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

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

Date of fiscal year end: 04/30/2009

Date of reporting period: 04/30/2009

Item 1 – Report to Stockholders


EQUITIES FIXED INCOME REAL ESTATE LIQUIDITY ALTERNATIVES BLACKROCK SOLUTIONS

Annual Report

APRIL 30, 2009

BlackRock Investment Quality Municipal Trust Inc. (BKN)

BlackRock Long-Term Municipal Advantage Trust (BTA)

BlackRock Municipal 2020 Term Trust (BKK)

BlackRock Municipal Income Trust (BFK)

BlackRock Pennsylvania Strategic Municipal Trust (BPS)

BlackRock Strategic Municipal Trust (BSD)


NOT FDIC INSURED

MAY LOSE VALUE

NO BANK GUARANTEE


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

2 ANNUAL REPORT

APRIL 30, 2009


Dear Shareholder

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

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

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

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

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

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

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

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

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

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

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

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

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

of its worst years on record in 2008.

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

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

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

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

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

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

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

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

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

Sincerely,


THIS PAGE NOT PART OF YOUR FUND REPORT

3


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

Investment Objective

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

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

Performance

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

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

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

1 Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance
does not guarantee future results.
2 Tax equivalent yield assumes the maximum federal tax rate of 35%.
3 The Monthly Distribution per Share, declared on June 1, 2009, was increased to $0.0755. The Yield on Closing Market Price, Current Monthly
Distribution per Common Share and Current Annualized Distribution per Common Share do not reflect the new distribution rate. The new distribution
rate is not constant and is subject to further change in the future.
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 10.

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

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

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

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

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

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, 2009 and October 31,
2008, the market value of these securities was $12,511,098 repre-
senting 4% and $13,439,579 representing 4%, respectively, of the
Trust’s long-term investments.

4 ANNUAL REPORT

APRIL 30, 2009


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

Investment Objective

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

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

Performance

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

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

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

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 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 10.

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

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

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

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

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

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, 2009 and October 31,
2008, the market value of these securities was $1,468,107 repre-
senting 1% and $1,594,125 representing 1%, respectively, of the
Trust’s long-term investments.

ANNUAL REPORT

APRIL 30, 2009

5


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

Investment Objective

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

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

Performance

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

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

Trust Information             
  Symbol on New York Stock Exchange          BKK 
  Initial Offering Date        September 30, 2003 
  Termination Date (on or about)        December 31, 2020 
  Yield on Closing Market Price as of April 30, 2009 ($12.70)1          5.88% 
  Tax Equivalent Yield2          9.05% 
  Current Monthly Distribution per Common Share3          $0.06225 
  Current Annualized Distribution per Common Share3          $0.74700 
  Leverage as of April 30, 20094          42% 
     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 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 attribu- 
         table to Preferred Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Trust, please see 
         The Benefits and Risks of Leveraging on page 10.           
  The table below summarizes the changes in the Trust’s market price and net asset value per share:     
    4/30/09  12/31/08  Change  High  Low 
  Market Price  $12.70  $10.57  20.15%  $13.47  $10.46 
  Net Asset Value  $12.04  $10.55  14.12%  $12.04  $10.55 

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

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

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

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, 2009 and December 31,
2008, the market value of these securities was $5,768,611 repre-
senting 1% and $5,382,113 representing 1%, respectively, of the
Trust’s long-term investments.

6 ANNUAL REPORT

APRIL 30, 2009


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

Investment Objective

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

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

Performance

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

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

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

1 Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance
does not guarantee future results.
2 Tax equivalent yield assumes the maximum federal tax rate of 35%.
3 The Monthly Distribution per Share, declared on June 1, 2009, was increased to $0.0786. The Yield on Closing Market Price, Current Monthly
Distribution per Common Share and Current Annualized Distribution per Common Share do not reflect the new distribution rate. The new distribution
rate is not constant and is subject to further change in the future.
4 Represents Preferred Shares and TOBs as a percentage of total managed assets, which is the total assets of the Trust, including any assets attribu-
table to Preferred Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Trust, please see
The Benefits and Risks of Leveraging on page 10.

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

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

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

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

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

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, 2009 and October 31,
2008, the market value of these securities was $17,649,155 repre-
senting 2% and $18,626,721 representing 2%, respectively, of the
Trust’s long-term investments.

ANNUAL REPORT

APRIL 30, 2009

7


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

Investment Objective

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

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

Performance

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

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

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

1 Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance
does not guarantee future results.
2 Tax equivalent yield assumes the maximum federal tax rate of 35%.
3 The Monthly Distribution per Share, declared on June 1, 2009, was increased to $0.05. The Yield on Closing Market Price, Current Monthly
Distribution per Common Share and Current Annualized Distribution per Common Share do not reflect the new distribution rate. The new distribution
rate is not constant and is subject to further change in the future.
4 Represents Preferred Shares as a percentage of total managed assets, which is the total assets of the Trust, including any assets attributable to
Preferred Shares, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and
Risks of Leveraging on page 10.

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

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

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

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

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

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, 2009 and December 31,
2008, the market value of these securities was $1,623,020 repre-
senting 4% and $1,604,974 representing 4%, respectively, of the
Trust's long-term investments.

8 ANNUAL REPORT

APRIL 30, 2009


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

Investment Objective

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

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

Performance

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

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

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

1 Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance
does not guarantee future results.
2 Tax equivalent yield assumes the maximum federal tax rate of 35%.
3 The Monthly Distribution per Share, declared on June 1, 2009, was increased to $0.07. The Yield on Closing Market Price, Current Monthly
Distribution per Common Share and Current Annualized Distribution per Common Share do not reflect the new distribution rate. The new distribution
rate is not constant and is subject to further change in the future.
4 Represents Preferred Shares and TOBs as a percentage of total managed assets, which is the total assets of the Trust, including any assets attribu-
table to Preferred Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Trust, please see
The Benefits and Risks of Leveraging on page 10.

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

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

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

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

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

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, 2009 and December 31,
2008, the market value of these securities was $2,678,936 repre-
senting 2% and $2,687,323 representing 2%, respectively, of the
Trust’s long-term investments.

ANNUAL REPORT

APRIL 30, 2009

9


The Benefits and Risks of Leveraging

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

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

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

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

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

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

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

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

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

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

Derivative Instruments

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

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

10 ANNUAL REPORT

APRIL 30, 2009


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

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

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

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

ANNUAL REPORT

APRIL 30, 2009

11


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

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

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

See Notes to Financial Statements.

12 ANNUAL REPORT

APRIL 30, 2009


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

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

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

See Notes to Financial Statements.

ANNUAL REPORT

APRIL 30, 2009

13


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

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

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

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

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

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

See Notes to Financial Statements.

14 ANNUAL REPORT

APRIL 30, 2009


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

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

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

(w) Represents the current yield as of report date.
(x) Variable rate security. Rate shown is as of report date.
Effective November 1, 2008, the Trust adopted Financial Accounting Standards
Board Statement of Financial Accounting Standards No. 157, “Fair Value Measure-
ments” (“FAS 157”). FAS 157 clarifies the definition of fair value, establishes a
framework for measuring fair values and requires additional disclosures about the
use of fair value measurements. Various inputs are used in determining the fair
value of investments, which are as follows:
Level 1 — price quotations in active markets/exchanges for identical securities
Level 2 — other observable inputs (including, but not limited to: quoted prices for
similar assets or liabilities in markets that are active, quoted prices for identical
or similar assets in markets that are not active, inputs other than quoted prices
that are observable for the assets or liabilities (such as interest rates, yield
curves, volatilities, prepayment speeds, loss severities, credit risks and default
rates) or other market-corroborated inputs)
Level 3 — unobservable inputs based on the best information available in the
circumstance, to the extent observable inputs are not available (including the
Trust’s own assumptions used in determining the fair value of investments)

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

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

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

See Notes to Financial Statements.

ANNUAL REPORT

APRIL 30, 2009

15


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

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

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

See Notes to Financial Statements.

16 ANNUAL REPORT

APRIL 30, 2009


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

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

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

See Notes to Financial Statements.

ANNUAL REPORT

APRIL 30, 2009

17


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

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

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

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

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

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

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

Effective November 1, 2008, the Trust adopted Financial Accounting Standards
Board Statement of Financial Accounting Standards No. 157, “Fair Value
Measurements” (“FAS 157”). FAS 157 clarifies the definition of fair value, estab-
lishes a framework for measuring fair values and requires additional disclosures
about the use of fair value measurements. Various inputs are used in determining
the fair value of investments, which are as follows:
Level 1 — price quotations in active markets/exchanges for identical securities
Level 2 — other observable inputs (including, but not limited to: quoted prices for
similar assets or liabilities in markets that are active, quoted prices for identical
or similar assets in markets that are not active, inputs other than quoted prices
that are observable for the assets or liabilities (such as interest rates, yield
curves, volatilities, prepayment speeds, loss severities, credit risks and default
rates) or other market-corroborated inputs)
Level 3 — unobservable inputs based on the best information available in the
circumstance, to the extent observable inputs are not available (including the
Trust’s own assumptions used in determining the fair value of investments)

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

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

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

See Notes to Financial Statements.

18 ANNUAL REPORT

APRIL 30, 2009


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

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

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

See Notes to Financial Statements.

ANNUAL REPORT

APRIL 30, 2009

19


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

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

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

See Notes to Financial Statements.

20 ANNUAL REPORT

APRIL 30, 2009


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

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

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

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

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

(a) Represents a zero-coupon bond. Rate shown reflects the current yield as of
report date.
(b) US government securities, held in escrow, are used to pay interest on this security,
as well as to retire the bond in full at the date indicated, typically at a premium
to par.
(c) NPFGC Insured.
(d) ACA Insured.
(e) FSA Insured.
(f) Security exempt from registration under Rule 144A of the Securities Act of 1933.
These securities may be resold in transactions exempt from registration to qualified
institutional investors.

See Notes to Financial Statements.

ANNUAL REPORT

APRIL 30, 2009

21


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

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

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

(s) Represents the current yield as of report date.
(t) Variable rate security. Rate shown is as of report date.
Financial Accounting Standards Board Statement of Financial Accounting Standards
No. 157, “Fair Value Measurements”, which clarifies the definition of fair value,
establishes a framework for measuring fair values and requires additional disclo-
sures about the use of fair value measurements. Various inputs are used in deter-
mining the fair value of investments, which are as follows:
Level 1 — price quotations in active markets/exchanges for identical securities
Level 2 — other observable inputs (including, but not limited to: quoted prices for
similar assets or liabilities in markets that are active, quoted prices for identical
or similar assets in markets that are not active, inputs other than quoted prices
that are observable for the assets or liabilities (such as interest rates, yield
curves, volatilities, prepayment speeds, loss severities, credit risks and default
rates) or other market-corroborated inputs)
Level 3 — unobservable inputs based on the best information available in the
circumstance, to the extent observable inputs are not available (including the
Trust’s own assumptions used in determining the fair value of investments)
The inputs or methodology used for valuing securities are not necessarily an indica-
tion of the risk associated with investing in those securities. For information about
the Trust’s policy regarding valuation of investments and other significant accounting
policies, please refer to Note 1 of the Notes to Financial Statements.
The following table summarizes the inputs used as of April 30, 2009 in determining
the fair valuation of the Trust’s investments:

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

See Notes to Financial Statements.

22 ANNUAL REPORT

APRIL 30, 2009


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

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

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

See Notes to Financial Statements.

ANNUAL REPORT

APRIL 30, 2009

23


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

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

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

See Notes to Financial Statements.

24 ANNUAL REPORT

APRIL 30, 2009


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

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

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

See Notes to Financial Statements.

ANNUAL REPORT

APRIL 30, 2009

25


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

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

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

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

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

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

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

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

Effective November 1, 2008, the Trust adopted Financial Accounting Standards
Board Statement of Financial Accounting Standards No. 157, “Fair Value
Measurements” (“FAS 157”). FAS 157 clarifies the definition of fair value, estab-
lishes a framework for measuring fair values and requires additional disclosures
about the use of fair value measurements. Various inputs are used in determining
the fair value of investments, which are as follows:
Level 1 — price quotations in active markets/exchanges for identical securities
Level 2 — other observable inputs (including, but not limited to: quoted prices for
similar assets or liabilities in markets that are active, quoted prices for identical
or similar assets in markets that are not active, inputs other than quoted prices
that are observable for the assets or liabilities (such as interest rates, yield
curves, volatilities, prepayment speeds, loss severities, credit risks and default
rates) or other market-corroborated inputs)
Level 3 — unobservable inputs based on the best information available in the
circumstance, to the extent observable inputs are not available (including the
Trust’s own assumptions used in determining the fair value of investments)
The inputs or methodology used for valuing securities are not necessarily an indica-
tion of the risk associated with investing in those securities. For information about
the Trust’s policy regarding valuation of investments and other significant accounting
policies, please refer to Note 1 of the Notes to Financial Statements.
The following table summarizes the inputs used as of April 30, 2009 in determining
the fair valuation of the Trust’s investments:

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

See Notes to Financial Statements.

26 ANNUAL REPORT

APRIL 30, 2009


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

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

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

See Notes to Financial Statements.

ANNUAL REPORT

APRIL 30, 2009

27


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

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

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

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

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

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

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

(m) Represents the current yield as of report date.
For Trust compliance purposes, the Trust’s industry classifications refer to any one or
more of the industry sub-classifications used by one or more widely recognized mar-
ket indexes or ratings group indexes, and/or as defined by Trust management. This
definition may not apply for purposes of this report, which may combine industry sub-
classifications for reporting ease. These industry classifications are unaudited.
Financial Accounting Standards Board Statement of Financial Accounting Standards
No. 157, “Fair Value Measurements”, which clarifies the definition of fair value,
establishes a framework for measuring fair values and requires additional disclo-
sures about the use of fair value measurements. Various inputs are used in deter-
mining the fair value of investments, which are as follows:
Level 1 — price quotations in active markets/exchanges for identical securities
Level 2 — other observable inputs (including, but not limited to: quoted prices for
similar assets or liabilities in markets that are active, quoted prices for identical
or similar assets in markets that are not active, inputs other than quoted prices
that are observable for the assets or liabilities (such as interest rates, yield
curves, volatilities, prepayment speeds, loss severities, credit risks and default
rates) or other market-corroborated inputs)
Level 3 — unobservable inputs based on the best information available in the
circumstance, to the extent observable inputs are not available (including the
Trust’s own assumptions used in determining the fair value of investments)
The inputs or methodology used for valuing securities are not necessarily an indica-
tion of the risk associated with investing in those securities. For information about
the Trust’s policy regarding valuation of investments and other significant accounting
policies, please refer to the Note 1 of the Notes to Financial Statements.
The following table summarizes the inputs used as of April 30, 2009 in determining
the fair valuation of the Trust’s investments:

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

See Notes to Financial Statements.

28 ANNUAL REPORT

APRIL 30, 2009


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

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

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

See Notes to Financial Statements.

ANNUAL REPORT

APRIL 30, 2009

29


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

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

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

See Notes to Financial Statements.

30 ANNUAL REPORT

APRIL 30, 2009


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

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

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

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

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

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

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

(t) Represents the current yield as of report date.
(u) Variable rate security. Rate shown is as of report date.
Financial Accounting Standards Board Statement of Financial Accounting Standards
No. 157, “Fair Value Measurements”, which clarifies the definition of fair value,
establishes a framework for measuring fair values and requires additional disclo-
sures about the use of fair value measurements. Various inputs are used in deter-
mining the fair value of investments, which are as follows:
Level 1 — price quotations in active markets/exchanges for identical securities
Level 2 — other observable inputs (including, but not limited to: quoted prices for
similar assets or liabilities in markets that are active, quoted prices for identical
or similar assets in markets that are not active, inputs other than quoted prices
that are observable for the assets or liabilities (such as interest rates, yield
curves, volatilities, prepayment speeds, loss severities, credit risks and default
rates) or other market-corroborated inputs)
Level 3 — unobservable inputs based on the best information available in the
circumstance, to the extent observable inputs are not available (including the
Trust’s own assumptions used in determining the fair value of investments)
The inputs or methodology used for valuing securities are not necessarily an indica-
tion of the risk associated with investing in those securities. For information about
the Trust’s policy regarding valuation of investments and other significant accounting
policies, please refer to the Note 1 of the Notes to Financial Statements.
The following table summarizes the inputs used as of April 30, 2009 in determining
the fair valuation of the Trust’s investments:

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

See Notes to Financial Statements.

ANNUAL REPORT

APRIL 30, 2009

31


Statements of Assets and Liabilities           
    BlackRock  BlackRock      BlackRock  BlackRock 
    Investment  Long-Term  BlackRock  BlackRock  Pennsylvania  Strategic 
     Quality  Municipal  Municipal  Municipal  Strategic  Municipal 
  Municipal Trust Inc.  Advantage Trust  2020 Term Trust  Income Trust  Municipal Trust  Trust 
April 30, 2009       (BKN)  (BTA)  (BKK)  (BFK)  (BPS)  (BSD) 
     Assets               
Investments at value — unaffiliated1  $ 324,819,302  $ 203,679,751  $ 410,905,467  $ 803,404,981  $ 40,411,411  $ 135,218,003 
Investments at value — affiliated2    11,400,000  1,400,185  2,301,041  423,950  99,970  301,197 
Cash    96,382  57,369  48,665  99,056  157,911  61,878 
Investments sold receivable    1,306,809  916,219  2,119,295  1,806,980    729,379 
Interest receivable    5,060,751  4,046,376  7,337,524  14,265,027  595,135  2,137,236 
Income receivable — affiliated    264  61  209  672  22  59 
Prepaid expenses    45,372  39,289  50,918  124,733  3,311  19,211 
Other assets    34,903  8,189  28,120  96,284  3,036  6,767 
Total assets    342,763,783  210,147,439  422,791,239  820,221,683  41,270,796  138,473,730 
     Accrued Liabilities               
Investments purchased payable    7,470,106  2,497,464    2,114,536  245,828  2,502,488 
Income dividends payable — Common Shares    1,066,554  733,983  1,259,730  3,033,813  91,056  455,502 
Investment advisory fees payable    93,402  60,796  169,790  326,565  19,724  65,204 
Administration fees payable    40,562           
Officer’s and Directors’/Trustees’ fees payable    36,293  9,052  29,575  98,253  3,566  7,472 
Interest expense and fees payable    19,034  548,540  22,871  118,248    16,757 
Other affiliates payable      777  2,576  4,696  264  868 
Other accrued expenses payable    117,778  83,315  125,483  176,552  61,881  90,268 
Total accrued liabilities    8,843,729  3,933,927  1,610,025  5,872,663  422,319  3,138,559 
     Other Liabilities               
Trust certificates3    10,137,799  79,135,000  3,750,000  46,388,860    7,763,958 
Total Liabilities    18,981,528  83,068,927  5,360,025  52,261,523  422,319  10,902,517 
     Preferred Shares at Redemption Value               
$25,000 per share at liquidation preference, plus               
unpaid dividends4    126,971,191    173,860,058  293,146,623  16,825,365  47,751,035 
Net Assets Applicable to Common Shareholders  $ 196,811,064  $ 127,078,512  $ 243,571,156  $ 474,813,537  $ 24,023,112  $ 79,820,178 
     Net Assets Applicable to Common Shareholders Consist of             
Paid-in capital5,6,7  $ 235,308,280  $ 190,789,578  $ 287,184,576  $ 628,192,801  $ 28,487,095  $ 103,341,933 
Undistributed net investment income    3,076,570  1,540,840  4,003,314  7,300,273  289,360  850,120 
Accumulated net realized loss    (9,515,422)  (29,164,257)  (2,354,286)  (44,780,623)  (1,565,394)  (6,213,578) 
Net unrealized appreciation/depreciation    (32,058,364)  (36,087,649)  (45,262,448)  (115,898,914)  (3,187,949)  (18,158,297) 
Net Assets Applicable to Common Shareholders  $ 196,811,064  $ 127,078,512  $ 243,571,156  $ 474,813,537  $ 24,023,112  $ 79,820,178 
Net asset value per Common Share  $ 11.63  $ 9.52  $ 12.04  $ 10.74  $ 11.87  $ 10.95 
     1 Investments at cost — unaffiliated  $ 356,877,666  $ 239,767,400  $ 456,167,915  $ 919,303,895  $ 43,599,360  $ 153,376,300 
     2 Investments at cost — affiliated  $ 11,400,000  $ 1,400,185  $ 2,301,041  $ 423,950  $ 99,970  $ 301,197 
     3 Represents short-term floating rate certificates               
             issued by tender option bond trusts.               
     4 Preferred Shares outstanding, $0.001 par value               
                 per share    5,078    6,954  11,725  673  1,910 
     5 Par value per Common Share  $ 0.01  $ 0.001  $ 0.001  $ 0.001  $ 0.001  $ 0.001 
     6 Common Shares outstanding    16,929,437  13,345,152  20,236,628  44,224,674  2,023,459  7,288,024 
     7 Common Shares authorized    200 Million  Unlimited  Unlimited  Unlimited  Unlimited  Unlimited 

See Notes to Financial Statements.

32 ANNUAL REPORT

APRIL 30, 2009


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

See Notes to Financial Statements.

ANNUAL REPORT

APRIL 30, 2009

33


Statements of Operations (concluded)           
  BlackRock  BlackRock  BlackRock 
               Municipal Income           Pennsylvania Strategic               Strategic Municipal 
  Trust (BFK)             Municipal Trust (BPS)  Trust (BSD) 
         Period    Period           Period   
  November 1,     Year Ended  January 1,  Year Ended  January 1,  Year Ended 
  2008 to April 30,     October 31,  2009 to April 30,  December 31,  2009 to April 30,  December 31, 
           2009           2008           2009         2008           2009         2008 
     Investment Income             
Interest  $ 25,511,663  $ 56,097,124  $ 683,989  $ 2,121,123  $ 2,744,362  $ 8,704,781 
Income — affiliated  69,748  399,432  674  64,449  6,814  69,905 
Total income  25,581,411  56,496,556  684,663  2,185,572  2,751,176  8,774,686 
     Expenses             
Investment advisory  2,306,377  5,774,557  78,624  262,178  259,293  918,236 
Commissions for Preferred Shares  257,365  880,272  8,238  42,413  23,378  134,372 
Accounting services  60,851  86,049  1,219  14,105  12,015  22,816 
Professional  82,186  179,845  31,084  55,143  41,444  80,569 
Transfer agent  24,711  38,867  8,202  16,981  7,026  19,203 
Printing  52,486  78,937  2,494  483  7,155  10,997 
Officer and Directors/Trustees  34,862  28,051  1,578  6,065  4,619  847 
Custodian  18,067  47,694  1,396  4,108  2,990  12,845 
Registration  5,160  7,021  268    3,063  8,860 
Miscellaneous  66,704  60,732  12,450  15,512  19,324  15,418 
Total expenses excluding interest expense and fees  2,908,769  7,182,025  145,553  416,988  380,307  1,224,163 
Interest expense and fees1  234,779  1,041,533    7,885  18,993  200,916 
Total expenses  3,143,548  8,223,558  145,553  424,873  399,300  1,425,079 
Less fees waived by advisor  (400,734)  (1,367,742)  (1,356)  (40,821)  (2,190)  (83,109) 
Less fees paid indirectly    (157)    (128)    (673) 
Total expenses after fees waived and paid indirectly  2,742,814  6,855,659  144,197  383,924  397,110  1,341,297 
Net investment income  22,838,597  49,640,897  540,466  1,801,648  2,354,066  7,433,389 
     Realized and Unrealized Gain (Loss)             
Net realized loss from:             
   Investments  (1,698,327)  (3,543,011)  (220,388)  (969,315)  (202,367)  (2,766,957) 
   Futures and forward interest rate swaps  (437,838)  (6,165,912)    (97,610)    (1,307,627) 
  (2,136,165)  (9,708,923)  (220,388)  (1,066,925)  (202,367)  (4,074,584) 
Net change in unrealized appreciation/depreciation on:             
   Investments  29,787,619  (186,236,404)  2,311,593  (5,746,319)  7,424,734  (27,923,884) 
   Futures and forward interest rate swaps  (1,554,181)  1,795,849    48,202    572,097 
  28,233,438  (184,440,555)  2,311,593  (5,698,117)  7,424,734  (27,351,787) 
Total realized and unrealized gain (loss)  26,097,273  (194,149,478)  2,091,205  (6,765,042)  7,222,367  (31,426,371) 
     Dividends to Preferred Shareholders From             
Net investment income  (1,535,815)  (13,027,692)  (42,935)  (573,868)  (121,851)  (1,866,936) 
Net Increase (Decrease) in Net Assets Applicable             
   to Common Shareholders Resulting from Operations  $ 47,400,055  $ (157,536,273)  $ 2,588,736  $ (5,537,262)  $ 9,454,582  $ (25,859,918) 
   1 Related to tender option bond trusts.             

See Notes to Financial Statements.

34 ANNUAL REPORT

APRIL 30, 2009


Statements of Changes in Net Assets       
  BlackRock Investment Quality Municipal Trust Inc. (BKN) 
  Period     
  November 1, 2008  Year Ended 
  to April 30,  October 31, 
Increase (Decrease) in Net Assets Applicable to Common Shareholders:  2009  2008  2007 
     Operations       
Net investment income  $ 8,544,311  $ 18,150,327  $ 18,111,477 
Net realized gain (loss)  (4,525,056)  (4,205,572)  288,808 
Net change in unrealized appreciation/depreciation  20,121,215  (62,760,434)  (13,839,313) 
Dividends to Preferred Shareholders from net investment income  (776,524)  (5,278,893)  (5,316,266) 
Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations  23,363,946  (54,094,572)  (755,294) 
     Dividends to Common Shareholders From       
Net investment income  (6,741,319)  (15,020,485)  (17,197,915) 
     Capital Share Transactions       
Reinvestment of dividends    2,031,105  1,347,346 
     Net Assets Applicable to Common Shareholders       
Total increase (decrease) in net assets applicable to Common Shareholders  16,622,627  (67,083,952)  (16,605,863) 
Beginning of period  180,188,437  247,272,389  263,878,252 
End of period  $ 196,811,064  $ 180,188,437  $ 247,272,389 
End of period undistributed net investment income  $ 3,076,570  $ 2,054,424  $ 4,209,470 
  BlackRock Long-Term Municipal Advantage Trust (BTA) 
  Period     
  November 1, 2008  Year Ended 
  to April 30,  October 31, 
Increase (Decrease) in Net Assets:  2009  2008  2007 
     Operations       
Net investment income  $ 4,504,862  $ 10,760,652  $ 9,344,930 
Net realized gain (loss)  (6,911,767)  (22,180,142)  217,217 
Net change in unrealized appreciation/depreciation  19,507,695  (48,552,418)  (15,541,298) 
Net increase (decrease) in net assets resulting from operations  17,100,790  (59,971,908)  (5,979,151) 
     Dividends to Shareholders From       
Net investment income  (4,403,900)  (8,807,800)  (9,535,364) 
     Capital Share Transactions       
Reinvestment of dividends      538,721 
     Net Assets       
Total increase (decrease) in net assets  12,696,890  (68,779,708)  (14,975,794) 
Beginning of period  114,381,622  183,161,330  198,137,124 
End of period  $ 127,078,512  $ 114,381,622  $ 183,161,330 
End of period undistributed (distributions in excess of) net investment income  $ 1,540,840  $ 1,424,388  $ (536,602) 
See Notes to Financial Statements.       

ANNUAL REPORT

APRIL 30, 2009

35


Statements of Changes in Net Assets (continued)       
  BlackRock Municipal 2020 Term Trust (BKK) 
  Period     
  January 1, 2009  Year Ended 
  to April 30,  December 31, 
Increase (Decrease) in Net Assets Applicable to Common Shareholders:  2009  2008  2007 
     Operations       
Net investment income  $ 7,064,504  $ 22,005,731  $ 22,564,782 
Net realized gain  48,391  54,030  268,071 
Net change in unrealized appreciation/depreciation  28,473,603  (86,853,534)  (19,802,469) 
Dividends to Preferred Shareholders from net investment income  (448,388)  (5,989,683)  (6,645,261) 
Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations  35,138,110  (70,783,456)  (3,614,877) 
     Dividends to Common Shareholders From       
Net investment income  (5,038,920)  (15,116,761)  (16,144,296) 
     Net Assets Applicable to Common Shareholders       
Total increase (decrease) in net assets applicable to Common Shareholders  30,099,190  (85,900,217)  (19,759,173) 
Beginning of period  213,471,966  299,372,183  319,131,356 
End of period  $ 243,571,156  $ 213,471,966  $ 299,372,183 
End of period undistributed net investment income  $ 4,003,314  $ 2,426,118  $ 1,524,889 
  BlackRock Municipal Income Trust (BFK) 
  Period     
  November 1, 2008  Year Ended 
  to April 30,  October 31, 
Increase (Decrease) in Net Assets Applicable to Common Shareholders:  2009  2008  2007 
     Operations       
Net investment income  $ 22,838,597  $ 49,640,897  $ 49,131,354 
Net realized loss  (2,136,165)  (9,708,923)  (674,035) 
Net change in unrealized appreciation/depreciation  28,233,438  (184,440,555)  (27,798,820) 
Dividends and distributions to Preferred Shareholders from:       
   Net investment income  (1,535,815)  (13,027,692)  (13,506,034) 
Net realized gain      (18,029) 
Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations  47,400,055  (157,536,273)  7,134,436 
     Dividends and Distributions to Common Shareholders From       
Net investment income  (18,194,578)  (40,311,763)  (43,341,822) 
Net realized gain      (57,432) 
Decrease in net assets resulting from dividends and distributions to Common Shareholders  (18,194,578)  (40,311,763)  (43,399,254) 
     Capital Share Transactions       
Reinvestment of dividends  319,545  2,155,812  3,165,968 
     Net Assets Applicable to Common Shareholders       
Total increase (decrease) in net assets applicable to Common Shareholders  29,525,022  (195,692,224)  (33,098,850) 
Beginning of period  445,288,515  640,980,739  674,079,589 
End of period  $ 474,813,537  $ 445,288,515  $ 640,980,739 
End of period undistributed net investment income  $ 7,300,273  $ 4,201,196  $ 7,939,545 
See Notes to Financial Statements.       

36 ANNUAL REPORT

APRIL 30, 2009


Statements of Changes in Net Assets (concluded)         
                        BlackRock Pennsylvania   
  Strategic Municipal Trust (BPS) 
  Period       
  January 1, 2009  Year Ended 
  to April 30,  December 31, 
Increase (Decrease) in Net Assets Applicable to Common Shareholders:  2009           2008       2007 
     Operations         
Net investment income  $ 540,466  $ 1,801,648  $ 2,006,835 
Net realized gain (loss)  (220,388)  (1,066,925)    485,697 
Net change in unrealized appreciation/depreciation  2,311,593  (5,698,117)    (1,991,463) 
Dividends to Preferred Shareholders from net investment income  (42,935)  (573,868)    (618,041) 
Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations  2,588,736  (5,537,262)    (116,972) 
     Dividends to Common Shareholders From         
Net investment income  (364,223)  (1,244,164)    (1,669,162) 
     Capital Share Transactions         
Reinvestment of dividends    19,724    40,768 
     Net Assets Applicable to Common Shareholders         
Total increase (decrease) in net assets applicable to Common Shareholders  2,224,513  (6,761,702)    (1,745,366) 
Beginning of period  21,798,599  28,560,301    30,305,667 
End of period  $ 24,023,112  $ 21,798,599  $ 28,560,301 
End of period undistributed net investment income  $ 289,360  $ 156,046  $ 172,430 
  BlackRock Strategic Municipal Trust (BSD) 
  Period       
  January 1, 2009  Year Ended 
  to April 30,  December 31, 
Increase (Decrease) in Net Assets Applicable to Common Shareholders:   2009           2008       2007 
     Operations         
Net investment income  $ 2,354,066  $ 7,433,389  $ 7,787,890 
Net realized gain (loss)  (202,367)  (4,074,584)    1,711,382 
Net change in unrealized appreciation/depreciation  7,424,734  (27,351,787)    (9,831,016) 
Dividends to Preferred Shareholders from net investment income  (121,851)  (1,866,936)    (2,313,246) 
Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations  9,454,582  (25,859,918)    (2,644,990) 
     Dividends to Common Shareholders From         
Net investment income  (1,822,006)  (5,920,231)    (7,402,121) 
     Capital Share Transactions         
Reinvestment of dividends    86,152    231,559 
     Net Assets Applicable to Common Shareholders         
Total increase (decrease) in net assets applicable to Common Shareholders  7,632,576  (31,693,997)    (9,815,552) 
Beginning of period  72,187,602  103,881,599    113,697,151 
End of period  $ 79,820,178  $ 72,187,602  $ 103,881,599 
End of period undistributed net investment income  $ 850,120  $ 444,294  $ 797,351 

See Notes to Financial Statements.

ANNUAL REPORT

APRIL 30, 2009

37


Statements of Cash Flows     
  BlackRock 
  Long-Term Municipal 
               Advantage Trust (BTA) 
  Period   
  November 1,  Year Ended 
  2008 to April 30,  October 31, 
  2009  2008 
     Cash Provided by Operating Activities     
Net increase (decrease) in net assets resulting from operations  $ 17,100,790  $ (59,971,908) 
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash     
provided by operating activities:     
     Decrease in receivables  623,862  1,244,177 
     (Increase) decrease in prepaid expenses and other assets  (9,842)  64,678 
     Decrease in other liabilities  (490,884)  (1,435,654) 
     Net realized and unrealized gain (loss)  (12,595,928)  69,684,702 
     Amortization of premium and discount on investments  125,400  165,318 
     Proceeds from sales of long-term investments  37,894,428  134,739,522 
     Purchases of long-term investments  (27,240,648)  (49,578,990) 
Net proceeds from sales (net purchases) of short-term investments  (299,302)  1,644,266 
Net cash provided by operating activities  15,107,876  96,556,111 
     Cash Used for Financing Activities     
Cash receipts for trust certificates  7,500,000   
Cash payments for trust certificates  (18,160,000)  (87,732,503) 
Cash dividends paid  (4,403,900)  (8,807,800) 
Decrease in bank overdraft    (2,415) 
Net cash used for financing activities  (15,063,900)  (96,542,718) 
     Cash     
Net increase in cash  43,976  13,393 
Cash at beginning of period  13,393   
Cash at end of period  $ 57,369  $ 13,393 
     Cash Flow Information     
Cash paid during the period for interest  $ 1,481,087  $ 5,828,635 

See Notes to Financial Statements.

38 ANNUAL REPORT

APRIL 30, 2009


Financial Highlights      BlackRock Investment Quality Municipal Trust Inc. (BKN) 
  Period               
  November 1,               
  2008 to               
  April 30,      Year Ended October 31,     
  2009  2008    2007  2006    2005  2004 
     Per Share Operating Performance                 
Net asset value, beginning of period  $ 10.64  $ 14.73  $ 15.79  $ 15.59  $ 15.71  $ 15.28 
Net investment income  0.501             1.081  1.08  1.10    1.14  1.17 
Net realized and unrealized gain (loss)  0.94  (3.97)    (0.79)  0.44    (0.11)  0.26 
Dividends to Preferred Shareholders from net investment income  (0.05)  (0.31)    (0.32)  (0.28)    (0.19)  (0.09) 
Net increase (decrease) from investment operations  1.39  (3.20)    (0.03)  1.26    0.84  1.34 
Dividends to Common Shareholders from net investment income  (0.40)  (0.89)    (1.03)  (1.06)    (0.96)  (0.91) 
Net asset value, end of period  $ 11.63  $ 10.64  $ 14.73  $ 15.79  $ 15.59  $ 15.71 
Market price, end of period  $ 11.35  $ 10.25  $ 16.35  $ 18.97  $ 16.62  $ 15.12 
     Total Investment Return2                 
Based on net asset value  13.63%3  (22.93)%    (0.95)%  7.38%    5.34%  9.48% 
Based on market price  15.12%3  (33.11)%    (8.49)%  21.06%    16.68%  12.91% 
     Ratios to Average Net Assets Applicable to Common Shareholders                 
Total expenses after fees waived and paid indirectly and excluding interest                 
expense and fees4,5  1.20%6  1.07%    1.07%  1.09%    1.08%  1.08% 
Total expenses after fees waived and paid indirectly5  1.28%6  1.17%    1.07%  1.09%    1.08%  1.08% 
Total expenses after fees waived and before fees paid indirectly5  1.28%6  1.19%    1.07%  1.09%    1.08%  1.08% 
Total expenses5  1.29%6  1.19%    1.08%  1.09%    1.08%  1.08% 
Net investment income5  9.53%6  7.84%    7.06%  7.09%    7.21%  7.59% 
Dividends to Preferred Shareholders  0.87%6  2.28%    2.07%  1.81%    1.17%  0.60% 
Net investment income to Common Shareholders  8.66%6  5.56%    4.99%  5.28%    6.04%  9.66% 
     Supplemental Data                 
Net assets applicable to Common Shareholders, end of period (000)  $ 196,811  $ 180,188  $ 247,272  $ 263,878  $ 260,494  $ 262,475 
Preferred Shares outstanding at liquidation preference, end of period (000)  $ 126,950  $ 126,950  $ 146,550  $ 146,550  $ 146,550  $ 146,550 
Portfolio turnover  26%  26%    17%  82%    77%  52% 
Asset coverage per Preferred Share, end of period  $ 63,762  $ 60,495  $ 67,185  $ 70,054  $ 69,465  $ 69,790 

1 Based on average shares outstanding.
2 Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment
returns exclude the effects of sales charges.
3 Aggregate total investment return.
4 Interest expense and fees related to tender option bond trusts. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option
bond trusts.
5 Do not reflect the effect of dividends to Preferred Shareholders.
6 Annualized.

See Notes to Financial Statements.

ANNUAL REPORT

APRIL 30, 2009

39


Financial Highlights  BlackRock Long-Term Municipal Advantage Trust (BTA) 
  Period      Period 
  November 1,      February 28, 
  2008 to                 Year Ended  20061 to 
                 October 31,   
  April 30,      October 31, 
  2009  2008  2007  2006 
     Per Share Operating Performance         
Net asset value, beginning of period  $ 8.57  $ 13.72  $ 14.89  $ 14.332 
Net investment income  0.343  0.813  0.70  0.45 
Net realized and unrealized gain (loss)  0.94  (5.30)  (1.15)  0.62 
Net increase (decrease) from investment operations  1.28  (4.49)  (0.45)  1.07 
Dividends from net investment income  (0.33)  (0.66)  (0.72)  (0.48) 
Capital charges with respect to issuance of Common Shares        (0.03) 
Net asset value, end of period  $ 9.52  $ 8.57  $ 13.72  $ 14.89 
Market price, end of period  $ 8.79  $ 8.40  $ 12.14  $ 14.70 
     Total Investment Return4         
Based on net asset value  15.78%5  (33.64)%  (2.93)%  7.48%5 
Based on market price  9.06%5  (26.49)%  (13.00)%  1.40%5 
     Ratios to Average Net Assets         
Total expenses after fees waived and paid indirectly and excluding interest expense and fees6  0.82%7  0.83%  0.89%  0.97%7 
Total expenses after fees waived and paid indirectly  2.55%7  3.60%  4.29%  4.11%7 
Total expenses after fees waived and before fees paid indirectly  2.55%7  3.60%  4.29%  4.14%7 
Total expenses  2.95%7  4.00%  4.69%  4.55%7 
Net investment income  7.88%7  6.56%  4.87%  4.79%7 
     Supplemental Data         
Net assets, end of period (000)  $ 127,079  $ 114,382  $ 183,161  $ 198,137 
Portfolio turnover  15%  16%  39%  20% 

1 Commencement of operations.
2 Net asset value, beginning of period, reflects a deduction of $0.675 per sales charge from the initial offering price of $15.00 per share.
3 Based on average shares outstanding.
4 Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment
returns exclude the effects of sales charges.
5 Aggregate total investment return.
6 Interest expense and fees related to tender option bond trusts. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option
bond trusts.
7 Annualized.

See Notes to Financial Statements.

40 ANNUAL REPORT

APRIL 30, 2009


Financial Highlights      BlackRock Municipal 2020 Term Trust (BKK) 
  Period             
  January 1,             
  2009 to             
  April 30,    Year Ended December 31,     
  2009  2008  2007  2006    2005  2004 
     Per Share Operating Performance               
Net asset value, beginning of period  $ 10.55  $ 14.79  $ 15.77  $ 15.28  $ 14.85  $ 14.51 
Net investment income  0.351  1.091  1.12  1.10    1.11  1.10 
Net realized and unrealized gain (loss)  1.41  (4.28)  (0.97)  0.48    0.39  0.28 
Dividends to Preferred Shareholders from net investment income  (0.02)  (0.30)  (0.33)  (0.29)    (0.20)  (0.10) 
Net increase (decrease) from investment operations  1.74  (3.49)  (0.18)  1.29    1.30  1.28 
Dividends to Common Shareholders from net investment income  (0.25)  (0.75)  (0.80)  (0.80)    (0.87)  (0.94) 
Net asset value, end of period  $ 12.04  $ 10.55  $ 14.79  $ 15.77  $ 15.28  $ 14.85 
Market price, end of period  $ 12.70  $ 10.57  $ 13.60  $ 15.77  $ 14.00  $ 15.02 
     Total Investment Return2               
Based on net asset value  16.39%3  (24.57)%  (1.16)%  8.72%    8.98%  8.98% 
Based on market price  22.54%3  (17.81)%  (9.11)%  18.66%    (1.28)%  6.63% 
     Ratios to Average Net Assets Applicable to Common Shareholders               
Total expenses after fees waived and paid indirectly and excluding interest               
expense and fees4,5  1.21%6  1.10%  1.05%  1.07%    1.08%  1.09% 
Total expenses after fees waived and paid indirectly5  1.23%6  1.12%  1.05%  1.07%    1.08%  1.09% 
Total expenses5  1.23%6  1.12%  1.06%  1.07%    1.09%  1.09% 
Net investment income5  9.28%6  8.01%  7.27%  7.09%    7.27%  7.67% 
Dividends to Preferred Shareholders  0.59%6  2.18%  2.14%  1.89%    1.34%  0.72% 
Net investment income to Common Shareholders  8.69%6  5.83%  5.13%  5.20%    5.93%  6.95% 
     Supplemental Data               
Net assets applicable to Common Shareholders, end of period (000)  $ 243,571  $ 213,472  $ 299,372  $ 319,131  $ 309,146  $ 300,518 
Preferred Shares outstanding at liquidation preference, end of period (000)  $ 173,850  $ 173,850  $ 177,600  $ 177,600  $ 177,600  $ 177,600 
Portfolio turnover  1%  5%  4%  12%    14%  51% 
Asset coverage per Preferred Share, end of period  $ 60,027  $ 55,703  $ 67,154  $ 69,937  $ 68,527  $ 67,307 

1 Based on average shares outstanding.
2 Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment
returns exclude the effects of sales charges.
3 Aggregate total investment return.
4 Interest expense and fees related to tender option bond trusts. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option
bond trusts.
5 Do not reflect the effect of dividends to Preferred Shareholders.
6 Annualized.

See Notes to Financial Statements.

ANNUAL REPORT

APRIL 30, 2009

41


Financial Highlights        BlackRock Municipal Income Trust (BFK) 
  Period             
  November 1,             
  2008 to             
  April 30,    Year Ended October 31,     
  2009  2008  2007  2006    2005  2004 
     Per Share Operating Performance               
Net asset value, beginning of period  $ 10.08  $ 14.55  $ 15.37  $ 14.71  $ 14.26  $ 13.87 
Net investment income  0.521  1.121  1.11  1.14    1.18  1.19 
Net realized and unrealized gain (loss)  0.58  (4.38)  (0.63)  0.78    0.43  0.26 
Dividends and distributions to Preferred Shareholders from:               
   Net investment income  (0.03)  (0.30)  (0.31)  (0.27)    (0.18)  (0.09) 
   Net realized gain                 (0.00)2         
Net increase (decrease) from investment operations  1.07  (3.56)  0.17  1.65    1.43  1.36 
Dividends and distributions to Common Shareholders from:               
   Net investment income  (0.41)  (0.91)  (0.99)  (0.99)    (0.98)  (0.97) 
   Net realized gain                 (0.00)2         
Total dividends and distributions to Common Shareholders  (0.41)  (0.91)  (0.99)  (0.99)    (0.98)  (0.97) 
Net asset value, end of period  $ 10.74  $ 10.08  $ 14.55  $ 15.37  $ 14.71  $ 14.26 
Market price, end of period  $ 11.10  $ 8.75  $ 15.92  $ 17.30  $ 15.69  $ 14.05 
     Total Investment Return3               
Based on net asset value  11.15%4  (25.69)%  0.70%  11.24%    10.21%  10.29% 
Based on market price  32.34%4  (41.05)%  (2.11)%  17.39%    19.31%  10.01% 
     Ratios to Average Net Assets Applicable to Common Shareholders               
Total expenses after fees waived and paid indirectly and excluding interest               
   expense and fees5,6  1.15%7  0.98%  0.88%  0.83%    0.83%  0.83% 
Total expenses after fees waived and paid indirectly6  1.26%7  1.15%  0.88%  0.83%    0.83%  0.83% 
Total expenses6  1.44%7  1.38%  1.18%  1.21%    1.22%  1.23% 
Net investment income6  10.48%7  8.34%  7.43%  7.65%    7.97%  8.44% 
Dividends to Preferred Shareholders  0.70%7  2.19%  2.04%  1.83%    1.23%  0.63% 
Net investment income to Common Shareholders  9.78%7  6.15%  5.39%  5.82%    6.74%  7.81% 
     Supplemental Data               
Net assets applicable to Common Shareholders, end of period (000)  $ 474,814  $ 445,289  $ 640,981  $ 674,080  $ 642,047  $ 621,648 
Preferred Shares outstanding at liquidation preference, end of period (000)  $ 293,125  $ 293,125  $ 375,125  $ 375,125  $ 375,125  $ 375,125 
Portfolio turnover  11%  13%  17%  77%    68%  59% 
Asset coverage per Preferred Share, end of period  $ 65,498  $ 62,989  $ 67,727  $ 69,933  $ 67,797  $ 66,435 

1 Based on average shares outstanding.
2 Amount is less than $(0.01) per share.
3 Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment
returns exclude the effects of sales charges.
4 Aggregate total investment return.
5 Interest expense and fees related to tender option bond trusts. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option
bond trusts.
6 Do not reflect the effect of dividends to Preferred Shareholders.
7 Annualized.

See Notes to Financial Statements.

42 ANNUAL REPORT

APRIL 30, 2009


Financial Highlights      BlackRock Pennsylvania Strategic Municipal Trust (BPS) 
  Period             
  January 1,             
  2009 to             
  April 30,    Year Ended December 31,     
  2009  2008  2007  2006    2005  2004 
     Per Share Operating Performance               
Net asset value, beginning of period  $ 10.77  $ 14.12  $ 15.01  $ 15.27  $ 15.81  $ 16.09 
Net investment income  0.271  0.891  0.99  1.02    0.97  1.07 
Net realized and unrealized gain (loss)  1.03  (3.36)  (0.74)  (0.09)    (0.42)  (0.37) 
Dividends to Preferred Shareholders from net investment income  (0.02)  (0.26)  (0.31)  (0.28)    (0.19)  (0.09) 
Net increase (decrease) from investment operations  1.28  (2.73)  (0.06)  0.65    0.36  0.61 
Dividends to Common Shareholders from net investment income  (0.18)  (0.62)  (0.83)  (0.91)    (0.90)  (0.89) 
Net asset value, end of period  $ 11.87  $ 10.77  $ 14.12  $ 15.01  $ 15.27  $ 15.81 
Market price, end of period  $ 9.85  $ 8.42  $ 13.55  $ 17.43  $ 15.85  $ 15.70 
     Total Investment Return2               
Based on net asset value  12.28%3  (19.63)%  (0.82)%  4.09%    2.39%  4.21% 
Based on market price  19.18%3  (34.53)%  (18.04)%  16.45%    7.02%  10.12% 
     Ratios to Average Net Assets Applicable to Common Shareholders               
Total expenses after fees waived and paid indirectly and excluding interest               
expense and fees4,5  1.61%6  1.42%  1.35%  1.23%    1.13%  1.03% 
Total expenses after fees waived and paid indirectly5  1.61%6  1.45%  1.35%  1.23%    1.13%  1.03% 
Total expenses after fees waived and before fees paid indirectly5  1.61%6  1.45%  1.37%  1.28%    1.21%  1.08% 
Total expenses5  1.63%6  1.61%  1.55%  1.51%    1.52%  1.47% 
Net investment income5  7.38%6  6.82%  6.82%  6.73%    6.28%  6.74% 
Dividends to Preferred Shareholders  0.56%7  2.17%  2.10%  1.85%    1.22%  0.59% 
Net investment income to Common Shareholders  6.82%6  4.65%  4.72%  4.88%    5.06%  6.15% 
     Supplemental Data               
Net assets applicable to Common Shareholders, end of period (000)  $ 24,023  $ 21,799  $ 28,560  $ 30,306  $ 30,801  $ 31,857 
Preferred Shares outstanding at liquidation preference, end of period (000)  $ 16,825  $ 16,825  $ 17,500  $ 17,500  $ 17,500  $ 17,500 
Portfolio turnover  8%  45%  41%  7%    8%  5% 
Asset coverage per Preferred Share, end of period  $ 60,696  $ 57,399  $ 65,817  $ 68,305  $ 69,008  $ 70,513 

1 Based on average shares outstanding.
2 Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment
returns exclude the effects of sales charges.
3 Aggregate total investment return.
4 Interest expense and fees related to tender option bond trusts. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option
bond trusts.
5 Do not reflect the effect of dividends to Preferred Shareholders.
6 Annualized. Certain expenses incurred this period have been included in the ratio but not annualized. If these expenses were annualized, the annualized ratio of total expenses
after fees waived and paid indirectly and excluding interest expense and fees, total expenses after fees waived and paid indirectly, total expenses after fees waived and before
fees paid indirectly, total expenses, net investment income and net investment income to Common Shareholders would have been 1.89%, 1.89%, 1.89%, 1.91%, 7.09% and
6.53%, respectively.
7 Annualized.

See Notes to Financial Statements.

ANNUAL REPORT

APRIL 30, 2009

43


Financial Highlights        BlackRock Strategic Municipal Trust (BSD) 
  Period             
  January 1,             
  2009 to             
  April 30,    Year Ended December 31,     
  2009  2008  2007  2006    2005  2004 
     Per Share Operating Performance               
Net asset value, beginning of period  $ 9.90  $ 14.27  $ 15.64  $ 15.68  $ 15.70  $ 15.91 
Net investment income  0.321  1.021  1.07  1.07    1.14  1.26 
Net realized and unrealized gain (loss)  1.00  (4.32)  (1.10)  0.28    0.07  (0.41) 
Dividends to Preferred Shareholders from net investment income  (0.02)  (0.26)  (0.32)  (0.29)    (0.20)  (0.10) 
Net increase (decrease) from investment operations  1.30  (3.56)  (0.35)  1.06    1.01  0.75 
Dividends to Common Shareholders from net investment income  (0.25)  (0.81)  (1.02)  (1.10)    (1.03)  (0.96) 
Net asset value, end of period  $ 10.95  $ 9.90  $ 14.27  $ 15.64  $ 15.68  $ 15.70 
Market price, end of period  $ 10.15  $ 8.19  $ 13.96  $ 18.69  $ 17.14  $ 14.52 
     Total Investment Return2               
Based on net asset value  13.44%3  (25.70)%  (2.82)%  6.38%    6.67%  5.41% 
Based on market price  27.11%3  (37.17)%  (20.44)%  16.29%    26.08%  5.59% 
     Ratios to Average Net Assets Applicable to Common Shareholders               
Total expenses after fees waived and paid indirectly and excluding interest               
expense and fees4,5  1.40%6  1.23%  1.13%  1.04%    0.97%  0.89% 
Total expenses after fees waived and paid indirectly5  1.48%6  1.45%  1.13%  1.04%    0.97%  0.89% 
Total expenses after fees waived and before fees paid indirectly5  1.48%6  1.45%  1.14%  1.07%    0.98%  0.90% 
Total expenses5  1.49%6  1.54%  1.30%  1.31%    1.29%  1.28% 
Net investment income5  9.48%6  8.04%  7.12%  6.89%    7.23%  8.04% 
Dividends to Preferred Shareholders  0.49%7  2.02%  2.12%  1.83%    1.26%  0.62% 
Net investment income to Common Shareholders  8.99%6  6.02%  5.00%  5.06%    5.97%  7.42% 
     Supplemental Data               
Net assets applicable to Common Shareholders, end of period (000)  $ 79,820  $ 72,188  $ 103,882  $ 113,697  $ 113,684  $ 113,686 
Preferred Shares outstanding at liquidation preference, end of period (000)  $ 47,750  $ 47,750  $ 62,000  $ 62,000  $ 62,000  $ 62,000 
Portfolio turnover  6%  17%  21%  71%    96%  23% 
Asset coverage per Preferred Share, end of period  $ 66,791  $ 62,803  $ 66,904  $ 78,856  $ 70,847  $ 70,844 

1 Based on average shares outstanding.
2 Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment
returns exclude the effects of sales charges.
3 Aggregate total investment return.
4 Interest expense and fees related to tender option bond trusts. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option
bond trusts.
5 Do not reflect the effect of dividends to Preferred Shareholders.
6 Annualized. Certain expenses incurred this period have been included in the ratio but not annualized. If these expenses were annualized, the annualized ratio of total expenses
after fees waived and paid indirectly and excluding interest expense and fees, total expenses after fees waived and paid indirectly, total expenses after fees waived and before
fees paid indirectly, total expenses, net investment income and net investment income to Common Shareholders would have been 1.89%, 1.89%, 1.89%, 1.91%, 7.09% and
6.53%, respectively.
7 Annualized.

See Notes to Financial Statements.

44 ANNUAL REPORT

APRIL 30, 2009


Notes to Financial Statements

1. Organization and Significant Accounting Policies:

BlackRock Investment Quality Municipal Trust Inc. (“Investment Quality
Municipal”) is organized as a Maryland corporation. BlackRock Long-Term
Municipal Advantage Trust (“Long-Term Municipal”), BlackRock Municipal
2020 Term Trust (“Municipal 2020”), BlackRock Municipal Income Trust
(“Municipal Income”), BlackRock Pennsylvania Strategic Municipal Trust
(“Pennsylvania Strategic”) and BlackRock Strategic Municipal Trust (“Strategic
Municipal”) (the “Trusts” or individually as the “Trust) are organized as
Delaware statutory trusts. Investment Quality Municipal, Municipal 2020,
Municipal Income and Strategic Municipal are registered under the Invest-
ment Company Act of 1940, as amended (the “1940 Act”), as diversified
closed-end management investment companies. Long-Term Municipal and
Pennsylvania Strategic are registered as non-diversified, closed-end man-
agement investment companies under the 1940 Act. Investment Quality
Municipal, Long Term Municipal and Municipal Income are herein referred
to as the Municipal Trusts. Municipal 2020 is herein referred to as the
2020 Trust. Pennsylvania Strategic and Strategic Municipal are herein
referred to as the Strategic Trusts. The Municipal Trusts, the 2020 Trust
and the Strategic Trusts are referred herein collectively as the “Trusts” or
individually as a “Trust”. The Trusts’ financial statements are prepared in
conformity with accounting principles generally accepted in the United
States of America, which may require the use of management accruals
and estimates. Actual results may differ from these estimates. The Trusts’
year ends were changed to April 30 as follows:

  Current Period  Prior Year End 
Investment Quality     
Municipal  November 1, 2008 to April 30, 2009  October 31, 2008 
Long-Term Municipal  November 1, 2008 to April 30, 2009  October 31, 2008 
Municipal 2020  January 1, 2009 to April 30, 2009  December 31, 2008 
Municipal Income  November 1, 2008 to April 30, 2009  October 31, 2008 
Pennsylvania Strategic  January 1, 2009 to April 30, 2009  December 31, 2008 
Strategic Municipal  January 1, 2009 to April 30, 2009  December 31, 2008 

Each Trust determines, and makes available for publication the net asset
value of its Common Shares on a daily basis.

The following is a summary of significant accounting policies followed by
the Trusts:

Valuation of Investments: Municipal investments (including commitments
to purchase such investments on a “when-issued” basis) are valued on the
basis of prices provided by dealers or pricing services selected under the
supervision of each Trust’s Board of Directors/Trustees (the “Board”). In
determining the value of a particular investment, pricing services may use
certain information with respect to transactions in such investments, quota-
tions from dealers, pricing matrixes, market transactions in comparable
investments and information with respect to various relationships between
investments. Financial futures contracts traded on exchanges are valued
at their last sale price. Swap agreements are valued by utilizing quotes
received daily by the Trusts’ pricing service or through brokers, which are
derived using daily swap curves and trades of underlying securities.
Short-term securities with maturities less than 60 days may be valued at
amortized cost, which approximates fair value. Investments in open-end
investment companies are valued at net asset value each business day.

In the event that application of these methods of valuation results in a
price for an investment which is deemed not to be representative of the
market value of such investment, the investment will be valued by a
method approved by each Trust’s Board as reflecting fair value (“Fair Value
Assets”). When determining the price for Fair Value Assets, the investment
advisor and/or sub-advisor seeks to determine the price that each Trust
might reasonably expect to receive from the current sale of that asset in
an arm’s length transaction. Fair value determinations shall be based upon
all available factors that the investment advisor and/or sub-advisor deems
relevant. The pricing of all Fair Value Assets is subsequently reported to the
Board or a committee thereof.

Derivative Financial Instruments: Each Trust may engage in various portfolio
investment strategies both to increase the return of the Trust and to hedge,
or protect, its exposure to interest rate movements and movements in the
securities markets. Losses may arise if the value of the contract decreases
due to an unfavorable change in the price of the underlying security or if
the counterparty does not perform under the contract.

Financial futures contracts — Each Trust may purchase or sell financial
futures contracts and options on such futures contracts for investment
purposes or to manage its interest rate risk. Futures are contracts for
delayed delivery of securities at a specific future date and at a specific
price or yield. Pursuant to the contract, the Trust agrees to receive from,
or pay to, the broker an amount of cash equal to the daily fluctuation in
value of the contract. Such receipts or payments are known as margin
variation and are recognized by the Trust as unrealized gains or losses.
When the contract is closed, the Trust records a realized gain or loss
equal to the difference between the value of the contract at the time it
was opened and the value at the time it was closed. The use of futures
transactions involves the risk of an imperfect correlation in the move-
ments in the price of futures contracts, interest rates and the underlying
assets, and the possible inability of counterparties to meet the terms of
their contracts.

Forward interest rate swaps — Each Trust may enter into forward interest
rate swaps for investment purposes. The Trusts may enter into swap
agreements in which the Trust and the counterparty agree to make
periodic net payments on a specified notional amount. In a forward
interest rate swap, a Trust and the counterparty agree to make periodic
net payments on a specified notional contract amount, commencing
on a specified future effective date, unless terminated earlier. These
periodic payments received or made by the Trusts are recorded in the
accompanying Statements of Operations as realized gains or losses,
respectively. Swaps are marked-to-market daily and changes in value
are recorded as unrealized appreciation (depreciation). When the swap
is terminated, the Trusts will record a realized gain or loss equal to the
difference between the proceeds from (or cost of) the closing trans-
action and the Trusts’ basis in the contract, if any. The Trusts generally
intend to close each forward interest rate swap before the effective date
specified in the agreement and therefore avoid entering into the interest
rate swap underlying each forward interest rate swap. Swap transac-
tions involve, to varying degrees, elements of credit and market risk in
excess of the amounts recognized on the Statements of Assets and

ANNUAL REPORT

APRIL 30, 2009

45


Notes to Financial Statements (continued)

Liabilities. Such risks involve the possibility that there will be no liquid
market for these agreements, that the counterparty to the agreements
may default on its obligation to perform or disagree as to the meaning
of the contractual terms in the agreements, and that there may be unfa-
vorable changes in interest rates and/or market values associated with
these transactions.

Forward Commitments and When-Issued Delayed Delivery Securities: Each
Trust may purchase securities on a when-issued basis and may purchase
or sell securities on a forward commitment basis. Settlement of such trans-
actions normally occurs within a month or more after the purchase or sale
commitment is made. The Trusts may purchase securities under such condi-
tions only with the intention of actually acquiring them, but may enter into
a separate agreement to sell the securities before the settlement date.
Since the value of securities purchased may fluctuate prior to settlement,
the Trusts may be required to pay more at settlement than the security is
worth. In addition, the purchaser is not entitled to any of the interest
earned prior to settlement. When purchasing a security on a delayed-
delivery basis, the Trusts assume the rights and risks of ownership of the
security, including the risk of price and yield fluctuations.

Municipal Bonds Transferred to Tender Option Bond Trusts: Each Trust
leverages its assets through the use of tender option bond trusts (“TOBs”).
A TOB is established by a third party sponsor forming a special purpose
entity, into which one or more funds, or an agent on behalf of the funds,
transfers municipal bonds. Other funds managed by the investment advisor
may also contribute municipal bonds to a TOB into which a Trust has con-
tributed securities. A TOB typically issues two classes of beneficial interests:
short-term floating rate certificates, which are sold to third party investors,
and residual certificates (“TOB Residuals”), which are generally issued to
the participating funds that made the transfer. The TOB Residuals held by
the Trusts include the right of the Trusts (1) to cause the holders of a pro-
portional share of the floating rate certificates to tender their certificates
at par, and (2) to transfer, within seven days, a corresponding share of the
municipal bonds from the TOB to the Trusts. The TOB may also be termi-
nated without the consent of the Trusts upon the occurrence of certain
events as defined in the TOB agreements. Such termination events may
include the bankruptcy or default of the municipal bond, a substantial
downgrade in credit quality of the municipal bond, the inability of the TOB
to obtain quarterly or annual renewal of the liquidity support agreement, a
substantial decline in market value of the municipal bond or the inability to
remarket the short-term floating rate certificates to third party investors.

The cash received by the TOB from the sale of the short-term floating rate
certificates, less transaction expenses, is paid to the Trust, which typically
invests the cash in additional municipal bonds. The Trusts’ transfer of the
municipal bonds to a TOB is accounted for as a secured borrowing, there-
fore the municipal bonds deposited into a TOB are presented in the Trusts’
Schedules of Investments and the proceeds from the issuance of the short-
term floating rate certificates shown on the Statements of Assets and
Liabilities as trust certificates.

Interest income from the underlying securities is recorded by the Trusts on
an accrual basis. Interest expense incurred on the secured borrowing and
other expenses related to remarketing, administration and trustee services

to a TOB are reported as expenses of the Trusts. The floating rate certificates
have interest rates that generally reset weekly and their holders have the
option to tender certificates to the TOB for redemption at par at each reset
date. At April 30, 2009, the aggregate value of the underlying municipal
bonds transferred to TOBs, the related liability for trust certificates and the
range of interest rates for trust certificates were as follows:

  Underlying    Range of 
  Municipal    Interest 
  Bonds  Liability  Rates for 
  Transferred  for Trust  Trust 
  to TOBs  Certificates  Certificates 
Investment Quality Municipal  $ 18,734,804  $10,137,799  0.653% – 1.188% 
Long-Term Municipal  $109,826,876  $79,135,000  0.617% – 3.768% 
Municipal 2020  $ 5,368,750  $ 3,750,000  0.928% 
Municipal Income  $ 84,000,466  $46,388,860  0.553% – 1.686% 
Strategic Municipal  $ 14,405,502  $7,763,958  0.370% – 0.928% 

Financial transactions executed through TOBs generally will underperform
the market for fixed rate municipal bonds when short-term interest rates
rise, but tend to outperform the market for fixed rate bonds when short-
term interest rates decline or remain relatively stable. Should short-term
interest rates rise, the Trusts’ investment in TOBs may adversely affect the
Trusts’ investment income and distributions to shareholders. Also, fluctua-
tions in the market value of municipal bonds deposited into the TOB may
adversely affect the Trusts’ net asset value per share.

Zero-Coupon Bonds: Each Trust may invest in zero-coupon bonds, which
are normally issued at a significant discount from face value and do not
provide for periodic interest payments. Zero-coupon bonds may experience
greater volatility in market value than similar maturity debt obligations
which provide for regular interest payments.

Segregation and Collateralization: In cases in which the 1940 Act and the
interpretive positions of the Securities and Exchange Commission (“SEC”)
require that each Trust segregates assets in connection with certain invest-
ments (e.g. when-issued delayed delivery securities, futures and swaps),
each Trust will, consistent with certain interpretive letters issued by the SEC,
designate on their books and records cash or other liquid securities having
a market value at least equal to the amount that would otherwise be
required to be physically segregated. Furthermore, based on requirements
and agreements with certain exchanges and third party broker-dealers, the
Trusts may also be required to deliver or deposit securities as collateral for
certain investments (e.g. when-issued delayed delivery securities, futures
and swaps).

Investment Transactions and Investment Income: Investment transactions
are recorded on the dates the transactions are entered into (the trade
dates). Realized gains and losses on security transactions are determined
on the identified cost basis. Dividend income is recorded on the ex-divi-
dend dates. Interest income is recognized on the accrual method. Each
Trust amortizes all premiums and discounts on debt securities.

Dividends and Distributions: Dividends from net investment income are
declared and paid monthly. Distributions of capital gains are recorded on
the ex-dividend dates. Dividends and distributions to Preferred Shareholders
are accrued and determined as described in Note 5.

46 ANNUAL REPORT

APRIL 30, 2009


Notes to Financial Statements (continued)

Income Taxes: It is each Trust’s policy to comply with the requirements of
the Internal Revenue Code applicable to regulated investment companies
and to distribute substantially all of its taxable income to its shareholders.
Therefore, no federal income tax provision is required.

Each Trust files US federal and various state and local tax returns. No
income tax returns are currently under examination. The statute of limita-
tions on the Trusts’ US federal tax returns remains open for the year or
period ended April 30, 2009 and the preceding three taxable years of the
respective Trust. The statutes of limitations on the Trusts’ state and local
tax returns may remain open for an additional year depending upon
the jurisdiction.

Recent Accounting Pronouncement: In March 2008, Statement of
Financial Accounting Standards No. 161, “Disclosures about Derivative
Instruments and Hedging Activities — an amendment of FASB Statement
No. 133” (“FAS 161”), was issued. FAS 161 is intended to improve finan-
cial reporting for derivative instruments by requiring enhanced disclosure
that enables investors to understand how and why an entity uses deriva-
tives, how derivatives are accounted for and how derivative instruments
affect an entity’s results of operations and financial position. FAS 161 is
effective for financial statements issued for fiscal years and interim periods
beginning after November 15, 2008. The 2020 Trust and the Strategic
Trusts adopted FAS 161, which was effective January 1, 2009, and the
adoption had no impact on their financial statement disclosures. For the
Municipal Trusts, the impact on the financial statement disclosures, if any,
is currently being assessed.

Deferred Compensation and BlackRock Closed-End Share Equivalent
Investment Plan: Under the deferred compensation plan approved by
each Trust’s Board, non-interested Directors/Trustees (“Independent
Trustees”) defer a portion of their annual complex-wide compensation.
Deferred amounts earn an approximate return as though equivalent dollar
amounts had been invested in common shares of other certain BlackRock
Closed-End Funds selected by the Independent Trustees. This has approxi-
mately the same economic effect for the Independent Trustees as if the
Independent Trustees had invested the deferred amounts directly in the
other certain BlackRock Closed-End Funds.

The deferred compensation plan is not funded and obligations hereunder
represent general unsecured claims against the general assets of each
Trust. Each Trust may, however, elect to invest in common shares of other
certain BlackRock Closed-End Funds selected by the Independent Trustees
in order to match its deferred compensation obligations. Investments to
cover each Trust’s deferred compensation liability are included in other
assets on the Statements of Assets and Liabilities. Dividends and distribu-
tions from the BlackRock Closed-End Fund investments under the plan are
included in income — affiliated on the Statements of Operations.

Other: Expenses directly related to each Trust are charged to that Trust.
Other operating expenses shared by several funds are pro-rated among
those funds on the basis of relative net assets or other appropriate methods.
Custodian fees may be reduced by amounts calculated on uninvested
cash balances which are shown on the Statements of Operations as fees
paid indirectly.

2. Investment Advisory Agreement and Other Transactions
with Affiliates:

Each Trust entered into an Investment Advisory Agreement with BlackRock
Advisors, LLC (the “Advisor”), an indirect, wholly owned subsidiary of
BlackRock, Inc. (“BlackRock”), to provide investment advisory and adminis-
tration services. The PNC Financial Services Group, Inc. (“PNC”) and Bank
of America Corporation (“BAC”) are the largest stockholders of BlackRock.
BAC became a stockholder of BlackRock following its acquisition of Merrill
Lynch & Co., Inc. (“Merrill Lynch”) on January 1, 2009. Prior to that date,
both PNC and Merrill Lynch were considered affiliates of the Trusts under
the 1940 Act. Subsequent to the acquisition, PNC remains an affiliate, but
due to the restructuring of Merrill Lynch’s ownership interest of BlackRock,
BAC is not deemed to be an affiliate under the 1940 Act.

The Advisor is responsible for the management of each Trust’s portfolio
and provides the necessary personnel, facilities, equipment and certain
other services necessary to the operations of each Trust. For such services,
each Trust pays the Advisor a monthly fee of the Trust’s average weekly net
assets at the following rates:

  Rate 
Investment Quality Municipal  0.35% 
Long-Term Municipal  1.00% 
Municipal 2020  0.50% 
Municipal Income  0.60% 
Pennsylvania Strategic  0.60% 
Strategic Municipal  0.60% 

Average weekly net assets for all of the Trusts except Long-Term Municipal
is the average weekly value of each Trust’s total assets minus the sum of its
accrued liabilities. For Long-Term Municipal, average weekly net assets is
the average weekly value of the Trust’s total assets minus the sum of its
total liabilities.

The Advisor has voluntarily agreed to waive a portion of the investment
advisory fee as a percentage of net assets as follows:

  Through  Rate 
Long-Term Municipal  January 31, 2008 — January 31, 2011  0.40% 
  January 31, 2012  0.30% 
  January 31, 2013  0.20% 
  January 31, 2014  0.10% 
Municipal Income  July 31, 2008  0.15% 
  July 31, 2009  0.10% 
  July 31, 2010  0.05% 
Strategic Trusts  December 31, 2008  0.05% 

These amounts are included in fees waived by Advisor on the Statements
of Operations. For the two periods shown, the waivers were as follows:

  Current  Prior 
  Period  Year 
Long-Term Municipal  $228,689  $ 654,515 
Municipal Income  $384,390  $1,316,719 
Pennsylvania Strategic    $ 21,848 
Strategic Municipal    $ 76,520 

The Advisor has agreed to waive its advisory fees by the amount of invest-
ment advisory fees each Trust pays to the Advisor indirectly through its

ANNUAL REPORT

APRIL 30, 2009

47


Notes to Financial Statements (continued)

investment in affiliated money market funds. These amounts are included
in fees waived by advisor on the Statements of Operations. For the two
periods shown, the amounts were as follows:

  Current  Prior 
  Period  Year 
Investment Quality Municipal  $ 10,003  $ 29,489 
Long-Term Municipal  $ 2,451  $ 5,235 
Municipal 2020  $ 5,309  $ 4,744 
Municipal Income  $ 16,344  $ 51,023 
Pennsylvania Strategic  $ 1,356  $ 18,973 
Strategic Municipal  $ 2,190  $ 6,589 

The Advisor has entered into a separate sub-advisory agreement with
BlackRock Financial Management, Inc. (“BFM”), an affiliate of the Advisor,
with respect to the Trusts, under which the Advisor pays BFM for services it
provides, a monthly fee that is a percentage of the investment advisory fee
paid by each Trust to the Advisor.

Investment Quality Municipal has an Administration Agreement with the
Advisor. The administration fee paid to the Advisor is computed at an
annual rate of 0.15% of the Trust’s average weekly net assets including
proceeds from the issuance of Preferred Shares and TOBs.

Each Trust reimbursed the Advisor for certain accounting services, which are
included in accounting services on the Statements of Operations. For the
two periods shown, the amounts were as follows:

  Current  Prior 
  Period  Year 
Long-Term Municipal  $ 1,410  $ 5,494 
Municipal 2020  $ 2,959  $ 7,445 
Municipal Income  $ 7,133  $ 12,913 
Pennsylvania Strategic  $ 279  $ 742 
Strategic Municipal  $ 912  $ 2,509 

Certain officers and/or directors/trustees of the Trusts are officers and/or
directors of BlackRock or its affiliates. The Trusts reimburse the Advisor for
compensation paid to the Trusts’ Chief Compliance Officer.

3. Investments:

Purchases and sales of investments, excluding short-term securities, for the
current period were as follows:

  Purchases  Sales 
Investment Quality Municipal  $ 88,470,557  $ 81,071,719 
Long-Term Municipal  $ 29,738,161  $ 38,626,456 
Municipal 2020  $ 19,685,064  $ 5,050,484 
Municipal Income  $ 86,152,568  $ 83,867,674 
Pennsylvania Strategic  $ 5,824,567  $ 2,842,095 
Strategic Municipal  $ 13,554,589  $ 8,313,157 

4. Concentration, Market and Credit Risk:

Each Trust invests a substantial amount of its assets in issuers located in
a single state or limited number of states. Please see the Schedules of
Investments for concentrations in specific states.

Many municipalities insure repayment of their bonds, which reduces the risk
of loss due to issuer default. The market value of these bonds may fluctuate
for other reasons, including market perception of the value of such insur-
ance, and there is no guarantee that the insurer will meet its obligation.

In the normal course of business, the Trusts invest in securities and enter
into transactions where risks exist due to fluctuations in the market (market
risk) or failure of the issuer of a security to meet all its obligations (credit
risk). The value of securities held by the Trusts may decline in response to
certain events, including those directly involving the issuers whose securities
are owned by the Trusts; conditions affecting the general economy; overall
market changes; local, regional or global political, social or economic
instability; and currency and interest rate and price fluctuations. Similar
to credit risk, the Trusts may be exposed to counterparty risk, or the risk
that an entity with which the Trusts have unsettled or open transactions
may default. Financial assets, which potentially expose the Trusts to credit
and counterparty risks, consist principally of investments and cash due
from counterparties. The extent of the Trusts’ exposure to credit and counter-
party risks with respect to these financial assets is approximated by their
value recorded in the Trusts’ Statements of Assets and Liabilities.

5. Capital Share Transactions:

Long-Term Municipal, Municipal 2020, Municipal Income and the Strategic
Trusts are authorized to issue an unlimited number of shares, including
Preferred Shares, par value $0.001 per share, all of which were initially
classified as Common Shares. Investment Quality Municipal is authorized
to issue 200 million, including Preferred Shares, all of which were initially
classified as Common Shares par value $0.01 per share. Each Trust’s
Board is authorized, however, to reclassify any unissued shares without
approval of Common Shareholders.

Common Shares

For the periods shown, shares issued and outstanding increased by the fol-
lowing amounts as a result of dividend reinvestment:

  Current  Prior  Two Years 
  Period  Year  Prior 
Investment Quality Municipal    138,790  83,554 
Long-Term Municipal      36,210 
Municipal Income  31,369  152,320  197,269 
Pennsylvania Strategic    1,436  2,582 
Strategic Municipal    6,166  14,017 

Shares issued and outstanding remained constant for Long-Term Municipal
for the current period and prior year. Shares issued and outstanding
remained constant for Municipal 2020 for the current period, prior year
and two years prior.

Preferred Shares

The Preferred Shares are redeemable at the option of each Trust, in whole
or in part, on any dividend payment date at their liquidation preference plus
any accumulated unpaid dividends whether or not declared. The Preferred
Shares are also subject to mandatory redemption at their liquidation pref-
erence plus any accumulated or unpaid dividends, whether or not declared,

48 ANNUAL REPORT

APRIL 30, 2009


Notes to Financial Statements (continued)

if certain requirements relating to the composition of the assets and liabili-
ties of a Trust, as set forth in each Trust’s Statement of Preferences/Articles
Supplementary (“Governing Instrument”), as applicable, are not satisfied.

From time to time in the future, the Trusts that have issued Preferred
Shares may effect repurchases of such shares at prices below their liquida-
tion preferences as agreed upon by the Trusts and seller. The Trusts also
may redeem such shares from time to time as provided in the applicable
Governing Instrument. The Trusts intend to effect such redemptions and/or
repurchases to the extent necessary to maintain applicable asset coverage
requirements or for such other reasons as the Board may determine.

The holders of Preferred Shares have voting rights equal to the holders of
Common Shares (one vote per share) and will vote together with holders of
Common Shares (one vote per share) as a single class. However, holders of
Preferred Shares, voting as a separate class, are also entitled to elect two
Trustees for each Trust. In addition, the 1940 Act requires that along with
approval by shareholders that might otherwise be required, the approval of
the holders of a majority of any outstanding Preferred Shares voting sepa-
rately as a class, would be required to (a) adopt any plan of reorganization
that would adversely affect the Preferred Shares, (b) change a Trust’s sub-
classification as a closed-end investment company or change its funda-
mental investment restrictions or (c) change its business so as to cease to
be an investment company.

The Trusts had the following series of Preferred Shares outstanding, effec-
tive yields and reset frequency at April 30, 2009:

        Reset 
    Preferred  Effective  Frequency 
  Series  Shares  Yield  Days 
Investment Quality Municipal  T7  2,826  0.792%  7 
  T28  2,252  0.746%  28 
Municipal 2020  M7  2,318  0.792%  7 
  W7  2,318  0.792%  7 
  F7  2,318  0.792%  7 
Municipal Income  M7  2,345  0.792%  7 
  T7  2,345  0.792%  7 
  W7  2,345  0.792%  7 
  R7  2,345  0.792%  7 
  F7  2,345  0.792%  7 
Pennsylvania Strategic  W7  673  0.792%  7 
Strategic Municipal  W7  1,910  0.792%  7 

Dividends on seven-day and 28-day Preferred Shares are cumulative at a
rate which is reset every seven or 28 days based on the results of an auc-
tion. If the Preferred Shares fail to clear the auction on an auction date,
each Trust is required to pay the maximum applicable rate on the Preferred
Shares to holders of such shares for successive dividend periods until such
time as the shares are successfully auctioned. The maximum applicable
rate on all series of Preferred Shares is the higher of 110% of the AA com-
mercial paper rate or 110% of 90% of the Kenny S&P 30-day High Grade
Index rate divided by 1.00 minus the marginal tax rate. The low, high and
average dividend rates on the Preferred Shares for each Trust for the period
ended April 30, 2009 were as follows:

  Series  Low  High  Average 
Investment Quality Municipal  T7  0.594%  3.088%  1.171% 
  T28  0.594%  3.088%  1.340% 
Municipal 2020  M7  0.594%  1.721%  0.798% 
  W7  0.640%  1.279%  0.782% 
  F7  0.594%  1.721%  0.792% 
Municipal Income  M7  0.594%  3.474%  1.109% 
  T7  0.594%  3.087%  1.118% 
  W7  0.640%  2.988%  1.114% 
  R7  0.594%  2.999%  1.087% 
  F7  0.594%  3.305%  1.104% 
Pennsylvania Strategic  W7  0.640%  1.279%  0.761% 
Strategic Municipal  W7  0.640%  1.279%  0.761% 

Since February 13, 2008, the Preferred Shares of the Trusts failed to
clear any of their auctions. As a result, the Preferred Shares dividend rates
were reset to the maximum applicable rate, which ranged from 0.594%
to 2.285% for the period ended April 30, 2009. A failed auction is not an
event of default for the Trusts but it has a negative impact on the liquidity
of Preferred Shares. A failed auction occurs when there are more sellers of
a trust’s auction rate preferred shares than buyers. It is impossible to pre-
dict how long this imbalance will last. A successful auction for the Trusts’
Preferred Shares may not occur for some time, if ever, and even if liquidity
does resume, holders of the Preferred Shares may not have the ability to
sell the Preferred Shares at their liquidation preference.

The Trusts may not declare dividends or make other distributions on
Common Shares or purchase any such shares if, at the time of the
declaration, distribution or purchase, asset coverage with respect to the
outstanding Preferred Shares is less than 200%.

Prior to December 22, 2008, the Trusts paid commissions to certain
broker-dealers at the end of each auction at an annual rate of 0.25%,
calculated on the aggregate principal amount. As of December 22, 2008,
commissions paid to broker-dealers on Preferred Shares that experienced
a failed auction were reduced to 0.15% on the aggregate principal amount.
The Trusts will pay commissions of 0.25% on the aggregate principal
amount of all shares that successfully clear their auctions. For the two
periods shown, Merrill Lynch, Pierce, Fenner & Smith Incorporated, a wholly
owned subsidiary of Merrill Lynch, earned commissions as follows for the
current period through December 31, 2008 (after which Merrill Lynch was
no longer considered an affiliate).

  Current  Prior 
  Period  Year 
Investment Quality Municipal  $ 14,884  $ 142,704 
Municipal 2020    $ 50,395 
Municipal Income  $ 20,013  $ 145,453 
Pennsylvania Strategic    $ 7,099 
Strategic Municipal    $ 9,259 

ANNUAL REPORT

APRIL 30, 2009

49


Notes to Financial Statements (continued)

On June 2, 2008 and June 4, 2008, the Trusts announced the following
redemptions of Preferred Shares at a price of $25,000 per share plus any
accrued and unpaid dividends through the redemption date:

    Redemption  Shares  Aggregate 
  Series  Date  Redeemed  Principal 
Investment Quality Municipal  T7  6/25/2008  436  $10,900,000 
  T28  7/09/2008  348  $ 8,700,000 
Municipal 2020  M7  6/24/2008  50  $ 1,250,000 
  W7  6/26/2008  50  $ 1,250,000 
  F7  6/30/2008  50  $ 1,250,000 
Municipal Income  M7  6/24/2008  656  $16,400,000 
  T7  6/25/2008  656  $16,400,000 
  W7  6/26/2008  656  $16,400,000 
  R7  6/27/2008  656  $16,400,000 
  F7  6/30/2008  656  $16,400,000 
Pennsylvania Strategic  W7  6/26/2008  27  $ 675,000 
Strategic Municipal  W7  6/26/2008  570  $14,250,000 

The Trusts financed the Preferred Shares redemptions with cash received
from TOBs.

Preferred Shares issued and outstanding for the current period and two
years prior remained constant for each Trust.

6. Income Tax Information:

Reclassifications: Accounting principles generally accepted in the United States of America require that certain components of net assets be adjusted to
reflect permanent differences between financial and tax reporting. The following permanent differences as of April 30, 2009 attributable to the difference
between amortization methods on fixed income securities and non-deductible expenses were reclassified to the following accounts:

  Investment Quality  Long-Term  Municipal  Municipal  Pennsylvania  Strategic 
  Municipal    Municipal  2020  Income  Strategic  Municipal 
Paid-in capital  $ (475)             
Undistributed net investment income  $ (4,322)  $ 15,490    $ (9,127)  $ 6  $ (4,383) 
Accumulated net realized loss  $ 4,797  $ (15,490)    $ 9,127  $ (6)  $ 4,383 
The tax character of distributions paid during the periods shown were as follows:             
  Investment Quality  Long-Term  Municipal  Municipal  Pennsylvania  Strategic 
  Municipal    Municipal  2020  Income  Strategic  Municipal 
Tax-exempt income               
Current Period  $ 7,032,294  $ 4,403,900  $ 5,487,308  $19,730,393  $ 407,158  $ 1,943,857 
Prior Period  $19,993,104  $ 8,807,259  $21,045,740  $51,795,142  $1,818,032  $ 7,766,914 
Two Years Prior  $22,514,181  $ 9,535,364  $22,409,590  $56,847,893  $2,287,203  $ 9,648,627 
Ordinary income               
Current Period  $ 485,549             
Prior Period  $ 306,274  $ 541  $ 60,704  $ 1,544,313    $ 20,253 
Two Years Prior        $ 379,967  $ 75,424    $ 66,740 
Total               
Current Period  $ 7,517,843  $ 4,403,900  $ 5,487,308  $19,730,393  $ 407,158  $ 1,943,857 
Prior Period  $20,299,378  $ 8,807,800  $21,106,444  $53,339,455  $ 1,818,032  $ 7,787,167 
Two Years Prior  $22,514,181  $ 9,535,364  $22,789,557  $56,923,317  $ 2,287,203  $ 9,715,367 

50 ANNUAL REPORT

APRIL 30, 2009


Notes to Financial Statements (concluded)

As of April 30, 2009, the tax components of accumulated losses were as follows:

  Investment Quality             Long-Term  Municipal  Municipal  Pennsylvania  Strategic 
  Municipal  Municipal  2020  Income  Strategic  Municipal 
Undistributed tax-exempt income  $ 2,745,445  $ 1,728,339  $ 3,680,378  $ 6,074,234  $ 152,564  $ 673,416 
Capital loss carryforwards  (9,802,068)  (29,636,892)  (1,201,418)  (45,071,468)  (1,191,132)  (5,719,338) 
Net unrealized losses*  (31,440,593)  (35,802,513)  (46,092,380)  (114,382,030)  (3,425,415)  (18,475,833) 
Total accumulated net losses  $(38,497,216)  $(63,711,066)  $(43,613,420)  $(153,379,264)  $(4,463,983)  $(23,521,755) 

* The difference between book-basis and tax-basis net unrealized losses is attributable primarily to the difference between book and tax amortization methods for premiums and
discounts on fixed income securities, the deferral of compensation to trustees or directors, book/tax differences in the accrual of income on securities in default, the deferral
of post-October capital losses for tax purposes, the timing and recognition of partnership income, the difference between the book and tax treatment of residual interests in
tender option bond trusts and the tax deferral of losses on wash sales.

As of April 30, 2009, the Trusts had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates:

  Investment Quality         Long-Term  Municipal  Municipal  Pennsylvania  Strategic 
  Municipal  Municipal  2020  Income  Strategic  Municipal 
Expires April 30,             
2011        $ 11,445,922     
2012        15,775,833    $ 427,602 
2013      $ 264,701    $ 133,646  1,011,077 
2014  $ 728,359  $ 701,315    4,991,959     
2015      524,725  606,017     
2016  4,566,913  22,052,642  411,992  10,207,532  127,957  251,883 
2017  4,506,796  6,882,935    2,044,205  929,529  4,028,776 
Total  $ 9,802,068  $ 29,636,892  $ 1,201,418  $ 45,071,468  $ 1,191,132  $ 5,719,338 

7. Subsequent Events:

The Trusts paid a net investment income dividend to Common Shareholders
in the following amounts per share on June 1, 2009 to shareholders of
record on May 15, 2009:

  Common 
  Dividend 
  Per Share 
Investment Quality Municipal  $0.06300 
Long-Term Municipal  $0.05500 
Municipal 2020  $0.06225 
Municipal Income  $0.06860 
Pennsylvania Strategic  $0.04500 
Strategic Municipal  $0.06250 

The dividends declared on Preferred Shares for the period May 1, 2009 to
May 31, 2009 were as follows:

    Dividends 
  Series  Declared 
Investment Quality Municipal  T7  $ 5,609 
  T28  $18,021 
Municipal 2020  M7  $ 6,606 
  W7  $ 6,259 
  F7  $ 5,517 
Municipal Income  M7  $33,116 
  T7  $32,239 
  W7  $32,158 
  R7  $31,454 
  F7  $32,782 
Pennsylvania Strategic  W7  $ 9,227 
Strategic Municipal  W7  $26,188 

The Trusts’ distribution rates declared on June 1, 2009 were as follows:

  Per Share 
  Amount 
Investment Quality Municipal  $0.0755 
Municipal Income  $0.0786 
Pennsylvania Strategic  $0.0500 
Strategic Municipal  $0.0700 

On June 15, 2009, the Trusts’ Boards approved the following redemptions
of Preferred Shares at a price of $25,000 per share plus any accrued and
unpaid dividends through the redemption date:

    Redemption Shares to be  Aggregate 
  Series  Date  Redeemed  Principal 
Investment Quality Municipal  T7  7/08/09  22  $ 500,000 
  T28  7/08/09  18  $ 450,000 
Municipal Income  M7  7/14/09  178  $4,450,000 
  T7  7/08/09  178  $4,450,000 
  W7  7/09/09  178  $4,450,000 
  R7  7/10/09  178  $4,450,000 
  F7  7/13/09  178  $4,450,000 
Pennsylvania Strategic  W7  7/09/09  20  $ 500,000 
Strategic Municipal  W7  7/09/09  191  $4,775,000 

The Trusts will finance the Preferred Shares redemptions with cash received
from tender option bond transactions (See Note 1 of the Notes to Financial
Statements for details of municipal bonds transferred to tender option
bond trusts).

ANNUAL REPORT

APRIL 30, 2009

51


Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors/Trustees of:
BlackRock Investment Quality Municipal Trust Inc.
BlackRock Long-Term Municipal Advantage Trust
BlackRock Municipal 2020 Term Trust
BlackRock Municipal Income Trust
BlackRock Pennsylvania Strategic Municipal Trust
BlackRock Strategic Municipal Trust (collectively
the “Trusts”):

We have audited the accompanying statements of assets and liabilities,
including the schedules of investments, of BlackRock Investment Quality
Municipal Trust Inc., BlackRock Long-Term Municipal Advantage Trust, and
BlackRock Municipal Income Trust as of April 30, 2009, and the related
statements of operations for the period November 1, 2008 to April 30,
2009 and for the year ended October 31, 2008, the statement of cash
flows for the period November 1, 2008 to April 30, 2009 and for the year
ended October 31, 2008 for BlackRock Long-Term Municipal Advantage
Trust, the statements of changes in net assets for the period November 1,
2008 to April 30, 2009 and for each of the two years in the period ended
October 31, 2008, and the financial highlights for the period November 1,
2008 to April 30, 2009 and for each of the five years in the period ended
October 31, 2008. We have also audited the accompanying statements of
assets and liabilities, including the schedules of investments, of BlackRock
Municipal 2020 Term Trust, BlackRock Pennsylvania Strategic Municipal
Trust, and BlackRock Strategic Municipal Trust, as of April 30, 2009, and
the related statements of operations for the period January 1, 2009 to
April 30, 2009, and for the year ended December 31, 2008, the state-
ments of changes in net assets for the period January 1, 2009 to April 30,
2009 and for each of the two years in the period ended December 31,
2008, and the financial highlights for the period January 1, 2009 to April
30, 2009 and for each of the five years in the period ended December 31,
2008. These financial statements and financial highlights are the responsi-
bility of the Trusts’ management. Our responsibility is to express an opinion
on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public
Company Accounting Oversight Board (United States). Those standards
require that we plan and perform the audit to obtain reasonable assurance
about whether the financial statements and financial highlights are free of
material misstatement. The Trusts are not required to have, nor were we
engaged to perform, an audit of their internal control over financial report-
ing. Our audits included consideration of internal control over financial

reporting as a basis for designing audit procedures that are appropriate
in the circumstances, but not for the purpose of expressing an opinion
on the effectiveness of the Trusts’ internal control over financial reporting.
Accordingly, we express no such opinion. An audit also includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
financial statements, assessing the accounting principles used and signifi-
cant estimates made by management, as well as evaluating the overall
financial statement presentation. Our procedures include confirmation
of the securities owned as of April 30, 2009, by correspondence with the
custodian and brokers; where replies were not received from brokers, we
performed other auditing procedures. We believe that our audits provide
a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred
to above present fairly, in all material respects, the financial position of
BlackRock Investment Quality Municipal Trust Inc., BlackRock Long-Term
Municipal Advantage Trust, and BlackRock Municipal Income Trust as of
April 30, 2009, the results of their operations for the period November 1,
2008 to April 30, 2009 and for the year ended October 31, 2008, the
statement of cash flows for the period November 1, 2008 to April 30,
2009 and for the year ended October 31, 2008 for BlackRock Long-Term
Municipal Advantage Trust, the changes in their net assets for the period
November 1, 2008 to April 30, 2009 and for each of the two years in the
period ended October 31, 2008, and the financial highlights for the period
November 1, 2008 to April 30, 2009 and for the five years in the period
ended April 30, 2009, in conformity with accounting principles generally
accepted in the United States of America. Additionally, in our opinion, the
financial statements and financial highlights referred to above present
fairly, in all material respects, the financial position of BlackRock Municipal
2020 Term Trust, BlackRock Pennsylvania Strategic Municipal Trust, and
BlackRock Strategic Municipal Trust as of April 30, 2009, the results of
their operations for the period January 1, 2009 to April 30, 2009 and for
the year ended December 31, 2008, the changes in their net assets for the
period January 1, 2009 to April 30, 2009 and for each of the two years in
the period ended December 31, 2008, and the financial highlights for the
period January 1, 2009 to April 30, 2009 and for each of five years in the
period ended December 31, 2008, in conformity with accounting principles
generally accepted in the United States of America.

Deloitte & Touche LLP
Princeton, New Jersey
June 26, 2009

52 ANNUAL REPORT

APRIL 30, 2009


Important Tax Information

The following table summarizes the taxable per share distributions paid by
BlackRock Investment Quality Municipal Trust Inc. during the taxable period
ended April 30, 2009:

Investment  Payable  Ordinary  Long-Term 
Quality Municipal  Date  Income  Capital Gains 
Common Shareholders  12/31/08  $0.020201  None 
Preferred Shareholders:       
   Series T7  12/24/08  $27.15  None 
   Series T28  12/24/08  $27.44  None 

All of the other net investment income distributions paid by the Trust qualify
as tax-exempt interest dividends for federal income tax purposes.

For Long-Term Municipal, Municipal 2020, Municipal Income, Pennsylvania
Strategic and Strategic Municipal, all of the net investment income distribu-
tions paid by the Trusts during the taxable period ended April 30, 2009
qualify as tax-exempt interest dividends for federal income tax purposes.

ANNUAL REPORT

APRIL 30, 2009

53


Automatic Dividend Reinvestment Plans

Pursuant to each Trust’s Dividend Reinvestment Plan (the “Plan”), common
shareholders are automatically enrolled to have all distributions of dividends
and capital gains reinvested by Computershare Trust Company, N.A. (the
“Plan Agent”) in the respective Trust’s shares pursuant to the Plan. Share-
holders who do not participate in the Plan will receive all distributions in
cash paid by check and mailed directly to the shareholders of record (or if
the shares are held in street or other nominee name, then to the nominee)
by the Plan Agent, which serves as agent for the shareholders in adminis-
tering the Plan.

After a Trust declares a dividend or determines to make a capital gain
distribution, the Plan Agent will acquire shares for the participants’ accounts,
depending upon the circumstances described below, either (i) through
receipt of unissued but authorized shares from the Trust (“newly issued
shares”) or (ii) by purchase of outstanding shares on the open market,
on the Trust’s primary exchange or elsewhere (“open-market purchases”).
If, on the dividend payment date, the net asset value per share (“NAV”)
is equal to or less than the market price per share plus estimated broker-
age commissions (such condition being referred to herein as “market
premium”), the Plan Agent will invest the dividend amount in newly issued
shares on behalf of the participants. The number of newly issued shares
to be credited to each participant’s account will be determined by dividing
the dollar amount of the dividend by the NAV on the date the shares are
issued. However, if the NAV is less than 95% of the market price on the
payment date, the dollar amount of the dividend will be divided by 95%
of the market price on the payment date. If, on the dividend payment
date, the NAV is greater than the market value per share plus estimated

brokerage commissions (such condition being referred to herein as “market
discount”), the Plan Agent will invest the dividend amount in shares acquired
on behalf of the participants in open-market purchases.

Participation in the Plan is completely voluntary and may be terminated or
resumed at any time without penalty by notice if received and processed by
the Plan Administrator prior to the dividend record date; otherwise such ter-
mination or resumption will be effective with respect to any subsequently
declared dividend or other distribution.

The Plan Agent’s fees for the handling of the reinvestment of dividends and
distributions will be paid by each Trust. However, each participant will pay a
pro rata share of brokerage commissions incurred with respect to the Plan
Agent’s open market purchases in connection with the reinvestment of divi-
dends and distributions. The automatic reinvestment of dividends and dis-
tributions will not relieve participants of any federal income tax that may
be payable on such dividends or distributions.

Each Trust reserves the right to amend or terminate the Plan. There is no
direct service charge to participants in the Plan; however, each Trust reserves
the right to amend the Plan to include a service charge payable by the par-
ticipants. Participants that request a sale of shares through the Plan Agent
are subject to a $2.50 sales fee and a $0.15 per share sold brokerage
commission. All correspondence concerning the Plan should be directed
to the Plan Agent at P.O. Box 43078, Providence, RI 02940-3078 or by
calling (800) 699-1BFM. All overnight correspondence should be directed
to the Plan Agent at 250 Royall Street, Canton, MA 02021.

54 ANNUAL REPORT

APRIL 30, 2009


Officers and Directors/Trustees     
        Number of   
    Length of    BlackRock-   
  Position(s)  Time    Advised Funds   
Name, Address  Held with  Served as    and Portfolios  Public 
and Year of Birth  Trusts  a Trustee2  Principal Occupation(s) During Past Five Years  Overseen  Directorships 
     Non-Interested Trustees1         
Richard E. Cavanagh  Chairman  Since  Trustee, Aircraft Finance Trust since 1999; Director, The Guardian Life Insurance  106 Funds  Arch Chemical 
40 East 52nd Street  of the Board  1994  Company of America since 1998; Trustee, Educational Testing Service since  103 Portfolios  (chemical and allied 
New York, NY 10022  and Trustee    1997; Senior Advisor since 2008 and Director since 1996, The Fremont Group;    products) 
1946      Adjunct Lecturer, Harvard University since 2007; Formerly President and Chief     
      Executive Officer of The Conference Board, Inc. (global business research     
      organization) from 1995 to 2007.     
Karen P. Robards  Vice Chair of  Since  Partner of Robards & Company, LLC (financial advisory firm) since 1987;  106 Funds  AtriCure, Inc. 
40 East 52nd Street  the Board,  2007  Co-founder and Director of the Cooke Center for Learning and Development,  103 Portfolios  (medical devices); 
New York, NY 10022  Chair of    (a not-for-profit organization) since 1987; Formerly Director of Enable Medical    Care Investment 
1950  the Audit    Corp. from 1996 to 2005; Formerly an investment banker at Morgan Stanley    Trust, Inc. (health 
  Committee    from 1976 to 1987.    care real estate 
  and Trustee        investment trust) 
G. Nicholas Beckwith, III  Trustee  Since  Chairman and Chief Executive Officer, Arch Street Management, LLC (Beckwith  106 Funds  None 
40 East 52nd Street    2007  Family Foundation) and various Beckwith property companies since 2005;  103 Portfolios   
New York, NY 10022      Chairman of the Board of Directors, University of Pittsburgh Medical Center     
1945      since 2002; Board of Directors, Shady Side Hospital Foundation since 1977;     
      Board of Directors, Beckwith Institute for Innovation In Patient Care since 1991;     
      Member, Advisory Council on Biology and Medicine, Brown University since     
      2002; Trustee, Claude Worthington Benedum Foundation (charitable foundation)     
      since 1989; Board of Trustees, Chatham University since 1981; Board of Trustees,     
      University of Pittsburgh since 2002; Emeritus Trustee, Shady Side Academy since     
      1977; Formerly Chairman and Manager, Penn West Industrial Trucks LLC (sales,     
      rental and servicing of material handling equipment) from 2005 to 2007;     
      Formerly President and Chief Executive Officer, Beckwith Machinery Company     
      (sales, rental and servicing of construction and equipment) from 1985 to 2005;     
      Formerly Member of Board of Directors, National Retail Properties (REIT) from     
      2006 to 2007.     
Kent Dixon  Trustee and  Since  Consultant/Investor since 1988.  106 Funds  None 
40 East 52nd Street  Member of  1993    103 Portfolios   
New York, NY 10022  the Audit         
1937  Committee         
Frank J. Fabozzi  Trustee and  Since  Consultant/Editor of The Journal of Portfolio Management since 2006; Professor in  106 Funds  None 
40 East 52nd Street  Member of  1993  the Practice of Finance and Becton Fellow, Yale University, School of Management,  103 Portfolios   
New York, NY 10022  the Audit    since 2006; Formerly Adjunct Professor of Finance and Becton Fellow, Yale     
1948  Committee    University from 1994 to 2006.     
Kathleen F. Feldstein  Trustee  Since  President of Economics Studies, Inc. (private economic consulting firm) since  106 Funds  The McClatchy 
40 East 52nd Street    2005  1987; Chair, Board of Trustees, McLean Hospital from 2000 to 2008 and Trustee  103 Portfolios  Company 
New York, NY 10022      Emeritus thereof since 2008; Member of the Board of Partners Community    (publishing) 
1941      Healthcare, Inc. since 2005; Member of the Corporation of Partners HealthCare     
      since 1995; Trustee, Museum of Fine Arts, Boston since 1992; Member of the     
Visiting Committee to the Harvard University Art Museum since 2003.

James T. Flynn  Trustee and  Since  Formerly Chief Financial Officer of JP Morgan & Co., Inc. from 1990 to 1995.  106 Funds  None 
40 East 52nd Street  Member of  2007    103 Portfolios   
New York, NY 10022  the Audit         
1939  Committee         
Jerrold B. Harris  Trustee  Since  Trustee, Ursinus College since 2000; Director, Troemner LLC (scientific equipment)  106 Funds  BlackRock Kelso 
40 East 52nd Street    2007  since 2000.  103 Portfolios  Capital Corp. 
New York, NY 10022           
1942           

ANNUAL REPORT

APRIL 30, 2009

55


Officers and Directors/Trustees (continued)     
        Number of   
    Length of    BlackRock-   
  Position(s)  Time    Advised Funds   
Name, Address  Held with  Served as    and Portfolios  Public 
and Year of Birth  Trusts  a Trustee2  Principal Occupation(s) During Past Five Years  Overseen  Directorships 
     Non-Interested Trustees1 (concluded)         
R. Glenn Hubbard  Trustee  Since  Dean of Columbia Business School since 2004; Columbia faculty member since  106 Funds  ADP (data and 
40 East 52nd Street    2004  1988; Formerly Co-Director of Columbia Business School’s Entrepreneurship  103 Portfolios  information services), 
New York, NY 10022      Program from 1997 to 2004; Visiting Professor at the John F. Kennedy School    KKR Financial 
1958      of Government at Harvard University and the Harvard Business School since    Corporation (finance), 
      1985 and at the University of Chicago since 1994; Formerly Chairman of the    Metropolitan Life 
      U.S. Council of Economic Advisers under the President of the United States from    Insurance Company 
      2001 to 2003.    (insurance) 
W. Carl Kester  Trustee and  Since  George Fisher Baker Jr. Professor of Business Administration, Harvard Business  106 Funds  None 
40 East 52nd Street  Member of  2007  School; Deputy Dean for Academic Affairs, since 2006; Unit Head, Finance,  103 Portfolios   
New York, NY 10022  the Audit    Harvard Business School, from 2005 to 2006; Senior Associate Dean and     
1951  Committee    Chairman of the MBA Program of Harvard Business School, from 1999 to 2005;     
      Member of the faculty of Harvard Business School since 1981; Independent     
      Consultant since 1978.     
  1 Trustees serve until their resignation, removal or death, or until December 31 of the year in which they turn 72.     
  2 Following the combination of Merrill Lynch Investment Managers, L.P. (“MLIM”) and BlackRock, Inc. (“BlackRock”) in September 2006, the various legacy 
   MLIM and legacy BlackRock Fund boards were realigned and consolidated into three new Fund boards in 2007. As a result, although the chart shows 
   certain trustees as joining the Trusts’ board in 2007, each director first became a member of the board of directors of other legacy MLIM or legacy 
   BlackRock Funds as follows: G. Nicholas Beckwith, III, 1999; Richard E. Cavanagh, 1994; Kent Dixon, 1988; Frank J. Fabozzi, 1988; Kathleen F. Feldstein, 
   2005; James T. Flynn, 1996; Jerrold B. Harris, 1999; R. Glenn Hubbard, 2004; W. Carl Kester, 1998 and Karen P. Robards, 1998.   
     Interested Trustees3           
Richard S. Davis  Trustee  Since  Managing Director, BlackRock, Inc. since 2005; Formerly Chief Executive Officer,  175 Funds  None 
40 East 52nd Street    2007  State Street Research & Management Company from 2000 to 2005; Formerly  285 Portfolios   
New York, NY 10022      Chairman of the Board of Trustees, State Street Research Mutual Funds from     
1945      2000 to 2005; Formerly Chairman, SSR Realty from 2000 to 2004.     
Henry Gabbay  Trustee  Since  Formerly Consultant, BlackRock, Inc. from 2007 to 2008; Formerly Managing  184 Funds  None 
40 East 52nd Street    2007  Director, BlackRock, Inc. from 1989 to 2007; Formerly Chief Administrative Officer,  295 Portfolios   
New York, NY 10022      BlackRock Advisors, LLC from 1998 to 2007; Formerly President of BlackRock     
1947      Funds and BlackRock Bond Allocation Target Shares from 2005 to 2007; Formerly     
      Treasurer of certain closed-end funds in the BlackRock fund complex from 1989     
      to 2006.     

3 Mr. Davis is an “interested person,” as defined in the Investment Company Act of 1940, of the Trusts based on his position with BlackRock, Inc. and
its affiliates. Mr. Gabbay is an “interested person” of the Trusts based on his former positions with BlackRock, Inc. and its affiliates as well as his ownership
of BlackRock, Inc. and PNC Securities. Trustees serve until their resignation, removal or death, or until December 31 of the year in which they turn 72.

Effective January 1, 2009, Robert S. Salomon, Jr. retired as Director of the
Funds. The Board wishes Mr. Salomon well in his retirement.

56 ANNUAL REPORT

APRIL 30, 2009


Officers and Directors/Trustees (concluded)     
  Position(s)   Length         
Name, Address  Held with   of Time         
and Year of Birth  the Trusts   Served  Principal Occupation(s) During Past Five Years     
Trust Officers1             
Donald C. Burke  President   Since  Managing Director of BlackRock, Inc. since 2006; Formerly Managing Director of Merrill Lynch Investment Managers, L.P. 
40 East 52nd Street  and Chief   2007  (“MLIM”) and Fund Asset Management, L.P. (“FAM”) in 2006, First Vice President thereof from 1997 to 2005, Treasurer 
New York, NY 10022  Executive    thereof from 1999 to 2006 and Vice President thereof from 1990 to 1997.   
1960  Officer           
Anne F. Ackerley  Vice   Since  Managing Director of BlackRock, Inc. since 2000; Chief Operating Officer of BlackRock’s U.S. Retail Group since 2006; 
40 East 52nd Street  President   2007  Formerly Head of BlackRock’s Mutual Fund Group from 2000 to 2006.   
New York, NY 10022             
1962             
Neal J. Andrews  Chief   Since  Managing Director of BlackRock, Inc. since 2006; Formerly Senior Vice President and Line of Business Head of Fund 
40 East 52nd Street  Financial   2007  Accounting and Administration at PNC Global Investment Servicing (U.S.) Inc. (formerly PFPC Inc.) from 1992 to 2006. 
New York, NY 10022  Officer           
1966             
Jay M. Fife  Treasurer   Since  Managing Director of BlackRock, Inc. since 2007 and Director in 2006; Formerly Assistant Treasurer of the MLIM/FAM advised 
40 East 52nd Street     2007  funds from 2005 to 2006; Director of MLIM Fund Services Group from 2001 to 2006.   
New York, NY 10022             
1970             
Brian P. Kindelan  Chief   Since  Chief Compliance Officer of the BlackRock-advised Funds since 2007; Managing Director and Senior Counsel of BlackRock, 
40 East 52nd Street  Compliance   2007  Inc. since 2005; Formerly Director and Senior Counsel of BlackRock Advisors, Inc. from 2001 to 2004. 
New York, NY 10022  Officer           
1959             
Howard B. Surloff  Secretary   Since  Managing Director of BlackRock, Inc. and General Counsel of U.S. Funds at BlackRock, Inc. since 2006; Formerly General 
40 East 52nd Street     2007  Counsel (U.S.) of Goldman Sachs Asset Management, L.P. from 1993 to 2006.   
New York, NY 10022             
1965             
  1 Officers of the Trusts serve at the pleasure of the Board of Trustees.     
Custodian    Transfer Agent  Accounting Agent  Independent Registered  Legal Counsel 
State Street Bank and Trust  Common Shares:  State Street Bank and Trust  Public Accounting Firm  Skadden, Arps, Slate, 
Company    Computershare Trust  Company  Deloitte & Touche LLP  Meagher & Flom LLP 
Boston, MA 02101    Companies, N.A.  Princeton, NJ 08540  Princeton, NJ 08540  New York, NY 10036 
    Canton, MA 02021       
Trusts Address    Auction Agent       
BlackRock Closed-End Funds  Preferred Shares:       
c/o BlackRock Advisors, LLC  BNY Mellon Shareowner Services2     
100 Bellevue Parkway    Jersey City, NJ 07310       
Wilmington, DE 19809             
    Deutsche Bank Trust Company Americas3     
    New York, NY 10005       

2 For Municipal Income and Municipal 2020.
3 For the Strategic Trusts and Investment Quality Municipal.

ANNUAL REPORT

APRIL 30, 2009

57


Additional Information

Trust Certification

Those Trusts listed for trading on the New York Stock Exchange (“NYSE”)
have filed with the NYSE their annual chief executive officer certification
regarding compliance with the NYSE’s listing standards. Each Trust filed

Section 19 Notices

The amounts and sources of distributions reported are only estimates and
are not being provided for tax reporting purposes. The actual amounts and
sources for tax reporting purposes will depend upon each Trust’s investment

with the SEC the certification of its chief executive officer and chief finan-
cial officer required by section 302 of the Sarbanes-Oxley Act.

experience during the year and may be subject to changes based on the tax
regulations. The Trusts will send you a Form 1099-DIV each calendar year that
will tell you how to report these distributions for federal income tax purposes.

    Total Fiscal Year-to-Date Cumulative    Percentage of Fiscal Year-to-Date   
    Distributions by Character    Cumulative Distributions by Character   
  Net  Net    Total Per       Net  Net    Total Per 
  Investment  Realized  Return of  Common  Investment  Realized  Return of  Common 
   Income  Capital Gains  Capital  Share  Income  Capital Gains  Capital  Share 
BlackRock Investment Quality Municipal Trust Inc. .  $0.3982  $ —  $ —  $0.3982         100%  0%  0%  100% 
BlackRock Long-Term Municipal Advantage Trust  $0.3300  $ —  $ —  $0.3300         100%  0%  0%  100% 

General Information

The Trusts do not make available copies of their Statements of Additional
Information because the Trusts’ shares are not continuously offered, which
means that the Statements of Additional Information of the Trusts have not
been updated after completion of the Trusts’ offering and the information
contained in the Trusts’ Statements of Additional Information may have
become outdated.

During the period, there were no material changes in the Trusts’ investment
objectives or policies or to the Trusts’ charters or by-laws that were not
approved by the shareholders or in the principal risk factors associated with
investment in the Trusts. There have been no changes in the persons who are
primarily responsible for the day-to-day management of the Trusts’ portfolios.

Quarterly performance, semi-annual and annual reports and other informa-
tion regarding the Trusts may be found on BlackRock’s website, which can
be accessed at http://www.blackrock.com. This reference to BlackRock’s
website is intended to allow investors public access to information regard-
ing the Trusts and does not, and is not intended to, incorporate BlackRock’s
website into this report.

Electronic Delivery

Electronic copies of most financial reports are available on the Trusts’
websites or shareholders can sign up for e-mail notifications of quarterly
statements, annual and semi-annual reports and prospectuses by enrolling
in the Trusts’ electronic delivery program.

Shareholders Who Hold Accounts with Investment Advisors, Banks
or Brokerages:

Please contact your financial advisor to enroll. Please note that not all
investment advisors, banks or brokerages may offer this service.

Householding

The Trusts will mail only one copy of shareholder documents, including
annual and semi-annual reports and proxy statements, to shareholders
with multiple accounts at the same address. This practice is commonly
called “householding” and it is intended to reduce expenses and eliminate
duplicate mailings of shareholder documents. Mailings of your shareholder
documents may be householded indefinitely unless you instruct us other-
wise. If you do not want the mailing of these documents to be combined
with those for other members of your household, please contact the Trusts
at (800) 441-7762.

Availability of Quarterly Schedule of Investments

Each Trust files its complete schedule of portfolio holdings with the SEC for
the first and third quarters of each fiscal year on Form N-Q. Each Trust’s
Forms N-Q are available on the SEC’s website at http://www.sec.gov and
may also be reviewed and copied at the SEC’s Public Reference Room in
Washington, DC.

Information on the operation of the Public Reference Room may be
obtained by calling (800) SEC-0330. Each Trust’s Forms N-Q may also be
obtained upon request and without charge by calling (800) 441-7762.

Availability of Proxy Voting Policies and Procedures

A description of the policies and procedures that the Trusts use to
determine how to vote proxies relating to portfolio securities is available
(1) without charge, upon request, by calling toll-free (800) 441-7762;
(2) at www.blackrock.com; and (3) on the Securities and Exchange
Commission’s website at http://www.sec.gov.

Availability of Proxy Voting Record

Information about how each Trust voted proxies relating to securities held
in each Trust’s portfolio during the most recent 12-month period ended
June 30 is available upon request and without charge (1) at www.black-
rock.com or by calling (800) 441-7762 and (2) on the Securities and
Exchange Commission’s website at http://www.sec.gov.

58 ANNUAL REPORT

APRIL 30, 2009


Additional Information (concluded)

BlackRock Privacy Principles

BlackRock is committed to maintaining the privacy of its current and former
fund investors and individual clients (collectively, “Clients”) and to safeguard-
ing their non-public personal information. The following information is pro-
vided to help you understand what personal information BlackRock collects,
how we protect that information and why in certain cases we share such
information with select parties.

If you are located in a jurisdiction where specific laws, rules or regulations
require BlackRock to provide you with additional or different privacy-related
rights beyond what is set forth below, then BlackRock will comply with those
specific laws, rules or regulations.

BlackRock obtains or verifies personal non-public information from and
about you from different sources, including the following: (i) information
we receive from you or, if applicable, your financial intermediary, on applica-
tions, forms or other documents; (ii) information about your transactions
with us, our affiliates, or others; (iii) information we receive from a consumer
reporting agency; and (iv) from visits to our websites.

BlackRock does not sell or disclose to non-affiliated third parties any non-
public personal information about its Clients, except as permitted by law
or as is necessary to respond to regulatory requests or to service Client
accounts. These non-affiliated third parties are required to protect the
confidentiality and security of this information and to use it only for its
intended purpose.

We may share information with our affiliates to service your account or to
provide you with information about other BlackRock products or services
that may be of interest to you. In addition, BlackRock restricts access to
non-public personal information about its Clients to those BlackRock
employees with a legitimate business need for the information. BlackRock
maintains physical, electronic and procedural safeguards that are designed
to protect the non-public personal information of its Clients, including proce-
dures relating to the proper storage and disposal of such information.

ANNUAL REPORT

APRIL 30, 2009

59


This report is transmitted to shareholders only. It is not a prospectus. Past performance results shown in this report should not be considered a representation
of future performance. The Trusts have leveraged their Common Shares, which creates risks for Common Shareholders, including the likelihood of greater
volatility of net asset value and market price of the Common Shares and the risk that fluctuations in the short-term dividend rates of the Preferred Shares,
currently set at the maximum reset rate as a result of failed auctions, may affect the yield to Common Shareholders. Statements and other information
herein are as dated and are subject to change.



#CEF-BK6-4/09


Item 2 – Code of Ethics – The registrant (or the “Fund”) has adopted a code of ethics, as of the end
of the period covered by this report, applicable to the registrant’s principal executive officer,
principal financial officer and principal accounting officer, or persons performing similar
functions. During the period covered by this report, there have been no amendments to or
waivers granted under the code of ethics. A copy of the code of ethics is available without
charge at www.blackrock.com.

Item 3 – Audit Committee Financial Expert – The registrant’s board of directors or trustees, as
applicable (the “board of directors”) has determined that (i) the registrant has the following
audit committee financial experts serving on its audit committee and (ii) each audit
committee financial expert is independent:
Kent Dixon
Frank J. Fabozzi
James T. Flynn
W. Carl Kester
Karen P. Robards
Robert S. Salomon, Jr. (retired effective December 31, 2008)

The registrant’s board of directors has determined that W. Carl Kester and Karen P. Robards
qualify as financial experts pursuant to Item 3(c)(4) of Form N-CSR.

Prof. Kester has a thorough understanding of generally accepted accounting principles,
financial statements and internal control over financial reporting as well as audit committee
functions. Prof. Kester has been involved in providing valuation and other financial
consulting services to corporate clients since 1978. Prof. Kester’s financial consulting
services present a breadth and level of complexity of accounting issues that are generally
comparable to the breadth and complexity of issues that can reasonably be expected to be
raised by the registrant’s financial statements.

Ms. Robards has a thorough understanding of generally accepted accounting principles,
financial statements and internal control over financial reporting as well as audit committee
functions. Ms. Robards has been President of Robards & Company, a financial advisory
firm, since 1987. Ms. Robards was formerly an investment banker for more than 10 years
where she was responsible for evaluating and assessing the performance of companies based
on their financial results. Ms. Robards has over 30 years of experience analyzing financial
statements. She also is a member of the audit committee of one publicly held company and
a non-profit organization.

Under applicable securities laws, a person determined to be an audit committee financial
expert will not be deemed an “expert” for any purpose, including without limitation for the
purposes of Section 11 of the Securities Act of 1933, as a result of being designated or
identified as an audit committee financial expert. The designation or identification as an
audit committee financial expert does not impose on such person any duties, obligations, or
liabilities greater than the duties, obligations, and liabilities imposed on such person as a
member of the audit committee and board of directors in the absence of such designation or
identification.


Item 4 – Principal Accountant Fees and Services           
           (a) Audit Fees   (b) Audit-Related Fees1             (c) Tax Fees2       (d) All Other Fees3 
  Current  Previous  Current  Previous  Current  Previous  Current  Previous 
  Fiscal Year  Fiscal Year  Fiscal Year  Fiscal Year  Fiscal Year  Fiscal Year  Fiscal Year  Fiscal Year 
     Entity Name  End  End  End  End  End  End  End  End 
BlackRock                 
Municipal Income  $33,700  $32,800  $3,500  $3,500  $6,100  $6,100  $1,028  $1,049 
Trust                 

1 The nature of the services include assurance and related services reasonably related to the performance of the audit of
financial statements not included in Audit Fees.
2 The nature of the services include tax compliance, tax advice and tax planning.
3 The nature of the services include a review of compliance procedures and attestation thereto.

(e)(1) Audit Committee Pre-Approval Policies and Procedures:
The registrant’s audit committee (the “Committee”) has adopted policies and
procedures with regard to the pre-approval of services. Audit, audit-related and tax
compliance services provided to the registrant on an annual basis require specific pre-
approval by the Committee. The Committee also must approve other non-audit services
provided to the registrant and those non-audit services provided to the registrant’s affiliated
service providers that relate directly to the operations and the financial reporting of the
registrant. Certain of these non-audit services that the Committee believes are a) consistent
with the SEC’s auditor independence rules and b) routine and recurring services that will
not impair the independence of the independent accountants may be approved by the
Committee without consideration on a specific case-by-case basis (“general pre-approval”).
The term of any general pre-approval is 12 months from the date of the pre-approval, unless
the Committee provides for a different period. Tax or other non-audit services provided to
the registrant which have a direct impact on the operation or financial reporting of the
registrant will only be deemed pre-approved provided that any individual project does not
exceed $10,000 attributable to the registrant or $50,000 for all of the registrants the
Committee oversees. For this purpose, multiple projects will be aggregated to determine if
they exceed the previously mentioned cost levels.
Any proposed services exceeding the pre-approved cost levels will require specific
pre-approval by the Committee, as will any other services not subject to general pre-
approval (e.g., unanticipated but permissible services). The Committee is informed of each
service approved subject to general pre-approval at the next regularly scheduled in-person
board meeting. At this meeting, an analysis of such services is presented to the Committee
for ratification. The Committee may delegate to one or more of its members the authority to
approve the provision of and fees for any specific engagement of permitted non-audit
services, including services exceeding pre-approved cost levels.

(e)(2) None of the services described in each of Items 4(b) through (d) were approved by
the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not Applicable

(g) Affiliates’ Aggregate Non-Audit Fees:

  Current Fiscal Year  Previous Fiscal Year 
               Entity Name  End  End 
BlackRock Municipal Income  $418,128  $415,649 
Trust     


(h) The registrant’s audit committee has considered and determined that the provision of
non-audit services that were rendered to the registrant’s investment adviser (not including
any non-affiliated sub-adviser whose role is primarily portfolio management and is
subcontracted with or overseen by the registrant’s investment adviser), and any entity
controlling, controlled by, or under common control with the investment adviser that
provides ongoing services to the registrant that were not pre-approved pursuant to paragraph
(c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal
accountant’s independence.

Regulation S-X Rule 2-01(c)(7)(ii) – $407,500, 0%

Item 5 – Audit Committee of Listed Registrants – The following individuals are members of the
registrant’s separately-designated standing audit committee established in accordance with
Section 3(a)(58)(A) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a)(58)(A)):

Kent Dixon
Frank J. Fabozzi
James T. Flynn
W. Carl Kester
Karen P. Robards
Robert S. Salomon, Jr. (retired effective December 31, 2008)

Item 6 – Investments
(a) The registrant’s Schedule of Investments is included as part of the Report to
Stockholders filed under Item 1 of this form.
(b) Not Applicable due to no such divestments during the semi-annual period covered since
the previous Form N-CSR filing.

Item 7 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management
Investment Companies – The board of directors has delegated the voting of proxies for the
Fund securities to the Fund’s investment adviser (“Investment Adviser”) pursuant to the
Investment Adviser’s proxy voting guidelines. Under these guidelines, the Investment
Adviser will vote proxies related to Fund securities in the best interests of the Fund and its
stockholders. From time to time, a vote may present a conflict between the interests of the
Fund’s stockholders, on the one hand, and those of the Investment Adviser, or any affiliated
person of the Fund or the Investment Adviser, on the other. In such event, provided that the
Investment Adviser’s Equity Investment Policy Oversight Committee, or a sub-committee
thereof (the “Oversight Committee”) is aware of the real or potential conflict or material
non-routine matter and if the Oversight Committee does not reasonably believe it is able to
follow its general voting guidelines (or if the particular proxy matter is not addressed in the
guidelines) and vote impartially, the Oversight Committee may retain an independent
fiduciary to advise the Oversight Committee on how to vote or to cast votes on behalf of the
Investment Adviser’s clients. If the Investment Adviser determines not to retain an
independent fiduciary, or does not desire to follow the advice of such independent fiduciary,
the Oversight Committee shall determine how to vote the proxy after consulting with the
Investment Adviser’s Portfolio Management Group and/or the Investment Adviser’s Legal
and Compliance Department and concluding that the vote cast is in its client’s best interest
notwithstanding the conflict. A copy of the Fund’s Proxy Voting Policy and Procedures are
attached as Exhibit 99.PROXYPOL. Information on how the Fund voted proxies relating to
portfolio securities during the most recent 12-month period ended June 30 is available


                       without charge, (i) at www.blackrock.com and (ii) on the SEC’s website at   
                       http://www.sec.gov.             
Item 8 – Portfolio Managers of Closed-End Management Investment Companies – as of April 30,   
                       2009.               
                                      (a)(1) The registrant (or “Fund”) is managed by a team of investment professionals   
                                       comprised of Theodore R. Jaeckel, Jr., CFA, Managing Director at BlackRock and   
                                                   Walter O’Connor, Managing Director at BlackRock. Each is a member of
                                       BlackRock’s municipal tax-exempt management group. Each is jointly responsible   
                                       for the day-to-day management of the registrant’s portfolio, which includes setting   
                                                    the registrant’s overall investment strategy, overseeing the management of the
                                       registrant and/or selection of its investments. Messrs. Jaeckel and O’Connor have   
                                       been members of the registrant’s portfolio management team since 2006.   
                       Portfolio Manager             Biography         
                       Theodore R. Jaeckel, Jr.           Managing Director at BlackRock, Inc. since 2006; Managing Director of 
             Merrill Lynch Investment Managers, L.P. (“MLIM”) from 2005 to 2006; 
                                                                                          Director of MLIM from 1997 to 2005.

                       Walter O’Connor             Managing Director of BlackRock, Inc. since 2006; Managing Director of 
             MLIM from 2003 to 2006; Director of MLIM from 1998 to 2003.   
                       (a)(2) As of April 30, 2009:           
         (ii) Number of Other Accounts Managed  (iii) Number of Other Accounts and 
             and Assets by Account Type    Assets for Which Advisory Fee is 
            Performance-Based   
       Other  Other Pooled    Other  Other Pooled   
(i) Name of  Registered  Investment  Other  Registered  Investment  Other 
Portfolio Manager   Investment  Vehicles  Accounts  Investment  Vehicles  Accounts 
   Companies      Companies     
Theodore R. Jaeckel, Jr.    76  0  0  0  0  0 
  $16.97 Billion  $0  $0  $0  $0  $0 
Walter O’Connor    76  0  0  0  0  0 
  $16.97 Billion  $0  $0  $0  $0  $0 
                       (iv) Potential Material Conflicts of Interest         

BlackRock and its affiliates (collectively, herein “BlackRock”) has built a professional
working environment, firm-wide compliance culture and compliance procedures and
systems designed to protect against potential incentives that may favor one account over
another. BlackRock has adopted policies and procedures that address the allocation of
investment opportunities, execution of portfolio transactions, personal trading by employees
and other potential conflicts of interest that are designed to ensure that all client accounts are
treated equitably over time. Nevertheless, BlackRock furnishes investment management and
advisory services to numerous clients in addition to the Fund, and BlackRock may,
consistent with applicable law, make investment recommendations to other clients or
accounts (including accounts which are hedge funds or have performance or higher fees
paid to BlackRock, or in which portfolio managers have a personal interest in the receipt of
such fees), which may be the same as or different from those made to the Fund. In addition,
BlackRock, its affiliates and significant shareholders and any officer, director, stockholder
or employee may or may not have an interest in the securities whose purchase and sale


BlackRock recommends to the Fund. BlackRock, or any of its affiliates or significant
shareholders, or any officer, director, stockholder, employee or any member of their
families may take different actions than those recommended to the Fund by BlackRock with
respect to the same securities. Moreover, BlackRock may refrain from rendering any advice
or services concerning securities of companies of which any of BlackRock’s (or its
affiliates’ or significant shareholders’) officers, directors or employees are directors or
officers, or companies as to which BlackRock or any of its affiliates or significant
shareholders or the officers, directors and employees of any of them has any substantial
economic interest or possesses material non-public information. Each portfolio manager
also may manage accounts whose investment strategies may at times be opposed to the
strategy utilized for a fund. In this connection, it should be noted that a portfolio manager
may currently manage certain accounts that are subject to performance fees. In addition, a
portfolio manager may assist in managing certain hedge funds and may be entitled to
receive a portion of any incentive fees earned on such funds and a portion of such incentive
fees may be voluntarily or involuntarily deferred. Additional portfolio managers may in the
future manage other such accounts or funds and may be entitled to receive incentive fees.

As a fiduciary, BlackRock owes a duty of loyalty to its clients and must treat each client
fairly. When BlackRock purchases or sells securities for more than one account, the trades
must be allocated in a manner consistent with its fiduciary duties. BlackRock attempts to
allocate investments in a fair and equitable manner among client accounts, with no account
receiving preferential treatment. To this end, BlackRock has adopted a policy that is
intended to ensure that investment opportunities are allocated fairly and equitably among
client accounts over time. This policy also seeks to achieve reasonable efficiency in client
transactions and provide BlackRock with sufficient flexibility to allocate investments in a
manner that is consistent with the particular investment discipline and client base.

(a)(3) As of April 30, 2009:

Portfolio Manager Compensation Overview

BlackRock’s financial arrangements with its portfolio managers, its competitive
compensation and its career path emphasis at all levels reflect the value senior management
places on key resources. Compensation may include a variety of components and may vary
from year to year based on a number of factors. The principal components of compensation
include a base salary, a performance-based discretionary bonus, participation in various
benefits programs and one or more of the incentive compensation programs established by
BlackRock such as its Long-Term Retention and Incentive Plan.

Base compensation. Generally, portfolio managers receive base compensation based on
their seniority and/or their position with the firm. Senior portfolio managers who perform
additional management functions within the portfolio management group or within
BlackRock may receive additional compensation for serving in these other capacities.


Discretionary Incentive Compensation
Discretionary incentive compensation is a function of several components: the performance
of BlackRock, Inc., the performance of the portfolio manager’s group within BlackRock,
the investment performance, including risk-adjusted returns, of the firm’s assets under
management or supervision by that portfolio manager relative to predetermined
benchmarks, and the individual’s seniority, role within the portfolio management team,
teamwork and contribution to the overall performance of these portfolios and BlackRock.
In most cases, including for the portfolio managers of the Fund, these benchmarks are the
same as the benchmark or benchmarks against which the performance of the Fund or other
accounts managed by the portfolio managers are measured. BlackRock’s Chief Investment
Officers determine the benchmarks against which the performance of funds and other
accounts managed by each portfolio manager is compared and the period of time over which
performance is evaluated. With respect to the portfolio managers, such benchmarks for the
Fund include a combination of market-based indices (e.g., Barclays Capital Municipal Bond
Index), certain customized indices and certain fund industry peer groups.

BlackRock’s Chief Investment Officers make a subjective determination with respect to the
portfolio managers’ compensation based on the performance of the funds and other accounts
managed by each portfolio manager relative to the various benchmarks noted above.
Performance is measured on both a pre-tax and after-tax basis over various time periods
including 1, 3, 5 and 10-year periods, as applicable.

Distribution of Discretionary Incentive Compensation
Discretionary incentive compensation is distributed to portfolio managers in a combination
of cash and BlackRock, Inc. restricted stock units which vest ratably over a number of
years. The BlackRock, Inc. restricted stock units, if properly vested, will be settled in
BlackRock, Inc. common stock. Typically, the cash bonus, when combined with base
salary, represents more than 60% of total compensation for the portfolio managers. Paying
a portion of annual bonuses in stock puts compensation earned by a portfolio manager for a
given year “at risk” based on BlackRock’s ability to sustain and improve its performance
over future periods.

Long-Term Retention and Incentive Plan (“LTIP”) — The LTIP is a long-term
incentive plan that seeks to reward certain key employees. Beginning in 2006, awards are
granted under the LTIP in the form of BlackRock, Inc. restricted stock units that, if properly
vested and subject to the attainment of certain performance goals, will be settled in
BlackRock, Inc. common stock. Messrs. Jaeckel and O’Connor have each received awards
under the LTIP.

Deferred Compensation Program — A portion of the compensation paid to
eligible BlackRock employees may be voluntarily deferred into an account that tracks the
performance of certain of the firm’s investment products. Each participant in the deferred
compensation program is permitted to allocate his deferred amounts among the various
investment options. Messrs. Jaeckel and O’Connor have each participated in the deferred
compensation program.

Other compensation benefits. In addition to base compensation and discretionary
incentive compensation, portfolio managers may be eligible to receive or participate in one
or more of the following:


Incentive Savings Plans — BlackRock, Inc. has created a variety of incentive
savings plans in which BlackRock employees are eligible to participate, including a
401(k) plan, the BlackRock Retirement Savings Plan (RSP), and the BlackRock Employee
Stock Purchase Plan (ESPP). The employer contribution components of the RSP include a
company match equal to 50% of the first 6% of eligible pay contributed to the plan capped
at $4,000 per year, and a company retirement contribution equal to 3-5% of eligible
compensation. The RSP offers a range of investment options, including registered
investment companies managed by the firm. BlackRock contributions follow the investment
direction set by participants for their own contributions or, absent employee investment
direction, are invested into a balanced portfolio. The ESPP allows for investment in
BlackRock common stock at a 5% discount on the fair market value of the stock on the
purchase date. Annual participation in the ESPP is limited to the purchase of 1,000 shares
or a dollar value of $25,000. Messrs. Jaeckel and O’Connor are eligible to participate in
these plans.

(a)(4) Beneficial Ownership of Securities – April 30, 2009.

Portfolio Manager  Dollar Range of Equity 
  Securities Beneficially Owned 
Theodore R. Jaeckel, Jr.  None 
Walter O’Connor  None 

Item 9 – Purchases of Equity Securities by Closed-End Management Investment Company and
Affiliated Purchasers – Not Applicable due to no such purchases during the period covered
by this report.

Item 10 – Submission of Matters to a Vote of Security Holders – The registrant’s Nominating and
Governance Committee will consider nominees to the board of directors recommended by
shareholders when a vacancy becomes available. Shareholders who wish to recommend a
nominee should send nominations that include biographical information and set forth the
qualifications of the proposed nominee to the registrant’s Secretary. There have been no
material changes to these procedures.

Item 11 – Controls and Procedures

11(a) – The registrant’s principal executive and principal financial officers or persons performing
similar functions have concluded that the registrant’s disclosure controls and procedures (as
defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the
“1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the
evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act
and Rule 13(a)-15(b) under the Securities Exchange Act of 1934, as amended.

11(b) – There were no changes in the registrant’s internal control over financial reporting (as
defined in Rule 30a-3(d) under the 1940 Act) that occurred during the second fiscal quarter
of the period covered by this report that have materially affected, or are reasonably likely to
materially affect, the registrant’s internal control over financial reporting.


Item 12 – Exhibits attached hereto

12(a)(1) – Code of Ethics – See Item 2

12(a)(2) – Certifications – Attached hereto

12(a)(3) – Not Applicable

12(b) – Certifications – Attached hereto


Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment
Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.

BlackRock Municipal Income Trust

By: /s/ Donald C. Burke
Donald C. Burke
Chief Executive Officer of
BlackRock Municipal Income Trust

Date: June 19, 2009

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment
Company Act of 1940, this report has been signed below by the following persons on behalf
of the registrant and in the capacities and on the dates indicated.

By: /s/ Donald C. Burke
Donald C. Burke
Chief Executive Officer (principal executive officer) of
BlackRock Municipal Income Trust

Date: June 19, 2009

By: /s/ Neal J. Andrews
Neal J. Andrews
Chief Financial Officer (principal financial officer) of
BlackRock Municipal Income Trust

Date: June 19, 2009