Edgar Filing: BLACKROCK MUNICIPAL INCOME TRUST

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UNITEDSTATES
SECURITIESANDEXCHANGECOMMISSION
Washington,D.C.20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number 811-10339

Name of Fund: BlackRock Municipal Income Trust (BFK)

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: Anne F. Ackerley, Chief Executive Officer, BlackRock
Municipal Income Trust, 55 East 52^ndStreet, New York, NY 10055.

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

Date of fiscal year end: 04/30/2010

Date of reporting period: 04/30/2010

Item 1 – Report to Stockholders

Annual Report

APRIL 30, 2010

BlackRock Investment Quality Municipal Trust Inc. (BKN)

BlackRock Long-Term Municipal Advantage Trust (BTA)

BlackRock Municipal 2020 Term Trust (BKK)

BlackRock Municipal Income Trust (BFK)

BlackRock Pennsylvania Strategic Municipal Trust (BPS)

BlackRock Strategic Municipal Trust (BSD)

NOT FDIC INSURED

MAY LOSE VALUE

NO BANK GUARANTEE


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

2 ANNUAL REPORT

APRIL 30, 2010

Dear Shareholder

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

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

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

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


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

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

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

THIS PAGE NOT PART OF YOUR FUND REPORT

Trust Summary as of April 30, 2010

BlackRock Investment Quality Municipal Trust Inc.

Investment Objective

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

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

Performance

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

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


Trust Information
	Symbol on New York Stock Exchange (“NYSE”)					BKN
	Initial Offering Date				February 19, 1993
	Yield on Closing Market Price as of April 30, 2010 ($14.19)¹					7.10%
	Tax Equivalent Yield²					10.92%
	Current Monthly Distribution per Common Share³					$0.084
	Current Annualized Distribution per Common Share³					$1.008
	Leverage as of April 30, 2010⁴					37%
	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 Auction Market Preferred Shares (“Preferred Shares”) and tender option bond trusts (“TOBs”) as a percentage of total managed assets,
	which is the total assets of the Trust, including any assets attributable to Preferred Shares and TOBs, minus the sum of accrued liabilities. For a
discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging on page 10.
	The table below summarizes the changes in the Trust’s market price and net asset value per share:
		4/30/10	4/30/09	Change	High	Low
	Market Price	$14.19	$11.35	25.02%	$14.35	$11.21
	Net Asset Value	$13.68	$11.63	17.63%	$13.86	$11.63

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


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


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

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, 2010 and April 30,
2009, the market value of these securities was $17,071,058
representing 5% and $12,511,098 representing 4%, respectively,
of the Trust’s long-term investments.

4 ANNUAL REPORT

APRIL 30, 2010

Trust Summary as of April 30, 2010

BlackRock Long-Term Municipal Advantage Trust

Investment Objective

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

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

Performance

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

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


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

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


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

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


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


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

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, 2010 and April 30,
2009, the market value of these securities was $5,264,180 repre-
senting 2% and $1,468,107 representing 1%, respectively, of the
Trust’s long-term investments.

ANNUAL REPORT

APRIL 30, 2010

Trust Summary as of April 30, 2010

BlackRock Municipal 2020 Term Trust

Investment Objective

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

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

Performance

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

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


Trust Information
	Symbol on NYSE					BKK
	Initial Offering Date				September 30, 2003
	Termination Date (on or about)				December 31, 2020
	Yield on Closing Market Price as of April 30, 2010 ($14.89)¹					5.02%
	Tax Equivalent Yield²					7.72%
	Current Monthly Distribution per Common Share³					$0.06225
	Current Annualized Distribution per Common Share³					$0.74700
	Leverage as of April 30, 2010⁴					38%
	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:
		4/30/10	4/30/09	Change	High	Low
	Market Price	$14.89	$12.70	17.24%	$15.00	$12.47
	Net Asset Value	$14.51	$12.04	20.51%	$14.51	$12.04

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


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


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

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, 2010 and April 30,
2009, the market value of these securities was $11,978,514 repre-
senting 3% and $5,768,611 representing 1%, respectively, of the
Trust’s long-term investments.

6 ANNUAL REPORT

APRIL 30, 2010

Trust Summary as of April 30, 2010

BlackRock Municipal Income Trust

Investment Objective

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

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

Performance

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


Trust Information
	Symbol on NYSE	BFK
	Initial Offering Date	July 27, 2001
	Yield on Closing Market Price as of April 30, 2010 ($13.44)¹	7.02%
	Tax Equivalent Yield²	10.80%
	Current Monthly Distribution per Common Share³	$0.0786
	Current Annualized Distribution per Common Share³	$0.9432
	Leverage as of April 30, 2010⁴	37%

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


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

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


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


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

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, 2010 and April 30,
2009, the market value of these securities was $16,636,260 repre-
senting 2% and $17,649,155 representing 2%, respectively, of the
Trust’s long-term investments.

ANNUAL REPORT

APRIL 30, 2010

Trust Summary as of April 30, 2010

BlackRock Pennsylvania Strategic Municipal Trust

Investment Objective

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

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

Performance

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

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


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

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 Common Share, declared on June 1, 2010, was increased to $0.0725 per share. The Yield on Closing Market Price,
Current Monthly Distribution per Common Share and Current Annualized Distribution per Common Share do not reflect the new distribution rate. The
new distribution rate is not constant and is subject to change in the future.
⁴Represents Preferred Shares and TOBs as a percentage of total managed assets, which is the total assets of the Trust, including any assets
attributable to Preferred Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Trust,
please see The Benefits and Risks of Leveraging on page 10.

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


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

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


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


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

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, 2010 and April 30,
2009, the market value of these securities was $2,069,225 repre-
senting 5% and $1,623,020 representing 4%, respectively, of the
Trust’s long-term investments.

8 ANNUAL REPORT

APRIL 30, 2010

Trust Summary as of April 30, 2010

BlackRock Strategic Municipal Trust

Investment Objective

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

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

Performance

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


Trust Information
	Symbol on NYSE	BSD
	Initial Offering Date	August 25, 1999
	Yield on Closing Market Price as of April 30, 2010 ($12.95)¹	6.72%
	Tax Equivalent Yield²	10.34%
	Current Monthly Distribution per Common Share³	$0.0725
	Current Annualized Distribution per Common Share³	$0.8700
	Leverage as of April 30, 2010⁴	37%

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


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

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


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


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

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, 2010 and April 30,
2009, the market value of these securities was $2,354,758 repre-
senting 2% and $2,678,936 representing 2%, respectively, of the
Trust’s long-term investments.

ANNUAL REPORT

APRIL 30, 2010

The Benefits and Risks of Leveraging

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

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

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

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

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

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

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

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

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


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

Derivative Financial Instruments

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

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

10 ANNUAL REPORT

APRIL 30, 2010

Schedule of Investments April 30, 2010

BlackRock Investment Quality Municipal Trust Inc. (BKN)

(Percentages shown are based on Net Assets)


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


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


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

ANNUAL REPORT

APRIL 30, 2010

Schedule of Investments (continued)

BlackRock Investment Quality Municipal Trust Inc. (BKN)

(Percentages shown are based on Net Assets)


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


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

See Notes to Financial Statements.

12 ANNUAL REPORT

APRIL 30, 2010

Schedule of Investments (continued)

BlackRock Investment Quality Municipal Trust Inc. (BKN)

(Percentages shown are based on Net Assets)


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


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

See Notes to Financial Statements.

ANNUAL REPORT

APRIL 30, 2010

Schedule of Investments (continued)

BlackRock Investment Quality Municipal Trust Inc. (BKN)

(Percentages shown are based on Net Assets)


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


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

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


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

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


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

(b) Represents a zero-coupon bond. Rate shown reflects the current yield as of
report date.
(c) Represents a step-up bond that pays an initial coupon rate for the first period
and then a higher coupon rate for the following periods. Rate shown reflects the
current yield.
(d) US government securities, held in escrow, are used to pay interest on this security as
well as to retire the bond in full at the date indicated, typically at a premium to par.
(e) Security is collateralized by Municipal or US Treasury obligations.
(f) Issuer filed for bankruptcy and/or is in default of interest payments.
(g) Non-income producing security.
(h) Security exempt from registration under Rule 144A of the Securities Act of 1933.
These securities may be resold in transactions exempt from registration to qualified
institutional investors.
(i) Security represents a beneficial interest in a trust. The collateral deposited into the
trust is federally tax-exempt revenue bonds issued by various state or local govern-
ments, or their respective agencies or authorities. The security is subject to remarket-
ing prior to its stated maturity.
(j) Variable rate security. Rate shown is as of report date.

See Notes to Financial Statements.

14 ANNUAL REPORT

APRIL 30, 2010

Schedule of Investments (concluded)

BlackRock Investment Quality Municipal Trust Inc. (BKN)

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


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

(m) Represents the current yield as of report date.
• Fair Value Measurements — Various inputs are used in determining the fair value of
investments, which are as follows:
• Level 1 — price quotations in active markets/exchanges for identical assets
and liabilities
• Level 2 — other observable inputs (including, but not limited to: quoted prices for
similar assets or liabilities in markets that are active, quoted prices for identical
or similar assets or liabilities in markets that are not active, inputs other than
quoted prices that are observable for the assets or liabilities (such as interest
rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and
default rates) or other market-corroborated inputs)
• Level 3 — unobservable inputs based on the best information available in the
circumstances, to the extent observable inputs are not available (including the
Trust’s own assumptions used in determining the fair value of investments)
The inputs or methodologies used for valuing securities are not necessarily an
indication of the risk associated with investing in those securities. For information
about the Trust’s policy regarding valuation of investments and other significant
accounting policies, please refer to Note 1 of the Notes to Financial Statements.
The following table summarizes the inputs used as of April 30, 2010 in determining
the fair valuation of the Trust’s investments:


Investments in Securities

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

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

See Notes to Financial Statements.

ANNUAL REPORT

APRIL 30, 2010

Schedule of Investments April 30, 2010

BlackRock Long-Term Municipal Advantage Trust (BTA)

(Percentages shown are based on Net Assets)


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


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

See Notes to Financial Statements.

16 ANNUAL REPORT

APRIL 30, 2010

Schedule of Investments (continued)

BlackRock Long-Term Municipal Advantage Trust (BTA)

(Percentages shown are based on Net Assets)


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


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

See Notes to Financial Statements.

ANNUAL REPORT

APRIL 30, 2010

Schedule of Investments (concluded)

BlackRock Long-Term Municipal Advantage Trust (BTA)

(Percentages shown are based on Net Assets)


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

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


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

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


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

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


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

(g) Represents the current yield as of report date.
• Fair Value Measurements — Various inputs are used in determining the fair value of
investments, which are as follows:
• Level 1 — price quotations in active markets/exchanges for identical assets
and liabilities
• Level 2 — other observable inputs (including, but not limited to: quoted prices for
similar assets or liabilities in markets that are active, quoted prices for identical
or similar assets or liabilities in markets that are not active, inputs other than
quoted prices that are observable for the assets or liabilities (such as interest
rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and
default rates) or other market-corroborated inputs)
• Level 3 — unobservable inputs based on the best information available in the
circumstances, to the extent observable inputs are not available (including the
Trust’s own assumptions used in determining the fair value of investments)
The inputs or methodologies used for valuing securities are not necessarily an
indication of the risk associated with investing in those securities. For information
about the Trust’s policy regarding valuation of investments and other significant
accounting policies, please refer to Note 1 of the Notes to Financial Statements.
The following table summarizes the inputs used as of April 30, 2010 in determining
the fair valuation of the Trust’s investments:


Investments in Securities

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

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

See Notes to Financial Statements.

18 ANNUAL REPORT

APRIL 30, 2010

Schedule of Investments April 30, 2010

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


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


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

See Notes to Financial Statements.

ANNUAL REPORT

APRIL 30, 2010

Schedule of Investments (continued)

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


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


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

See Notes to Financial Statements.

20 ANNUAL REPORT

APRIL 30, 2010

Schedule of Investments (continued)

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


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


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

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


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

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


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

See Notes to Financial Statements.

ANNUAL REPORT

APRIL 30, 2010

Schedule of Investments (concluded)

BlackRock Municipal 2020 Term Trust (BKK)

• Fair Value Measurements — Various inputs are used in determining the fair value of
investments, which are as follows:
• Level 1 — price quotations in active markets/exchanges for identical assets
and liabilities
• Level 2 — other observable inputs (including, but not limited to: quoted prices for
similar assets or liabilities in markets that are active, quoted prices for identical
or similar assets or liabilities in markets that are not active, inputs other than
quoted prices that are observable for the assets or liabilities (such as interest
rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and
default rates) or other market-corroborated inputs)
• Level 3 — unobservable inputs based on the best information available in the
circumstances, to the extent observable inputs are not available (including the
Trust’s own assumptions used in determining the fair value of investments)
The inputs or methodologies used for valuing securities are not necessarily an
indication of the risk associated with investing in those securities. For information
about the Trust’s policy regarding valuation of investments and other significant
accounting policies, please refer to Note 1 of the Notes to Financial Statements.
The following table summarizes the inputs used as of April 30, 2010 in determining
the fair valuation of the Trust’s investments:


Investments in Securities

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

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

See Notes to Financial Statements.

22 ANNUAL REPORT

APRIL 30, 2010

Schedule of Investments April 30, 2010

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


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


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

See Notes to Financial Statements.

ANNUAL REPORT

APRIL 30, 2010

Schedule of Investments (continued)

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


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


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

See Notes to Financial Statements.

24 ANNUAL REPORT

APRIL 30, 2010

Schedule of Investments (continued)

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


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


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

See Notes to Financial Statements.

ANNUAL REPORT

APRIL 30, 2010

Schedule of Investments (concluded)

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


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

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


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


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

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


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

(k) Represents the current yield as of report date.
• Fair Value Measurements — Various inputs are used in determining the fair value of
investments, which are as follows:
• Level 1 — price quotations in active markets/exchanges for identical assets
and liabilities
• Level 2 — other observable inputs (including, but not limited to: quoted prices for
similar assets or liabilities in markets that are active, quoted prices for identical
or similar assets or liabilities in markets that are not active, inputs other than
quoted prices that are observable for the assets or liabilities (such as interest
rates, yield curves, volatilities, repayment speeds, loss severities, credit risks and
default rates) or other market-corroborated inputs)
• Level 3 — unobservable inputs based on the best information available in the
circumstances, to the extent observable inputs are not available (including the
Trust’s own assumptions used in determining the fair value of investments)
The inputs or methodologies used for valuing securities are not necessarily an indi-
cation of the risk associated with investing in those securities. For information about
the Trust’s policy regarding valuation of investments and other significant accounting
policies, please refer to Note 1 of the Notes to Financial Statements.
The following table summarizes the inputs used as of April 30, 2010 in determining
the fair valuation of the Trust’s investments:


Investments in Securities

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

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

See Notes to Financial Statements.

26 ANNUAL REPORT

APRIL 30, 2010

Schedule of Investments April 30, 2010

BlackRock Pennsylvania Strategic Municipal Trust (BPS)

(Percentages shown are based on Net Assets)


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


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

See Notes to Financial Statements.

ANNUAL REPORT

APRIL 30, 2010

Schedule of Investments (continued)

BlackRock Pennsylvania Strategic Municipal Trust (BPS)

(Percentages shown are based on Net Assets)


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


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

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


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

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


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

(c) Represents a step-up bond that pays an initial coupon rate for the first period
and then a higher coupon rate for the following periods. Rate shown reflects the
current yield.
(d) Security exempt from registration under Rule 144A of the Securities Act of 1933.
These securities may be resold in transactions exempt from registration to qualified
institutional investors.
(e) Security represents a beneficial interest in a trust. The collateral deposited into the
trust is federally tax-exempt revenue bonds issued by various state or local govern-
ments, or their respective agencies or authorities. The security is subject to remarket-
ing prior to its stated maturity.
(f) Variable rate security. Rate shown is as of report date.
(g) Securities represent bonds transferred to a tender option bond trust in exchange for
which the Trust acquired residual interest certificates. These securities serve as col-
lateral in a financing transaction. See Note 1 of the Notes to Financial Statements
for details of municipal bonds transferred to tender option bond trusts.
(h) Investments in companies considered to be an affiliate of the Trust during the year,
for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were
as follows:


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

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

See Notes to Financial Statements.

28 ANNUAL REPORT

APRIL 30, 2010

Schedule of Investments (concluded)

BlackRock Pennsylvania Strategic Municipal Trust (BPS)


Investments in Securities

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

See Notes to Financial Statements.

ANNUAL REPORT

APRIL 30, 2010

Schedule of Investments April 30, 2010

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


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


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

See Notes to Financial Statements.

30 ANNUAL REPORT

APRIL 30, 2010

Schedule of Investments (continued)

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


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


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

See Notes to Financial Statements.

ANNUAL REPORT

APRIL 30, 2010

Schedule of Investments (continued)

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


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


Municipal Bonds Transferred to