7500
	Leverage as of April 30, 2009⁴	41%

¹Yield 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.
²Tax equivalent yield assumes the maximum federal tax rate of 35%.
³The Monthly Distribution per Share, declared on June 1, 2009, was increased to $0.07. 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 further change in the future.
⁴Represents Preferred Shares and TOBs as a percentage of total managed assets, which is the total assets of the Trust, including any assets attribu-
table to Preferred Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Trust, please see
The Benefits and Risks of Leveraging on page 10.

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


	4/30/09	12/31/08	Change	High	Low
Market Price	$10.15	$8.19	23.93%	$10.42	$8.19
Net Asset Value	$10.95	$9.90	10.61%	$11.01	$9.90

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


Sector Allocations
	4/30/09	12/31/08
Health	19%	24%
County/City/Special District/
School District	16	17
State	13	11
Transportation	13	10
Education	10	10
Housing	10	10
Corporate	10	10
Utilities	8	7
Tobacco	1	1


Credit Quality Allocations⁵
	4/30/09	12/31/08
AAA/Aaa	31%	29%
AA/Aa	29	26
A/A	20	20
BBB/Baa	5	8
BB/Ba	4	8
B/B	5	2
CCC/Caa	1	1
Not Rated⁶	5	6

⁵Using the higher of S&P’s or Moody’s ratings.
⁶The investment advisor has deemed certain of these securities to be
of investment grade quality. As of April 30, 2009 and December 31,
2008, the market value of these securities was $2,678,936 repre-
senting 2% and $2,687,323 representing 2%, respectively, of the
Trust’s long-term investments.

ANNUAL REPORT

APRIL 30, 2009

The Benefits and Risks of Leveraging

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

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

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 Trust’s
total portfolio of $150 million earns the income based on long-term inter-
est rates. In this case, the dividends paid to Preferred Shareholders are
significantly lower than the income earned on the Trust’s long-term invest-
ments, and therefore the Common Shareholders are the beneficiaries of
the incremental yield.

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

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

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

rates, but expose the Trusts to risks during periods of rising short-term
interest rates similar to those associated with Preferred Shares issued by
the Trusts, as described above. Additionally, fluctuations in the market value
of municipal bonds deposited into the TOB trust may adversely affect each
Trust’s NAVs per share.

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

Under the Investment Company Act of 1940, the Trusts are permitted to
issue Preferred Shares in an amount of up to 50% of their total managed
assets at the time of issuance. Under normal circumstances, each Trust
anticipates that the total economic leverage from Preferred Shares and/or
TOBs will not exceed 50% of its total managed assets at the time such
leverage is incurred. As of April 30, 2009, the Trusts had economic leverage
from Preferred Shares and/or TOBs as a percentage of their total managed
assets as follows:


	Percent of
	Leverage
BlackRock Investment Quality Municipal Trust Inc	41%
BlackRock Long-Term Municipal Advantage Trust	38%
BlackRock Municipal 2020 Term Trust	42%
BlackRock Municipal Income Trust	42%
BlackRock Pennsylvania Strategic Municipal Trust	41%
BlackRock Strategic Municipal Trust	41%

Derivative Instruments

The Trusts may invest in various derivative instruments, including swap
agreements and futures, and other instruments specified in the Notes to
Financial Statements, which constitute forms of economic leverage. Such
instruments are used to obtain exposure to a market without owning or
taking physical custody of securities or to hedge market and/or interest
rate risks. Such derivative instruments involve risks, including the imperfect
correlation between the value of a derivative instrument and the under-
lying asset, possible default of the other party to the transaction and illiq-
uidity of the derivative instrument. The Trusts’ ability to successfully use

a derivative instrument depends on the Advisor’s ability to accurately pre-
dict pertinent market movements, which cannot be assured. The use of
derivative instruments may result in losses greater than if they had not
been used, may require the Trusts to sell or purchase portfolio securities at
inopportune times or for prices other than current market values, may limit
the amount of appreciation the Trusts can realize on an investment or may
cause the Trusts to hold a security that it might otherwise sell. The Trusts’
investments in these instruments are discussed in detail in the Notes to
Financial Statements.

10 ANNUAL REPORT

APRIL 30, 2009

Schedule of Investments April 30, 2009 BlackRock Investment Quality Municipal Trust Inc. (BKN)
(Percentages shown are based on Net Assets)


	Par
Municipal Bonds	(000)	Value
Arizona — 5.2%
Glendale, Arizona, Municipal Property Corporation,
Excise Tax Revenue Refunding Bonds, Series A,
4.50%, 7/01/32 (a)	$ 1,150	$ 1,080,563
Goodyear, Arizona, GO, 4.25%, 7/01/36 (a)	2,125	1,872,210
Mohave County, Arizona, Unified School District
Number 20 (Kingman), School Improvement Bonds
(Project of 2006), Series C, 5%, 7/01/26 (b)	1,800	1,843,146
Salt Verde Financial Corporation, Arizona, Senior Gas
Revenue Bonds:
5%, 12/01/32	1,035	718,694
5%, 12/01/37	4,585	3,089,098
San Luis, Arizona, Facilities Development Corporation,
Senior Lien Revenue Bonds (Regional Detention
Center Project):
6.25%, 5/01/15	490	423,228
7%, 5/01/20	490	406,911
7.25%, 5/01/27	980	786,568
		10,220,418
California — 24.0%
California County Tobacco Securitization Agency, Tobacco
Revenue Bonds (Stanislaus County Tobacco Funding
Corporation), Sub-Series C, 6.3%, 6/01/55 (c)	7,090	43,603
California State Department of Veteran Affairs,
Home Purchase Revenue Bonds, AMT, Series B,
5.25%, 12/01/37	5,000	4,367,350
California State, GO:
5.75%, 4/01/31	3,000	3,052,020
5%, 3/01/33 (d)	5,000	4,626,100
6.50%, 4/01/33	2,900	3,167,989
California State, GO, Refunding:
5%, 2/01/32	5,340	4,956,161
5%, 6/01/32	4,545	4,216,078
Dinuba, California, Unified School District, GO
(Election of 2006) (a):
5.625%, 8/01/31	250	253,182
5.75%, 8/01/33	535	543,646
Foothill/Eastern Corridor Agency, California, Toll Road
Revenue Refunding Bonds:
5.875%, 7/15/28 (e)	7,000	5,666,150
5.75%, 1/15/40	3,495	2,509,130
Golden State Tobacco Securitization Corporation of
California, Tobacco Settlement Revenue Refunding
Bonds, Senior Series A-1, 5.125%, 6/01/47	805	413,456
Los Altos, California, School District, GO (Election of
1998), Series B, 5.93%, 8/01/13 (c)(f)(g)	10,945	5,391,398
Sacramento County, California, Airport System Revenue
Bonds, AMT, Senior Series A, 5%, 7/01/41 (a)	2,000	1,858,280
San Diego, California, Community College District, GO
(Election of 2002), CABS, 6.00%, 8/01/19 (e)	4,200	2,295,804
University of California Revenue Bonds, Series B,
4.75%, 5/15/38	4,185	3,845,680
		47,206,027


	Par
Municipal Bonds	(000)	Value
Colorado — 1.4%
Colorado Health Facilities Authority, Revenue Refunding
Bonds (Poudre Valley Health Care), Series B,
5.25%, 3/01/36 (a)	$ 1,750	$ 1,651,440
Colorado Springs, Colorado, Utilities System Improvement
Revenue Bonds, Subordinate Lien, Series C,
5%, 11/15/45 (a)	1,030	1,019,731
		2,671,171
Connecticut — 0.8%
Mashantucket Western Pequot Tribe, Connecticut,
Special Revenue Refunding Bonds, Sub-Series A,
5.50%, 9/01/28	3,000	1,534,410
District of Columbia — 1.9%
District of Columbia Tobacco Settlement Financing
Corporation, Asset-Backed Revenue Refunding Bonds,
6.50%, 5/15/33	4,960	3,787,059
Florida — 12.7%
FishHawk Community Development District II, Florida,
Special Assessment and Tax Allocation Bonds, Series A,
6.125%, 5/01/34	1,990	1,516,241
Hillsborough County, Florida, IDA, Exempt Facilities
Revenue Bonds (National Gypsum Company), AMT,
Series A, 7.125%, 4/01/30	3,700	1,900,579
Miami Beach, Florida, Health Facilities Authority, Hospital
Revenue Refunding Bonds (Mount Sinai Medical
Center of Florida), 6.75%, 11/15/21	3,770	2,830,478
Miami-Dade County, Florida, Special Obligation Revenue
Bonds, Sub-Series A (c)(f):
5.19%, 10/01/31	3,380	639,631
5.20%, 10/01/32	4,225	737,474
5.21%, 10/01/33	4,000	643,640
5.21%, 10/01/34	4,580	665,199
5.22%, 10/01/35	5,000	671,600
5.23%, 10/01/36	10,000	1,239,000
5.24%, 10/01/37	10,000	1,096,300
Orange County, Florida, Tourist Development, Tax Revenue
Refunding Bonds, 4.75%, 10/01/32 (h)	5,000	4,539,900
Sumter Landing Community Development District,
Florida, Recreational Revenue Bonds, Sub-Series B,
5.70%, 10/01/38	3,685	2,287,316
Village Community Development District Number 5,
Florida, Special Assessment Bonds, 5.625%, 5/01/22	7,370	6,240,253
		25,007,611
Georgia — 1.9%
Atlanta, Georgia, Water and Wastewater Revenue Bonds,
5%, 11/01/34 (a)	1,500	1,482,945
Main Street Natural Gas, Inc., Georgia, Gas Project
Revenue Bonds, Series A, 6.375%, 7/15/38 (i)(j)	1,000	372,510
Milledgeville-Baldwin County, Georgia, Development
Authority Revenue Bonds (Georgia College and State
University Foundation), 6%, 9/01/14 (g)	1,500	1,819,590
		3,675,045


Portfolio Abbreviations
To simplify the listings of portfolio holdings in	AMT	Alternative Minimum Tax (subject to)	IDA	Industrial Development Authority
the Schedules of Investments, the names and	CABS	Capital Appreciation Bonds	IDB	Industrial Development Bonds
descriptions of many of the securities have been	COP	Certificates of Participation	IDR	Industrial Development Revenue Bonds
abbreviated according to the list on the right.	EDA	Economic Development Authority	M/F	Multi-Family
	EDR	Economic Development Revenue Bonds	PCR	Pollution Control Revenue Bonds
	GO	General Obligation Bonds	PILOT	Payment in Lieu of Taxes
	HDA	Housing Development Authority	S/F	Single-Family
	HFA	Housing Finance Agency	VRDN	Variable Rate Demand Notes
See Notes to Financial Statements.

ANNUAL REPORT

APRIL 30, 2009

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


		Par
Municipal Bonds		(000)	Value
Hawaii — 1.2%
Hawaii State Department of Budget and Finance, Special
Purpose Revenue Refunding Bonds (Hawaiian Electric
Company, Inc.), AMT, Series D, 6.15%, 1/01/20 (k)	$ 2,500		$ 2,429,400
Idaho — 1.8%
Idaho HFA, Grant and Revenue Anticipation Bonds
(Federal Highway Trust Fund), Series A, 5%, 7/15/27		900	909,981
Idaho Health Facilities Authority, Revenue Refunding
Bonds (Trinity Health Group), Series B,
6.25%, 12/01/33		2,500	2,607,825
			3,517,806
Illinois — 11.4%
Bolingbrook, Illinois, GO, Refunding, Series A,
4.75%, 1/01/38 (f)		6,500	5,682,040
CenterPoint Intermodal Center Program Trust, Illinois, Tax
Allocation Bonds, Class A, 10%, 6/15/23 (l)(x)		1,920	1,501,555
Chicago, Illinois, Public Building Commission, Building
Revenue Bonds, Series A, 7%, 1/01/20 (f)(m)		5,000	6,490,250
Illinois Municipal Electric Agency, Power Supply Revenue
Bonds, 4.50%, 2/01/35 (f)(n)		1,000	886,940
Illinois State Finance Authority Revenue Bonds, Series A:
(Friendship Village of Schaumburg),
5.625%, 2/15/37		690	389,312
(Monarch Landing, Inc. Project), 7%, 12/01/37		1,155	699,711
(Northwestern Memorial Hospital),
5.50%, 8/15/14 (g)		5,800	6,772,428
Illinois State Finance Authority, Student Housing
Revenue Bonds (MJH Education Assistance IV LLC),
Sub-Series B, 5.375%, 6/01/35 (i)(j)		700	68,845
			22,491,081
Kansas — 0.7%
Dodge City, Kansas, Sales Tax Revenue Bonds,
5%, 6/01/34 (b)		1,300	1,285,284
Kentucky — 4.3%
Kentucky Economic Development Finance Authority,
Health System Revenue Refunding Bonds (Norton
Healthcare, Inc.), Series B, 6.191%, 10/01/23 (c)(f)		13,500	5,425,380
Kentucky Economic Development Financing Authority,
Louisville Arena Project Revenue Bonds (Louisville Arena
Authority, Inc.), Sub-Series A-1, 6%, 12/01/38 (b)		700	721,196
Louisville and Jefferson County, Kentucky, Metropolitan
Government Health Facilities, Revenue Refunding
Bonds (Jewish Hospital and Saint Mary’s HealthCare),
6.125%, 2/01/37		2,250	2,239,335
			8,385,911
Louisiana — 0.5%
East Baton Rouge, Louisiana, Sewerage Commission,
Revenue Refunding Bonds, Series A, 5.25%
due 2/01/39		1,000	976,390
Maryland — 2.5%
Maryland State Community Development Administration,
Department of Housing and Community Development,
Residential Revenue Refunding Bonds, AMT, Series A,
4.80%, 9/01/42		3,000	2,575,080
Maryland State Health and Higher Educational Facilities
Authority, Mortgage Revenue Refunding Bonds (Western
Maryland Health System), 4.75%, 7/01/36 (f)(o)		750	646,545
Maryland State Health and Higher Educational Facilities
Authority, Revenue Refunding Bonds (MedStar
Health, Inc.), 5.50%, 8/15/33		1,740	1,642,038
			4,863,663


	Par
Municipal Bonds	(000)	Value
Michigan — 3.2%
Michigan State Building Authority, Revenue Refunding
Bonds (Facilities Program), Series I, 6.25%, 10/15/38 $	1,875	$ 2,023,181
Michigan State Hospital Finance Authority, Revenue
Refunding Bonds (Henry Ford Health System), Series A,
5.25%, 11/15/46	1,670	1,249,594
Royal Oak, Michigan, Hospital Finance Authority, Hospital
Revenue Refunding Bonds (William Beaumont Hospital),
8.25%, 9/01/39	2,750	3,060,090
		6,332,865
Minnesota — 1.9%
Minneapolis, Minnesota, Health Care System, Revenue
Refunding Bonds (Fairview Health Services), Series B,
6.50%, 11/15/38 (b)	3,500	3,794,910
Mississippi — 4.1%
Mississippi Development Bank, Special Obligation
Revenue Bonds (b):
(Jackson County Limited Tax Note), 5.50%, 7/01/32	2,655	2,687,789
(Jones County Junior College), 5.125%, 3/01/39	1,500	1,543,335
University of Southern Mississippi Education Building
Corporation Revenue Bonds (Campus Facilities
Improvements Project), 5.375%, 9/01/36	3,750	3,825,750
		8,056,874
Missouri — 4.0%
Missouri Joint Municipal Electric Utility Commission,
Power Project Revenue Bonds (Plum Point Project),
4.60%, 1/01/36 (f)	2,820	2,011,421
Missouri State Health and Educational Facilities Authority,
Health Facilities Revenue Bonds (Saint Luke’s Health
System), Series A, 5.50%, 11/15/35 (a)	1,200	1,207,932
Missouri State Housing Development Commission,
S/F Mortgage Revenue Refunding Bonds
(Homeownership Loan Program), AMT, Series B-1,
5.05%, 3/01/38 (p)(q)(r)	4,590	4,556,172
		7,775,525
Multi-State — 5.1%
Charter Mac Equity Issuer Trust, 7.60%, 11/30/50 (l)(s)	7,000	7,358,050
MuniMae TE Bond Subsidiary LLC, 7.75%, 6/30/50 (l)(s)	4,000	2,599,480
		9,957,530
Nebraska — 1.3%
Omaha Public Power District, Nebraska, Electric System
Revenue Bonds, Series A, 4.75%, 2/01/44	2,765	2,590,943
Nevada — 1.0%
Clark County, Nevada, EDR, Refunding (Alexander
Dawson School of Nevada Project), 5%, 5/15/29	2,065	1,886,667
New Jersey — 6.5%
Middlesex County, New Jersey, Improvement Authority,
Subordinate Revenue Bonds (Heldrich Center Hotel/
Conference Project), Series B, 6.25%, 1/01/37	1,510	761,433
New Jersey EDA, Cigarette Tax Revenue Bonds,
5.75%, 6/15/29	7,000	5,169,290
New Jersey EDA, Motor Vehicle Surcharge Revenue Bonds,
Series A, 5%, 7/01/27 (f)	1,150	1,132,382
New Jersey Health Care Facilities Financing Authority
Revenue Bonds (Virtua Health), 5.50%, 7/01/38 (b)	2,250	2,208,150
New Jersey State Educational Facilities Authority, Revenue
Refunding Bonds (University of Medicine and Dentistry),
Series B:
7.125%, 12/01/23	950	986,946
7.50%, 12/01/32	1,225	1,248,287
New Jersey State Housing and Mortgage Finance Agency
Revenue Bonds, Series AA, 6.50%, 10/01/38	1,250	1,328,588
		12,835,076

See Notes to Financial Statements.

12 ANNUAL REPORT

APRIL 30, 2009

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


		Par
Municipal Bonds		(000)	Value
New York — 12.8%
Albany, New York, IDA, Civic Facility Revenue Bonds
(New Covenant Charter School Project), Series A,
7%, 5/01/35	$ 725		$ 452,501
Hudson Yards Infrastructure Corporation, New York,
Revenue Bonds, Series A, 5%, 2/15/47 (n)		1,400	1,144,654
Long Island Power Authority, New York, Electric System
Revenue Bonds, Series C, 5.25%, 9/01/29 (d)		2,000	2,007,320
Long Island Power Authority, New York, Electric System
Revenue Refunding Bonds, Series A, 6.25%, 4/01/33		480	526,570
Metropolitan Transportation Authority, New York, Dedicated
Tax Fund Revenue Bonds, Series B, 5%, 11/15/34		1,200	1,164,600
Metropolitan Transportation Authority, New York, Revenue
Refunding Bonds, Series A, 5%, 11/15/25 (f)(n)		750	754,575
New York City, New York, City IDA, PILOT Revenue
Bonds (Queens Baseball Stadium Project),
6.50%, 1/01/46 (b)		1,100	1,205,303
New York City, New York, City IDA, Special Facility Revenue
Bonds (American Airlines, Inc. — JFK International
Airport), AMT, 7.625%, 8/01/25 (x)		2,600	1,981,356
New York City, New York, City Municipal Water Finance
Authority, Second General Resolution, Water and Sewer
System Revenue Bonds, Series FF-2, 5.50%, 6/15/40		800	841,496
New York City, New York, City Municipal Water Finance
Authority, Water and Sewer System Revenue Bonds,
Series A, 5.75%, 6/15/40		700	751,569
New York City, New York, City Transitional Finance
Authority, Building Aid Revenue Bonds, Series S-1,
5%, 7/15/24 (f)(n)		2,000	2,007,340
New York Liberty Development Corporation
Revenue Bonds (Goldman Sachs Headquarters),
5.25%, 10/01/35		3,000	2,639,850
New York State Dormitory Authority, Non-State Supported
Debt Revenue Bonds (Rochester Institute of Technology),
Series A, 6%, 7/01/33		1,625	1,707,826
New York State Dormitory Authority, Revenue Refunding
Bonds (University of Rochester), Series A (e)(f)(g):
6.00%, 7/01/10		1,865	1,859,424
6.05%, 7/01/10		2,030	2,023,930
New York State Dormitory Authority, State Personal Income
Tax Revenue Bonds (Education), Series A, 5%, 3/15/38		2,250	2,263,815
New York State, GO, Series A, 5%, 2/15/39		950	960,935
Port Authority of New York and New Jersey, Consolidated
Revenue Refunding Bonds, AMT, 152nd Series,
5.75%, 11/01/30		1,000	1,007,190
			25,300,254
North Carolina — 2.0%
Gaston County, North Carolina, Industrial Facilities and
Pollution Control Financing Authority, Revenue
Bonds (National Gypsum Company Project), AMT,
5.75%, 8/01/35		2,425	1,161,575
North Carolina Medical Care Commission, Health Care
Facilities Revenue Bonds (WakeMed), Series A,
5.875%, 10/01/38 (b)		1,000	1,025,310
North Carolina Medical Care Commission, Health Care
Facilities, Revenue Refunding Bonds (University Health
System), Series D, 6.25%, 12/01/33		1,750	1,844,010
			4,030,895
Ohio — 6.5%
American Municipal Power, Inc., Ohio, Revenue Refunding
Bonds (Prairie State Energy Campus Project), Series A,
5.625%, 2/15/36 (b)		1,430	1,449,319
Buckeye Tobacco Settlement Financing Authority, Ohio,
Tobacco Settlement Asset-Backed Bonds, Series A-2,
6.50%, 6/01/47		1,870	1,155,099


		Par
Municipal Bonds		(000)	Value
Ohio (concluded)
Cuyahoga County, Ohio, Revenue Refunding Bonds,
Series A:
6%, 1/01/20	$ 3,485		$ 3,615,757
6%, 1/01/21		5,000	5,166,700
Ohio State Air Quality Development Authority, Revenue
Refunding Bonds (Dayton Power and Light Company
Project), Series B, 4.80%, 1/01/34 (n)(t)		1,500	1,508,655
			12,895,530
Oklahoma — 1.2%
Tulsa, Oklahoma, Municipal Airport Trust, Revenue
Refunding Bonds, Series A, 7.75%, 6/01/35		2,900	2,449,717
Pennsylvania — 6.5%
Delaware River Port Authority of Pennsylvania and
New Jersey Revenue Bonds (Port District Project),
Series B, 5.70%, 1/01/22 (a)		2,000	2,008,500
McKeesport, Pennsylvania, Area School District, GO,
Refunding (c)(n):
5.53%, 10/01/31		2,435	608,093
5.53%, 10/01/31 (m)		870	288,788
Pennsylvania Economic Development Financing Authority,
Exempt Facilities Revenue Bonds, AMT, Series A:
(Amtrak Project), 6.25%, 11/01/31		2,000	1,555,200
(Amtrak Project), 6.375%, 11/01/41		3,100	2,370,012
(Reliant Energy), 6.75%, 12/01/36		6,380	5,869,409
			12,700,002
Puerto Rico — 2.8%
Puerto Rico Electric Power Authority, Power Revenue
Refunding Bonds, Series UU, 5%, 7/01/23 (a)		2,900	2,938,628
Puerto Rico Housing Financing Authority, Capital Funding
Program, Subordinate Revenue Refunding Bonds,
5.125%, 12/01/27		2,500	2,519,675
			5,458,303
Rhode Island — 1.7%
Rhode Island State Health and Educational Building
Corporation, Hospital Revenue Bonds (Lifespan
Obligation Group), Series A, 7%, 5/15/39 (b)		3,000	3,224,670
Rhode Island State Health and Educational Building
Corporation, Hospital Revenue Refunding Bonds
(Lifespan Obligation Group), 5.50%, 5/15/16 (f)		200	200,012
			3,424,682
South Carolina — 5.7%
South Carolina Housing Finance and Development
Authority, Mortgage Revenue Refunding Bonds, AMT,
Series A-2, 5.15%, 7/01/37 (k)		4,975	4,554,115
South Carolina Jobs EDA, Hospital Facilities Revenue
Refunding Bonds (Palmetto Health Alliance):
Series A, 6.25%, 8/01/31		2,185	1,910,389
Series C, 6.875%, 8/01/13 (g)		3,560	4,238,714
Series C, 6.875%, 8/01/13 (g)		440	518,976
			11,222,194
Tennessee — 2.5%
Memphis-Shelby County, Tennessee, Airport Authority,
Airport Revenue Bonds, AMT, Series D, 6%, 3/01/24 (k)		4,865	4,876,238
Texas — 12.1%
Grapevine, Texas, GO, 5.875%, 8/15/10 (g)(n)		6,000	6,403,800
Harris County-Houston Sports Authority, Texas,
Revenue Refunding Bonds, Senior Lien, Series A,
6.171%, 11/15/38 (c)(f)		5,000	511,250
Harris County, Texas, Health Facilities Development
Corporation, Hospital Revenue Refunding Bonds
(Memorial Hermann Healthcare System), Series B:
7.125%, 12/01/31		1,000	1,057,880
7.25%, 12/01/35		2,650	2,809,344

See Notes to Financial Statements.

ANNUAL REPORT

APRIL 30, 2009

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


	Par
Municipal Bonds	(000)	Value
Texas (concluded)
Lower Colorado River Authority, Texas, Revenue
Refunding Bonds:
5%, 5/15/13 (f)(g)	$ 20	$ 22,701
4.75%, 5/15/36 (k)	3,595	3,293,236
Series A, 5%, 5/15/13 (f)(g)	5	5,675
Montgomery County, Texas, Municipal Utility District
Number 46, Waterworks and Sewer System, GO,
4.75%, 3/01/30 (f)	355	333,508
San Antonio Energy Acquisition Public Facilities
Corporation, Texas, Gas Supply Revenue Bonds,
5.50%, 8/01/24	2,550	2,179,230
Texas State Turnpike Authority, Central Texas Turnpike
System Revenue Bonds (k):
6.053%, 8/15/31 (c)	15,000	3,313,500
First Tier, Series A, 5%, 8/15/42	3,325	2,921,212
Texas State, Water Financial Assistance, GO, Refunding,
5.75%, 8/01/22	1,000	1,033,390
		23,884,726
Virginia — 0.8%
Tobacco Settlement Financing Corporation of Virginia,
Revenue Refunding Bonds, Senior Series B-1,
5%, 6/01/47	2,900	1,549,238
Washington — 1.2%
King County, Washington, Sewer Revenue Refunding
Bonds, 5%, 1/01/36 (a)	200	200,436
Washington State Health Care Facilities Authority
Revenue Bonds (MultiCare Health System), Series B,
6%, 8/15/39 (b)	2,100	2,124,528
		2,324,964
Wisconsin — 1.4%
Wisconsin State Health and Educational Facilities
Authority Revenue Bonds (Aurora Health Care, Inc.),
6.40%, 4/15/33	3,220	2,864,319
Wyoming — 0.9%
Wyoming Community Development Authority, Housing
Revenue Bonds, AMT, Series 3, 4.75%, 12/01/37	2,145	1,821,770
Total Municipal Bonds — 155.5%		306,084,498
Municipal Bonds Transferred to
Tender Option Bond Trusts (u)
Colorado — 2.6%
Colorado Health Facilities Authority Revenue Bonds
(Catholic Health), Series C-7, 5%, 9/01/36 (a)	5,250	5,038,215
Illinois — 1.6%
Chicago, Illinois, Housing Authority, Capital Program
Revenue Refunding Bonds, 5%, 7/01/24 (a)	3,194	3,206,920
Massachusetts — 1.5%
Massachusetts State Water Resource Authority, General
Revenue Refunding Bonds, Series A, 5%, 8/01/41	3,070	3,035,800
New York — 1.7%
New York State Dormitory Authority, Non-State Supported
Debt Revenue Bonds (New York University), Series A,
5%, 07/01/38	3,359	3,323,191


Municipal Bonds Transferred to	Par
Tender Option Bond Trusts (u)	(000)	Value
Ohio — 2.1%
Montgomery County, Ohio, Revenue Bonds (Catholic
Health Initiatives), Series C-1, 5%, 10/01/41 (a)	$ 1,740	$ 1,589,438
Ohio State Higher Educational Facilities Commission,
Hospital Revenue Bonds (University Hospitals Health
System), Series A, 5.25%, 01/01/33	2,600	2,541,240
		4,130,678
Total Municipal Bonds Transferred to
Tender Option Bond Trusts — 9.5%		18,734,804
Total Long-Term Investments
(Cost — $356,877,666) — 165.0%		324,819,302
Short-Term Securities	Shares
Money Market Fund — 5.8%
FFI Institutional Tax-Exempt Fund, 0.72% (v)(w)	11,400,000	11,400,000
Total Short-Term Securities
(Cost — $11,400,000) — 5.8%		11,400,000
*Total Investments (Cost — $368,277,666) — 170.8%**		336,219,302
Liabilities in Excess of Other Assets — (1.1)%		(2,280,214)
Liability for Trust Certificates, Including Interest
Expense and Fees Payable — (5.2)%		(10,156,833)
Preferred Shares, at Redemption Value — (64.5)%		(126,971,191)
Net Assets Applicable to Common Shares — 100.0%		$196,811,064

* The cost and unrealized appreciation (depreciation) of investments as of April 30,
2009, as computed for federal income tax purposes, were as follows:


Aggregate cost	$357,463,360
Gross unrealized appreciation	$ 10,168,356
Gross unrealized depreciation	(41,550,213)
Net unrealized depreciation	$ (31,381,857)

(a) FSA Insured.
(b) Assured Guaranty Insured.
(c) Represents a zero-coupon bond. Rate shown reflects the current yield as of
report date.
(d) CIFG Insured.
(e) Represents a step up bond that pays an initial coupon rate for the first period and
then a higher coupon rate for the following periods. Rate shown reflects the current
yield as of report date.
(f) NPFGC Insured.
(g) 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.
(h) XL Capital Insured.
(i) Issuer filed for bankruptcy and/or is in default of interest payments.
(j) Non-income producing security.
(k) AMBAC Insured.
(l) Security exempt from registration under Rule 144A of the Securities Act of 1933.
These securities may be resold in transactions exempt from registration to qualified
institutional investors.
(m) Security is collateralized by Municipal or US Treasury Obligations.

See Notes to Financial Statements.

14 ANNUAL REPORT

APRIL 30, 2009

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

(n) FGIC Insured.
(o) FHA Insured.
(p) FHLMC Collateralized.
(q) FNMA Collateralized.
(r) GNMA Collateralized.
(s) Security represents a beneficial interest in a trust. The collateral deposited into the
trust is federally tax-exempt revenue bonds issued by various state or local govern-
ments, or their respective agencies or authorities. The security is subject to remarket-
ing prior to its stated maturity, and is subject to mandatory redemption at maturity.
(t) BHAC Insured.
(u) Securities represent bonds transferred to a tender option bond trust in exchange for
which the Trust acquired residual interest certificates. These securities serve as col-
lateral in a financing transaction. See Note 1 of the Notes to Financial Statements
for details of municipal bonds transferred to tender option bond trusts.
(v) Investments in companies considered to be an affiliate of the Trust, for purposes of
Section 2(a)(3) of the Investment Company Act of 1940, were as follows:


	Net
Affiliate	Activity	Income
FFI Institutional Tax-Exempt Fund	(4,000,000)	$ 151,279

(w) Represents the current yield as of report date.
(x) Variable rate security. Rate shown is as of report date.
•Effective November 1, 2008, the Trust adopted Financial Accounting Standards
Board Statement of Financial Accounting Standards No. 157, “Fair Value Measure-
ments” (“FAS 157”). FAS 157 clarifies the definition of fair value, establishes a
framework for measuring fair values and requires additional disclosures about the
use of fair value measurements. Various inputs are used in determining the fair
value of investments, which are as follows:
•Level 1 — price quotations in active markets/exchanges for identical securities
•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 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
circumstance, to the extent observable inputs are not available (including the
Trust’s own assumptions used in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indica-
tion of the risk associated with investing in those securities. For information about
the Trust’s policy regarding valuation of investments and other significant accounting
policies, please refer to Note 1 of the Notes to Financial Statements.

The following table summarizes the inputs used as of April 30, 2009 in determining
the fair valuation of the Trust’s investments:


Valuation	Investments in
Inputs	Securities
	Assets
Level 1	$ 11,400,000
Level 2	324,819,302
Level 3	—
Total	$336,219,302

See Notes to Financial Statements.

ANNUAL REPORT

APRIL 30, 2009

Schedule of Investments April 30, 2009 BlackRock Long-Term Municipal Advantage Trust (BTA)
(Percentages shown are based on Net Assets)


	Par
Municipal Bonds	(000)	Value
Arizona — 5.1%
Phoenix and Pima County, Arizona, IDA, S/F Mortgage
Revenue Refunding Bonds, AMT, Series 2007-1,
5.25%, 8/01/38 (a)(b)(c)	$ 1,762	$ 1,788,809
Pima County, Arizona, IDA, Education Revenue Bonds
(American Charter Schools Foundation), Series A,
5.625%, 7/01/38	1,700	1,119,807
Pima County, Arizona, IDA, Education Revenue Refunding
Bonds (Arizona Charter Schools Project), Series O,
5.25%, 7/01/31	1,000	569,160
Salt Verde Financial Corporation, Arizona, Senior Gas
Revenue Bonds:
5%, 12/01/32	1,850	1,284,622
5%, 12/01/37	2,590	1,744,987
		6,507,385
California — 5.8%
California Educational Facilities Authority Revenue
Bonds (University of Southern California), Series A,
5.25%, 10/01/39	835	868,308
California HFA, Home Mortgage Revenue Bonds, AMT:
Series G, 5.50%, 8/01/42	2,980	2,890,868
Series K, 5.50%, 2/01/42	1,135	1,109,122
California State, GO, 6.50%, 4/01/33	2,000	2,184,820
San Diego, California, Community College District, GO
(Election of 2002), 5.25%, 8/01/33	350	353,287
		7,406,405
Colorado — 2.3%
Colorado HFA, Revenue Refunding Bonds (Adventist
Health System/Sunbelt Obligor Group), Series D,
5.125%, 11/15/29	2,500	2,249,025
North Range Metropolitan District Number 2, Colorado,
Limited Tax, GO, 5.50%, 12/15/37	1,200	614,952
		2,863,977
District of Columbia — 12.4%
District of Columbia Tobacco Settlement Financing
Corporation, Asset-Backed Revenue Refunding Bonds:
6.25%, 5/15/24	5,940	5,581,877
6.50%, 5/15/33	13,310	10,162,451
		15,744,328
Florida — 3.7%
Jacksonville, Florida, Health Facilities Authority, Hospital
Revenue Bonds (Baptist Medical Center Project),
Series A, 5%, 8/15/37	845	662,852
Orange County, Florida, Health Facilities Authority, First
Mortgage Revenue Bonds (Orlando Lutheran Towers),
5.50%, 7/01/38	1,150	672,002
Sarasota County, Florida, Health Facilities Authority,
Retirement Facility Revenue Refunding Bonds (Village
on the Isle Project), 5.50%, 1/01/32	520	334,168
Sumter Landing Community Development District,
Florida, Recreational Revenue Bonds, Sub-Series B,
5.70%, 10/01/38	1,435	890,719
Tolomato Community Development District, Florida,
Special Assessment Bonds, 6.65%, 5/01/40	1,750	1,176,893
Watergrass Community Development District, Florida,
Special Assessment Revenue Bonds, Series A,
5.375%, 5/01/39	1,850	871,091
		4,607,725


	Par
Municipal Bonds	(000)	Value
Georgia — 1.0%
Main Street Natural Gas, Inc., Georgia, Gas Project
Revenue Bonds, Series A, 6.375%, 7/15/38 (d)(e)	$ 585	$ 217,918
Rockdale County, Georgia, Development Authority
Revenue Bonds (Visy Paper Project), AMT, Series A,
6.125%, 1/01/34	1,600	1,062,224
		1,280,142
Illinois — 2.6%
Illinois State Finance Authority Revenue Bonds (Monarch
Landing, Inc. Project), Series A, 7%, 12/01/37	580	351,370
Illinois State Finance Authority, Revenue Refunding Bonds
(Proctor Hospital), Series A, 5.125%, 1/01/25	4,000	2,973,920
		3,325,290
Indiana — 1.7%
Delaware County, Indiana, Hospital Authority, Hospital
Revenue Bonds (Cardinal Health System Obligated
Group), 5.25%, 8/01/36	2,000	1,261,560
Indiana Health and Educational Facilities Financing
Authority, Hospital Revenue Bonds (Community
Foundation of Northwest Indiana), 5.50%, 3/01/37	700	542,626
Indiana Municipal Power Agency, Power Supply System
Revenue Bonds, Series B, 6%, 1/01/39	350	360,573
		2,164,759
Kansas — 0.3%
Lenexa, Kansas, Health Care Facility, Revenue Refunding
Bonds, 5.50%, 5/15/39	650	400,640
Louisiana — 2.1%
Louisiana Local Government Environmental Facilities and
Community Development Authority Revenue Bonds
(Westlake Chemical Corporation), 6.75%, 11/01/32	2,000	1,392,100
Saint Tammany Parish, Louisiana, Financing Authority,
S/F Mortgage Revenue Bonds (Home Ownership
Program), Series A, 5.25%, 12/01/39 (a)(b)(c)	1,334	1,302,050
		2,694,150
Maryland — 0.6%
Maryland State Health and Higher Educational Facilities
Authority Revenue Bonds (King Farm Presbyterian
Community), Series B, 5%, 1/01/17	1,000	772,830
Michigan — 1.9%
Garden City, Michigan, Hospital Finance Authority,
Hospital Revenue Refunding Bonds (Garden City
Hospital Obligation), Series A, 5%, 8/15/38	1,540	845,552
Royal Oak, Michigan, Hospital Finance Authority, Hospital
Revenue Refunding Bonds (William Beaumont
Hospital), 8.25%, 9/01/39	1,400	1,557,864
		2,403,416
Missouri — 1.7%
Missouri State Housing Development Commission,
S/F Mortgage Revenue Refunding Bonds
(Homeownership Loan Program), AMT, Series B-1,
5.05%, 3/01/38 (a)(b)(c)	2,185	2,168,897
Montana — 0.6%
Two Rivers Authority Inc., Montana, Senior Lien Revenue
Bonds (Correctional Facilities Project) (d):
7.25%, 11/01/21	1,500	292,620
7.375%, 11/01/27	2,600	507,156
		799,776
New Jersey — 2.7%
New Jersey EDA, Cigarette Tax Revenue Bonds,
5.50%, 6/15/24	2,670	2,080,304
New Jersey State Turnpike Authority, Turnpike Revenue
Bonds, Series E, 5.25%, 1/01/40	1,345	1,351,994
		3,432,298

See Notes to Financial Statements.

16 ANNUAL REPORT

APRIL 30, 2009

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


		Par
Municipal Bonds		(000)	Value
New York — 9.7%
Nassau County, New York, Tobacco Settlement
Corporation, Senior Asset-Backed Revenue Refunding
Bonds, Series A-2, 5.25%, 6/01/26 (f)	$ 5,000		$ 4,186,250
New York City, New York, City IDA, Special Facility Revenue
Bonds (American Airlines, Inc. — JFK International
Airport), AMT, 7.625%, 8/01/25 (o)		7,600	5,791,656
New York City, New York, City Municipal Water Finance
Authority, Second General Resolution, Water and Sewer
System Revenue Bonds, Series FF-2, 5.50%, 6/15/40		500	525,935
New York City, New York, City Transitional Finance Authority,
Building Aid Revenue Refunding Bonds, Series S-1,
4.50%, 1/15/38		370	319,732
New York Liberty Development Corporation Revenue Bonds
(Goldman Sachs Headquarters), 5.25%, 10/01/35		1,700	1,495,915
			12,319,488
Pennsylvania — 2.2%
Allegheny County, Pennsylvania, Hospital Development
Authority, Revenue Refunding Bonds (West Penn
Allegheny Health System), Series A, 5.375%, 11/15/40		2,080	1,101,506
Harrisburg, Pennsylvania, Authority, University Revenue
Bonds (Harrisburg University of Science), Series A,
5.40%, 9/01/16		230	217,966
Pennsylvania HFA, S/F Mortgage Revenue Refunding
Bonds, AMT, Series 97A, 4.60%, 10/01/27		450	390,919
Pennsylvania State Higher Educational Facilities Authority,
Health Services Revenue Refunding (Allegheny
Delaware Valley), Series A, 5.875%, 11/15/16		1,345	1,115,126
			2,825,517
South Carolina — 3.4%
Scago Education Facilities Corporation for Williamsburg
County School District, South Carolina, Revenue
Refunding Bonds, 5%, 12/01/31 (g)		1,900	1,519,126
South Carolina Jobs, EDA, Health Care Facilities, First
Mortgage Revenue Refunding Bonds (Lutheran Homes):
5.50%, 5/01/28		600	396,066
5.625%, 5/01/42		1,000	589,330
South Carolina Jobs, EDA, Senior Lien Revenue Refunding
Bonds (Burroughs and Chapin Company, Inc.), Series A,
4.70%, 4/01/35 (g)		2,500	1,818,850
			4,323,372
South Dakota — 0.7%
South Dakota State Health and Educational Facilities
Authority Revenue Bonds (Sanford Health),
5%, 11/01/40		1,040	909,428
Texas — 4.7%
Brazos River Authority, Texas, PCR, Refunding (TXU Energy
Company LLC Project), AMT:
Series A, 8.25%, 10/01/30		1,500	645,300
Series C, 5.75%, 5/01/36 (n)		225	132,750
HFDC of Central Texas, Inc., Retirement Facilities Revenue
Bonds (Village at Gleannloch Farms), Series A,
5.50%, 2/15/27		1,150	778,412
Harris County, Texas, Toll Road Revenue Bonds, Senior
Lien, Series A, 5%, 8/15/38		2,130	2,104,014
North Texas Tollway Authority, System Revenue Refunding
Bonds, Second Tier, Series F, 6.125%, 1/01/31		2,290	2,295,336
			5,955,812
Vermont — 2.1%
Vermont HFA, S/F Housing Revenue Bonds, AMT,
Series 27, 4.90%, 5/01/38 (h)		3,035	2,653,379


	Par
Municipal Bonds	(000)	Value
Virginia — 2.5%
Fairfax County, Virginia, EDA, Residential Care Facilities,
Mortgage Revenue Refunding Bonds (Goodwin
House, Inc.), 5.125%, 10/01/42	$ 850	$ 577,388
Peninsula Ports Authority, Virginia, Residential Care
Facilities, Revenue Refunding Bonds (Baptist Homes),
Series C, 5.375%, 12/01/26	2,600	1,778,712
Reynolds Crossing Community Development Authority,
Virginia, Special Assessment Revenue Bonds (Reynolds
Crossing Project), 5.10%, 3/01/21	1,000	812,000
		3,168,100
Wisconsin — 4.1%
Wisconsin State Health and Educational Facilities
Authority Revenue Bonds (Ascension Health), Series A,
5%, 11/15/31	5,335	5,125,761
Total Municipal Bonds — 73.9%		93,852,875
Municipal Bonds Transferred to
Tender Option Bond Trusts (i)
California — 17.0%
Golden State Tobacco Securitization Corporation of
California, Tobacco Settlement Revenue Bonds,
Custodial Receipts, Series 1271, 5%, 6/01/45	10,000	7,807,900
University of California Revenue Bonds, Series B,
4.75%, 5/15/38 (j)	15,000	13,783,800
		21,591,700
Illinois — 11.4%
Chicago, Illinois, O’Hare International Airport, General
Airport Revenue Bonds, Custodial Receipts,
Series 1284, 5%, 1/01/33	15,000	14,454,750
Indiana — 10.6%
Carmel, Indiana, Lease Rental Revenue Bonds
(Performing Arts Center):
4.75%, 2/01/33	7,230	6,931,329
5%, 2/01/33	6,580	6,534,269
		13,465,598
Massachusetts — 8.9%
Massachusetts State, HFA, Housing Revenue Refunding
Bonds, AMT, Series D, 5.45%, 6/01/37	11,855	11,377,599
Nebraska — 3.8%
Omaha Public Power District, Nebraska, Electric System
Revenue Bonds, Sub-Series B, 4.75%, 2/01/36 (j)(k)	5,000	4,809,200
New York — 15.5%
New York City, New York, City Municipal Water Finance
Authority, Water and Sewer System, Revenue Refunding
Bonds, Series D, 5%, 6/15/39	7,500	7,511,325
New York State Dormitory Authority, State Personal
Income Tax Revenue Bonds (Education), Series B,
5.75%, 3/15/36	11,250	12,146,287
		19,657,612
North Carolina — 11.9%
University of North Carolina, University Revenue
Refunding Bonds, Series A, 4.75%, 12/01/34	15,170	15,194,879
Texas — 7.3%
New Caney, Texas, Independent School District, GO,
5%, 2/15/35	9,150	9,275,538
Total Municipal Bonds Transferred to
Tender Option Bond Trusts — 86.4%		109,826,876
Total Long-Term Investments
(Cost — $239,767,400) — 160.3%		203,679,751

See Notes to Financial Statements.

ANNUAL REPORT

APRIL 30, 2009

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


Short-Term Securities	Shares	Value
Money Market Fund — 1.1%
FFI Institutional Tax-Exempt Fund, 0.72% (l)(m)	1,400,185	$ 1,400,185
Total Short-Term Securities
(Cost — $1,400,185) — 1.1%		1,400,185
*Total Investments (Cost — $241,167,585) — 161.4%**		205,079,936
Other Assets Less Liabilities — 1.3%		1,682,116
Liability for Trust Certificates, Including Interest
Expense and Fees Payable — (62.7)%		(79,683,540)
Net Assets — 100.0%		$127,078,512

* The cost and unrealized appreciation (depreciation) of investments as of April 30,
2009, as computed for federal income tax purposes, were as follows:


Aggregate cost	$161,733,129
Gross unrealized appreciation	$ 1,083,837
Gross unrealized depreciation	(36,872,030)
Net unrealized depreciation	$ (35,788,193)

(a) FHLMC Collateralized.
(b) FNMA Collateralized.
(c) GNMA Collateralized.
(d) Issuer filed for bankruptcy and/or is in default of interest payments.
(e) Non-income producing security.
(f) Represents a step up bond that pays an initial coupon rate for the first period and
then a higher coupon rate for the following periods. Rate shown reflects the current
yield as of report date.
(g) Radian Insured.
(h) FSA Insured.
(i) Securities represent bonds transferred to a tender option bond trust in exchange
for which the Trust acquired residual interest certificates. These securities serve
as collateral in a financing transaction. See Note 1 of the Notes to Financial
Statements for details of municipal bonds transferred to tender option bond trusts.
(j) NPFGC Insured.
(k) FGIC Insured.
(l) Investments in companies considered to be an affiliate of the Trust, for purposes of
Section 2(a)(3) of the Investment Company Act of 1940, were as follows:


	Net
Affiliate	Activity	Income
FFI Institutional Tax-Exempt Fund	299,302	$ 18,422

(m) Represents the current yield as of report date.
(n) Variable rate security. Rate shown is as of report date.

•Effective November 1, 2008, the Trust adopted Financial Accounting Standards
Board Statement of Financial Accounting Standards No. 157, “Fair Value
Measurements” (“FAS 157”). FAS 157 clarifies the definition of fair value, estab-
lishes a framework for measuring fair values and requires additional disclosures
about the use of fair value measurements. Various inputs are used in determining
the fair value of investments, which are as follows:
•Level 1 — price quotations in active markets/exchanges for identical securities
•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 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
circumstance, to the extent observable inputs are not available (including the
Trust’s own assumptions used in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indica-
tion of the risk associated with investing in those securities. For information about
the Trust’s policy regarding valuation of investments and other significant accounting
policies, please refer to the Note 1 of the Notes to Financial Statements.

The following table summarizes the inputs used as of April 30, 2009 in determining
the fair valuation of the Trust’s investments:


Valuation	Investments in
Inputs	Securities
	Assets
Level 1	$ 1,400,185
Level 2	203,679,751
Level 3	—
Total	$205,079,936

See Notes to Financial Statements.

18 ANNUAL REPORT

APRIL 30, 2009

Schedule of Investments April 30, 2009 BlackRock Municipal 2020 Term Trust (BKK)
(Percentages shown are based on Net Assets)


	Par
Municipal Bonds	(000)	Value
Alabama — 0.4%
Courtland, Alabama, IDB, Solid Waste Disposal Revenue
Refunding Bonds (International Paper Company
Project), Series A, 4.75%, 5/01/17	$ 1,165	$ 915,038
Arizona — 0.9%
Salt Verde Financial Corporation, Arizona, Senior Gas
Revenue Bonds:
5%, 12/01/18	1,500	1,277,385
5.25%, 12/01/20	1,000	838,710
		2,116,095
California — 23.5%
California State, Various Purpose, GO, 5%, 11/01/22	7,050	7,103,650
California Statewide Communities Development
Authority Revenue Bonds (John Muir Health), Series A,
5%, 8/15/22	5,000	4,834,650
Foothill/Eastern Corridor Agency, California, Toll Road
Revenue Refunding Bonds, CABS (a):
5.954%, 1/15/21	12,500	4,489,375
5.861%, 1/15/22	10,000	3,192,300
Golden State Tobacco Securitization Corporation of
California, Tobacco Settlement Revenue Bonds (b):
Series A-1, 6.625%, 6/01/13	3,000	3,493,770
Series A-1, 6.75%, 6/01/13	12,010	14,044,854
Series A-3, 7.875%, 6/01/13	975	1,180,325
Series A-5, 7.875%, 6/01/13	1,470	1,779,567
Series B, 5.375%, 6/01/10	10,000	10,479,500
Los Angeles, California, Unified School District, GO,
Series I, 5%, 7/01/20	3,750	4,031,362
Riverside County, California, Asset Leasing Corporation,
Leasehold Revenue Bonds (Riverside County Hospital
Project), 5.74%, 6/01/25 (a)(c)	6,865	2,719,570
		57,348,923
Colorado — 1.7%
E-470 Public Highway Authority, Colorado Revenue
Bonds, CABS, Senior Series B, 5.492%, 9/01/22 (a)(c)	4,500	1,646,505
Park Creek Metropolitan District, Colorado, Senior
Limited Tax Supported Revenue Refunding Bonds,
5.25%, 12/01/25	3,000	2,471,490
		4,117,995
District of Columbia — 5.1%
District of Columbia, Revenue Refunding Bonds
(Friendship Public Charter School, Inc.) (d):
5.75%, 6/01/18	2,680	2,154,023
5%, 6/01/23	3,320	2,155,410
District of Columbia Tobacco Settlement Financing
Corporation, Asset-Backed Revenue Refunding Bonds,
6.50%, 5/15/33	4,215	3,218,237
Metropolitan Washington Airports Authority, D.C., Airport
System Revenue Refunding Bonds, AMT, Series C-2,
5%, 10/01/24 (e)	5,000	4,827,750
		12,355,420
Florida — 15.0%
Bellalago, Florida, Educational Facilities Benefits District,
Capital Improvement Special Assessment Bonds,
Series A, 5.85%, 5/01/22	4,110	3,555,972
Broward County, Florida, School Board, COP, Series A,
5.25%, 7/01/22 (e)	1,250	1,281,912
Grand Hampton Community Development District, Florida,
Capital Improvement Special Assessment Bonds,
6.10%, 5/01/24	3,870	3,127,154
Habitat, Florida, Community Development, Special
Assessment Bonds, 5.80%, 5/01/25	3,635	2,695,571


	Par
Municipal Bonds	(000)	Value
Florida (concluded)
Jacksonville, Florida, Sales Tax Revenue Bonds,
5%, 10/01/22	$ 5,160	$ 5,294,315
Miami Beach, Florida, Health Facilities Authority, Hospital
Revenue Refunding Bonds (Mount Sinai Medical
Center of Florida), 6.75%, 11/15/21	4,715	3,539,975
Miami-Dade County, Florida, School District, GO,
Refunding, 4.75%, 7/15/09 (c)	5,045	5,075,825
Middle Village Community Development District, Florida,
Special Assessment Bonds, Series A, 5.80%, 5/01/22	3,955	2,754,262
Pine Island Community Development District, Florida,
Utilities System Revenue Bonds, 5.30%, 11/01/10	320	303,741
Stevens Plantation Community Development District,
Florida, Special Assessment Revenue Bonds, Series B,
6.375%, 5/01/13	3,530	2,747,964
Village Community Development District Number 5,
Florida, Special Assessment Bonds, Series A,
6%, 5/01/22	2,615	2,436,291
Westchester Community Development District Number 1,
Florida, Special Assessment Bonds (Community
Infrastructure), 6%, 5/01/23	5,145	3,725,237
		36,538,219
Georgia — 0.7%
Richmond County, Georgia, Development Authority,
Environmental Improvement Revenue Bonds
(International Paper Co. Projects), AMT, Series A,
5.75%, 11/01/27	2,350	1,672,754
Illinois — 14.8%
CenterPoint Intermodal Center Program Trust, Illinois,
Tax Allocation Bonds, Class A, 10%, 6/15/23 (f)(t)	2,155	1,685,339
Chicago, Illinois, O’Hare International Airport, General
Airport Revenue Bonds, Third Lien, Series A (g):
5%, 1/01/21	5,000	5,047,650
5%, 1/01/22	7,000	7,023,170
Illinois Development Finance Authority Revenue Bonds
(Depaul University), Series C, 5.25%, 10/01/24	5,000	4,958,050
Illinois Educational Facilities Authority Revenue Bonds
(Northwestern University), 5%, 12/01/21	4,800	5,114,208
Illinois State Finance Authority, Student Housing Revenue
Bonds (MJH Education Assistance IV LLC)(h)(i):
Senior Series A, 5.50%, 6/01/19	3,250	1,798,647
Sub-Series B, 5%, 6/01/24	1,075	106,210
Illinois State Toll Highway Authority, Senior Priority
Revenue Bonds, Series A, 5%, 1/01/19 (e)	2,250	2,421,472
Lake, Cook, Kane and McHenry Counties, Illinois,
Community Unit School District Number 220, GO,
Refunding, 5.25%, 12/01/20 (e)	1,000	1,162,060
Metropolitan Pier and Exposition Authority, Illinois,
Dedicated State Tax Revenue Refunding Bonds
(McCormick), Series A, 5.394%, 6/15/22 (a)(c)	13,455	6,868,777
		36,185,583
Indiana — 5.9%
Indianapolis, Indiana, Airport Authority, Special Facilities,
Revenue Refunding Bonds (Federal Express Corporation
Project), AMT, 5.10%, 1/15/17	10,000	8,953,200
Lawrence, Indiana, M/F Housing, Revenue Refunding
Bonds (Pinnacle Apartments Project), AMT,
5.15%, 6/01/24 (j)	2,000	2,001,400
Vincennes, Indiana, EDR, Refunding, 6.25%, 1/01/24	4,620	3,390,988
		14,345,588
Kansas — 1.4%
Unified Government of Wyandotte County and Kansas City,
Kansas, Sales Tax Special Obligation Revenue Bonds
(Kansas International Speedway Corporation Project),
5.2%, 12/01/20 (a)(c)	6,440	3,362,517

See Notes to Financial Statements.

ANNUAL REPORT

APRIL 30, 2009

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


		Par
Municipal Bonds		(000)	Value
Kentucky — 0.8%
Kentucky Housing Corporation, Housing Revenue Bonds,
AMT, Series C, 4.625%, 7/01/22	$ 2,000		$ 1,887,540
Louisiana — 0.6%
De Soto Parish, Louisiana, Environmental Improvement
Revenue Bonds (International Paper Co. Project), AMT,
Series A, 5.85%, 11/01/27		2,000	1,448,600
Maryland — 4.7%
Frederick County, Maryland, Special Obligation Tax Bonds
(Urbana Community Development Authority):
6.625%, 7/01/25		3,000	2,292,390
Series A, 5.80%, 7/01/20		4,711	3,656,348
Maryland State Health and Higher Educational Facilities
Authority, Revenue Refunding Bonds (MedStar
Health, Inc.), 5.375%, 8/15/24		5,500	5,479,650
			11,428,388
Massachusetts — 2.2%
Massachusetts State Development Finance Agency,
Solid Waste Disposal Revenue Bonds (Waste
Management, Inc. Project), AMT, 5.45%, 6/01/14		4,500	4,299,705
Massachusetts State Water Pollution Abatement Trust,
Water Abatement Revenue Refunding Bonds (MWRA
Program), Sub-Series A, 6%, 8/01/23		1,000	1,017,940
			5,317,645
Michigan — 0.4%
Michigan State Hospital Finance Authority, Hospital
Revenue Refunding Bonds (Sparrow Obligated Group),
4.50%, 11/15/26		1,500	1,114,650
Minnesota — 0.5%
Minnesota State Higher Education Facilities Authority
Revenue Bonds (University of St. Thomas), Series 5Y,
5%, 10/01/24		1,250	1,250,538
Mississippi — 0.9%
Warren County, Mississippi, Environmental Improvement
Revenue Bonds (International Paper Company Project),
AMT, Series A, 5.85%, 11/01/27		3,000	2,172,900
Missouri — 4.1%
Missouri State Development Finance Board, Infrastructure
Facilities Revenue Bonds (Branson Landing Project),
Series A, 5.50%, 12/01/24		5,000	4,394,000
Missouri State Health and Educational Facilities Authority
Health Facilities Revenue Refunding Bonds (BJC Health
System), Series A, 5%, 5/15/20		5,500	5,534,045
			9,928,045
Multi-State — 8.5%
Charter Mac Equity Issuer Trust (f)(k):		1,000	1,020,000
5.75%, 4/30/15
6%, 4/30/15		4,000	4,125,840
6%, 4/30/19		2,500	2,569,200
6.30%, 4/30/19		2,500	2,581,650
MuniMae TE Bond Subsidiary LLC (f)(l)(m):
5.40%		5,000	3,038,650
5.80%		5,000	3,007,900
Series D, 5.90%		2,000	1,003,820
San Manuel Entertainment Authority Series 04-C,
4.50%, 12/01/16 (f)		4,000	3,332,320
			20,679,380
Nevada — 2.4%
Clark County, Nevada, EDR, Refunding (Alexander Dawson
School of Nevada Project), 5%, 5/15/20		5,000	5,062,000
Henderson, Nevada, Local Improvement Districts, Special
Assessment, Series NO T-18, 5.15%, 9/01/21		1,765	709,830
			5,771,830


	Par
Municipal Bonds	(000)	Value
New Hampshire — 5.6%
New Hampshire Health and Education Facilities Authority,
Revenue Refunding Bonds (Elliot Hospital), Series B,
5.60%, 10/01/22	$ 5,000	$ 5,009,400
New Hampshire State Business Finance Authority, PCR,
Refunding (Public Service Company Project), AMT,
Series B, 4.75%, 5/01/21 (c)	10,000	8,564,500
		13,573,900
New Jersey — 12.8%
Middlesex County, New Jersey, Improvement Authority
Revenue Bonds (George Street Student Housing
Project), Series A, 5%, 8/15/23	1,000	876,880
New Jersey EDA, Cigarette Tax Revenue Bonds,
5.50%, 6/15/24	10,000	7,791,400
New Jersey EDA, EDR (Kapkowski Road Landfill
Reclamation Improvement District Project), AMT,
Series B, 6.50%, 4/01/31	7,500	5,387,475
New Jersey EDA, First Mortgage Revenue Refunding
Bonds (The Winchester Gardens at Ward Homestead
Project), Series A, 4.80%, 11/01/13	1,000	949,180
New Jersey EDA, Special Facility Revenue Bonds
(Continental Airlines Inc. Project), AMT:
7%, 11/15/30	5,000	3,485,050
9%, 6/01/33	1,500	1,269,585
New Jersey Health Care Facilities Financing Authority,
Revenue Refunding Bonds:
(AtlantiCare Regional Medical Center), 5%, 7/01/20	2,110	2,084,975
(Capital Health System Inc.), Series A,
5.75%, 7/01/13 (b)	4,000	4,581,520
(University of Medicine and Dentistry), Series B,
6.25%, 12/01/18	2,500	2,501,600
New Jersey State Housing and Mortgage Finance
Agency, S/F Housing Revenue Bonds, AMT, Series T,
4.55%, 10/01/22	2,500	2,335,150
		31,262,815
New York — 8.6%
New York City, New York, City IDA, Special Facility Revenue
Bonds AMT (t):
(American Airlines, Inc. — JFK International Airport),
7.625%, 8/01/25	5,635	4,294,208
(Continental Airlines Inc. Project), 7.75%, 8/01/31	5,000	3,739,150
New York State Energy Research and Development
Authority, Gas Facilities Revenue Refunding Bonds
(Brooklyn Union Gas Company/Keyspan), AMT, Series A,
4.70%, 2/01/24 (n)	8,500	7,679,325
Tobacco Settlement Financing Corporation of New York
Revenue Bonds, Series B-1C, 5.50%, 6/01/20	5,000	5,140,750
		20,853,433
Ohio — 8.0%
American Municipal Power, Inc., Ohio, Revenue Refunding
Bonds (Prairie State Energy Campus Project), Series A,
5.25%, 2/15/23	5,000	5,228,800
Cuyahoga County, Ohio, Revenue Refunding Bonds,
Series A:
6%, 1/01/19	3,000	3,120,570
6%, 1/01/20	10,000	10,375,200
Pinnacle Community Infrastructure Financing Authority,
Ohio, Revenue Bonds, Series A, 6%, 12/01/22	1,015	725,015
		19,449,585
Oklahoma — 1.2%
Tulsa, Oklahoma, Municipal Airport Trust, Revenue
Refunding Bonds, Series A, 7.75%, 6/01/35	3,350	2,829,846

See Notes to Financial Statements.

20 ANNUAL REPORT

APRIL 30, 2009

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


		Par
Municipal Bonds		(000)	Value
Pennsylvania — 6.8%
Lancaster County, Pennsylvania, Hospital Authority
Revenue Bonds (Lancaster General Hospital Project),
5.75%, 9/15/13 (b)	$ 7,500		$ 8,750,100
Montgomery County, Pennsylvania, IDA, Revenue Bonds
(Whitemarsh Continuing Care Project), 6%, 2/01/21		1,275	940,262
Pennsylvania State Higher Educational Facilities Authority
Revenue Bonds (LaSalle University), 5.50%, 5/01/26		6,680	5,782,342
Pennsylvania State Turnpike Commission, Turnpike
Revenue Bonds, Sub-Series A, 5%, 6/01/22 (o)		1,000	1,065,610
			16,538,314
Puerto Rico — 6.4%
Puerto Rico Commonwealth, Public Improvement, GO,
Series B, 5.25%, 7/01/17		3,300	3,195,456
Puerto Rico Electric Power Authority, Power Revenue
Bonds, Series NN, 5.125%, 7/01/13 (b)		10,900	12,467,202
			15,662,658
Tennessee — 3.5%
Tennessee Energy Acquisition Corporation, Gas Revenue
Bonds, Series A, 5.25%, 9/01/20		10,000	8,609,900
Texas — 8.1%
Brazos River Authority, Texas, PCR, Refunding (TXU Energy
Company LLC Project), AMT, Series A, 6.75%, 4/01/38 (t)		1,100	550,011
Dallas, Texas, Civic Center Revenue Refunding and
Improvement Bonds, 5%, 8/15/21 (o)		2,500	2,654,200
Port Corpus Christi, Texas, Industrial Development
Corporation Revenue Refunding Bonds, Series C,
5.40%, 4/01/18		3,500	3,117,065
Texas State Turnpike Authority, Central Texas Turnpike
System First Tier Revenue Bonds, CABS, Series A (a)(g)
5.385%, 8/15/21		7,990	3,764,648
5.532%, 8/15/24		8,450	3,174,412
Weatherford, Texas, Independent School District, GO,
Refunding, CABS (a):
5.748%, 2/15/11 (b)		4,040	1,975,560
5.775%, 2/15/11 (b)		4,040	1,865,430
5.748%, 2/15/23		2,905	1,338,479
5.77%, 2/15/24		2,905	1,260,625
			19,700,430
U.S. Virgin Islands — 0.4%
Virgin Islands Public Finance Authority, Senior Lien
Revenue Bonds (Matching Fund Loan Note), Series A,
5.25%, 10/01/17		1,000	965,330
Virginia — 8.2%
Celebrate North Community Development Authority,
Virginia, Special Assessment Revenue Bonds, Series B,
6.60%, 3/01/25		5,000	3,755,150
Charles City County, Virginia, EDA, Solid Waste Disposal
Revenue Bonds (Waste Management, Inc.), AMT,
5.125%, 8/01/27		10,000	9,404,400
Mecklenburg County, Virginia, IDA, Exempt Facility
Revenue Refunding Bonds (UAE LP Project),
6.50%, 10/15/17		7,500	6,943,350
			20,102,900


	Par
Municipal Bonds	(000)	Value
Wisconsin — 2.4%
Wisconsin State, General Fund Annual Appropriation
Bonds, Series A, 5.25%, 5/01/20	$ 1,000	$ 1,070,110
Wisconsin State Health and Educational Facilities
Authority, Revenue Refunding Bonds (Wheaton
Franciscan Services, Inc.), Series A:
5.50%, 8/15/17	2,880	2,346,048
5.50%, 8/15/18	3,190	2,523,800
		5,939,958
Total Municipal Bonds — 166.5%		405,446,717
Municipal Bonds Transferred to
Tender Option Bond Trusts (p)
Chicago, Illinois, Water Revenue Refunding Bonds,
Second Lien, 5%, 11/01/20 (e)	5,000	5,368,750
Total Municipal Bonds Transferred to
Tender Option Bond Trusts — 2.2%		5,368,750
Total Long-Term Investments
(Cost — $456,077,915) — 168.7%		410,815,467
Short-Term Securities
Pennsylvania — 0.0%
Philadelphia, Pennsylvania, Water and Wastewater Revenue
Refunding Bonds, VRDN, 3.10%, 5/07/09 (e)(q)	90	90,000
	Shares
Money Market Fund — 1.0%
FFI Institutional Tax-Exempt Fund, 0.72% (r)(s)	2,301,041	2,301,041
Total Short-Term Securities
(Cost — $2,391,041) — 1.0%		2,391,041
*Total Investments (Cost — $458,468,956) — 169.7%**		413,206,508
Other Assets Less Liabilities — 3.3%		7,997,577
Liability for Trust Certificates, Including Interest
Expense and Fees Payable — (1.6)%		(3,772,871)
Preferred Shares, at Redemption Value — (71.4)%		(173,860,058)
Net Assets Applicable to Common Shares — 100.0%		$243,571,156

* The cost and unrealized appreciation (depreciation) of investments as of April 30,
2009, as computed for federal income tax purposes, were as follows:


Aggregate cost	$454,295,455
Gross unrealized appreciation	$ 9,212,710
Gross unrealized depreciation	(54,051,657)
Net unrealized depreciation	$ (44,838,947)

(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) NPFGC Insured.
(d) ACA Insured.
(e) FSA Insured.
(f) Security exempt from registration under Rule 144A of the Securities Act of 1933.
These securities may be resold in transactions exempt from registration to qualified
institutional investors.

See Notes to Financial Statements.

ANNUAL REPORT

APRIL 30, 2009

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

(g) AMBAC Insured.
(h) Issuer filed for bankruptcy and/or is in default of interest payments.
(i) Non-income producing security
(j) FNMA Collateralized.
(k) Security represents a beneficial interest in a trust. The collateral deposited into the
trust is federally tax-exempt revenue bonds issued by various state or local govern-
ments, or their respective agencies or authorities. The security is subject to remarket-
ing prior to its stated maturity, and is subject to mandatory redemption at maturity.
(l) Security is perpetual in nature and has no stated maturity date.
(m) Security represents a beneficial interest in a trust. The collateral deposited into the
trust is federally tax-exempt revenue bonds issued by various state or local govern-
ments, or their respective agencies or authorities. The security is subject to remarket-
ing and mandatory redemption.
(n) FGIC Insured.
(o) Assured Guaranty Insured.
(p) Securities represent bonds transferred to a tender option bond trust in exchange for
which the Trust acquired residual interest certificates. These securities serve as col-
lateral in a financing transaction. See Note 1 of the Notes to Financial Statements
for details of municipal bonds transferred to tender option bond trusts.
(q) Security may have a maturity of more than one year at the time of issuance, but has
variable rate and demand features that qualify it as a short-term security. Rate
shown is as of report date and maturity shown is the date the principal owed can
be recovered through demand.
(r) Investments in companies considered to be an affiliate of the Trust, for purposes of
Section 2(a)(3) of the Investment Company Act of 1940, were as follows:


	Net
Affiliate	Activity	Income
FFI Institutional Tax-Exempt Fund	(15,910,360)	$ 15,452

(s) Represents the current yield as of report date.
(t) Variable rate security. Rate shown is as of report date.
•Financial Accounting Standards Board Statement of Financial Accounting Standards
No. 157, “Fair Value Measurements”, which clarifies the definition of fair value,
establishes a framework for measuring fair values and requires additional disclo-
sures about the use of fair value measurements. Various inputs are used in deter-
mining the fair value of investments, which are as follows:
•Level 1 — price quotations in active markets/exchanges for identical securities
•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 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
circumstance, to the extent observable inputs are not available (including the
Trust’s own assumptions used in determining the fair value of investments)
The inputs or methodology used for valuing securities are not necessarily an indica-
tion of the risk associated with investing in those securities. For information about
the Trust’s policy regarding valuation of investments and other significant accounting
policies, please refer to Note 1 of the Notes to Financial Statements.
The following table summarizes the inputs used as of April 30, 2009 in determining
the fair valuation of the Trust’s investments:


Valuation	Investments in
Inputs	Securities
	Assets
Level 1	$ 2,301,041
Level 2	410,905,467
Level 3	—
Total	$413,206,508

See Notes to Financial Statements.

22 ANNUAL REPORT

APRIL 30, 2009

Schedule of Investments April 30, 2009 BlackRock Municipal Income Trust (BFK)
(Percentages shown are based on Net Assets)


		Par
Municipal Bonds		(000)	Value
Alabama — 3.6%
Huntsville, Alabama, Health Care Authority Revenue
Bonds, Series B, 5.75%, 6/01/12 (a)	$ 15,000		$ 17,063,400
Arizona — 4.9%
Phoenix and Pima County, Arizona, IDA, S/F Mortgage
Revenue Refunding Bonds, AMT, Series 2007-1,
5.25%, 8/01/38 (b)(c)(d)		4,530	4,599,799
Pima County, Arizona, IDA, Education Revenue Bonds
(American Charter Schools Foundation), Series A,
5.625%, 7/01/38		4,590	3,023,479
Salt Verde Financial Corporation, Arizona, Senior Gas
Revenue Bonds:
5%, 12/01/32		10,280	7,138,329
5%, 12/01/37		12,910	8,697,983
			23,459,590
California — 25.5%
California County Tobacco Securitization Agency, Tobacco
Revenue Bonds (Stanislaus County Tobacco Funding
Corporation), Sub-Series C, 6.30%, 6/01/55 (e)		17,855	109,808
California Educational Facilities Authority Revenue
Bonds (University of Southern California), Series A,
5.25%, 10/01/39		5,110	5,313,838
California HFA, Home Mortgage Revenue Bonds, AMT,
Series G, 5.50%, 8/01/42		8,275	8,027,495
California State, GO, 6.50%, 4/01/33		20,410	22,296,088
California State, GO, Refunding:
5%, 6/01/32		4,000	3,710,520
5%, 6/01/34		6,250	5,774,500
California Statewide Communities Development Authority,
Health Facility Revenue Bonds (Memorial Health
Services), Series A, 5.50%, 10/01/33		5,000	4,533,200
Foothill/Eastern Corridor Agency, California, Toll Road
Revenue Refunding Bonds (e):
6.086%, 1/15/32		54,635	6,168,291
6.033%, 1/15/34		20,535	1,868,685
6.09%, 1/15/38		75,000	5,974,500
Golden State Tobacco Securitization Corporation of
California, Tobacco Settlement Revenue Bonds,
Series A-1, 6.625%, 6/01/13 (a)		10,000	11,645,900
Lincoln, California, Special Tax Bonds (Community
Facilities District Number 2003-1), 6%, 9/01/13 (a)		3,115	3,713,454
Los Angeles, California, Regional Airports Improvement
Corporation, Facilities Lease Revenue Refunding Bonds
(LAXFUEL Corporation — Los Angeles International
Airport), AMT, 5.50%, 1/01/32 (f)		13,320	12,267,587
Los Angeles, California, Unified School District, GO,
Series D:
5.25%, 7/01/24		5,000	5,232,300
5.25%, 7/01/25		3,490	3,617,804
5%, 7/01/26		1,305	1,321,521
Murrieta, California, Community Facilities District
Number 2, Special Tax Bonds (The Oaks Improvement
Area Project), Series A, 6%, 9/01/34		5,000	3,786,100
San Diego, California, Community College District, GO
(Election of 2002), 5.25%, 8/01/33		2,090	2,109,625
University of California Revenue Bonds, Series B,
4.75%, 5/15/38		10,565	9,708,390
West Valley Mission Community College District, California,
GO (Election of 2004), Series A, 4.75%, 8/01/30 (g)		4,015	3,810,155
			120,989,761


		Par
Municipal Bonds		(000)	Value
Colorado — 3.1%
Colorado Health Facilities Authority, Revenue Refunding
Bonds (Poudre Valley Health Care) (g):
Series B, 5.25%, 3/01/36	$ 2,005		$ 1,892,078
Series C, 5.25%, 3/01/40		5,000	4,678,050
Colorado Springs, Colorado, Utilities System Improvement
Revenue Bonds, Subordinate Lien, Series C,
5%, 11/15/45 (g)		2,545	2,519,626
Denver, Colorado, Health and Hospital Authority, Healthcare
Revenue Bonds, Series A, 6%, 12/01/11 (a)		3,500	3,881,010
Park Creek Metropolitan District, Colorado, Senior
Limited Tax Supported Revenue Refunding Bonds,
5.50%, 12/01/37		2,530	1,981,344
			14,952,108
District of Columbia — 7.4%
District of Columbia Revenue Bonds (Georgetown
University), Series A (a)(e)(h):
6.027%, 4/01/11		15,600	3,462,264
6.028%, 4/01/11		51,185	10,700,736
District of Columbia, Revenue Refunding Bonds
(Friendship Public Charter School, Inc.),
5.25%, 6/01/33 (i)		2,390	1,361,392
District of Columbia Tobacco Settlement Financing
Corporation, Asset-Backed Revenue Refunding Bonds,
6.75%, 5/15/40		25,535	19,778,390
			35,302,782
Florida — 8.6%
Heritage Isle at Viera Community Development District,
Florida, Special Assessment Bonds, Series A,
6%, 5/01/35		1,905	1,462,087
Highlands County, Florida, Health Facilities Authority,
Hospital Revenue Bonds (Adventist Health System),
Series A, 6%, 11/15/11 (a)		9,670	10,736,117
Martin County, Florida, IDA, IDR, Refunding (Indiantown
Cogeneration Project), AMT, Series A, 7.875%, 12/15/25		9,000	7,623,180
Miami Beach, Florida, Health Facilities Authority, Hospital
Revenue Refunding Bonds (Mount Sinai Medical
Center of Florida), 6.75%, 11/15/21		9,540	7,162,537
Orange County, Florida, Tourist Development, Tax Revenue
Refunding Bonds, 4.75%, 10/01/32 (j)		5,440	4,939,411
Stevens Plantation Community Development District,
Florida, Special Assessment Revenue Bonds, Series A,
7.10%, 5/01/35		3,780	2,639,045
Village Community Development District Number 5,
Florida, Special Assessment Bonds, 5.625%, 5/01/22		7,370	6,240,253
			40,802,630
Georgia — 0.9%
Main Street Natural Gas, Inc., Georgia, Gas Project
Revenue Bonds, Series A, 6.375%, 7/15/38 (k)(l)		3,500	1,303,785
Richmond County, Georgia, Development Authority,
Environmental Improvement Revenue Refunding Bonds
(International Paper Co. Projects), AMT, Series A,
6%, 2/01/25		4,000	2,988,320
			4,292,105
Illinois — 9.4%
Bolingbrook, Illinois, GO, Refunding, Series B (e)(h)(m):
6.007%, 1/01/33		6,820	1,738,077
6.007%, 1/01/34		14,085	3,315,750
CenterPoint Intermodal Center Program Trust, Illinois, Tax
Allocation Bonds, Class A, 10%, 6/15/23 (n)(v)		4,630	3,620,938
Illinois Educational Facilities Authority, Revenue
Refunding Bonds (University of Chicago), Series A,
5.25%, 7/01/41		760	765,761

See Notes to Financial Statements.

ANNUAL REPORT

APRIL 30, 2009

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


		Par
Municipal Bonds		(000)	Value
Illinois (concluded)
Illinois Educational Facilities Authority, Student
Housing Revenue Bonds (Education Advancement
Fund — University Center Project at DePaul),
6.25%, 5/01/12 (a)	$ 10,000		$ 11,526,800
Illinois Health Facilities Authority, Revenue Refunding
Bonds (Elmhurst Memorial Healthcare):
5.50%, 1/01/22		5,000	4,536,200
5.625%, 1/01/28		6,000	5,069,820
Illinois Municipal Electric Agency, Power Supply Revenue
Bonds, 4.50%, 2/01/35 (h)(m)		7,760	6,882,654
Illinois State Finance Authority Revenue Bonds, Series A:
(Friendship Village of Schaumburg), 5.625%, 2/15/37		1,685	950,711
(Monarch Landing, Inc. Project), 7%, 12/01/37		2,885	1,747,762
(Northwestern Memorial Hospital),
5.50%, 8/15/14 (a)		3,700	4,320,342
Illinois State Finance Authority, Student Housing Revenue
Bonds (MJH Education Assistance IV LLC), Sub-Series B,
5.375%, 6/01/35 (k)(l)		1,675	164,736
			44,639,551
Indiana — 6.2%
Indiana Health Facilities Financing Authority, Hospital
Revenue Refunding Bonds (Methodist Hospital, Inc.),
5.50%, 9/15/31		9,000	5,974,650
Indiana Municipal Power Agency, Power Supply System
Revenue Bonds, Series B, 6%, 1/01/39		2,150	2,214,952
Petersburg, Indiana, PCR, Refunding (Indianapolis
Power & Light Co. Project), AMT:
5.90%, 12/01/24		10,000	7,606,200
5.95%, 12/01/29		16,000	12,215,200
Vincennes, Indiana, EDR, Refunding, 6.25%, 1/01/24		2,220	1,629,436
			29,640,438
Kentucky — 0.2%
Kentucky Housing Corporation, Housing Revenue Bonds,
AMT, Series F, 5.45%, 1/01/32 (d)(o)		900	870,381
Louisiana — 2.2%
Louisiana Local Government Environmental Facilities and
Community Development Authority, Revenue Bonds
(Capital Projects and Equipment Acquisition Program),
6.55%, 9/01/25 (i)		9,215	7,228,891
Saint Tammany Parish, Louisiana, Financing Authority,
S/F Mortgage Revenue Bonds (Home Ownership
Program), Series A, 5.25%, 12/01/39 (b)(c)(d)		3,051	2,978,727
			10,207,618
Maryland — 0.5%
Maryland State Community Development Administration,
Department of Housing and Community Development,
Residential Revenue Refunding Bonds, AMT, Series A,
4.65%, 9/01/32		2,665	2,276,176
Michigan — 0.7%
Michigan State Hospital Finance Authority, Revenue
Refunding Bonds (Henry Ford Health System), Series A,
5.25%, 11/15/46		4,230	3,165,140
Mississippi — 3.5%
Gulfport, Mississippi, Hospital Facility Revenue Bonds
(Memorial Hospital at Gulfport Project), Series A,
5.75%, 7/01/31		18,680	16,742,697
Missouri — 0.1%
Missouri Joint Municipal Electric Utility Commission,
Power Project Revenue Bonds (Plum Point Project),
4.60%, 1/01/36 (h)		695	495,723


		Par
Municipal Bonds		(000)	Value
Multi-State — 8.7%
Charter Mac Equity Issuer Trust (n)(p):
6.30%, 6/30/49	$ 11,000		$ 11,058,851
6.625%, 6/30/49		1,000	1,004,830
6.80%, 11/30/50		6,500	6,756,360
6.80%, 10/31/52		16,000	17,122,720
MuniMae TE Bond Subsidiary LLC,
6.875%, 6/30/49 (n)(p)		8,000	5,598,960
			41,541,721
Nebraska — 0.7%
Omaha Public Power District, Nebraska, Electric System
Revenue Bonds, Series A, 4.75%, 2/01/44		3,695	3,462,400
Nevada — 1.0%
Clark County, Nevada, EDR, Refunding (Alexander Dawson
School of Nevada Project), 5%, 5/15/29		5,260	4,805,746
New Hampshire — 1.4%
New Hampshire Health and Education Facilities Authority
Revenue Bonds (Exeter Hospital Obligated Group),
5.75%, 10/01/31		3,500	3,246,565
New Hampshire State Business Finance Authority, PCR,
Refunding (Public Service Company Project), AMT,
Series B, 4.75%, 5/01/21 (h)		4,000	3,425,800
			6,672,365
New Jersey — 7.6%
Middlesex County, New Jersey, Improvement Authority,
Subordinate Revenue Bonds (Heldrich Center Hotel/
Conference Project), Series B, 6.25%, 1/01/37		3,680	1,855,677
New Jersey EDA, Cigarette Tax Revenue Bonds,
5.75%, 6/15/29		18,500	13,661,695
New Jersey EDA, EDR, Refunding (Kapkowski Road
Landfill Reclamation Improvement District Project),
6.50%, 4/01/28		8,000	6,037,440
New Jersey EDA, Special Facility Revenue Bonds
(Continental Airlines Inc. Project), AMT, 7%, 11/15/30		15,410	10,740,924
Tobacco Settlement Financing Corporation of New Jersey,
Asset-Backed Revenue Refunding Bonds, Series 1A,
4.50%, 6/01/23		4,610	3,872,907
			36,168,643
New York — 5.4%
Albany, New York, IDA, Civic Facility Revenue Bonds
(New Covenant Charter School Project), Series A,
7%, 5/01/35		1,820	1,135,935
New York City, New York, City IDA, Special Facility Revenue
Bonds, AMT:
(American Airlines, Inc. — JFK International Airport),
8%, 8/01/28		5,000	3,890,000
(Continental Airlines Inc. Project), 7.75%, 8/01/31 (v)		22,140	16,556,956
New York City, New York, City Municipal Water Finance
Authority, Second General Resolution, Water and Sewer
System Revenue Bonds, Series FF-2, 5.50%, 6/15/40		3,080	3,239,760
New York Liberty Development Corporation Revenue Bonds
(Goldman Sachs Headquarters), 5.25%, 10/01/35		675	593,966
			25,416,617
North Carolina — 3.3%
Gaston County, North Carolina, Industrial Facilities and
Pollution Control Financing Authority, Revenue
Bonds (National Gypsum Company Project), AMT,
5.75%, 8/01/35		12,130	5,810,270
North Carolina Capital Facilities Finance Agency, Revenue
Refunding Bonds (Duke University Project), Series B,
4.25%, 7/01/42		11,550	9,805,950
			15,616,220

See Notes to Financial Statements.

24 ANNUAL REPORT

APRIL 30, 2009

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


	Par
Municipal Bonds	(000)	Value
Ohio — 2.4%
Buckeye Tobacco Settlement Financing Authority, Ohio,
Tobacco Settlement Asset-Backed Bonds, Series A-2,
6.50%, 6/01/47	$ 3,120	$ 1,927,224
Ohio State Air Quality Development Authority, Revenue
Refunding Bonds (Dayton Power and Light Company
Project), Series B, 4.80%, 1/01/34 (m)(q)	7,085	7,125,880
Pinnacle Community Infrastructure Financing Authority,
Ohio, Revenue Bonds, Series A, 6.25%, 12/01/36	3,760	2,305,857
		11,358,961
Oklahoma — 1.3%
Tulsa, Oklahoma, Municipal Airport Trust, Revenue
Refunding Bonds, Series A, 7.75%, 6/01/35	7,175	6,060,938
Pennsylvania — 4.5%
Pennsylvania Economic Development Financing Authority,
Exempt Facilities Revenue Bonds, AMT, Series A:
(Amtrak Project), 6.375%, 11/01/41	6,500	4,969,380
(Reliant Energy), 6.75%, 12/01/36	15,580	14,333,132
Pennsylvania HFA, S/F Mortgage Revenue Refunding
Bonds, AMT, Series 97A, 4.60%, 10/01/27	2,500	2,171,775
		21,474,287
Puerto Rico — 0.8%
Puerto Rico Commonwealth Highway and Transportation
Authority, Transportation Revenue Refunding Bonds,
Series N, 5.25%, 7/01/36 (r)	4,000	3,954,040
South Carolina — 8.0%
Lexington County, South Carolina, Health Services
District Inc., Hospital Revenue Refunding and
Improvement Bonds (a):
5.50%, 11/01/13	5,000	5,796,450
5.75%, 11/01/13	10,000	11,700,600
Scago Education Facilities Corporation for Chesterfield
County School District, South Carolina, Revenue
Refunding Bonds, 5%, 12/01/29 (r)	5,345	5,177,808
South Carolina Jobs EDA, Hospital Facilities Revenue
Refunding Bonds (Palmetto Health Alliance):
Series A, 6.25%, 8/01/31	5,075	4,437,174
Series C, 6.875%, 8/01/13 (a)	8,010	9,537,107
Series C, 6.875%, 8/01/13 (a)	990	1,167,695
		37,816,834
Tennessee — 2.4%
Knox County, Tennessee, Health, Educational and
Housing Facilities Board, Hospital Facilities Revenue
Refunding Bonds (Covenant Health), Series A,
5.70%, 1/01/20 (e)(g)	20,725	11,587,140
Texas — 19.7%
Brazos River Authority, Texas, PCR, Refunding (TXU Energy
Company LLC Project), AMT:
Series A, 8.25%, 10/01/30	4,370	1,879,974
Series C, 5.75%, 5/01/36 (v)	4,265	2,516,350
Harris County-Houston Sports Authority, Texas, Revenue
Refunding Bonds (e)(h):
Junior Lien, Series A, 5.93%, 11/15/38	12,580	1,286,305
Junior Lien, Series H, 6.108%, 11/15/35	5,000	634,650
Third Lien, Series A-3, 5.97%, 11/15/37	26,120	2,806,855
Houston, Texas, Combined Utility System, First Lien
Revenue Refunding Bonds, Series A, 6%, 11/15/35 (r)	16,425	17,481,949
Lower Colorado River Authority, Texas, Revenue Refunding
Bonds (h):
5%, 5/15/13 (a)	50	56,754
5%, 5/15/31	2,345	2,254,108
Series A, 5%, 5/15/13 (a)	5	5,675


		Par
Municipal Bonds		(000)	Value
Texas (concluded)
Lower Colorado River Authority, Texas, Transmission
Contract Revenue Refunding Bonds (LCRA Transmission
Services Corp. Project), 4.75%, 5/15/34 (f)	$ 13,305		$ 12,331,340
Montgomery County, Texas, Municipal Utility District
Number 46, Waterworks and Sewer System, GO,
4.75%, 3/01/30 (h)		1,200	1,127,352
North Texas Tollway Authority, System Revenue Refunding
Bonds, Second Tier, Series F, 6.125%, 1/01/31		12,180	12,208,379
San Antonio Energy Acquisition Public Facilities
Corporation, Texas, Gas Supply Revenue Bonds,
5.50%, 8/01/25		6,540	5,516,817
Texas State Affordable Housing Corporation, M/F Housing
Revenue Bonds (Amern Opportunity Housing Portfolio),
Series B, 8%, 3/01/32 (k)(l)		4,435	221,573
Texas State Turnpike Authority, Central Texas Turnpike
System Revenue Bonds (f):
6.063%, 8/15/32 (e)		25,000	5,137,750
6.073%, 8/15/33 (e)		62,325	11,938,977
6.074%, 8/15/34 (e)		65,040	11,610,941
First Tier, Series A, 5%, 8/15/42		5,000	4,392,800
			93,408,549
Virginia — 0.5%
Virginia Commonwealth Transportation Board,
Transportation Contract Revenue Refunding Bonds
(U.S. Route 28 Project), 5.293%, 4/01/32 (e)(h)		8,105	2,176,760
Washington — 4.8%
King County, Washington, Sewer Revenue Refunding
Bonds, 5%, 1/01/36 (g)		3,615	3,622,881
Washington State, GO, Series E, 5%, 2/01/34		14,480	14,725,002
Washington State Health Care Facilities Authority, Revenue
Refunding Bonds (Providence Health System), Series A,
4.625%, 10/01/34 (h)(m)		5,095	4,345,933
			22,693,816
Wisconsin — 1.7%
Wisconsin State Health and Educational Facilities
Authority Revenue Bonds (Aurora Health Care, Inc.),
6.40%, 4/15/33		7,500	6,671,550
Wisconsin State Health and Educational Facilities
Authority, Revenue Refunding Bonds (Froedtert and
Community Health), 5.375%, 10/01/30		1,205	1,190,600
			7,862,150
Wyoming — 0.5%
Wyoming Community Development Authority, Housing
Revenue Bonds, AMT, Series 3, 4.65%, 12/01/27		2,765	2,427,228
Total Municipal Bonds — 151.5%			719,404,515
Municipal Bonds Transferred to
Tender Option Bond Trusts (s)
Alabama — 0.9%
Birmingham, Alabama, Special Care Facilities Financing
Authority, Revenue Refunding Bonds (Ascension Health
Credit), Series C-2, 5%, 11/15/36		4,548	4,402,652
California — 1.0%
University of California Revenue Bonds, Series C,
4.75%, 5/15/37 (h)		5,000	4,593,850
Connecticut — 4.1%
Connecticut State Health and Educational Facilities
Authority Revenue Bonds (Yale University):
Series T-1, 4.70%, 7/01/29		9,400	9,662,730
Series X-3, 4.85%, 7/01/37		9,360	9,555,624
			19,218,354

See Notes to Financial Statements.

ANNUAL REPORT

APRIL 30, 2009

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


Municipal Bonds Transferred to	Par
Tender Option Bond Trusts (s)	(000)	Value
Colorado — 2.5%
Colorado Health Facilities Authority Revenue Bonds
(Catholic Health) (g):
Series C-3, 5.10%, 10/01/41	$ 7,600	$ 7,286,120
Series C-7, 5%, 9/01/36	4,860	4,663,948
		11,950,068
Illinois — 1.7%
Chicago, Illinois, Housing Authority, Capital Program
Revenue Refunding Bonds, 5%, 7/01/24 (g)	8,232	8,265,725
Massachusetts — 1.4%
Massachusetts State Water Resource Authority, General
Revenue Refunding Bonds, Series A, 5%, 8/01/41	6,770	6,694,582
New York — 1.1%
New York State Environmental Facilities Corporation,
State Clean Water and Drinking Revenue Bonds
(New York City Water Project), Series B, 5%, 6/15/31	5,370	5,423,807
Virginia — 3.8%
University of Virginia, Revenue Refunding Bonds,
5%, 6/01/40	10,750	11,098,193
Virginia State, HDA, Commonwealth Mortgage Revenue
Bonds, Series H, Sub-Series H-1, 5.35%, 7/01/31 (h)	6,810	6,845,412
		17,943,605
Washington — 1.2%
Central Puget Sound Regional Transportation Authority,
Washington, Sales and Use Tax Revenue Bonds,
Series A, 5%, 11/01/32 (g)	5,459	5,507,823
Total Municipal Bonds Transferred to
Tender Option Bond Trusts — 17.7%		84,000,466
Total Long-Term Investments
(Cost — $919,303,895) — 169.2%		803,404,981
Short-Term Securities	Shares
Money Market Fund — 0.1%
FFI Institutional Tax-Exempt Fund, 0.72% (t)(u)	423,950	423,950
Total Short-Term Securities
(Cost — $423,950) — 0.1%		423,950
*Total Investments (Cost — $919,727,845) — 169.3%**		803,828,931
Other Assets Less Liabilities — 2.2%		10,638,337
Liability for Trust Certificates, Including Interest
Expense and Fees Payable — (9.8)%		(46,507,108)
Preferred Shares, at Redemption Value — (61.7)%		(293,146,623)
Net Assets Applicable to Common Shares — 100.0%		$ 474,813,537

* The cost and unrealized appreciation (depreciation) of investments as of April 30,
2009, as computed for federal income tax purposes, were as follows:


Aggregate cost	$ 871,677,257
Gross unrealized appreciation	$ 22,039,269
Gross unrealized depreciation	(136,276,455)
Net unrealized depreciation	$(114,237,186)

(a) US government securities, held in escrow, are used to pay interest on this security as
well as to retire the bond in full at the date indicated, typically at a premium
to par.
(b) FHLMC Collateralized.
(c) GNMA Collateralized.
(d) FNMA Collateralized.
(e) Represents a zero-coupon bond. Rate shown reflects the current yield as of
report date.
(f) AMBAC Insured.

(g) FSA Insured.
(h) NPFGC Insured.
(i) ACA Insured.
(j) XL Capital Insured.
(k) Non-income producing security.
(l) Issuer filed for bankruptcy and/or is in default of interest payments.
(m) FGIC Insured.
(n) Security exempt from registration under Rule 144A of the Securities Act of 1933.
These securities may be resold in transactions exempt from registration to qualified
institutional investors.
(o) FHA Insured.
(p) Security represents a beneficial interest in a trust. The collateral deposited into the
trust is federally tax-exempt revenue bonds issued by various state or local govern-
ments, or their respective agencies or authorities. The security is subject to remarket-
ing prior to its stated maturity, and is subject to mandatory redemption at maturity.
(q) BHAC Insured.
(r) Assured Guaranty Insured.
(s) Securities represent bonds transferred to a tender option bond trust in exchange for
which the Trust acquired residual interest certificates. These securities serve as col-
lateral in a financing transaction. See Note 1 of the Notes to Financial Statements
for details of municipal bonds transferred to tender option bond trusts.
(t) Investments in companies considered to be an affiliate of the Trust, for purposes of
Section 2(a)(3) of the Investment Company Act of 1940, were as follows:


	Net
Affiliate	Activity	Income
FFI Institutional Tax-Exempt Fund	(1,403,004)	$ 62,547

(u) Represents the current yield as of report date.
(v) Variable rate security. Rate shown is as of report date.

•Effective November 1, 2008, the Trust adopted Financial Accounting Standards
Board Statement of Financial Accounting Standards No. 157, “Fair Value
Measurements” (“FAS 157”). FAS 157 clarifies the definition of fair value, estab-
lishes a framework for measuring fair values and requires additional disclosures
about the use of fair value measurements. Various inputs are used in determining
the fair value of investments, which are as follows:
•Level 1 — price quotations in active markets/exchanges for identical securities
•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 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
circumstance, to the extent observable inputs are not available (including the
Trust’s own assumptions used in determining the fair value of investments)
The inputs or methodology used for valuing securities are not necessarily an indica-
tion of the risk associated with investing in those securities. For information about
the Trust’s policy regarding valuation of investments and other significant accounting
policies, please refer to Note 1 of the Notes to Financial Statements.
The following table summarizes the inputs used as of April 30, 2009 in determining
the fair valuation of the Trust’s investments:


Valuation	Investments in
Inputs	Securities
	Assets
Level 1	$ 423,950
Level 2	803,404,981
Level 3	—
Total	$803,828,931

See Notes to Financial Statements.

26 ANNUAL REPORT

APRIL 30, 2009

Schedule of Investments April 30, 2009 BlackRock Pennsylvania Strategic Municipal Trust (BPS)
(Percentages shown are based on Net Assets)


		Par
Municipal Bonds		(000)	Value
Pennsylvania — 128.8%
Corporates — 6.2%
Chester County, Pennsylvania, IDA, Water Facilities
Revenue Bonds (Aqua Pennsylvania, Inc. Project), AMT,
Series A, 5%, 2/01/40 (a)(b)	$ 1,000		$ 843,030
Pennsylvania Economic Development Financing Authority,
Water Facility Revenue Bonds (Aqua Pennsylvania, Inc.
Project), AMT, Series A, 6.75%, 10/01/18		600	637,704
			1,480,734
County/City/Special District/School District — 24.8%
Delaware Valley Regional Finance Authority, Pennsylvania,
Local Government Revenue Bonds, Series A,
5.50%, 8/01/28 (c)		1,000	1,044,840
Marple Newtown, Pennsylvania, School District, GO,
5%, 6/01/31 (d)		600	608,040
Mifflin County, Pennsylvania, School District, GO,
7.50%, 9/01/22 (e)		200	241,972
Owen J. Roberts School District, Pennsylvania, GO,
4.75%, 11/15/25		700	716,058
Philadelphia, Pennsylvania, School District, GO,
Refunding, Series A, 5%, 8/01/15 (c)		1,000	1,098,850
Philadelphia, Pennsylvania, School District, GO, Series C,
5.75%, 3/01/10 (a)(f)		1,550	1,616,790
Scranton, Pennsylvania, School District, GO:
Series A, 5%, 7/15/38 (d)		500	493,905
Series E, 6%, 9/01/38		100	105,698
Washington County, Pennsylvania, Capital Funding
Authority Revenue Bonds (Capital Projects and
Equipment Program), 6.15%, 12/01/29 (c)		40	38,004
			5,964,157
Education — 11.0%
Lancaster, Pennsylvania, Higher Education Authority,
College Revenue Bonds (Franklin & Marshall College
Project), 5%, 4/15/37		500	476,840
Pennsylvania State Higher Educational Facilities
Authority Revenue Bonds (Lafayette College Project),
6%, 5/01/30		1,250	1,272,363
University of Pittsburgh, Pennsylvania, The Commonwealth
System of Higher Education, Revenue Bonds (Capital
Project), Series B, 5%, 9/15/28		350	357,644
Wilkes-Barre, Pennsylvania, Financing Authority,
Revenue Refunding Bonds (Wilkes University Project),
5%, 3/01/37		700	521,906
			2,628,753
Health — 38.5%
Allegheny County, Pennsylvania, Hospital Development
Authority, Revenue Refunding Bonds (West Penn
Allegheny Health System), Series A, 5.375%, 11/15/40		470	248,898
Bucks County, Pennsylvania, IDA, Revenue Refunding
Bonds (Pennswood Village Project), Series A,
6%, 10/01/12 (f)		1,400	1,623,020
Lancaster County, Pennsylvania, Hospital Authority
Revenue Bonds (Masonic Homes Project),
5%, 11/01/36		1,000	802,490
Lehigh County, Pennsylvania, General Purpose Authority,
Hospital Revenue Refunding Bonds (Saint Lukes
Hospital of Bethlehem), 5.375%, 8/15/13 (f)		3,520	4,073,696
Monroe County, Pennsylvania, Hospital Authority
Revenue Refunding Bonds (Pocono Medical Center),
5.125%, 1/01/37		345	272,274


		Par
Municipal Bonds		(000)	Value
Pennsylvania (concluded)
Health (concluded)
Montgomery County, Pennsylvania, IDA, Retirement
Community Revenue Bonds (ACTS Retirement — Life
Communities Inc.), 5.25%, 11/15/28	$ 1,250		$ 944,112
Southcentral General Authority, Pennsylvania, Revenue
Refunding Bonds (Wellspan Health Obligated), Series A,
6%, 6/01/29		1,250	1,294,125
			9,258,615
Housing — 11.1%
Pennsylvania HFA, S/F Mortgage Revenue Bonds, AMT,
Series 95A, 4.90%, 10/01/37		1,000	886,740
Pennsylvania HFA, S/F Mortgage Revenue Refunding
Bonds, AMT:
Series 96A, 4.70%, 10/01/37		495	415,973
Series 97A, 4.65%, 10/01/31		1,300	1,120,431
Series 103C, 5.40%, 10/01/33		250	252,853
			2,675,997
State — 10.0%
Pennsylvania State, GO, First Series:
5%, 3/15/28		825	867,636
5%, 3/15/29		275	287,147
Pennsylvania State Public School Building Authority,
School Revenue Bonds (Harrisburg School District),
Series A, 5%, 11/15/33 (g)		250	244,123
Pennsylvania State Turnpike Commission, Oil Franchise
Tax Revenue Bonds, Series C, 5%, 12/01/32 (a)		1,000	1,008,300
			2,407,206
Transportation — 18.0%
Pennsylvania Economic Development Financing Authority,
Exempt Facilities Revenue Bonds (Amtrak Project), AMT,
Series A:
6.25%, 11/01/31		1,000	777,600
6.375%, 11/01/41		1,000	764,520
Pennsylvania State Turnpike Commission, Turnpike
Revenue Bonds:
Series A, 5.25%, 12/01/32 (c)		870	882,989
Sub-Series A, 5%, 6/01/39 (g)		750	757,665
Philadelphia, Pennsylvania, Airport Revenue Bonds, AMT,
Series A, 5%, 6/15/37 (d)		1,150	1,001,604
Susquehanna Area Regional Airport Authority,
Pennsylvania, Airport System Revenue Bonds, AMT,
Series A, 6.50%, 1/01/38		185	127,546
			4,311,924
Utilities — 9.2%
Delaware County, Pennsylvania, IDA, Water Facilities
Revenue Bonds (Philadelphia Suburban Water),
6%, 6/01/29 (a)(b)		1,250	1,239,837
Montgomery County, Pennsylvania, IDA, Water Facilities
Revenue Bonds (Aqua Pennsylvania, Inc. Project),
Series A, 5.25%, 7/01/42		300	253,851
Pennsylvania Economic Development Financing Authority,
Resource Recovery Revenue Refunding Bonds (Colver
Project), AMT, Series G, 5.125%, 12/01/15		900	723,645
			2,217,333
Total Municipal Bonds in Pennsylvania			30,944,719
Multi-State — 11.7%
Housing — 11.7%
MuniMae TE Bond Subsidiary LLC,
6.875%, 6/30/49 (h)(i)		4,000	2,799,480
Total Municipal Bonds in Multi-State			2,799,480

See Notes to Financial Statements.

ANNUAL REPORT

APRIL 30, 2009

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


		Par
Municipal Bonds		(000)	Value
Puerto Rico — 19.8%
Education — 3.6%
Puerto Rico Industrial, Tourist, Educational, Medical and
Environmental Control Facilities Revenue Bonds (Ana G.
Mendez University System Project), 5%, 3/01/26	$ 1,250		$ 865,325
State — 13.5%
Puerto Rico Commonwealth, GO, Refunding,
Sub-Series C-7, 6%, 7/01/27 (a)		1,385	1,368,283
Puerto Rico Public Buildings Authority, Government
Facilities Revenue Refunding Bonds, Series N,
5%, 7/01/37 (j)		300	230,493
Puerto Rico Public Finance Corporation, Commonwealth
Appropriation Revenue Bonds, Series E,
5.50%, 2/01/12 (f)		1,495	1,647,953
			3,246,729
Utilities — 2.7%
Puerto Rico Commonwealth Aqueduct and Sewer Authority,
Senior Lien Revenue Bonds, Series A, 6%, 7/01/38		200	193,308
Puerto Rico Electric Power Authority, Power Revenue
Bonds, Series WW, 5.50%, 7/01/38		500	461,850
			655,158
Total Municipal Bonds in Puerto Rico			4,767,212
Total Long-Term Investments
(Cost — $41,699,360) — 160.3%			38,511,411
Short-Term Securities
Pennsylvania — 7.9%
Geisinger Health System, Pennsylvania, Revenue Bonds,
VRDN, 0.40%, 5/01/09 (k)		800	800,000
Philadelphia, Pennsylvania, Gas Works Revenue Bonds,
VRDN, Fifth Series A-2, 0.45%, 5/07/09 (k)		1,100	1,100,000
			1,900,000
		Shares
Money Market Fund — 0.4%
CMA Pennsylvania Municipal Money Fund, 0.15% (l)(m)		99,970	99,970
Total Short-Term Securities
(Cost — $1,999,970) — 8.3%			1,999,970
*Total Investments (Cost — $43,699,330) — 168.6%**			40,511,381
Other Assets Less Liabilities — 1.4%			337,096
Preferred Shares, at Redemption Value — (70.0)%			(16,825,365)
Net Assets Applicable to Common Shares — 100.0%			$ 24,023,112

* The cost and unrealized appreciation (depreciation) of investments as of April 30,
2009, as computed for federal income tax purposes, were as follows:


Aggregate cost	$ 43,553,806
Gross unrealized appreciation	$ 1,074,415
Gross unrealized depreciation	(4,116,840)
Net unrealized depreciation	$ (3,042,425)

(a) NPFGC Insured.
(b) FGIC Insured.
(c) AMBAC Insured.
(d) FSA Insured.
(e) XL Capital Insured.

(f) 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.
(g) Assured Guaranty Insured.
(h) Security represents a beneficial interest in a trust. The collateral deposited into the
trust is federally tax-exempt revenue bonds issued by various state or local govern-
ments, or their respective agencies or authorities. The security is subject to remarket-
ing prior to its stated maturity, and is subject to mandatory redemption at maturity.
(i) Security exempt from registration under Rule 144A of the Securities Act of 1933.
These securities may be resold in transactions exempt from registration to qualified
institutional investors.
(j) Commonwealth Guaranteed.
(k) Security may have a maturity of more than one year at the time of issuance, but
has variable rate and demand features that qualify it as a short-term security. Rate
shown is as of report date and maturity shown is the date the principal owed can
be recovered through demand.
(l) Investments in companies considered to be an affiliate of the Trust, for purposes of
Section 2(a)(3) of the Investment Company Act of 1940, were as follows:


	Net
	Activity	Income
CMA Pennsylvania Municipal Money Fund	(399,319)	$ 561

(m) Represents the current yield as of report date.
•For Trust compliance purposes, the Trust’s industry classifications refer to any one or
more of the industry sub-classifications used by one or more widely recognized mar-
ket indexes or ratings group indexes, and/or as defined by Trust management. This
definition may not apply for purposes of this report, which may combine industry sub-
classifications for reporting ease. These industry classifications are unaudited.
•Financial Accounting Standards Board Statement of Financial Accounting Standards
No. 157, “Fair Value Measurements”, which clarifies the definition of fair value,
establishes a framework for measuring fair values and requires additional disclo-
sures about the use of fair value measurements. Various inputs are used in deter-
mining the fair value of investments, which are as follows:
•Level 1 — price quotations in active markets/exchanges for identical securities
•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 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
circumstance, to the extent observable inputs are not available (including the
Trust’s own assumptions used in determining the fair value of investments)
The inputs or methodology used for valuing securities are not necessarily an indica-
tion of the risk associated with investing in those securities. For information about
the Trust’s policy regarding valuation of investments and other significant accounting
policies, please refer to the Note 1 of the Notes to Financial Statements.
The following table summarizes the inputs used as of April 30, 2009 in determining
the fair valuation of the Trust’s investments:


Valuation	Investments in
Inputs	Securities
	Assets
Level 1	$ 99,970
Level 2	40,411,411
Level 3	—
Total	$40,511,381

See Notes to Financial Statements.

28 ANNUAL REPORT

APRIL 30, 2009

Schedule of Investments April 30, 2009 BlackRock Strategic Municipal Trust (BSD)
(Percentages shown are based on Net Assets)


	Par
Municipal Bonds	(000)	Value
Alabama — 12.0%
Alabama State Public School and College Authority,
Capital Improvement Revenue Bonds, Series C,
5.75%, 7/01/18	$ 7,000	$ 7,153,510
Courtland, Alabama, IDB, Solid Waste Disposal Revenue
Refunding Bonds (Champion International Corporation
Project), AMT, Series A, 6.70%, 11/01/29	3,000	2,386,110
		9,539,620
Arizona — 3.7%
Salt Verde Financial Corporation, Arizona, Senior Gas
Revenue Bonds:
5%, 12/01/32	1,455	1,010,337
5%, 12/01/37	1,890	1,273,369
San Luis, Arizona, Facilities Development Corporation,
Senior Lien Revenue Bonds (Regional Detention
Center Project):
6.25%, 5/01/15	210	181,383
7%, 5/01/20	210	174,390
7.25%, 5/01/27	420	337,100
		2,976,579
California — 18.3%
California County Tobacco Securitization Agency, Tobacco
Revenue Bonds (Stanislaus County Tobacco Funding
Corporation), Sub-Series C, 6.30%, 6/01/55 (a)	3,095	19,034
California Educational Facilities Authority Revenue
Bonds (University of Southern California), Series A,
5.25%, 10/01/39	860	894,305
California State, GO:
5%, 3/01/33 (b)	5,000	4,626,100
6.50%, 4/01/33	650	710,066
Los Angeles, California, Unified School District, GO,
Series D, 5%, 7/01/26	1,585	1,605,066
San Diego, California, Community College District, GO
(Election of 2002), 5.25%, 8/01/33	350	353,287
University of California Revenue Bonds, Series B,
4.75%, 5/15/38	1,835	1,686,218
West Valley Mission Community College District, California,
GO (Election of 2004), Series A, 4.75%, 8/01/30 (c)	5,000	4,744,900
		14,638,976
Colorado — 6.1%
Colorado Health Facilities Authority, Revenue Refunding
Bonds (Poudre Valley Health Care) (c):
Series B, 5.25%, 3/01/36	335	316,133
Series C, 5.25%, 3/01/40	850	795,268
Colorado Springs, Colorado, Utilities System Improvement
Revenue Bonds, Subordinate Lien, Series C,
5%, 11/15/45 (c)	395	391,062
Northwest Parkway Public Highway Authority,
Colorado, Senior Revenue Bonds, CABS, Series B,
6.30%, 6/15/11 (a)(c)(d)	10,000	3,023,200
Park Creek Metropolitan District, Colorado, Senior
Limited Tax Supported Revenue Refunding Bonds,
5.50%, 12/01/37	440	344,582
		4,870,245
Connecticut — 5.0%
Mashantucket Western Pequot Tribe, Connecticut,
Special Revenue Refunding Bonds:
Sub-Series A, 5.50%, 9/01/28	1,500	767,205
Sub-Series B, 5.75%, 9/01/27 (e)	6,000	3,249,360
		4,016,565


		Par
Municipal Bonds		(000)	Value
Florida — 11.1%
Arborwood Community Development District,
Florida, Capital Improvement Special Assessment
Bonds (Master Infrastructure Projects), Series B,
5.10%, 5/01/14	$ 1,535		$ 1,249,183
Halifax Hospital Medical Center, Florida, Hospital Revenue
Refunding Bonds, Series A, 5%, 6/01/38		1,050	749,574
Hillsborough County, Florida, IDA, Exempt Facilities
Revenue Bonds (National Gypsum Company), AMT,
Series A, 7.125%, 4/01/30		3,300	1,695,111
Jacksonville, Florida, Health Facilities Authority, Hospital
Revenue Bonds (Baptist Medical Center Project),
Series A, 5%, 8/15/37		715	560,875
Miami Beach, Florida, Health Facilities Authority, Hospital
Revenue Refunding Bonds (Mount Sinai Medical
Center of Florida), 6.75%, 11/15/21		1,580	1,186,248
Orange County, Florida, Tourist Development, Tax Revenue
Refunding Bonds, 4.75%, 10/01/32 (f)		2,640	2,397,067
Sumter Landing Community Development District,
Florida, Recreational Revenue Bonds, Sub-Series B,
5.70%, 10/01/38		1,585	983,825
			8,821,883
Illinois — 7.9%
CenterPoint Intermodal Center Program Trust, Illinois,
Tax Allocation Bonds, Class A, 10%, 6/15/23 (e)(u)		850	664,751
Illinois Educational Facilities Authority Revenue Bonds
(Northwestern University), 5%, 12/01/33		5,000	5,094,050
Illinois State Finance Authority Revenue Bonds, Series A:
(Friendship Village of Schaumburg), 5.625%, 2/15/37		295	166,445
(Monarch Landing, Inc. Project), 7%, 12/01/37		575	348,341
Illinois State Finance Authority, Student Housing Revenue
Bonds (MJH Education Assistance IV LLC), Sub-Series B,
5.375%, 6/01/35 (g)(h)		300	29,505
			6,303,092
Indiana — 0.5%
Indiana Municipal Power Agency, Power Supply System
Revenue Bonds, Series B, 6%, 1/01/39		350	360,574
Kentucky — 8.3%
Kentucky Economic Development Finance Authority,
Health System Revenue Refunding Bonds (Norton
Healthcare, Inc.), Series B, 6.201%, 10/01/24 (a)(i)		17,780	6,583,578
Louisiana — 1.5%
Saint Tammany Parish, Louisiana, Financing Authority,
S/F Mortgage Revenue Bonds (Home Ownership
Program), Series A, 5.25%, 12/01/39 (j)(k)(l)		1,231	1,201,540
Maryland — 2.7%
Maryland State Community Development Administration,
Department of Housing and Community Development,
Residential Revenue Refunding Bonds, AMT, Series A,
4.70%, 9/01/37		2,500	2,128,700
Michigan — 0.7%
Michigan State Hospital Finance Authority, Revenue
Refunding Bonds (Henry Ford Health System), Series A,
5.25%, 11/15/46		730	546,230
Missouri — 4.6%
Missouri Joint Municipal Electric Utility Commission,
Power Project Revenue Bonds (Plum Point Project),
4.60%, 1/01/36 (i)		2,385	1,701,149
Missouri State Housing Development Commission,
S/F Mortgage Revenue Refunding Bonds
(Homeownership Loan Program), AMT, Series B-1,
5.05%, 3/01/38 (j)(k)(l)		1,970	1,955,481
			3,656,630

See Notes to Financial Statements.

ANNUAL REPORT

APRIL 30, 2009

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


	Par
Municipal Bonds	(000)	Value
Multi-State — 6.1%
Charter Mac Equity Issuer Trust, 7.60%, 11/30/50 (e)(m) $	2,000	$ 2,102,300
MuniMae TE Bond Subsidiary LLC,
6.875%, 6/30/49 (e)(m)	4,000	2,799,480
		4,901,780
Nevada — 1.0%
Clark County, Nevada, EDR, Refunding (Alexander Dawson
School of Nevada Project), 5%, 5/15/29	905	826,844
New Jersey — 4.5%
Middlesex County, New Jersey, Improvement Authority,
Subordinate Revenue Bonds (Heldrich Center Hotel/
Conference Project), Series B, 6.25%, 1/01/37	645	325,248
New Jersey EDA, Cigarette Tax Revenue Bonds,
5.50%, 6/15/24	2,480	1,932,267
New Jersey State Turnpike Authority, Turnpike Revenue
Bonds, Series E, 5.25%, 1/01/40	1,355	1,362,046
		3,619,561
New York — 5.1%
Albany, New York, IDA, Civic Facility Revenue Bonds
(New Covenant Charter School Project), Series A,
7%, 5/01/35	315	196,604
New York City, New York, City IDA, Special Facility
Revenue Bonds (Continental Airlines Inc. Project), AMT,
7.75%, 8/01/31 (u)	4,395	3,286,713
New York City, New York, City Municipal Water Finance
Authority, Second General Resolution, Water and Sewer
System Revenue Bonds, Series FF-2, 5.50%, 6/15/40	520	546,972
		4,030,289
Ohio — 3.3%
Buckeye Tobacco Settlement Financing Authority, Ohio,
Tobacco Settlement Asset-Backed Bonds, Series A-2,
6.50%, 6/01/47	1,880	1,161,276
Ohio State Air Quality Development Authority, Revenue
Refunding Bonds (Dayton Power and Light Company
Project), Series B, 4.80%, 1/01/34 (n)(o)	1,500	1,508,655
		2,669,931
Oklahoma — 1.3%
Tulsa, Oklahoma, Municipal Airport Trust, Revenue
Refunding Bonds, Series A, 7.75%, 6/01/35	1,225	1,034,794
Pennsylvania — 9.4%
Allegheny County, Pennsylvania, Hospital Development
Authority, Revenue Refunding Bonds (West Penn
Allegheny Health System), Series A, 5%, 11/15/13	1,750	1,471,645
Pennsylvania Economic Development Financing Authority,
Exempt Facilities Revenue Bonds, AMT, Series A:
(Amtrak Project), 6.50%, 11/01/16	1,000	976,870
(Amtrak Project) 6.125%, 11/01/21	700	606,417
(Amtrak Project), 6.25%, 11/01/31	1,000	777,600
(Reliant Energy), 6.75%, 12/01/36	2,745	2,525,318
Pennsylvania Economic Development Financing Authority,
Resource Recovery Revenue Refunding Bonds (Colver
Project), AMT, Series G, 5.125%, 12/01/15	900	723,645
Pennsylvania HFA, S/F Mortgage Revenue Refunding
Bonds, AMT, Series 97A, 4.60%, 10/01/27	420	364,858
Washington County, Pennsylvania, Capital Funding
Authority Revenue Bonds (Capital Projects and
Equipment Program), 6.15%, 12/01/29 (p)	35	33,253
		7,479,606
South Carolina — 3.7%
South Carolina Jobs EDA, Hospital Facilities Revenue
Refunding Bonds (Palmetto Health Alliance), Series C,
7%, 8/01/13 (d)	2,500	2,985,601


		Par
Municipal Bonds		(000)	Value
South Dakota — 1.0%
South Dakota State Health and Educational Facilities
Authority Revenue Bonds (Sanford Health),
5%, 11/01/40	$ 910		$ 795,750
Tennessee — 2.5%
Memphis-Shelby County, Tennessee, Airport Authority,
Airport Revenue Bonds, AMT, Series D, 6%, 3/01/24 (p)		2,000	2,004,620
Texas — 20.7%
Brazos River Authority, Texas, PCR, Refunding (TXU Energy
Company LLC Project), AMT:
Series A, 8.25%, 10/01/30		730	314,046
Series C, 5.75%, 5/01/36 (u)		730	430,700
Harris County-Houston Sports Authority, Texas,
Revenue Refunding Bonds, Senior Lien, Series A,
6.171%, 11/15/38 (a)(i)		4,750	485,687
Harris County, Texas, Toll Road Revenue Bonds, Senior
Lien, Series A, 5%, 8/15/38		2,135	2,108,953
Houston, Texas, Combined Utility System, First Lien
Revenue Refunding Bonds, Series A, 6%, 11/15/35 (q)		2,730	2,905,676
La Joya, Texas, Independent School District, GO,
5%, 2/15/34		4,060	4,102,752
Montgomery County, Texas, Municipal Utility District
Number 46, Waterworks and Sewer System, GO,
4.75%, 3/01/30 (i)		295	277,141
North Texas Tollway Authority, System Revenue Refunding
Bonds, Second Tier, Series F, 6.125%, 1/01/31		2,025	2,029,718
Texas State Turnpike Authority, Central Texas Turnpike
System Revenue Bonds, 6.053%, 8/15/31 (a)(p)		15,000	3,313,500
Texas State, Water Financial Assistance, GO, Refunding,
5.75%, 8/01/22		500	516,695
			16,484,868
Washington — 4.8%
King County, Washington, Sewer Revenue Refunding
Bonds, 5%, 1/01/36 (c)		620	621,352
Washington State, GO, Series E, 5%, 2/01/34		2,410	2,450,777
Washington State Health Care Facilities Authority, Revenue
Refunding Bonds (Providence Health System), Series A,
4.625%, 10/01/34 (i)(o)		915	780,477
			3,852,606
Wisconsin — 5.6%
Wisconsin State Health and Educational Facilities
Authority Revenue Bonds (Ascension Health), Series A,
5%, 11/15/31		4,665	4,482,039
Total Municipal Bonds — 151.4%			120,812,501
Municipal Bonds Transferred to
Tender Option Bond Trusts (r)
Alabama — 0.9%
Birmingham, Alabama, Special Care Facilities Financing
Authority, Revenue Refunding Bonds (Ascension Health
Credit), Series C-2, 5%, 11/15/36		760	735,388
Colorado — 2.4%
Colorado Health Facilities Authority Revenue Bonds
(Catholic Health) (c):
Series C-3, 5.10%, 10/01/41		1,210	1,160,027
Series C-7, 5%, 9/01/36		780	748,535
			1,908,562

See Notes to Financial Statements.

30 ANNUAL REPORT

APRIL 30, 2009

Schedule of Investments (concluded) BlackRock Strategic Municipal Trust (BSD)
(Percentages shown are based on Net Assets)


Municipal Bonds Transferred to	Par
Tender Option Bond Trusts (r)	(000)	Value
Connecticut — 4.0%
Connecticut State Health and Educational Facilities
Authority Revenue Bonds(Yale University):
Series T-1, 4.70%, 7/01/29	$ 1,580	$ 1,624,161
Series X-3, 4.85%, 7/01/37	1,540	1,572,186
		3,196,347
Illinois — 1.8%
Chicago, Illinois, Housing Authority, Capital Program
Revenue Refunding Bonds, 5%, 7/01/24 (c)	1,425	1,430,317
Massachusetts — 2.5%
Massachusetts State Water Resource Authority, General
Revenue Refunding Bonds, Series A, 5%, 8/01/41	1,980	1,957,943
Tennessee — 1.6%
Shelby County, Tennessee, Health, Educational and
Housing Facility Board, Hospital Revenue Refunding
Bonds (Saint Jude Children’s Research Hospital),
5%, 7/01/31	1,280	1,279,910
Virginia — 3.7%
University of Virginia, Revenue Refunding Bonds,
5%, 6/01/40	1,800	1,858,302
Virginia State, HDA, Commonwealth Mortgage Revenue
Bonds, Series H, Sub-Series H-1, 5.35%, 7/01/31 (i)	1,125	1,130,850
		2,989,152
Washington — 1.1%
Central Puget Sound Regional Transportation Authority,
Washington, Sales and Use Tax Revenue Bonds,
Series A, 5%, 11/01/32 (c)	900	907,883
Total Municipal Bonds Transferred to
Tender Option Bond Trusts — 18.0%		14,405,502
Total Long-Term Investments
(Cost — $153,376,300) — 169.4%		135,218,003
Short-Term Securities	Shares
Money Market Fund — 0.4%
FFI Institutional Tax-Exempt Fund, 0.72% (s)(t)	301,197	301,197
Total Short-Term Securities
(Cost — $301,197) — 0.4%		301,197
*Total Investments (Cost — $153,677,497) — 169.8%**		135,519,200
Liabilities in Excess of Other Assets — (0.2)%		(167,272)
Liability for Trust Certificates, Including Interest
Expense and Fees Payable — (9.8)%		(7,780,715)
Preferred Shares, at Redemption Value — (59.8)%		(47,751,035)
Net Assets Applicable to Common Shares — 100.0%		$ 79,820,178

* The cost and unrealized appreciation (depreciation) of investments as of April 30,
2009, as computed for federal income tax purposes, were as follows:


Aggregate cost	$145,589,352
Gross unrealized appreciation	$ 1,888,080
Gross unrealized depreciation	(19,722,190)
Net unrealized depreciation	$ (17,834,110)

(a) Represents a zero-coupon bond. Rate shown reflects the current yield as of
report date.
(b) CIFG Insured.
(c) FSA Insured.
(d) US government securities, held in escrow, are used to pay interest on this security,
as well as to retire the bond in full at the date indicated, typically at a premium
to par.

(e) Security exempt from registration under Rule 144A of the Securities Act of 1933.
These securities may be resold in transactions exempt from registration to qualified
institutional investors.
(f) XL Capital Insured.
(g) Issuer filed for bankruptcy and/or is in default of interest payments.
(h) Non-income producing security.
(i) NPFGC Insured.
(j) FHLMC Collateralized.
(k) FNMA Collateralized.
(l) GNMA Collateralized.
(m) Security represents a beneficial interest in a trust. The collateral deposited into the
trust is federally tax-exempt revenue bonds issued by various state or local govern-
ments, or their respective agencies or authorities. The security is subject to remarket-
ing prior to its stated maturity, and is subject to mandatory redemption at maturity.
(n) BHAC Insured.
(o) FGIC Insured.
(p) AMBAC Insured.
(q) Assured Guaranty Insured.
(r) Securities represent bonds transferred to a tender option bond trust in exchange
for which the Trust acquired residual interest certificates. These securities serve
as collateral in a financing transaction. See Note 1 of the Notes to Financial
Statements for details of municipal bonds transferred to tender option bond trusts.
(s) Investments in companies considered to be an affiliate of the Trust, for purposes of
Section 2(a)(3) of the Investment Company Act of 1940, were as follows:


	Net
Affiliate	Activity	Income
FFI Institutional Tax-Exempt Fund	(3,001,894)	$ 6,564

(t) Represents the current yield as of report date.
(u) Variable rate security. Rate shown is as of report date.
•Financial Accounting Standards Board Statement of Financial Accounting Standards
No. 157, “Fair Value Measurements”, which clarifies the definition of fair value,
establishes a framework for measuring fair values and requires additional disclo-
sures about the use of fair value measurements. Various inputs are used in deter-
mining the fair value of investments, which are as follows:
•Level 1 — price quotations in active markets/exchanges for identical securities
•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 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
circumstance, to the extent observable inputs are not available (including the
Trust’s own assumptions used in determining the fair value of investments)
The inputs or methodology used for valuing securities are not necessarily an indica-
tion of the risk associated with investing in those securities. For information about
the Trust’s policy regarding valuation of investments and other significant accounting
policies, please refer to the Note 1 of the Notes to Financial Statements.
The following table summarizes the inputs used as of April 30, 2009 in determining
the fair valuation of the Trust’s investments:


Valuation	Investments in
Inputs	Securities
	Assets
Level 1	$ 301,197
Level 2	135,218,003
Level 3	—
Total	$135,519,200

See Notes to Financial Statements.

ANNUAL REPORT

APRIL 30, 2009


Statements of Assets and Liabilities
		BlackRock	BlackRock			BlackRock	BlackRock
		Investment	Long-Term	BlackRock	BlackRock	Pennsylvania	Strategic
		Quality	Municipal	Municipal	Municipal	Strategic	Municipal
	Municipal Trust Inc.		Advantage Trust	2020 Term Trust	Income Trust	Municipal Trust	Trust
April 30, 2009		(BKN)	(BTA)	(BKK)	(BFK)	(BPS)	(BSD)
Assets
Investments at value — unaffiliated¹	$ 324,819,302		$ 203,679,751	$ 410,905,467	$ 803,404,981	$ 40,411,411	$ 135,218,003
Investments at value — affiliated²		11,400,000	1,400,185	2,301,041	423,950	99,970	301,197
Cash		96,382	57,369	48,665	99,056	157,911	61,878
Investments sold receivable		1,306,809	916,219	2,119,295	1,806,980	—	729,379
Interest receivable		5,060,751	4,046,376	7,337,524	14,265,027	595,135	2,137,236
Income receivable — affiliated		264	61	209	672	22	59
Prepaid expenses		45,372	39,289	50,918	124,733	3,311	19,211
Other assets		34,903	8,189	28,120	96,284	3,036	6,767
Total assets		342,763,783	210,147,439	422,791,239	820,221,683	41,270,796	138,473,730
Accrued Liabilities
Investments purchased payable		7,470,106	2,497,464	—	2,114,536	245,828	2,502,488
Income dividends payable — Common Shares		1,066,554	733,983	1,259,730	3,033,813	91,056	455,502
Investment advisory fees payable		93,402	60,796	169,790	326,565	19,724	65,204
Administration fees payable		40,562	—	—	—	—	—
Officer’s and Directors’/Trustees’ fees payable		36,293	9,052	29,575	98,253	3,566	7,472
Interest expense and fees payable		19,034	548,540	22,871	118,248	—	16,757
Other affiliates payable		—	777	2,576	4,696	264	868
Other accrued expenses payable		117,778	83,315	125,483	176,552	61,881	90,268
Total accrued liabilities		8,843,729	3,933,927	1,610,025	5,872,663	422,319	3,138,559
Other Liabilities
Trust certificates³		10,137,799	79,135,000	3,750,000	46,388,860	—	7,763,958
Total Liabilities		18,981,528	83,068,927	5,360,025	52,261,523	422,319	10,902,517
Preferred Shares at Redemption Value
$25,000 per share at liquidation preference, plus
unpaid dividends⁴		126,971,191	—	173,860,058	293,146,623	16,825,365	47,751,035
Net Assets Applicable to Common Shareholders	$ 196,811,064		$ 127,078,512	$ 243,571,156	$ 474,813,537	$ 24,023,112	$ 79,820,178
Net Assets Applicable to Common Shareholders Consist of
Paid-in capital^5,6,7	$ 235,308,280		$ 190,789,578	$ 287,184,576	$ 628,192,801	$ 28,487,095	$ 103,341,933
Undistributed net investment income		3,076,570	1,540,840	4,003,314	7,300,273	289,360	850,120
Accumulated net realized loss		(9,515,422)	(29,164,257)	(2,354,286)	(44,780,623)	(1,565,394)	(6,213,578)
Net unrealized appreciation/depreciation		(32,058,364)	(36,087,649)	(45,262,448)	(115,898,914)	(3,187,949)	(18,158,297)
Net Assets Applicable to Common Shareholders	$ 196,811,064		$ 127,078,512	$ 243,571,156	$ 474,813,537	$ 24,023,112	$ 79,820,178
Net asset value per Common Share	$ 11.63		$ 9.52	$ 12.04	$ 10.74	$ 11.87	$ 10.95
¹Investments at cost — unaffiliated	$ 356,877,666		$ 239,767,400	$ 456,167,915	$ 919,303,895	$ 43,599,360	$ 153,376,300
²Investments at cost — affiliated	$ 11,400,000		$ 1,400,185	$ 2,301,041	$ 423,950	$ 99,970	$ 301,197
³Represents short-term floating rate certificates
issued by tender option bond trusts.
⁴Preferred Shares outstanding, $0.001 par value
per share		5,078	—	6,954	11,725	673	1,910
⁵Par value per Common Share	$ 0.01		$ 0.001	$ 0.001	$ 0.001	$ 0.001	$ 0.001
⁶Common Shares outstanding		16,929,437	13,345,152	20,236,628	44,224,674	2,023,459	7,288,024
⁷Common Shares authorized		200 Million	Unlimited	Unlimited	Unlimited	Unlimited	Unlimited

See Notes to Financial Statements.

32 ANNUAL REPORT

APRIL 30, 2009


Statements of Operations
	BlackRock		BlackRock		BlackRock
	Investment Quality		Long-Term Municipal		Municipal 2020
	Municipal Trust Inc. (BKN)		Advantage Trust (BTA)		Term Trust (BKK)
	Period		Period		Period
	November 1,	Year Ended	November 1,	Year Ended	January 1,	Year Ended
	2008 to April 30,	October 31,	2008 to April 30,	October 31,	2009 to April 30,	December 31,
	2009	2008	2009	2008	2009	2008
Investment Income
Interest	$ 9,535,096	$ 20,509,132	$ 5,941,153	$ 16,591,012	$ 7,981,492	$ 25,032,092
Income — affiliated	154,138	354,461	19,062	71,287	16,479	49,076
Total income	9,689,234	20,863,593	5,960,215	16,662,299	7,997,971	25,081,168
Expenses
Investment advisory	549,564	1,316,996	571,722	1,636,505	670,108	2,257,467
Administration	235,529	564,204	—	—	—	—
Commissions for Preferred Shares	109,915	347,310	—	—	85,205	434,121
Professional	56,568	118,144	48,571	137,180	46,553	124,643
Accounting services	33,658	54,038	23,553	43,889	22,386	62,445
Printing	18,802	27,479	7,083	14,011	17,503	38,738
Transfer agent	14,547	25,858	5,673	10,953	13,106	26,136
Officer and Directors/Trustees	14,291	5,455	8,389	12,565	14,793	5,872
Custodian	9,432	23,482	6,647	19,492	6,752	26,343
Registration	3,183	4,363	3,055	4,665	3,055	8,811
Miscellaneous	44,241	9,863	23,024	147,945	46,253	37,415
Total expenses excluding interest expense and fees	1,089,730	2,497,192	697,717	2,027,205	925,714	3,021,991
Interest expense and fees¹	65,196	246,057	988,776	4,534,868	13,062	58,652
Total expenses	1,154,926	2,743,249	1,686,493	6,562,073	938,776	3,080,643
Less fees waived by advisor	(10,003)	(29,489)	(231,140)	(659,750)	(5,309)	(4,744)
Less fees paid indirectly	—	(494)	—	(676)	—	(462)
Total expenses after fees waived and paid indirectly	1,144,923	2,713,266	1,455,353	5,901,647	933,467	3,075,437
Net investment income	8,544,311	18,150,327	4,504,862	10,760,652	7,064,504	22,005,731
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments	(4,362,556)	(2,405,784)	(6,911,767)	(21,132,284)	48,391	54,030
Futures and forward interest rate swaps	(162,500)	(1,799,788)	—	(1,047,858)	—	—
	(4,525,056)	(4,205,572)	(6,911,767)	(22,180,142)	48,391	54,030
Net change in unrealized appreciation/depreciation on:
Investments	20,192,055	(63,161,214)	19,507,695	(48,663,447)	28,473,603	(86,853,534)
Futures and forward interest rate swaps	(70,840)	400,780	—	111,029	—	—
	20,121,215	(62,760,434)	19,507,695	(48,552,418)	28,473,603	(86,853,534)
Total realized and unrealized gain (loss)	15,596,159	(66,966,006)	12,595,928	(70,732,560)	28,521,994	(86,799,504)
Dividends to Preferred Shareholders From
Net investment income	(776,524)	(5,278,893)	—	—	(448,388)	(5,989,683)
Net Increase (Decrease) in Net Assets Applicable
to Common Shareholders Resulting from Operations	$ 23,363,946	$ (54,094,572)	$ 17,100,790	$ (59,971,908)	$ 35,138,110	$ (70,783,456)
¹Related to tender option bond trusts.

See Notes to Financial Statements.

ANNUAL REPORT

APRIL 30, 2009


Statements of Operations (concluded)
	BlackRock		BlackRock		BlackRock
	Municipal Income		Pennsylvania Strategic		Strategic Municipal
	Trust (BFK)		Municipal Trust (BPS)		Trust (BSD)
	Period		Period		Period
	November 1,	Year Ended	January 1,	Year Ended	January 1,	Year Ended
	2008 to April 30,	October 31,	2009 to April 30,	December 31,	2009 to April 30,	December 31,
	2009	2008	2009	2008	2009	2008
Investment Income
Interest	$ 25,511,663	$ 56,097,124	$ 683,989	$ 2,121,123	$ 2,744,362	$ 8,704,781
Income — affiliated	69,748	399,432	674	64,449	6,814	69,905
Total income	25,581,411	56,496,556	684,663	2,185,572	2,751,176	8,774,686
Expenses
Investment advisory	2,306,377	5,774,557	78,624	262,178	259,293	918,236
Commissions for Preferred Shares	257,365	880,272	8,238	42,413	23,378	134,372
Accounting services	60,851	86,049	1,219	14,105	12,015	22,816
Professional	82,186	179,845	31,084	55,143	41,444	80,569
Transfer agent	24,711	38,867	8,202	16,981	7,026	19,203
Printing	52,486	78,937	2,494	483	7,155	10,997
Officer and Directors/Trustees	34,862	28,051	1,578	6,065	4,619	847
Custodian	18,067	47,694	1,396	4,108	2,990	12,845
Registration	5,160	7,021	268	—	3,063	8,860
Miscellaneous	66,704	60,732	12,450	15,512	19,324	15,418
Total expenses excluding interest expense and fees	2,908,769	7,182,025	145,553	416,988	380,307	1,224,163
Interest expense and fees¹	234,779	1,041,533	—	7,885	18,993	200,916
Total expenses	3,143,548	8,223,558	145,553	424,873	399,300	1,425,079
Less fees waived by advisor	(400,734)	(1,367,742)	(1,356)	(40,821)	(2,190)	(83,109)
Less fees paid indirectly	—	(157)	—	(128)	—	(673)
Total expenses after fees waived and paid indirectly	2,742,814	6,855,659	144,197	383,924	397,110	1,341,297
Net investment income	22,838,597	49,640,897	540,466	1,801,648	2,354,066	7,433,389
Realized and Unrealized Gain (Loss)
Net realized loss from:
Investments	(1,698,327)	(3,543,011)	(220,388)	(969,315)	(202,367)	(2,766,957)
Futures and forward interest rate swaps	(437,838)	(6,165,912)	—	(97,610)	—	(1,307,627)
	(2,136,165)	(9,708,923)	(220,388)