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: John M. Perlowski, Chief Executive Officer, BlackRock
Municipal Income Trust, 55 East 52^nd Street, New York, NY 10055

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

Date of fiscal year end: 04/30/2011

Date of reporting period: 04/30/2011

Item 1 – Report to Stockholders

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April 30, 2011

Annual Report

BlackRock Investment Quality Municipal Trust Inc. (BKN)

BlackRock Long-Term Municipal Advantage Trust (BTA)

BlackRock Municipal 2020 Term Trust (BKK)

BlackRock Municipal Income Trust (BFK)

BlackRock Pennsylvania Strategic Municipal Trust (BPS)

BlackRock Strategic Municipal Trust (BSD)

Not FDIC Insured • No Bank Guarantee • May Lose Value

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Dear Shareholder

Time and again, we have seen how various global events and developing trends can have significant influence on financial markets. I hope you find
that the following review of recent market conditions provides additional perspective on the performance of your investments as you read this
shareholder report.

Over the past 12 months, we have seen a sluggish, stimulus-driven economic recovery at long last gain real traction, accelerate, and transition into
a consumption-driven expansion. For the most part, 2010 was plagued with widely fluctuating economic data, but as the year drew to a close, it
became clear that cyclical stimulus had beaten out structural problems as economic data releases generally became more positive and financial
markets showed signs of continuing improvement. Although the sovereign debt crisis in Europe and high inflation in developing markets that troubled
the global economy in 2010 remain challenges today, overall investor confidence has improved considerably. During the first four months of 2011,
that confidence was shaken by political turmoil in the Middle East/North Africa region, soaring prices of oil and other commodities, tremendous natural
disasters in Japan and a change in the ratings outlook for US debt. However, strong corporate earnings prevailed and financial markets resumed their
course while the global economy continued to garner strength.

Equity markets experienced uneven growth and high volatility in 2010, but ended the year with gains. Following a strong start to 2011, the series of
confidence-shaking events brought spurts of heightened volatility to markets worldwide, but was not enough to derail the bull market. Overall, global
equities posted strong returns over the past 12 months. Emerging market equities, which had outperformed developed markets earlier in the period,
fell prey to heightened inflationary pressures and underperformed developed markets later in the period. In the United States, strong corporate earnings
and positive signals from the labor market were sources of encouragement for equity investors, although the housing market did not budge from its slump.
Early in 2011, the US Federal Reserve announced that it would continue its Treasury purchase program (“QE2”) through to completion and keep interest
rates low for an extended period. This compelled investors to continue buying riskier assets, furthering the trend of small cap stocks outperforming
large caps.

While fixed income markets saw yields trend lower (pushing bond prices higher) through most of 2010, the abrupt reversal in investor sentiment and risk
tolerance in the fourth quarter drove yields sharply upward. Global credit markets were surprisingly resilient in the face of recent headwinds and yields
regained relative stability as the period came to a close. Yield curves globally remained steep by historical standards and higher-risk sectors continued to
outperform higher-quality assets. The tax-exempt municipal market enjoyed a powerful rally during the period of low yields in 2010, but when that trend
reversed, the market was dealt an additional blow as it became evident that the Build America Bond program would not be extended. Meanwhile, munici-
pal finance troubles raised credit concerns among investors and tax-exempt mutual funds experienced heavy outflows, resulting in wider spreads and
falling prices. The new year brought relief from these headwinds and a steady rebound in the tax-exempt municipal market.

Cash investments, as represented by the 3-month Treasury bill, returned only a fraction over 0% for the 12-month period as short-term interest rates
remained low. Yields on money market securities remain near all-time lows.

 

While no one can peer into a crystal ball and eliminate the uncertainties presented by the economic landscape and financial markets, BlackRock can
offer investors the next best thing: partnership with the world’s largest asset management firm that delivers consistent long-term investment results with
fewer surprises. For additional market perspective and investment 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 forward to your continued partnership in the months and
years ahead.

 

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Municipal Market Overview

For the Period Ended April 30, 2011

Twelve months ago, the municipal yield curve was much flatter than it is today, as investor concerns were focused on the possibility of deflation and a
double-dip in the US economy. From April through September 2010, rates moved lower (and prices higher) across the curve, reaching historic lows in
August when the yield on 5-year issues touched 1.06%, the 10-year reached 2.18%, and the 30-year was 3.67%. The market took a turn in October, with
yields drifting higher (and prices lower) amid a “perfect storm” of events that ultimately resulted in the worst quarterly performance the municipal market
had seen since the Fed tightening cycle of 1994. Treasury yields lost their support as concerns over the US deficit raised the question whether foreign
investors would continue to purchase Treasury securities at historically low yields. Municipal valuations also suffered a quick and severe setback as it
became evident that the Build America Bond (“BAB”) program would expire at the end of 2010. The program opened the taxable market to municipal
issuers, which had successfully alleviated supply pressure in the traditional tax-exempt marketplace, bringing down yields in that space.

The financial media has been replete with interviews, articles and presentations depicting the stress experienced in municipal finance. This has resulted in a
loss of confidence among retail investors, the traditional buyers of individual municipal bonds and mutual funds. From the middle of November through
year-end, mutual funds specializing in tax-exempt bonds witnessed weekly outflows averaging over $2.5 billion. Long-term and high-yield funds saw the
greatest redemptions, followed by state-specific funds at a slower, yet still significant, pace. Political uncertainty surrounding the midterm elections and the
approach taken by the new Congress on issues such as income tax rates, alternative minimum tax and the previously mentioned BAB expiration exacer-
bated the situation. All these conditions, combined with the seasonal illiquidity surrounding year-end holidays and dealers closing their fiscal books, sapped
willing market participation from the trading community. December brought declining demand for municipal securities with no comparable reduction in sup-
ply. As it became evident that the BAB program would be retired, issuers rushed deals to market in the taxable and, to a lesser degree, traditional tax-
exempt space. This imbalance in the supply/demand technicals provided the classic market reaction: wider quality spreads and higher bond yields.

Demand usually is strong at the beginning of a new year, but retail investors continued to move away from municipal mutual funds, with AMG Data Services
showing $19.9 billion of redemptions in the first four months of 2011. Since mid-November, outflows persisted for 24 consecutive weeks, totaling $33.4
billion. Fortunately, lower supply in 2011 is offsetting the decline in demand. According to Thomson Reuters, through April, year-to-date new issuance was
down 53% compared to the same period last year. Issuers have been reluctant to bring new deals to the market due to a number of factors, including
higher interest rates, fiscal policy changes and a reduced need for municipal borrowing given the acceleration of some issuance into 2010 prior to the BAB
program’s expiration. Accordingly, estimates for 2011 issuance have ratcheted down more than $100 billion since the beginning of the year, when the initial
consensus was $350 billion.

Overall, the municipal yield curve steepened during the period from April 30, 2010 to April 30, 2011. As measured by Thomson Municipal Market Data, 30-
year yields on AAA-rated municipals rose 53 basis points (“bps”) to 4.58%, while yields for 5-year maturities rallied by 22 bps to 1.50%, and 10-year
maturities rallied by 9 bps to 2.85%. With the exception of the 2- to 5-year range, the spread between maturities increased over the past year, with the
greatest increase seen in the 5- to 30-year range, where the spread widened by 75 bps, while overall the slope between 2- and 30-year maturities
increased by 66 bps to 402 bps.

The fundamental picture for municipalities will be subject to scrutiny for months to come, as the challenges to state and local budgets are real and need to
be addressed with significant cuts to expenses and tax revenue increases. The debates around austerity measures needed to succeed in balancing these
budgets are not over whether action needs to be taken, but over the magnitude, approach and political will to accomplish these needs. The heightened
attention on municipal finance has the potential to improve this market for the future, especially if these efforts result in greater means toward disclosure
and accuracy (and timeliness) of reporting. Progress toward these fundamental changes may be tested in the near future, as California, Illinois and Puerto
Rico will soon need to take austerity measures and access financing in the municipal market to address immediate-term fiscal imbalances before their new
fiscal year begins in July. As the economy improves, tax receipts for states are rising and have begun to exceed budget projections. BlackRock maintains a
constructive view of the municipal market as we look beyond the interim challenges faced by states working to close their June 30 year-end shortfalls.

 

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Trust Summary as of April 30, 2011 BlackRock Investment Quality Municipal Trust Inc

Trust Overview

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

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

Performance

For the 12 months ended April 30, 2011, the Trust returned (0.61)% based on market price and 0.49% 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 (0.60)% based on market price and 0.10%
based on NAV. All returns reflect reinvestment of dividends. The Trust's premium to NAV, which narrowed during the period, accounts for the difference
between performance based on price and performance based on NAV. The following discussion relates to performance based on NAV. The Trust’s largest
exposure was in the tax-backed sector, which was among the strongest performing sectors during the period, driving the Trust’s positive performance. Also
beneficial were the Trust’s significant allocations to the corporate sector and pre-refunded debt, as those sectors exhibited strength. Detracting from perform
ance was the Trust’s exposure to the long end of the yield curve as interest rates rose during the period. While the Trust’s holdings of long duration bonds
(those with greater sensitivity to interest rates) and longer maturity bonds provided a higher level of yield, they underperformed shorter-dated securities in
the rising interest rate environment. The Trust’s overexposure to the underperforming health care sector and underexposure to the strong-performing housing
sector also had a negative impact. The Trust uses interest rate futures contracts to hedge portfolio risk related to movements in interest rates. This strategy
had a modestly negative impact on performance during the period.

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

¹ Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.
² Tax equivalent yield assumes the maximum federal tax rate of 35%.
³ The distribution rate is not constant and is subject to change.
⁴ Represents Auction Market Preferred Shares (“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 11.

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

 

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

 

⁵ Using the higher of Standard & Poor’s (“S&P’s”) or Moody’s Investors Service
(“Moody’s”) ratings.
⁶ The investment advisor has deemed certain of these securities to be of investment
grade quality. As of April 30, 2011 and April 30, 2010, the market value of these
securities was $8,694,533 representing 2% and $17,071,058 representing 5%,
respectively, of the Trust’s long-term investments.

 

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Trust Summary as of April 30, 2011 BlackRock Long-Term Municipal Advantage Trust

Trust Overview

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

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

Performance

For the 12 months ended April 30, 2011, the Trust returned 1.37% based on market price and (0.18)% based on NAV. For the same period, the closed-
end Lipper General Municipal Debt Funds (Leveraged) category posted an average return of (0.60)% based on market price and 0.10% based on NAV.
All returns reflect reinvestment of dividends. The Trust's discount to NAV, which narrowed during the period, accounts for the difference between performance
based on price and performance based on NAV. The following discussion relates to performance based on NAV. As interest rates rose and the yield curve
steepened in the later part of the reporting period, the Trust’s holdings of longer-dated bonds had a negative impact on performance. The Trust’s high expo-
sure to the health care sector and low exposure to tax-backed issues in the Far West and Mid-Atlantic regions also detracted. Contributing positively to
performance were security selection and sector allocation among corporates and transportation as well as tax-backed issues in the Great Lakes region.
Additional benefits were derived from portfolio holdings with shorter remaining terms to their maturity, which exhibited lower price volatility compared to
longer-dated bonds during the period. The Trust uses interest rate futures contracts to hedge portfolio risk related to movements in interest rates. This strat-
egy had a modestly negative impact on performance during the period.

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

¹ Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results
² Tax equivalent yield assumes the maximum federal tax rate of 35%.
³ The distribution rate is not constant and is subject to change.
⁴ Represents TOBs as a percentage of total managed assets, which is the total assets of the Trust, including any assets attributable to TOBs, minus the sum of accrued liabilities.
For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging on page 11.

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

 

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

 

⁵ Using the higher of S&P’s or Moody’s ratings.
⁶ Through its investment in TOBs, the Trust has economic exposure to investment
grade bonds.
⁷ The investment advisor has deemed certain of these securities to be of investment
grade quality. As of April 30, 2011 and April 30, 2010, the market value of these
securities was $3,226,983 representing 1% and $5,264,180 representing 2%,
respectively, of the Trust’s long-term investments.

 

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Trust Summary as of April 30, 2011 BlackRock Municipal 2020 Term Trust

Trust Overview

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

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

Performance

For the 12 months ended April 30, 2011, the Trust returned 6.29% based on market price and 5.96% based on NAV. For the same period, the closed-end
Lipper General Municipal Debt Funds (Leveraged) category posted an average return of (0.60)% based on market price and 0.10% based on NAV. All returns
reflect reinvestment of dividends. The Trust's premium to NAV, which widened during the period, accounts for the difference between performance based on
price and performance based on NAV. The following discussion relates to performance based on NAV. The Trust is managed to a 2020 termination date and
therefore maintains a shorter maturity profile than its Lipper category competitors, generally. This shorter maturity profile was the primary driver of the Trust’s
strong performance for the period as interest rates declined in the intermediate range and short end of the yield curve. The Trust has limited exposure to the
long end of the curve, where interest rates rose during the period, and therefore did not experience price declines of the same magnitude as did its Lipper cat-
egory competitors with longer maturity profiles. Detracting from performance was the Trust’s overexposure to the transportation sector, which was among the
weaker performing sectors during the period.

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

¹ Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.
² Tax equivalent yield assumes the maximum federal tax rate of 35%.
³ The distribution rate is not constant and is subject to change.
⁴ Represents 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 11.

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

 

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

 

⁵ Using the higher of S&P’s or Moody’s ratings.
⁶ The investment advisor has deemed certain of these securities to be of investment
grade quality. As of April 30, 2011 and April 30, 2010, the market value of these
securities was $11,262,007 representing 2% and $11,978,514 representing 3%,
respectively, of the Trust’s long-term investments.

 

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Trust Summary as of April 30, 2011 BlackRock Municipal Income Trust

Trust Overview

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

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

Performance

For the 12 months ended April 30, 2011, the Trust returned (1.07)% based on market price and (1.04)% based on NAV. For the same period, the closed-
end Lipper General Municipal Debt Funds (Leveraged) category posted an average return of (0.60)% based on market price and 0.10% based on NAV. All
returns reflect reinvestment of dividends. The Trust's premium to NAV, which narrowed during the period, accounts for the difference between performance
based on price and performance based on NAV. The following discussion relates to performance based on NAV. As interest rates rose and the yield curve
steepened in the later part of the reporting period, the Trust’s holdings of longer-dated bonds had a negative impact on performance. The Trust’s high expo-
sure to the health care sector and low exposure to tax-backed issues in the Far West and Mid-Atlantic regions also detracted. Contributing positively to per-
formance were security selection and sector allocation among corporates and housing as well as tax-backed issues in the South East region. Additional
benefits were derived from seasoned portfolio holdings with shorter remaining terms to their maturity, which exhibited lower price volatility compared to
longer-dated bonds during the period. The Trust uses interest rate futures contracts to hedge portfolio risk related to movements in interest rates. This strat-
egy had a modestly negative impact on performance during the period.

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

¹ Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.
² Tax equivalent yield assumes the maximum federal tax rate of 35%.
³ The distribution rate is not constant and is subject to change.
⁴ Represents 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 11.

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

 

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

 

⁵ Using the higher of S&P’s or Moody’s ratings.
⁶ The investment advisor has deemed certain of these securities to be of investment
grade quality. As of April 30, 2011 and April 30, 2010, the market value of these
securities was $28,787,350 representing 3% and $16,636,260 representing 2%,
respectively, of the Trust’s long-term investments.

 

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Trust Summary as of April 30, 2011 BlackRock Pennsylvania Strategic Municipal Trust

Trust Overview

BlackRock Pennsylvania Strategic Municipal Trust’s (BPS) (the “Trust”) investment objectives are to provide current income that is exempt from regular
federal and Pennsylvania income taxes and to invest in municipal bonds that over time will perform better than the broader Pennsylvania municipal bond
market. The Trust seeks to achieve its investment objectives by investing, under normal market conditions, primarily in municipal bonds exempt from federal
income taxes (except that the interest may be subject to the federal alternative minimum tax) and Pennsylvania income taxes. The Trust invests, under nor-
mal market conditions, at least 80% of its assets in municipal bonds that are investment grade quality at the time of investment. The Trust may invest
directly in such securities or synthetically through the use of derivatives.

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

Performance

For the 12 months ended April 30, 2011, the Trust returned 0.00% based on market price and 1.07% based on NAV. For the same period, the closed-end
Lipper Pennsylvania Municipal Debt Funds category posted an average return of (0.27)% based on market price and 0.86% based on NAV. All returns
reflect reinvestment of dividends. The Trust moved from a premium to NAV to a discount by period-end, which accounts for the difference between perform-
ance based on price and performance based on NAV. The following discussion relates to performance based on NAV. The Trust’s holdings generated a high
level of income accrual during the period by maintaining a high coupon structure and low level of cash reserves. In addition, the Trust sought investments
with valuations that remain attractive relative to their level of credit risk. Also contributing to performance was capital appreciation in the Trust’s holdings in
the short end and intermediate range of the yield curve, where interest rates declined during the period. Conversely, the Trust’s overall longer duration stance
(greater sensitivity to interest rates) detracted from performance as the municipal market saw long-term interest rates rise and the yield curve steepen due
to credit concerns, the expiration of the Build America Bond program and the general perception among investors that improving economic growth may lead
to higher inflation expectations. The Trust uses interest rate futures contracts to hedge portfolio risk related to movements in interest rates. This strategy had
a modestly negative impact on performance during the period.

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

¹ Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.
² Tax equivalent yield assumes the maximum federal tax rate of 35%.
³ The distribution rate is not constant and is subject to change.
⁴ Represents 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 11.

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

 

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

 

⁵ Using the higher of S&P’s or Moody’s ratings.
⁶ The investment advisor has deemed certain of these securities to be of investment
grade quality. As of April 30, 2011 and April 30, 2010, the market value of these
securities was $486,340 representing 1% and $2,069,225 representing 5%, respec-
tively, of the Trust’s long-term investments.

 

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Trust Summary April 30, 2011 BlackRock Strategic Municipal Trust

Trust Overview

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

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

Performance

For the 12 months ended April 30, 2011, the Trust returned (1.65)% based on market price and 1.19% based on NAV. For the same period, the closed-
end Lipper General Municipal Debt Funds (Leveraged) category posted an average return of (0.60)% based on market price and 0.10% based on NAV. All
returns reflect reinvestment of dividends. The Trust's discount to NAV, which widened during the period, accounts for the difference between performance
based on price and performance based on NAV. The following discussion relates to performance based on NAV. Security selection and sector allocation
among corporates, housing and transportation as well as tax-backed issues in the Great Lakes region drove the Trust’s positive performance. Additional
benefits were derived from seasoned portfolio holdings with shorter remaining terms to their maturity, which exhibited lower price volatility compared to
longer-dated bonds during the period. As interest rates rose and the yield curve steepened in the later part of the period, holdings of longer-dated bonds
detracted from performance. In addition, the Trust’s high exposure to the health care sector and low exposure to tax-backed issues in the Far West and
Mid-Atlantic regions had a negative impact on performance. The Trust uses interest rate futures contracts to hedge portfolio risk related to movements in
interest rates. This strategy had a modestly negative impact on performance during the period.

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

¹ Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.
² Tax equivalent yield assumes the maximum federal tax rate of 35%.
³ The distribution rate is not constant and is subject to change.
⁴ Represents 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 11.

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

 

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

 

⁵ Using the higher of S&P’s or Moody’s ratings.
⁶ The investment advisor has deemed certain of these securities to be of investment
grade quality. As of April 30, 2011 and April 30, 2010, the market value of these
securities was $3,150,431 representing 2% and $2,354,758 representing 2%,
respectively, of the Trust’s long-term investments.

 

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The Benefits and Risks of Leveraging

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

To leverage, all the Trusts, except for BTA, issue preferred shares (“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,
will normally be lower than the income earned by each Trust on its longer-
term portfolio investments. To the extent that the total assets of each
Trust (including the assets obtained from leverage) are invested in higher-
yielding portfolio investments, each Trust’s holders of Common Shares
(“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 securities purchased by the Trust with assets received from Preferred
Shares issuance earn the income based on long-term interest rates. In
this case, the dividends paid to holders of Preferred Shares (“Preferred
Shareholders”) are significantly lower than the income earned on the
Trust’s long-term investments, and therefore the Common Shareholders
are the beneficiaries of the incremental net income.

If short-term interest rates rise, narrowing the differential between short-
term and long-term interest rates, the incremental net income pickup 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 the Trusts’ portfolio investments generally varies
inversely with the direction of long-term interest rates, although other factors
can influence the value of portfolio investments. In contrast, the redemption
values of the Trusts’ Preferred Shares do not fluctuate in relation to interest
rates. As a result, changes in interest rates can influence the Trusts’ NAVs
positively or negatively in addition to the impact on Trust performance from
leverage from Preferred Shares discussed above.

The Trusts may also leverage their assets through the use of TOBs, as
described in Note 1 of the Notes to Financial Statements. TOB investments
generally will provide the Trusts with economic benefits in periods of
declining short-term interest rates, but expose the Trusts to risks during
periods of rising short-term interest rates similar to those associated with
Preferred Shares issued by the Trusts, as described above. Additionally, fluc-
tuations in the market value of municipal bonds deposited into the TOB
trust may adversely affect each Trust’s NAV per share.

The use of leverage may enhance opportunities for increased returns to the
Trusts and Common Shareholders, but as described above, it also creates
risks as short or long-term interest rates fluctuate. Leverage also will gener-
ally cause greater changes in the Trusts’ NAVs, market prices and dividend
rates than comparable portfolios without leverage. If the income derived
from securities purchased with assets received from leverage exceeds the
cost of leverage, the Trusts’ net income will be greater than if leverage had
not been used. Conversely, if the income from the securities purchased is
not sufficient to cover the cost of leverage, the Trusts’ net income will be
less than if leverage had not been used, and therefore the amount avail-
able for distribution to Common Shareholders will be reduced. 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, 2011, the Trusts had economic leverage
from Preferred Shares and/or TOBs as a percentage of their total managed
assets as follows:

 

Derivative Financial Instruments

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

 

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BlackRock Investment Quality Municipal Trust Inc. (BKN)
Schedule of Investments April 30, 2011
(Percentages shown are based on Net Assets)

 

 

 

 

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

 

 

See Notes to Financial Statements.

 

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

 

 

See Notes to Financial Statements.

14 ANNUAL REPORT APRIL 30, 2011

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

 

* The cost and unrealized appreciation (depreciation) of investments as of April 30,
2011, as computed for federal income tax purposes, were as follows:

(a) Represents a zero-coupon bond. Rate shown reflects the current yield as of
report date.
(b) Represents a step-up bond that pays an initial coupon rate for the first period and
then a higher coupon rate for the following periods. Rate shown reflects the current
yield as of report date.
(c) US government securities, held in escrow, are used to pay interest on this security as
well as to retire the bond in full at the date indicated, typically at a premium to par.

See Notes to Financial Statements.

ANNUAL REPORT APRIL 30, 2011 15

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

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

(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) Variable rate security. Rate shown is as of report date.
(i) Securities represent bonds transferred to a TOB in exchange for which the Trust
acquired residual interest certificates. These securities serve as collateral in a
financing transaction. See Note 1 of the Notes to Financial Statements for details
of municipal bonds transferred to TOBs.
(j) Investments in companies considered to be an affiliate of the Trust during the
year, for purposes of Section 2(a)(3) of the Investment Company Act of 1940,
as amended, were as follows:

(k) Represents the current yield as of report date.

• Financial futures contracts sold as of April 30, 2011 were as follows:

• Fair Value Measurements — Various inputs are used in determining the fair value of
investments and derivative financial instruments. These inputs are summarized in
three broad levels for financial statement purposes 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 and
derivative financial instruments)

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 derivative financial
instruments and other significant accounting policies, please refer to Note 1 of the
Notes to Financial Statements.

The following tables summarize the inputs used as of April 30, 2011 in determining
the fair valuation of the Trust’s investments and derivative financial instruments:

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

² Derivative financial instruments are financial futures contracts, which are valued
at the unrealized appreciation/depreciation on the instrument.

See Notes to Financial Statements.

 

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BlackRock Long-Term Municipal Advantage Trust (BTA)
Schedule of Investments April 30, 2011
(Percentages shown are based on Net Assets)

 

 

See Notes to Financial Statements.

 

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

 

 

See Notes to Financial Statements.

 

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

 

* The cost and unrealized appreciation (depreciation) of investments as of April 30,
2011, as computed for federal income tax purposes, were as follows:

(a) 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.
(b) Issuer filed for bankruptcy and/or is in default of interest payments.
(c) Non-income producing security.
(d) Variable rate security. Rate shown is as of report date.
(e) Represents a zero-coupon bond. Rate shown reflects the current yield as of
report date.
(f) Securities represent bonds transferred to a TOB 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 TOBs.
(g) Investments in companies considered to be an affiliate of the Trust during the
year, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as
amended, were as follows:

(h) Represents the current yield as of report date.

• Financial futures contracts sold as of April 30, 2011 were as follows:

 

See Notes to Financial Statements.

 

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

• Fair Value Measurements — Various inputs are used in determining the fair value of
investments and derivative financial instruments. These inputs are summarized in
three broad levels for financial statement purposes 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 and
derivative financial instruments)

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 derivative financial
instruments other significant accounting policies, please refer to Note 1 of the
Notes to Financial Statements.

The following tables summarize the inputs used as of April 30, 2011 in determining
the fair valuation of the Trust’s investments and derivative financial instruments:

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

² Derivative financial instruments are financial futures contracts, which are valued
at the unrealized appreciation/depreciation on the instrument.

See Notes to Financial Statements.

 

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BlackRock Municipal 2020 Term Trust (BKK)
Schedule of Investments April 30, 2011
(Percentages shown are based on Net Assets)

 

 

See Notes to Financial Statements.

 

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

 

 

See Notes to Financial Statements.

 

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

 

* The cost and unrealized appreciation (depreciation) of investments as of April 30,
2011, as computed for federal income tax purposes, were as follows:

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

(k) Represents the current yield as of report date.

See Notes to Financial Statements.

 

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

• Fair Value Measurements — Various inputs are used in determining the fair value
of investments. These inputs are summarized in three broad levels for financial
statement purposes 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, 2011 in determining
the fair valuation of the Trust’s investments:

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

See Notes to Financial Statements.

 

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BlackRock Municipal Income Trust (BFK)
Schedule of Investments April 30, 2011
(Percentages shown are based on Net Assets)

 

 

See Notes to Financial Statements.

 

---

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

 

 

See Notes to Financial Statements.

 

---

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

 

 

See Notes to Financial Statements.

 

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

 

* The cost and unrealized appreciation (depreciation) of investments as of April 30,
2011, as computed for federal income tax purposes, were as follows:

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

(d) Issuer filed for bankruptcy and/or is in default of interest payments.
(e) Non-income producing security.
(f) Security exempt from registration under Rule 144A of the Securities Act of 1933.
These securities may be resold in transactions exempt from registration to qualified
institutional investors.
(g) Security represents a beneficial interest in a trust. The collateral deposited into
the trust is federally tax-exempt revenue bonds issued by various state or local
governments, or their respective agencies or authorities. The security is subject to
remarketing prior to its stated maturity.
(h) Variable rate security. Rate shown is as of report date.
(i) Securities represent bonds transferred to a TOB in exchange for which the Trust
acquired residual interest certificates. These securities serve as collateral in a
financing transaction. See Note 1 of the Notes to Financial Statements for details of
municipal bonds transferred to TOBs.
(j) Investments in companies considered to be an affiliate of the Trust during the
year, for purposes of Section 2(a)(3) of the Investment Company Act of 1940,
as amended, were as follows:

(k) Represents the current yield as of report date.

• Financial futures contracts sold as of April 30, 2011 were as follows:

 

See Notes to Financial Statements.

 

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

• Fair Value Measurements — Various inputs are used in determining the fair value of
investments and derivative financial instruments. These inputs are summarized in
three broad levels for financial reporting purposes 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 and
derivative financial instruments)

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 derivative financial
instruments and other significant accounting policies, please refer to Note 1 of the
Notes to Financial Statements.

The following tables summarize the inputs used as of April 30, 2011 in determining
the fair valuation of the Trust’s investments and derivative financial instruments:

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

² Derivative financial instruments are financial futures contracts, which are valued
at the unrealized appreciation/depreciation on the instrument.

See Notes to Financial Statements.

 

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BlackRock Pennsylvania Strategic Municipal Trust (BPS)
Schedule of Investments April 30, 2011
(Percentages shown are based on Net Assets)

 

 

See Notes to Financial Statements.

 

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

 

* The cost and unrealized appreciation (depreciation) of investments as of April 30,
2011, as computed for federal income tax purposes, were as follows:

(a) Variable rate security. Rate shown is 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) When-issued security. Unsettled when-issued transactions were as follows:

(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
governments, or their respective agencies or authorities. The security is subject to
remarketing prior to its stated maturity.
(f) Securities represent bonds transferred to a TOB in exchange for which the Trust
acquired residual interest certificates. These securities serve as collateral in a
financing transaction. See Note 1 of the Notes to Financial Statements for details
of municipal bonds transferred to TOBs.

See Notes to Financial Statements.

 

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Schedule of Investments (concluded)
BlackRock Pennsylvania Strategic Municipal Trust (BPS)

(g) 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,
as amended, were as follows:

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

• Financial futures contracts sold as of April 30, 2011 were as follows:

• Fair Value Measurements — Various inputs are used in determining the fair value of
investments and derivative financial instruments. These inputs are summarized in
three broad levels for financial statement purposes 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 and
derivative financial instruments)

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 derivative financial
instruments and other significant accounting policies, please refer to Note 1 of the
Notes to Financial Statements.

The following tables summarize the inputs used as of April 30, 2011 in determining
the fair valuation of the Trust’s investments and derivative financial instruments:

¹ See above Schedule of Investments for values in each sector.