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UNITEDSTATES
SECURITIESANDEXCHANGECOMMISSION
Washington,D.C.20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number 811-10339

Name of Fund: BlackRock Municipal Income Trust (BFK)

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

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

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

Date of fiscal year end: 04/30/2010

Date of reporting period: 10/31/2009

Item 1 – Report to Stockholders



EQUITIES FIXED INCOME REAL ESTATE LIQUIDITY ALTERNATIVES BLACKROCK SOLUTIONS

Semi-Annual Report

OCTOBER 31, 2009 | (UNAUDITED)

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 
Semi-Annual Report:       
Trust Summaries      4 
The Benefits and Risks of Leveraging    10 
Derivative Financial Instruments    10 
Financial Statements       
       Schedules of Investments    11 
       Statements of Assets and Liabilities    32 
       Statements of Operations    33 
       Statements of Changes in Net Assets    34 
       Statement of Cash Flows    36 
Financial Highlights      37 
Notes to Financial Statements    43 
Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements    49 
Officers and Trustees      53 
Additional Information      54 
2  SEMI-ANNUAL REPORT  OCTOBER 31, 2009   


Dear Shareholder

Over the past 12 months, we have witnessed a seismic shift in market sentiment — from fear and pessimism during the worst economic decline and crisis

of confidence in financial markets since The Great Depression to increasing optimism amid emerging signs of recovery. The period began in the midst of an

intense deterioration in global economic activity and financial markets in the final months of 2008 and the early months of 2009. The collapse of confi-

dence resulted in massive government policy intervention on a global scale in the financial system and the economy. The tide turned dramatically in March

2009, however, on the back of new US government initiatives, as well as better-than-expected economic data and upside surprises in corporate earnings.

Not surprisingly, global equity markets endured extreme volatility over the past 12 months, starting with steep declines and heightened risk aversion in the

early part of the reporting period, which eventually gave way to an impressive rally that began in March. Although there have been fits and starts along the

way and a few modest corrections, the new bull market has pushed all major US indices well into positive territory for 2009. The experience in international

markets was similar to that in the United States. In particular, emerging markets (which were less affected by the global credit crunch and are experiencing

faster economic growth rates when compared to the developed world) have posted impressive gains since the rally began.

In fixed income markets, the flight-to-safety premium in Treasury securities prevailed during the equity market downturn, which drove yields sharply lower,

but concerns about deficit spending, debt issuance, inflation and dollar weakness have kept Treasury yields range bound in recent months. As economic

and market conditions began to improve in early 2009, near-zero interest rates on risk-free assets prompted many investors to reallocate money from cash

investments into higher-yielding and riskier non-Treasury assets. The high yield sector was the greatest beneficiary of this move, having decisively outpaced

all other taxable asset classes since the start of 2009. Similarly, the municipal bond market is on pace for its best performance year ever in 2009, following

one of its worst years in 2008. Investor demand remains strong for munis, helping to create a highly favorable technical backdrop. Municipal bond mutual

funds are seeing record inflows, reflecting the renewed investor interest in the asset class.

As a result of the rebound in sentiment and global market conditions, most major benchmark indexes are now in positive territory for both the

6- and 12-month periods.

Total Returns as of October 31, 2009  6-month  12-month 
US equities (S&P 500 Index)  20.04%  9.80% 
Small cap US equities (Russell 2000 Index)  16.21  6.46 
International equities (MSCI Europe, Australasia, Far East Index)  31.18  27.71 
US Treasury securities (BofA Merrill Lynch 10-Year US Treasury Index*)  (0.79)  8.12 
Taxable fixed income (Barclays Capital US Aggregate Bond Index)  5.61  13.79 
Tax-exempt fixed income (Barclays Capital Municipal Bond Index)  4.99  13.60 
High yield bonds (Barclays Capital US Corporate High Yield 2% Issuer Capped Index)  27.72  48.65 
* Formerly a Merrill Lynch index.     
       Past performance is no guarantee of future results. Index performance shown for illustrative purposes only. You cannot invest directly in an index.   

The market environment has visibly improved since the beginning of the year, but a great deal of uncertainty and risk remain. Through periods of market
turbulence, as ever, BlackRock’s full resources are dedicated to the management of our clients’ assets. For additional market perspective and investment
insight, visit the most recent issue of our award-winning Shareholder® magazine at www.blackrock.com/shareholdermagazine. As always, we thank you
for entrusting BlackRock with your investments, and we look forward to continuing to serve you in the months and years ahead.


Announcement to Shareholders

On December 1, 2009, BlackRock, Inc. and Barclays Global Investors, N.A. combined to form one of the world's preeminent investment management firms.

The new company, operating under the BlackRock name, manages $3.19 trillion in assets** and offers clients worldwide a full complement of active man-

agement, enhanced and index investment strategies and products, including individual and institutional separate accounts, mutual funds and other pooled

investment vehicles, and the industry-leading iShares platform of exchange traded funds.

** Data is as of September 30, 2009, is subject to change, and is based on a pro forma estimate of assets under management and other data at BlackRock, Inc.
and Barclays Global Investors.

THIS PAGE NOT PART OF YOUR FUND REPORT 3


Trust Summary as of October 31, 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.

Performance

For the six months ended October 31, 2009, the Trust returned 23.85% based on market price and 15.88% 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 16.28% on a market price basis and
14.93% on a NAV basis. All returns reflect reinvestment of dividends. During the period, the Trust moved from a discount to a premium to NAV, which
accounts for the difference between performance based on price and performance based on NAV. During the period, the Trust maintained heavy exposure
to A– and BBB-rated credits. Additionally, the Trust was positioned with a longer duration relative to its Lipper peers, and its holdings primarily comprised
longer-dated bonds. These factors benefited total return as credit spreads narrowed and there was a combined curve flattening with an overall rally in
prices. On a sector basis, the Trust’s significant holdings in housing and health contributed positively as these sectors outperformed. Lastly, fund manage-
ment was active in the new-issue market, adding attractively-structured bonds at a discount to where similar credits were trading in the secondary market.
Conversely, the Trust held fewer discount-coupon bonds, which saw the most price appreciation as municipal yields fell during the period; this detracted
from results. Moreover, the Trust’s dividend to the shareholder was below the average of its Lipper peers.

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

     Trust Information                 
  Symbol on New York Stock Exchange (“NYSE”)            BKN 
  Initial Offering Date            February 19, 1993 
  Yield on Closing Market Price as of October 31, 2009 ($13.56)1          7.21% 
  Tax Equivalent Yield2              11.09% 
  Current Monthly Distribution per Common Share3            $0.0815 
  Current Annualized Distribution per Common Share3            $0.9780 
  Leverage as of October 31, 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 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:     
        10/31/09  4/30/09  Change  High  Low 
  Market Price      $13.56  $11.35  19.47%  $14.24  $11.21 
  Net Asset Value      $13.00  $11.63  11.78%  $13.86  $11.63 
The following charts show the sector and credit quality allocations of the Trust’s long-term investments:

       Sector Allocations                     Credit Quality Allocations5     
    10/31/09  4/30/09        10/31/09  4/30/09 
  Health       28%  25%         AAA/Aaa      19%  22% 
  County/City/Special District/             AA/Aa      23  30 
     School District  16  20         A      33  26 
  State  12  12         BBB/Baa      13  9 
  Utilities  10  8         BB/Ba      1  3 
  Housing  10  11         B      3  1 
  Transportation  9  10         CCC/Caa        1 
  Education  7  7         Not Rated6    8  8 
  Corporate  6  5           
        5 Using the higher of Standard & Poor’s (“S&P’s”) or Moody’s Investors 
  Tobacco  2  2                 Service (“Moody’s”) ratings.     
        6 The investment advisor has deemed certain of these securities to 
                       be of investment grade quality. As of October 31, 2009 and April 30, 
                       2009, the market value of these securities was $20,636,430 
                       representing 6% and $12,511,098 representing 4%, respectively, 
                       of the Trust’s long-term investments.     
4       SEMI-ANNUAL REPORT                               OCTOBER 31, 2009     


Trust Summary as of October 31, 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.

Performance

For the six months ended October 31, 2009, the Trust returned 16.37% based on market price and 16.69% based on NAV. For the same period, the
closed-end Lipper General Municipal Debt Funds (Leveraged) category posted an average return of 16.28% on a market price basis and 14.93% 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
performance based on price and performance based on NAV. Positive performance factors included concentrations in education, health, tobacco and
corporate-related debt. Renewed risk appetite was also beneficial, given the Trust’s focus on lower-rated credits. In addition, the Trust’s long duration stance
and emphasis on longer-dated bonds were significant positive contributors as yields on the long end of the curve fell substantially. Negative factors included
less exposure to the tax-backed and essential services sectors.

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

Trust Information                 
  Symbol on NYSE              BTA 
  Initial Offering Date            February 28, 2006 
  Yield on Closing Market Price as of October 31, 2009 ($9.88)1          6.98% 
  Tax Equivalent Yield2              10.74% 
  Current Monthly Distribution per Common Share3            $0.0575 
  Current Annualized Distribution per Common Share3            $0.6900 
  Leverage as of October 31, 20094              37% 
     1 Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.   
         Past performance does not guarantee future results.             
     2 Tax equivalent yield assumes the maximum federal tax rate of 35%.           
     3 The distribution 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:     
        10/31/09  4/30/09  Change  High  Low 
  Market Price      $9.88  $8.79  12.40%  $10.72  $8.65 
  Net Asset Value      $10.73  $9.52  12.71%  $11.40  $9.52 
  The following charts show the sector and credit quality allocations of the Trust’s long-term investments:     
       Sector Allocations                     Credit Quality Allocations5     
    10/31/09  4/30/09        10/31/09  4/30/09 
  Health       17%     12%         AAA/Aaa             15%  18% 
  Education  15  16         AA/Aa      43  37 
  County/City/Special District/             A      10  8 
     School District  14  15         BBB/Baa      10  15 
  Housing  10  12         BB/Ba      2  1 
  Utilities  10  8         B      4  3 
  State  10  9         Not Rated6    16  18 
  Transportation  10  10             5 Using the higher of S&P’s or Moody’s ratings.   
  Tobacco  7  13  6 The investment advisor has deemed certain of these securities to 
  Corporate  7  5                 be of investment grade quality. As of October 31, 2009 and April 30, 
                       2009, the market value of these securities was $1,737,913 repre- 
        senting 1% and $1,468,107 representing 1%, respectively, of the 
                       Trust’s long-term investments.     
       SEMI-ANNUAL REPORT        OCTOBER 31, 2009    5 


Trust Summary as of October 31, 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.

Performance

For the six months ended October 31, 2009, the Trust returned 17.06% based on market price and 17.08% based on NAV. For the same period, the
closed-end Lipper General Municipal Debt Funds (Leveraged) category posted an average return of 16.28% on a market price basis and 14.93% on a
NAV basis. All returns reflect reinvestment of dividends. The Trust’s premium to NAV, which remained substantially unchanged during the period, accounts for
the difference between performance based on price and performance based on NAV. The Trust’s allocation to lower-rated issues with longer maturities bene-
fited performance as the high yield sector outperformed, with credit spreads contracting as the overall market improved and yields declined. Conversely, the
Trust’s short-duration bias detracted from performance in an environment where yields fell. The Trust is managed to meet a 2020 termination date, and as
such, maintains a generally shorter duration than that of its Lipper category, which comprises longer-duration funds. Accordingly, the Trust did not fully bene-
fit from the price appreciation that occurred amongst longer-dated securities.

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

     Trust Information                 
  Symbol on NYSE              BKK 
  Initial Offering Date            September 30, 2003 
  Termination Date (on or about)            December 31, 2020 
  Yield on Closing Market Price as of October 31, 2009 ($14.47)1          5.16% 
  Tax Equivalent Yield2              7.94% 
  Current Monthly Distribution per Common Share3          $0.06225 
  Current Annualized Distribution per Common Share3          $0.74700 
  Leverage as of October 31, 20094              39% 
     1 Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.   
         Past performance does not guarantee future results.             
     2 Tax equivalent yield assumes the maximum federal tax rate of 35%.           
     3 The distribution 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:     
        10/31/09  4/30/09  Change  High  Low 
  Market Price      $14.47  $12.70  13.94%  $14.76  $12.42 
  Net Asset Value      $13.72  $12.04  13.95%  $14.26  $12.04 
  The following charts show the sector and credit quality allocations of the Trust’s long-term investments:     
       Sector Allocations                     Credit Quality Allocations5     
    10/31/09  4/30/09        10/31/09  4/30/09 
  Corporate       18%  17%         AAA/Aaa             17%  22% 
  County/City/Special District/             AA/Aa      10  16 
     School District  15  17         A      24  17 
  Health  15  15         BBB/Baa      27  27 
  Transportation  11  9         BB/Ba      3  1 
  State  10  9         B      4  3 
  Utilities  9  8         CC/Ca        1 
  Education  9  9         Not Rated6    15  13 
  Tobacco  7  10             5 Using the higher of S&P’s or Moody’s ratings.   
  Housing  6  6           
        6 The investment advisor has deemed certain of these securities to 
                       be of investment grade quality. As of October 31, 2009 and April 30, 
                       2009, the market value of these securities was $6,099,320 repre- 
                       senting 1% and $5,768,611 representing 1%, respectively, of the 
                       Trust’s long-term investments.     
6       SEMI-ANNUAL REPORT      OCTOBER 31, 2009     


Trust Summary as of October 31, 2009 BlackRock Municipal Income Trust

Investment Objective

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

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

Performance

For the six months ended October 31, 2009, the Trust returned 16.99% based on market price and 21.79% based on NAV. For the same period, the
closed-end Lipper General Municipal Debt Funds (Leveraged) category posted an average return of 16.28% on a market price basis and 14.93% on a NAV
basis. All returns reflect reinvestment of dividends. The Trust moved from a premium to a discount to NAV by period-end, which accounts for the difference
between performance based on price and performance based on NAV. Positive performance factors included concentrations in education, health, trans-
portation and corporate-related debt. Renewed risk appetite was also beneficial, given the Trust’s focus on lower-rated credits. In addition, the Trust’s long
duration stance and emphasis on longer-dated bonds were significant positive contributors as yields on the long end of the curve fell substantially. Negative
factors included less exposure to the tax-backed and essential services sectors.

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

Trust Information                 
  Symbol on NYSE              BFK 
  Initial Offering Date            July 27, 2001 
  Yield on Closing Market Price as of October 31, 2009 ($12.50)1          7.55% 
  Tax Equivalent Yield2              11.62% 
  Current Monthly Distribution per Common Share3            $0.0786 
  Current Annualized Distribution per Common Share3            $0.9432 
  Leverage as of October 31, 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 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:     
        10/31/09  4/30/09  Change  High  Low 
  Market Price      $12.50  $11.10  12.61%  $14.25  $10.68 
  Net Asset Value      $12.59  $10.74  17.23%  $13.34  $10.74 
  The following charts show the sector and credit quality allocations of the Trust’s long-term investments:     
       Sector Allocations                     Credit Quality Allocations5     
    10/31/09  4/30/09        10/31/09  4/30/09 
  Health       20%  22%         AAA/Aaa      18%  34% 
  Corporate  13  12         AA/Aa      19  15 
  Transportation  13  11         A      30  21 
  Utilities  12  13         BBB/Baa      18  14 
  Education  12  11         BB/Ba      1  3 
  State  9  9         B      7  4 
  County/City/Special District/             CCC/Caa      1  1 
     School District  9  8         Not Rated6    6  8 
  Housing  7  9             5 Using the higher of S&P’s or Moody’s ratings.   
  Tobacco  5  5  6 The investment advisor has deemed certain of these securities to 
                       be of investment grade quality. As of October 31, 2009 and April 30, 
                       2009, the market value of these securities was $21,665,391 repre- 
                       senting 2% and $17,649,155 representing 2%, respectively, of the 
                       Trust’s long-term investments.     
       SEMI-ANNUAL REPORT               OCTOBER 31, 2009    7 


Trust Summary as of October 31, 2009 BlackRock Pennsylvania Strategic Municipal Trust

Investment Objective

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

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

Performance

For the six months ended October 31, 2009, the Trust returned 24.45% based on market price and 16.96% based on NAV. For the same period, the
closed-end Lipper Pennsylvania Municipal Debt Funds category posted an average return of 16.92% on a market price basis and 12.05% 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. A higher concentration in interest-rate-sensitive bonds benefited Trust performance as rates steadily
declined through the period. Certain sector allocations also contributed to the Trust’s performance, specifically the long-term care and continuing care retire-
ment communities sector, bonds escrowed to maturity, and US territories (i.e., Puerto Rico, Guam and the Virgin Islands). Conversely, low exposure to both
the corporate and non-investment-grade credit sectors detracted from the Trust’s performance as credit spreads tightened and these issues outperformed.
The Trust’s moderate cash level had no impact on 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 NYSE Amex              BPS 
  Initial Offering Date            August 25, 1999 
  Yield on Closing Market Price as of October 31, 2009 ($11.92)1          6.44% 
  Tax Equivalent Yield2              9.91% 
  Current Monthly Distribution per Common Share3            $0.064 
  Current Annualized Distribution per Common Share3            $0.768 
  Leverage as of October 31, 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 Preferred Shares and TOBs as a percentage of total managed assets, which is the total assets of the Trust, including any assets 
         attributable to Preferred Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Trust, 
         please see The Benefits and Risks of Leveraging on page 10.           
  The table below summarizes the changes in the Trust’s market price and net asset value per share:     
        10/31/09  4/30/09  Change  High  Low 
  Market Price      $11.92  $ 9.85  21.02%  $13.03  $ 9.84 
  Net Asset Value      $13.50  $11.87  13.73%  $14.03  $11.86 
The following charts show the sector and credit quality allocations of the Trust’s long-term investments:

       Sector Allocations                     Credit Quality Allocations5     
    10/31/09  4/30/09        10/31/09  4/30/09 
  Health       27%  24%         AAA/Aaa             19%  23% 
  Housing  17  14         AA/Aa      42  46 
  State  16  15         A      16  17 
  County/City/Special District/             BBB/Baa      18  7 
     School District  12  15         BB/Ba      1  1 
  Education  11  9         Not Rated6    4  6 
  Transportation  9  11             5 Using the higher of S&P’s or Moody’s ratings.   
  Utilities  6  8             6 The investment advisor has deemed certain of these securities to 
  Corporate  2  4                 be of investment grade quality. As of October 31, 2009 and April 30, 
                       2009, the market value of these securities was $1,605,730 repre- 
                       senting 4% and $1,623,020 representing 4%, respectively, of the 
                       Trust’s long-term investments.     
8       SEMI-ANNUAL REPORT      OCTOBER 31, 2009     


Trust Summary as of October 31, 2009 BlackRock Strategic Municipal Trust

Investment Objective

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

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

Performance

For the six months ended October 31, 2009, the Trust returned 20.81% based on market price and 16.91% based on NAV. For the same period, the
closed-end Lipper General Municipal Debt Funds (Leveraged) category posted an average return of 16.28% on a market price basis and 14.93% on a
NAV basis. All returns reflect reinvestment of dividends. The Trust’s discount to NAV, which narrowed during the period, accounts for the difference between
performance based on price and performance based on NAV. Positive performance factors included concentrations in education, health, transportation and
corporate-related debt. Renewed risk appetite was also beneficial, given the Trust’s focus on lower-rated credits. In addition, the Trust’s long duration stance
and emphasis on longer-dated bonds were significant positive contributors as yields on the long end of the curve fell substantially. Negative factors included
less exposure to the tax-backed, essential services and tobacco sectors. The Trust’s cash reserves had no impact on 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 NYSE              BSD 
  Initial Offering Date            August 25, 1999 
  Yield on Closing Market Price as of October 31, 2009 ($11.83)1          7.10% 
  Tax Equivalent Yield2              10.92% 
  Current Monthly Distribution per Common Share3            $0.07 
  Current Annualized Distribution per Common Share3            $0.84 
  Leverage as of October 31, 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 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:     
        10/31/09  4/30/09  Change  High  Low 
  Market Price      $11.83  $10.15  16.55%  $12.79  $10.06 
  Net Asset Value      $12.35  $10.95  12.79%  $13.15  $10.95 
  The following charts show the sector and credit quality allocations of the Trust’s long-term investments:     
       Sector Allocations                     Credit Quality Allocations5     
    10/31/09  4/30/09        10/31/09  4/30/09 
  Health       19%     19%         AAA/Aaa      26%  31% 
  County/City/Special District/             AA/Aa      23  29 
     School District  16  16         A      24  20 
  Transportation  14  13         BBB/Baa      13  5 
  Education  12  10         BB/Ba      2  4 
  Corporate  11  10         B      5  5 
  Utilities  11  8         CCC/Caa      2  1 
  Housing  8  10         Not Rated6    5  5 
  State  8  13             5 Using the higher of S&P’s or Moody’s ratings.   
  Tobacco  1  1           
        6 The investment advisor has deemed certain of these securities to 
                       be of investment grade quality. As of October 31, 2009 and April 30, 
                       2009, the market value of these securities was $3,804,164 repre- 
                       senting 3% and $2,678,936 representing 2%, respectively, of the 
                       Trust’s long-term investments.     
       SEMI-ANNUAL REPORT               OCTOBER 31, 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 the Trusts, except for BTA, issue Preferred Shares, which pay
dividends at prevailing short-term interest rates, and invest the proceeds in
long-term municipal bonds. In general, the concept of leveraging is based
on the premise that the cost of assets to be obtained from leverage will be
based on short-term interest rates, which normally will be lower than the
income earned by each Trust on its longer-term portfolio investments. To
the extent that the total assets of each Trust (including the assets obtained
from leverage) are invested in higher-yielding portfolio investments, each
Trust’s Common Shareholders will benefit from the incremental net income.

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

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

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

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

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

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

Under the Investment Company Act of 1940, the Trusts are permitted to
issue Preferred Shares in an amount of up to 50% of their total managed
assets at the time of issuance. Under normal circumstances, each Trust
anticipates that the total economic leverage from Preferred Shares and/or
TOBs will not exceed 50% of its total managed assets at the time such
leverage is incurred. As of October 31, 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 
BKN  38% 
BTA  37% 
BKK  39% 
BFK  38% 
BPS  38% 
BSD  38% 

Derivative Financial Instruments

The Trusts may invest in various derivative instruments, including finan-
cial futures contracts, as specified in Note 2 of the Notes to Financial
Statements, which 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 underlying asset and
illiquidity of the derivative instrument. The Trusts’ ability to successfully use
a derivative instrument depends on the investment advisor’s ability to accu-

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

10 SEMI-ANNUAL REPORT OCTOBER 31, 2009


Schedule of Investments October 31, 2009 (Unaudited) BlackRock Investment Quality Municipal Trust Inc. (BKN)
(Percentages shown are based on Net Assets)

    Par   
Municipal Bonds    (000)  Value 
Alabama — 3.1%       
Birmingham Alabama Special Care Facilities Financing       
 Authority, RB, Health Care Facilities, Children’s Hospital     
 (AGC), 6.00%, 6/01/39  $ 1,100  $ 1,167,078 
Birmingham Special Care Facilities Financing Authority,       
 RB, Childrens Hospital (AGC), 6.00%, 6/01/34    1,745  1,858,739 
Coosa Valley Water Supply District Inc., RB (AGC):       
     4.50%, 10/01/34    900  848,484 
     4.50%, 10/01/36    2,045  1,894,549 
     4.50%, 10/01/39    1,200  1,098,648 
      6,867,498 
Arizona — 5.2%       
City of Goodyear Arizona, GO (FSA), 4.25%, 7/01/36    1,125  1,027,676 
Glendale Municipal Property Corp., Arizona, RB, Series A     
 (FSA), 4.50%, 7/01/32    1,150  1,108,738 
Mohave County Unified School District No. 20, Kingman,     
 GO, School Improvement, Project 2006, Series C (AGC),     
 5.00%, 7/01/26    1,800  1,908,954 
Salt Verde Financial Corp., RB, Senior:       
     5.00%, 12/01/32    1,035  925,497 
     5.00%, 12/01/37    4,585  3,900,001 
San Luis Facility Development Corp., RB, Senior Lien       
 Project, Regional Detention Center:       
     6.25%, 5/01/15    490  454,681 
     7.00%, 5/01/20    490  452,682 
     7.25%, 5/01/27    980  894,025 
University Medical Center Corp., Arizona, RB,       
 6.50%, 7/01/39    750  791,205 
      11,463,459 
California — 26.2%       
California County Tobacco Securitization Agency, RB, CAB,     
 Stanislaus, Sub-Series C, 6.30%, 6/01/55 (a)    7,090  86,994 
California Health Facilities Financing Authority, RB,       
 Cedars-Sinai Medical Center, 5.00%, 8/15/39    880  818,242 
California State Department of Veterans Affairs, California,     
 RB, Series B, AMT, 5.25%, 12/01/37    5,000  4,499,750 
Carlsbad Unified School District, GO, Election, Series B,     
 6.09%, 5/01/34 (b)    1,500  901,545 
County of Sacramento California, RB, Senior, Series A       
 (FSA), 5.00%, 7/01/41    2,000  1,965,520 
Dinuba Unified School District, GO, Election of 2006 (FSA):     
     5.63%, 8/01/31    250  259,187 
     5.75%, 8/01/33    535  554,340 
Foothill Eastern Transportation Corridor Agency, California,     
 Refunding RB:       
     5.75%, 1/15/40    3,495  3,189,118 
     CAB, 5.88%, 7/15/28 (b)    7,000  6,797,560 

  Par   
Municipal Bonds  (000)  Value 
California (concluded)     
Golden State Tobacco Securitization Corp., California, RB,     
 Asset-Backed, Senior, Series A-1, 5.13%, 6/01/47  $ 805  $ 532,145 
Hartnell Community College District, California, GO,     
 Premium Capital Appreciation Election of 2002,     
 Series D, 7.17%, 8/01/34 (a)  2,475  1,163,027 
Los Altos School District, California, GO, CAB, Election     
 of 1998, Series B (MBIA), 5.93%, 8/01/13 (a)(c)  10,945  5,492,310 
Norwalk-La Mirada Unified School District     
 California, GO, CAB, Election 2002, Series E (AGC),     
 6.47%, 8/01/38 (a)  12,000  2,022,240 
San Diego Community College District, California, GO,     
 CAB, Election of 2002, 6.14%, 8/01/19 (b)  4,200  2,505,426 
State of California, GO:     
     5.00%, 2/01/32  5,340  5,031,882 
     Refunding (CIFG), 4.50%, 8/01/28  3,000  2,670,840 
     Various Purpose, 5.75%, 4/01/31  3,000  3,078,810 
     Various Purpose, 5.00%, 6/01/32  4,545  4,280,936 
     Various Purpose, 6.50%, 4/01/33  2,900  3,205,109 
     Various Purpose (CIFG), 5.00%, 3/01/33  5,000  4,691,950 
University of California, RB, Limited Project, Series B,     
 4.75%, 5/15/38  4,185  3,984,036 
    57,730,967 
Colorado — 2.5%     
City of Colorado Springs Colorado, RB, Subordinate Lien,     
 Improvement, Series C (FSA), 5.00%, 11/15/45  1,030  1,041,742 
Colorado Health Facilities Authority, RB, Series B (FSA),     
 5.25%, 3/01/36  1,750  1,752,730 
Colorado Health Facilities Authority, Refunding RB,     
 Catholic Healthcare, Series A, 5.00%, 7/01/39 (d)  3,000  2,823,270 
    5,617,742 
Connecticut — 0.7%     
Mashantucket Western Pequot Tribe, RB, Sub-Series A,     
 5.50%, 9/01/28  3,000  1,571,910 
District of Columbia — 2.1%     
District of Columbia Tobacco Settlement Financing Corp.,     
 RB, Asset-Backed Bonds, 6.50%, 5/15/33  4,960  4,675,643 
Florida — 12.1%     
County of Miami-Dade Florida, RB, CAB, Sub-Series A     
 (MBIA) (a):     
     5.20%, 10/01/32  4,225  899,629 
     5.21%, 10/01/33  4,000  792,640 
     5.21%, 10/01/34  4,580  846,155 
     5.22%, 10/01/35  5,000  863,850 
     5.23%, 10/01/36  10,000  1,578,800 
     5.24%, 10/01/37  10,000  1,467,500 

     Portfolio Abbreviations           
To simplify the listings of portfolio holdings in each  ACA  American Capital Access Corp.  HDA  Housing Development Authority   
Trust’s Schedule of Investments, the names and  AGC  Assured Guaranty Corp.  HFA  Housing Finance Agency   
descriptions of many of the securities have been  AMBAC  American Municipal Bond Assurance Corp.  IDA  Industrial Development Authority   
abbreviated according to the following list:  AMT  Alternative Minimum Tax (subject to)  IDB  Industrial Development Board   
  ARB  Airport Revenue Bonds  ISD  Independent School District   
  CAB  Capital Appreciation Bonds  MBIA  Municipal Bond Investors Assurance   
  CIFG  CDC IXIS Financial Guaranty    (National Public Finance Guaranty Corp.)   
  COP  Certificates of Participation  PILOT  Payment in Lieu of Taxes   
  EDA  Economic Development Authority  RB  Revenue Bonds   
  FGIC  Financial Guaranty Insurance Co.  S/F  Single-Family   
  FNMA  Federal National Mortgage Association  SO  Special Obligation   
  FSA  Financial Security Assurance Inc.  TAN  Tax Anticipation Notes   
  GNMA  Government National Mortgage Association  VRDN  Variable Rate Demand Notes   
  GO  General Obligation Bonds       
See Notes to Financial Statements.           
                                                         SEMI-ANNUAL REPORT       OCTOBER 31, 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 
Florida (concluded)     
County of Orange Florida, Refunding RB (Syncora),     
 4.75%, 10/01/32  $ 5,000  $ 4,790,950 
Fishhawk Community Development District II, TAN,     
 Series A, 6.13%, 5/01/34  1,990  1,696,992 
Hillsborough County IDA, RB, National Gypsum, Series A,     
 AMT, 7.13%, 4/01/30  3,700  2,551,409 
Miami Beach Health Facilities Authority, Refunding RB,     
 Mount Sinai Medical Center Florida, 6.75%, 11/15/21  1,960  1,972,270 
Sumter Landing Community Development District, Florida,     
 RB, Sub-Series B, 5.70%, 10/01/38  3,635  2,619,635 
Village Community Development District No. 6, Special     
 Assessment, 5.63%, 5/01/22  7,205  6,659,365 
    26,739,195 
Georgia — 1.5%     
City of Atlanta Georgia, RB (FSA), 5.00%, 11/01/34  1,500  1,466,505 
Milledgeville & Baldwin County Development Authority,     
 RB, Georgia College & State University Foundation,     
 6.00%, 9/01/14 (c)  1,500  1,799,850 
    3,266,355 
Hawaii — 1.1%     
Hawaii State Department of Budget & Finance,     
 Refunding RB, Hawaiian Electric Co. Inc., Series D, AMT     
 (AMBAC), 6.15%, 1/01/20  2,500  2,506,150 
Idaho — 1.7%     
Idaho Health Facilities Authority, RB, Trinity Health Group,     
 Series B, 6.25%, 12/01/33  2,500  2,704,975 
Idaho Housing & Finance Association, RB, Grant &     
 Anticipation, Federal Highway Trust, Series A,     
 5.00%, 7/15/27  900  956,124 
    3,661,099 
Illinois — 7.4%     
CenterPoint Intermodal Center Program Trust, Tax     
 Allocation Bonds, Class A, 10.00%, 6/15/23 (e)  1,920  1,010,035 
Chicago Public Building Commission Building, Illinois, RB,     
 Series A (MBIA), 7.00%, 1/01/20 (f)  5,000  6,435,850 
Illinois Finance Authority, RB:     
     Friendship Village Schaumburg, Series A,     
     5.63%, 2/15/37  345  272,923 
     Illinois Rush University Medical Center, Series C,     
     6.63%, 11/01/39  1,200  1,294,272 
     MJH Education Assistance IV, Sub-Series B,     
     5.38%, 6/01/35 (g)(h)  700  49,700 
     Monarch Landing Inc. Facilities, Series A,     
     7.00%, 12/01/37  1,155  577,500 
     Northwestern Memorial Hospital, Series A,     
     5.50%, 8/15/14 (c)  5,800  6,710,890 
    16,351,170 
Iowa — 1.7%     
Iowa Finance Authority, RB, Series A (AGC),     
 5.63%, 8/15/37  3,600  3,704,796 
Kentucky — 4.0%     
Kentucky Economic Development Finance Authority,     
 Kentucky, RB:     
     Louisville Arena, Sub-Series A-1 (AGC),     
     6.00%, 12/01/38  700  741,832 
     Norton Healthcare Inc., Series B (MBIA),     
     6.19%, 10/01/23 (a)  13,500  5,623,020 
Louisville, Jefferson County Metropolitan Government,     
 RB, Jewish Hospital Saint Mary’s Healthcare,     
 6.13%, 2/01/37  2,250  2,351,160 
    8,716,012 

    Par   
Municipal Bonds    (000)  Value 
Maryland — 1.0%       
Maryland Community Development Administration, RB,       
 Residential, Series A, AMT, 4.80%, 9/01/42  $ 2,500  $ 2,280,325 
Michigan — 4.8%       
Michigan State Building Authority, Refunding RB, Facilities     
 Program, Series I, 6.25%, 10/15/38    1,875  2,021,475 
Michigan State Hospital Finance Authority, Michigan,       
 Refunding RB, Henry Ford Health System, Series A,       
 5.25%, 11/15/46    1,670  1,448,458 
Michigan State Hospital Finance Authority, Refunding RB,     
 Hospital, Henry Ford Health, 5.75%, 11/15/39 (d)    4,110  3,940,051 
Royal Oak Hospital Finance Authority, Michigan, RB,       
 William Beaumont Hospital, 8.25%, 9/01/39    2,750  3,193,823 
      10,603,807 
Minnesota — 1.8%       
City of Minneapolis Minnesota, RB, Fairview Health       
 Services, Series B (AGC), 6.50%, 11/15/38    3,500  3,940,405 
Mississippi — 3.7%       
Mississippi Development Bank SO, RB (AGC):       
Jackson County Limited Tax Note, 5.50%, 7/01/32  2,655  2,761,811 
     Jones Co. Junior College, 5.13%, 3/01/39    1,500  1,498,755 
University of Southern Mississippi, RB, Campus Facilities     
 Improvement Project, 5.38%, 9/01/36    3,750  3,956,363 
      8,216,929 
Missouri — 1.1%       
Missouri Joint Municipal Electric Utility Commission, RB,     
 Plum Point Project (MBIA), 4.60%, 1/01/36    2,820  2,320,465 
Multi-State — 4.6%       
Charter Mac Equity Issuer Trust, 7.60%, 11/30/50 (e)(i)  7,000  7,274,050 
MuniMae TE Bond Subsidiary LLC, 7.75%, 6/30/50 (e)(i)  4,000  2,799,920 
      10,073,970 
Nebraska — 1.0%       
Omaha Public Power District, RB, System, Series A,       
 4.75%, 2/01/44    2,265  2,234,649 
Nevada — 0.5%       
County of Clark Nevada, Refunding RB, Alexander Dawson     
 School, Nevada Project, 5.00%, 5/15/29    1,065  1,039,035 
New Jersey — 6.9%       
Middlesex County Improvement Authority, RB, Heldrich       
 Center Hotel, Sub-Series B, 6.25%, 1/01/37    1,510  277,780 
New Jersey EDA, RB:       
     Cigarette Tax, 5.75%, 6/15/29    7,000  6,736,800 
     Motor Vehicle Surcharge, Series A (MBIA),       
     5.00%, 7/01/27    1,150  1,164,720 
New Jersey Educational Facilities Authority, Refunding RB,     
 University Medical & Dentistry, Series B:       
     7.13%, 12/01/23    950  1,069,805 
     7.50%, 12/01/32    1,225  1,379,289 
New Jersey Health Care Facilities Financing Authority, RB,     
 Virtual Health (AGC), 5.50%, 7/01/38    2,250  2,323,057 
New Jersey State Housing & Mortgage Finance Agency,       
 RB, Series AA, 6.50%, 10/01/38    1,165  1,265,004 
University of Medicine & Dentistry of New Jersey,       
 New Jersey, RB, Series A (AMBAC), 5.50%, 12/01/27  1,000  1,003,600 
      15,220,055 
New York — 8.7%       
Albany Industrial Development Agency, RB, New Covenant     
 Charter School Project, Series A, 7.00%, 5/01/35    725  459,374 
Hudson Yards Infrastructure Corp., RB, Series A (FGIC),       
 5.00%, 2/15/47    1,400  1,272,642 

See Notes to Financial Statements.

12 SEMI-ANNUAL REPORT OCTOBER 31, 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 (concluded)       
Long Island Power Authority, RB:       
     General, Series C (CIFG), 5.25%, 9/01/29  $ 2,000  $ 2,162,380 
     Series A, 6.25%, 4/01/33    480  548,650 
     Series A, 5.75%, 4/01/39    2,475  2,652,928 
New York City Industrial Development Agency, RB:       
     American Airlines, JFK International Airport, AMT,       
     7.63%, 8/01/25    2,600  2,499,614 
     Queens Baseball Stadium, PILOT (AGC),       
     6.50%, 1/01/46    1,100  1,256,607 
New York Liberty Development Corp., RB, Goldman Sachs     
 Headquarters, 5.25%, 10/01/35    2,000  1,956,680 
New York State Dormitory Authority, RB:       
     5.83%, 7/01/39 (b)    1,825  1,448,429 
     Rochester Institute Technology, Series A,       
     6.00%, 7/01/33    1,625  1,775,085 
     University Rochester, Series A, 5.13%, 7/01/39    550  564,091 
     Yeshiva University, 5.00%, 9/01/38    500  506,950 
Port Authority of New York & New Jersey, RB,       
 Consolidated, 152nd, AMT, 5.75%, 11/01/30    1,000  1,062,820 
State of New York, GO, Series A, 5.00%, 2/15/39    950  986,414 
      19,152,664 
North Carolina — 2.0%       
Gaston County Industrial Facilities & Pollution Control       
 Financing Authority, North Carolina, RB, Exempt       
 Facilities, National Gypsum Co. Project, AMT,       
 5.75%, 8/01/35    2,425  1,432,981 
North Carolina Medical Care Commission, North       
 Carolina, RB:       
     University Health System, Series D, 6.25%, 12/01/33  1,750  1,908,077 
     WakeMed, Series A (AGC), 5.88%, 10/01/38    1,000  1,042,120 
      4,383,178 
Ohio — 6.8%       
County of Cuyahoga Ohio, Refunding RB, Series A:       
     6.00%, 1/01/20    3,485  3,766,170 
     6.00%, 1/01/21    5,000  5,382,000 
County of Montgomery Ohio, Refunding RB, Catholic       
 Healthcare, Series A, 5.00%, 5/01/39 (d)    3,000  2,836,590 
Kent State University, RB, Series B (AGC), 4.25%, 5/01/31  2,750  2,486,852 
Ohio Air Quality Development Authority, Refunding RB,       
 Pollution, Dayton, Series B (FGIC), 4.80%, 1/01/34    400  407,688 
      14,879,300 
Oklahoma — 1.3%       
Tulsa Municipal Airport Trust Trustees, Oklahoma,       
 Refunding RB, Series A, AMT, 7.75%, 6/01/35    2,900  2,763,642 
Oregon — 1.1%       
Oregon Health & Science University, RB, Series A,       
 5.75%, 7/01/39    2,250  2,349,877 
Pennsylvania — 5.8%       
Delaware River Port Authority, RB, Port District Project,       
 Series B (FSA), 5.70%, 1/01/22    2,000  2,004,580 
McKeesport Area School District, GO, CAB (FGIC) (a):       
     5.53%, 10/01/31    2,435  662,149 
     5.53%, 10/01/31 (f)    870  319,681 
Pennsylvania Economic Development Financing Authority,     
 RB, AMT:       
     Amtrak Project, Series A, 6.25%, 11/01/31    2,000  2,017,440 
     Amtrak Project, Series A, 6.38%, 11/01/41    3,100  3,132,364 
     Reliant Energy, Series A-12-22-04, 6.75%, 12/01/36  4,645  4,741,941 
      12,878,155 

    Par   
Municipal Bonds    (000)  Value 
Puerto Rico — 4.4%       
Puerto Rico Electric Power Authority, Refunding RB,       
 Series UU (FSA), 5.00%, 7/01/23  $ 2,900  $ 2,989,204 
Puerto Rico HFA, RB, Subordinate, Capital Fund       
 Modernization, 5.13%, 12/01/27    2,500  2,495,500 
Puerto Rico Sales Tax Financing Corp., RB:       
     CAB, Series A (MBIA), 5.78%, 8/01/41 (a)    7,500  1,149,075 
     First Sub-Series A, 5.75%, 8/01/37    3,000  3,103,800 
      9,737,579 
Rhode Island — 3.2%       
Rhode Island Health & Educational Building Corp., RB,       
 Hospital, Lifespan:       
     Financing, Obligation, Series A (AGC),       
     7.00%, 5/15/39    3,000  3,488,940 
     (MBIA), 5.50%, 5/15/16    200  200,188 
Rhode Island Housing & Mortgage Finance Corp.,       
 Rhode Island, RB, Homeownership Opportunity,       
 Series 54, AMT, 4.85%, 10/01/41    2,165  1,957,311 
Rhode Island State & Providence Plantations, COP,       
 Series C, School For the Deaf (AGC), 5.38%, 4/01/28  1,330  1,393,507 
      7,039,946 
South Carolina — 5.3%       
South Carolina Jobs-EDA, RB, Palmetto Health, Series C,     
 6.88%, 8/01/13 (c)    4,000  4,709,231 
South Carolina Jobs-EDA, Refunding RB, Palmetto Health     
 Alliance, Series A, 6.25%, 8/01/31    2,185  2,216,748 
South Carolina State Housing Finance & Development       
 Authority, South Carolina, RB, Series A-2, AMT (AMBAC),     
 5.15%, 7/01/37    4,975  4,824,805 
      11,750,784 
Tennessee — 3.2%       
Memphis-Shelby County Airport Authority, RB, Series D,       
 AMT (AMBAC), 6.00%, 3/01/24    4,865  4,905,477 
Memphis-Shelby County Sports Authority Inc.,       
 Refunding RB, Memphis Arena Project, Series A:       
     5.25%, 11/01/27    1,135  1,131,073 
     5.38%, 11/01/28    1,000  1,004,990 
      7,041,540 
Texas — 9.0%       
Harris County Health Facilities Development Corp.,       
 Refunding RB, Memorial Hermann Healthcare System,     
 Series B:       
     7.13%, 12/01/31    1,000  1,118,720 
     7.25%, 12/01/35    2,650  2,961,905 
Harris County-Houston Sports Authority, Refunding RB,       
 CAB, Senior Lien, Series A (MBIA), 6.17%, 11/15/38 (a)  5,000  607,550 
Lower Colorado River Authority, Refunding RB &       
 Improvement (MBIA), 5.00%, 5/15/13 (c)    20  22,392 
Lower Colorado River Authority, Refunding RB:       
     (AMBAC), 4.75%, 5/15/36    3,595  3,408,024 
     Series A (MBIA), 5.00%, 5/15/13 (c)    5  5,598 
Matagorda County Navigation District No. 1, Texas,       
 Refunding RB, Central Power & Light Co. Project,       
 Series A, 6.30%, 11/01/29    2,200  2,355,188 
San Antonio Energy Acquisition Public Facility Corp., RB,     
 Gas Supply, 5.50%, 8/01/24    2,550  2,575,475 
Texas State Turnpike Authority, RB (AMBAC):       
     CAB, 6.05%, 8/15/31 (a)    15,000  3,745,050 
     First Tier, Series A, 5.00%, 8/15/42    3,325  3,012,882 
      19,812,784 

See Notes to Financial Statements.

SEMI-ANNUAL REPORT OCTOBER 31, 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 
Virginia — 0.9%     
Tobacco Settlement Financing Corp., Virginia, RB, Senior,     
 Series B-1, 5.00%, 6/01/47  $ 2,900  $ 1,975,567 
Washington — 1.1%     
County of King Washington, Refunding RB (FSA),     
 5.00%, 1/01/36  200  203,920 
Washington Health Care Facilities Authority, Washington,     
 RB, MultiCare Health System, Series B (AGC),     
 6.00%, 8/15/39  2,100  2,214,912 
    2,418,832 
West Virginia — 0.7%     
West Virginia Hospital Finance Authority, West Virginia,     
 Refunding RB, Series A, 5.63%, 9/01/32  1,500  1,470,585 
Wisconsin — 2.0%     
Wisconsin Health & Educational Facilities Authority, RB,     
 Aurora Health Care, 6.40%, 4/15/33  3,220  3,279,634 
Wisconsin Housing EDA, Wisconsin, RB, Series A, AMT,     
 4.75%, 9/01/33  1,250  1,160,675 
    4,440,309 
Wyoming — 1.7%     
County of Sweetwater, Wyoming, Refunding RB, Idaho     
 Power Co. Project, 5.25%, 7/15/26  1,800  1,862,820 
Wyoming Community Development Authority, Wyoming,     
 RB, Series 3, AMT, 4.75%, 12/01/37  2,145  1,953,151 
    3,815,971 
Total Municipal Bonds — 151.9%    334,712,349 
Municipal Bonds Transferred to     
Tender Option Bond Trusts (j)     
Colorado — 2.4%     
Colorado Health Facilities Authority, RB, Catholic Health,     
 Series C7 (FSA), 5.00%, 9/01/36  5,250  5,293,418 
Illinois — 1.5%     
Chicago New Public Housing Authority, Illinois,     
 Refunding RB (FSA), 5.00%, 7/01/24  3,194  3,275,453 
Massachusetts — 1.4%     
Massachusetts Water Resources Authority, Refunding RB,     
 Generation, Series A, 5.00%, 8/01/41  3,070  3,111,906 
New York — 2.3%     
New York City Municipal Water Finance Authority, RB:     
Fiscal 2009, Series A, 5.75%, 6/15/40  810  877,775 
Series FF-2, 5.50%, 6/15/40  690  760,787 
New York State Dormitory Authority, RB, New York     
 University, Series A, 5.00%, 7/01/38  3,359  3,439,548 
    5,078,110 
Ohio — 2.0%     
County of Montgomery, Ohio, RB, Catholic Health,     
 Series C-1 (FSA), 5.00%, 10/01/41  1,740  1,728,934 
Ohio State Higher Educational Facility Commission,     
 Refunding RB, Hospital Cleveland Clinic Health,     
 Series A, 5.25%, 1/01/33  2,600  2,674,594 
    4,403,528 
Total Municipal Bonds Transferred to     
Tender Option Bond Trusts — 9.6%    21,162,415 
Total Long-Term Investments     
(Cost — $364,664,985) — 161.5%    355,874,764 

Short-Term Securities  Shares      Value 
FFI Institutional Tax-Exempt Fund, 0.23% (k)(l)  6,700,551  $ 6,700,551 
Total Short-Term Securities         
(Cost — $6,700,551) — 3.1%      6,700,551 
Total Investments (Cost — $371,365,536*) — 164.6%  362,575,315 
Liabilities in Excess of Other Assets — (2.3)%      (5,116,260) 
Liability for Trust Certificates, Including Interest         
   Expense and Fees Payable — (5.1)%      (11,148,737) 
Preferred Shares, at Redemption Value — (57.2)%    (125,957,367) 
Net Assets Applicable to Common Shares — 100.0%    $220,352,951 
* The cost and unrealized appreciation (depreciation) of investments as of October 31, 
       2009, as computed for federal income tax purposes, were as follows:     
       Aggregate cost    $ 359,617,413 
       Gross unrealized appreciation    $ 13,767,103 
       Gross unrealized depreciation      (21,946,602) 
       Net unrealized depreciation    $ (8,179,499) 
(a) Represents a zero-coupon bond. Rate shown reflects the current yield as of 
       report date.         
(b) Represents a step-up bond that pays an initial coupon rate for the first period and 
       then a higher coupon rate for the following periods. Rate shown reflects the current 
       yield as of report date.         
(c) US government securities, held in escrow, are used to pay interest on this security as 
well as to retire the bond in full at the date indicated, typically at a premium to par. 
(d) When-issued security.         
      Unrealized 
       Counterparty  Value    Depreciation 
       Citibank NA  $3,940,051    $ (27,578) 
       Morgan Stanley Capital Services Inc.  $5,659,860    $ (115,920) 
 (e) Security exempt from registration under Rule 144A of the Securities Act of 1933. 
       These securities may be resold in transactions exempt from registration to qualified 
       institutional investors.         
 (f) Security is collateralized by Municipal or US Treasury Obligations.       
 (g) Issuer filed for bankruptcy and/or is in default of interest payments.       
(h) Non-income producing security.         
(i) Security represents a beneficial interest in a trust. The collateral deposited into the 
       trust is federally tax-exempt revenue bonds issued by various state or local govern- 
       ments, or their respective agencies or authorities. The security is subject to remarket- 
       ing prior to its stated maturity and is subject to mandatory redemption at maturity. 
(j) 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.   
(k) 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  $(4,699,449)    $ 16,128 
 (l) Represents the current yield as of report date.         

See Notes to Financial Statements.

14 SEMI-ANNUAL REPORT OCTOBER 31, 2009


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

Fair Value Measurements — Various inputs are used in determining the fair value of
investments, which are as follows:
Level 1 — price quotations in active markets/exchanges for identical assets and
liabilities
Level 2 — other observable inputs (including, but not limited to: quoted prices for
similar assets or liabilities in markets that are active, quoted prices for identical
or similar assets or liabilities in markets that are not active, inputs other than
quoted prices that are observable for the assets or liabilities (such as interest
rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and
default rates) or other market-corroborated inputs)
Level 3 — unobservable inputs based on the best information available in the
circumstances, to the extent observable inputs are not available (including the
Trust’s own assumptions used in determining the fair value of investments)
The inputs or 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 October 31, 2009 in deter-
mining the fair valuation of the Trust’s investments:

  Investments in 
Valuation Inputs  Securities 
  Assets 
Level 1 — Short-Term Securities  $ 6,700,551 
Level 2 — Long-Term Investments1  355,874,764 
Level 3   
Total  $362,575,315 
 1 See above Schedule of Investments for values in each state or   
political subdivision.   

See Notes to Financial Statements.

SEMI-ANNUAL REPORT OCTOBER 31, 2009 15


Schedule of Investments October 31, 2009 (Unaudited) BlackRock Long-Term Municipal Advantage Trust (BTA)
(Percentages shown are based on Net Assets)

    Par   
Municipal Bonds    (000)  Value 
Arizona — 5.2%       
Phoenix & Pima County IDA, RB, Series 2007-1, AMT       
 (GNMA), 5.25%, 8/01/38  $ 1,456  $ 1,473,244 
Pima County IDA, RB, American Charter Schools       
 Foundation, Series A, 5.63%, 7/01/38    1,700  1,337,815 
Pima County IDA, RB, Arizona Charter Schools Project,       
 Series O, 5.25%, 7/01/31    1,000  722,970 
Salt Verde Financial Corp., RB, Senior:       
     5.00%, 12/01/32    1,850  1,654,270 
     5.00%, 12/01/37    2,590  2,203,054 
      7,391,353 
California — 10.0%       
California HFA, RB, Home Mortgage, AMT:       
     Series G, 5.50%, 8/01/42    2,825  2,765,590 
     Series K, 5.50%, 2/01/42    1,040  1,025,752 
California Health Facilities Financing Authority, RB, Series A:     
     California, Catholic Healthcare West, 6.00%, 7/01/39  680  710,878 
     Cedars-Sinai Medical Center, 5.00%, 8/15/39    645  599,733 
     Saint Joseph Health System, 5.75%, 7/01/39    385  399,125 
California State, GO, Refunding, 4.50%, 10/01/36    2,000  1,681,260 
California Statewide Communities Development       
 Authority, RB, Senior Living Southern California       
 Presbyterian Homes:       
     6.25%, 11/15/19    1,000  1,060,420 
     6.63%, 11/15/24    540  571,007 
San Francisco City & County Public Utilities Commission,     
 RB, Series B, 5.00%, 11/01/39    3,225  3,273,214 
State of California, GO, Various Purpose, 6.50%, 4/01/33  2,000  2,210,420 
      14,297,399 
Colorado — 1.1%       
Colorado Health Facilities Authority, Refunding RB,       
 Catholic Healthcare, Series A, 5.50%, 7/01/34 (a)    865  814,043 
North Range Metropolitan District No. 2, GO, Limited Tax,     
 5.50%, 12/15/37    1,200  818,964 
      1,633,007 
District of Columbia — 7.8%       
District of Columbia Tobacco Settlement Financing Corp.,     
 RB, Asset Backed Bonds:       
     6.25%, 5/15/24    5,395  5,403,578 
     6.50%, 5/15/33    5,700  5,373,219 
Metroplitan Washington DC Airports Authority Dulles       
 Toll Road RB, First Senior Lien, Series A:       
     5.00%, 10/01/39    170  169,810 
     5.25%, 10/01/44    270  276,809 
      11,223,416 
Florida — 3.2%       
Orange County Health Facilities Authority, RB,       
 1st Mortgage, Orlando Lutheran Tower, 5.50%, 7/01/38  1,150  862,109 
Sarasota County Health Facilities Authority, Refunding RB,     
 Village On The Isle Project, 5.50%, 1/01/32    520  383,848 
Sumter Landing Community Development District, Florida,     
 RB, Sub-Series B, 5.70%, 10/01/38    1,415  1,019,748 
Tolomato Community Development District, Special       
 Assessment, 6.65%, 5/01/40    1,750  1,332,835 
Watergrass Community Development District, Special       
 Assessment, Series A, 5.38%, 5/01/39    1,850  928,201 
      4,526,741 
Georgia — 0.9%       
Rockdale County Development Authority, RB, Visy Paper     
 Project, Series A, AMT, 6.13%, 1/01/34    1,600  1,283,968 

  Par   
Municipal Bonds  (000)           Value 
Guam — 0.7%     
Territory of Guam, GO, Series A:     
     6.00%, 11/15/19  $ 200  $ 208,258 
     6.75%, 11/15/29  365  390,528 
     7.00%, 11/15/39  375  405,315 
    1,004,101 
Illinois — 0.2%     
Illinois Finance Authority, RB, Monarch Landing Inc.,     
 Facilities, Series A, 7.00%, 12/01/37 (b)(c)  580  290,000 
Indiana — 3.1%     
Delaware County Hospital Authority, Indiana, RB, Cardinal     
 Health System Obligation Group, 5.25%, 8/01/36  2,000  1,597,360 
Indiana Finance Authority Hospital, RB, Parkview Health     
 Systems, Refunding, Series A, 5.75%, 5/01/31  1,100  1,120,141 
Indiana Finance Authority, RB, Sisters of St. Francis     
 Health, 5.25%, 11/01/39 (a)  290  281,062 
Indiana Finance Authority Refunding RB, Duke Energy,     
 Series C, 4.95%, 10/01/40  1,165  1,110,758 
Indiana Municipal Power Agency, Indiana, RB, Indiana     
 Muni Power Agency Series B, 6.00%, 1/01/39  350  375,463 
    4,484,784 
Kansas — 0.3%     
City of Lenexa Kansas, Refunding RB & Improvement,     
 5.50%, 5/15/39  650  465,186 
Louisiana — 1.3%     
Louisiana Local Government Environmental Facilities &     
 Community Development Authority, RB, Westlake     
 Chemical Corp. Projects, 6.75%, 11/01/32  2,000  1,916,840 
Maryland — 0.5%     
Maryland Health & Higher Educational Facilities Authority,     
 RB, King Farm Presbyterian Community, Series B,     
 5.00%, 1/01/17  875  790,396 
Michigan — 2.2%     
City of Detroit Michigan, RB, Senior Lien, Series B (FSA),     
 7.50%, 7/01/33  560  691,488 
Garden City Hospital Finance Authority, Michigan,     
 Refunding RB, Garden City Hospital Obligation,     
 Series A, 5.00%, 8/15/38  1,540  889,504 
Royal Oak Hospital Finance Authority, Michigan, RB,     
 William Beaumont Hospital, 8.25%, 9/01/39  1,400  1,625,946 
    3,206,938 
Montana — 0.4%     
Two Rivers Authority, RB, Senior Lien (b)(c):     
     7.25%, 11/01/21  1,500  232,395 
     7.38%, 11/01/27  2,600  402,844 
    635,239 
New Jersey — 1.8%     
New Jersey EDA, RB, Cigarette Tax, 5.50%, 6/15/24  2,670  2,548,515 
New York — 8.0%     
Nassau County Tobacco Settlement Corp., RB,     
 Asset Backed, Senior Convertible, Series A-2,     
 5.25%, 6/01/26 (d)  1,500  1,391,670 
New York City Industrial Development Agency, RB,     
 American Airlines, JFK International Airport, AMT,     
 7.63%, 8/01/25  7,600  7,306,564 
New York Liberty Development Corp., RB, Goldman Sachs     
 Headquarters, 5.25%, 10/01/35  740  723,972 
New York State Dormitory Authority, RB, New York     
 University, Series A, 5.25%, 7/01/48  2,000  2,050,520 
    11,472,726 

See Notes to Financial Statements.

16 SEMI-ANNUAL REPORT OCTOBER 31, 2009


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

    Par   
Municipal Bonds    (000)           Value 
North Carolina — 1.3%       
North Carolina Eastern Municipal Power Agency,       
 North Carolina, RB, Series B, 5.00%, 1/01/26  $ 765  $ 779,031 
North Carolina Medical Care Commission, RB,       
 Duke University Health System, Series A (a):       
     5.00%, 6/01/39    220  217,644 
     5.00%, 6/01/42    480  470,894 
North Carolina Municipal Power Agency, RB, Number 1       
 Catawba, North Carolina, Series A, 5.00%, 1/01/30    365  368,183 
      1,835,752 
Ohio — 0.6%       
County of Montgomery Ohio, Refunding RB, Catholic       
 Healthcare, Series A, 5.00%, 5/01/39 (a)    865  817,883 
Pennsylvania — 3.7%       
Allegheny County Hospital Development Authority, RB,       
 Health System, West Pennsylvania, Series A,       
 5.38%, 11/15/40    2,080  1,598,896 
Pennsylvania Economic Development Financing       
 Authority, RB, Aqua Pennsylvania Inc. Project,       
 5.00%, 11/15/40 (a)    650  645,522 
Pennsylvania HFA, RB, Series 97A, AMT, 4.60%, 10/01/27  450  422,046 
Pennsylvania Higher Educational Facilities Authority, RB,     
 Allegheny Delaware Valley Obligation, Series A (MBIA):     
     5.88%, 11/15/16    1,345  1,190,527 
     5.88%, 11/15/21    1,810  1,449,104 
      5,306,095 
Puerto Rico — 1.3%       
Puerto Rico Sales Tax Financing Corp., RB, First       
 Sub-Series A, 6.50%, 8/01/44    1,705  1,843,958 
South Carolina — 2.8%       
South Carolina Jobs-EDA, RB, Senior Lien, Burroughs &     
 Chapin, Series A (Radian), 4.70%, 4/01/35    2,500  1,890,875 
South Carolina Jobs-EDA, Refunding RB, First Mortgage,     
 Lutheran Homes:       
     5.50%, 5/01/28    600  500,892 
     5.63%, 5/01/42    1,000  785,250 
South Carolina Jobs-EDA, Refunding RB, Palmetto Health:     
     5.50%, 8/01/26    565  558,254 
     5.75%, 8/01/39    225  219,040 
      3,954,311 
South Dakota — 0.5%       
South Dakota Health & Educational Facilities Authority,       
 South Dakota, RB, Sanford Health, 5.50%, 11/01/40  680  690,982 
Texas — 4.0%       
Brazos River Authority, Refunding RB, TXU Electric Co.       
 Project, AMT:       
     Series A, 8.25%, 10/01/30    1,500  894,345 
     Series C, 5.75%, 5/01/36    225  202,646 
HFDC of Central Texas Inc., RB, Village at Gleannloch       
 Farms, Series A, 5.50%, 2/15/27    1,150  929,994 
Houston Texas Airport Systems, Refunding ARB,       
 Senior Lien, Series A, 5.50%, 7/01/39    510  528,992 
Matagorda County Navigation District No. 1, Texas,       
 Refunding RB, Central Power & Light Co. Project,       
 Series A, 6.30%, 11/01/29    700  749,378 
North Texas Tollway Authority, Refunding RB, Second Tier,     
 Series F, 6.13%, 1/01/31    2,290  2,378,348 
      5,683,703 
Utah — 0.6%       
City of Riverton Utah, RB, IHC Health Services Inc.,       
 5.00%, 8/15/41 (a)    955  925,376 

  Par   
Municipal Bonds  (000)  Value 
Vermont — 2.0%     
Vermont HFA, Vermont, RB, Series 27, AMT (FSA),     
 4.90%, 5/01/38  $ 3,020  $ 2,818,204 
Virginia — 2.3%     
Fairfax County EDA, RB, Goodwin House Inc.,     
 5.13%, 10/01/42  850  718,165 
Peninsula Ports Authority, Refunding RB, Virginia Baptist     
 Homes, Series C, 5.38%, 12/01/26  2,600  1,620,034 
Reynolds Crossing Community Development Authority,     
 Special Assessment, Reynolds Crossing Project,     
 5.10%, 3/01/21  1,000  923,870 
    3,262,069 
Wisconsin — 3.8%     
Wisconsin Health & Educational Facilities Authority,     
 RB, Ascension Health Senior Credit, Series A,     
 5.00%, 11/15/31  5,335  5,401,154 
Wyoming — 0.8%     
County of Sweetwater, Wyoming, Refunding RB, Idaho     
 Power Co. Project, 5.25%, 7/15/26  1,030  1,065,947 
Wyoming Municipal Power Agency, Wyoming, RB, Series A,     
 5.00%, 1/01/42  100  95,980 
    1,161,927 
Total Municipal Bonds — 70.4%    100,872,023 
Municipal Bonds Transferred to     
Tender Option Bond Trusts (e)     
California — 14.7%     
Bay Area Toll Authority, RB, San Francisco Bay Area,     
 Series F-1, 5.63%, 4/01/44  1,085  1,168,501 
California Educational Facilities Authority, RB, University of     
 Southern California, Series A, 5.25%, 10/01/18  835  879,931 
Golden State Tobacco Securitization Corp., California     
 Custodial Receipts, Series 1271, 5.00%, 6/01/45  5,000  4,281,000 
San Diego Community College District, California, GO,     
 Election of 2002, 5.25%, 8/01/33  545  572,108 
University of California, RB, Series B (MBIA),     
 4.75%, 5/15/38  15,000  14,171,700 
    21,073,240 
Colorado — 0.5%     
Colorado Health Facilities Authority, Refunding RB,     
 Catholic Healthcare, Series A, 5.00%, 7/01/39 (a)  735  748,737 
Georgia — 0.8%     
Metropolitan Atlanta Rapid Transit Authority, RB,     
 3rd Series, 5.00%, 7/01/39  1,190  1,215,549 
Illinois — 10.5%     
City of Chicago Illinois Custodial Receipts, Series 1284,     
 5.00%, 1/01/33  15,000  14,998,950 
Indiana — 9.6%     
Carmel Redevelopment Authority, RB, Performing     
 Arts Center:     
4.75%, 2/01/33  7,230  7,109,548 
5.00%, 2/01/33  6,580  6,674,752 
    13,784,300 
Massachusetts — 8.3%     
Massachusetts HFA, Massachusetts, RB, Housing,     
 Series D, AMT, 5.45%, 6/01/37  11,855  11,906,806 
Nebraska — 3.5%     
Omaha Public Power District, RB, System, Sub-Series B     
 (MBIA), 4.75%, 2/01/36  5,000  4,955,200 

See Notes to Financial Statements.

SEMI-ANNUAL REPORT OCTOBER 31, 2009 17


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

Municipal Bonds Transferred to    Par   
Tender Option Bond Trusts (e)    (000)  Value 
New Hampshire — 0.5%       
New Hampshire Health & Education Facilities Authority,       
 RB, Dartmouth College, 5.25%, 6/01/39    $ 660 $  706,134 
New York — 14.4%       
New York City Municipal Water Finance Authority, RB:       
     Series D, 5.00%, 6/15/39    7,500  7,628,250 
     Series FF-2, 5.50%, 6/15/40    500  541,975 
New York State Dormitory Authority, RB, Education,       
 Series B, 5.75%, 3/15/36    11,250  12,424,050 
      20,594,275 
North Carolina — 10.8%       
University of North Carolina at Chapel Hill, Refunding RB,     
 General, Series A, 4.75%, 12/01/34    15,170  15,377,374 
Ohio — 3.3%       
State of Ohio, Refunding RB, Cleveland Clinic Health,       
 Series A, 5.50%, 1/01/39    4,630  4,777,651 
South Carolina — 2.1%       
South Carolina State Housing Finance & Development       
 Authority South Carolina, RB, Series B-1,       
 5.55%, 7/01/39    3,000  3,062,910 
Texas — 8.1%       
County of Harris Texas, RB, Senior Lien, Toll Road,       
 Series A, 5.00%, 8/15/38    2,130  2,191,344 
New Caney ISD, Texas, GO, School Building,       
 5.00%, 2/15/35    9,150  9,417,912 
      11,609,256 
Wisconsin — 1.4%       
Wisconsin Health & Educational Facilities Authority,       
 Refunding RB, Froedtert & Community Health Inc.,       
 5.25%, 4/01/39    1,990  1,954,797 
Total Municipal Bonds Transferred to       
Tender Option Bond Trusts — 88.5%    126,765,179 
Total Long-Term Investments       
(Cost — $243,267,919) — 158.9%    227,637,202 
Short-Term Securities    Shares   
FFI Institutional Tax-Exempt Fund, 0.23% (f)(g)    2,200,175  2,200,175 
Total Short-Term Securities       
(Cost — $2,200,175) — 1.6%      2,200,175 
Total Investments (Cost — $245,468,094*) — 160.5%    229,837,377 
Liabilities in Excess of Other Assets — (1.3)%      (1,631,347) 
Liability for Trust Certificates, Including Interest       
   Expense and Fees Payable — (59.2)%      (85,005,873) 
Net Assets — 100.0%    $143,200,157 
* The cost and unrealized appreciation (depreciation) of investments as of October 31, 
       2009, as computed for federal income tax purposes, were as follows:   
       Aggregate cost    $160,453,848 
       Gross unrealized appreciation    $ 2,670,216 
       Gross unrealized depreciation      (18,001,687) 
       Net unrealized depreciation    $ (15,331,471) 
(a) When-issued security.       
      Unrealized 
       Counterparty    Value  Depreciation 
       Citibank NA  $ 688,538  $ (4,343) 
       JPMorgan Securities, Inc.  $ 925,376  $ (14,602) 
       Jeffries & Co.  $ 645,522  $ (10,842) 
       Merrill Lynch & Co.  $ 281,062  $ (415) 
       Morgan Stanley Capital Services, Inc.  $2,380,663  $ (38,988) 

(b) Issuer filed for bankruptcy and/or is in default of interest payments.
(c) Non-income producing security.
(d) 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.
(e) 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.
(f) 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  $799,990  $ 4,862 
(g) Represents the current yield as of report date.     

Fair Value Measurements — Various inputs are used in determining the fair value of
investments, which are as follows:
Level 1 — price quotations in active markets/exchanges for identical assets
and liabilities
Level 2 — other observable inputs (including, but not limited to: quoted prices for
similar assets or liabilities in markets that are active, quoted prices for identical
or similar assets or liabilities in markets that are not active, inputs other than
quoted prices that are observable for the assets or liabilities (such as interest
rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and
default rates) or other market-corroborated inputs)
Level 3 — unobservable inputs based on the best information available in the
circumstances, to the extent observable inputs are not available (including the
Trust’s own assumptions used in determining the fair value of investments)
The inputs or 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 October 31, 2009 in deter-
mining the fair valuation of the Trust’s investments:

  Investments in 
Valuation Inputs  Securities 
  Assets 
Level 1 — Short-Term Securities  $ 2,200,175 
Level 2 — Long-Term Investments1  227,637,202 
Level 3   
Total  $ 229,837,377 
 1 See above Schedule of Investments for values in each state or   
political subdivision.   

See Notes to Financial Statements.

18 SEMI-ANNUAL REPORT OCTOBER 31, 2009


Schedule of Investments October 31, 2009 (Unaudited) BlackRock Municipal 2020 Term Trust (BKK)
(Percentages shown are based on Net Assets)

  Par   
Municipal Bonds  (000)  Value 
Alabama — 0.4%     
Courtland IDB, Alabama, Refunding RB, International     
 Paper Co. Projects, Series A, 4.75%, 5/01/17  $ 1,165  $ 1,137,005 
Arizona — 3.5%     
Phoenix Civic Improvement Corp., RB, Junior Lien,     
 Series A, 5.00%, 7/01/21  5,585  6,203,986 
Pima County IDA, Refunding RB, Tucson Electric     
 Power Co., San Juan, Series A, 4.95%, 10/01/20  1,015  1,017,172 
Salt Verde Financial Corp., RB, Senior:     
     5.00%, 12/01/18  1,500  1,458,015 
     5.25%, 12/01/20  1,000  973,500 
    9,652,673 
California — 19.4%     
California Statewide Communities Development Authority,     
 RB, John Muir Health, Series A, 5.00%, 8/15/22  7,050  7,193,326 
Foothill Eastern Transportation Corridor Agency, California,     
 Refunding RB, CAB (a):     
     5.95%, 1/15/21  12,500  5,774,625 
     5.86%, 1/15/22  10,000  4,312,200 
Golden State Tobacco Securitization Corp.,     
 California, RB (b):     
     Enhanced, Asset Backed, Series B, 5.38%, 6/01/28  4,000  4,115,000 
     Series 2003-A-1, 6.75%, 6/01/39  12,010  14,042,572 
     Series 2003-A-1, 6.63%, 6/01/40  3,000  3,494,760 
     Series A-3, 7.88%, 6/01/42  975  1,175,821 
     Series A-5, 7.88%, 6/01/42  1,470  1,772,776 
Los Angeles Unified School District, California, GO,     
 Series I, 5.00%, 7/01/20  3,750  4,090,500 
Riverside County Asset Leasing Corp., California,     
 RB, Riverside County Hospital Project (MBIA),     
 5.74%, 6/01/25 (a)  6,865  2,765,222 
State of California, GO, Various Purpose,     
 5.00%, 11/01/22  5,000  5,039,700 
    53,776,502 
Colorado — 1.8%     
E-470 Public Highway Authority, Colorado, RB, CAB,     
 Senior, Series B (MBIA), 5.50%, 9/01/22 (a)  4,500  1,997,865 
Park Creek Metropolitan District, Colorado, Refunding RB,     
 Senior, Limited Tax Property Tax, 5.25%, 12/01/25  3,000  2,855,880 
    4,853,745 
District of Columbia — 5.1%     
District of Columbia, RB, Friendship Public Charter     
 School Inc. (ACA):     
     5.75%, 6/01/18  2,680  2,533,994 
     5.00%, 6/01/23  3,320  2,738,635 
District of Columbia Tobacco Settlement Financing Corp.,     
 RB, Asset Backed Bonds, 6.50%, 5/15/33  4,215  3,973,354 
Metropolitan Washington Airports Authority, Refunding RB,     
 Series C-2, AMT (FSA), 5.00%, 10/01/24  5,000  5,019,250 
    14,265,233 
Florida — 11.6%     
Bellalago Educational Facilities Benefit District, Special     
 Assessment, Series A, 5.85%, 5/01/22  4,110  3,660,736 
Broward County School Board, Florida, COP, Series A     
 (FSA), 5.25%, 7/01/22  1,250  1,312,937 
City of Jacksonville Florida, RB, Better Jacksonville,     
 5.00%, 10/01/22  5,160  5,474,141 
Grand Hampton Community Development District,     
 Special Assessment, Capital Improvement,     
 6.10%, 5/01/24  3,860  3,310,992 

  Par   
Municipal Bonds  (000)  Value 
Florida (concluded)     
Habitat Community Development District, Special     
 Assessment, 5.80%, 5/01/25  $ 3,635  $ 3,007,454 
Miami Beach Health Facilities Authority, Refunding RB,     
 Mount Sinai Medical Center Florida, 6.75%, 11/15/21  2,470  2,485,462 
Middle Village Community Development District, Special     
 Assessment, Series A, 5.80%, 5/01/22  3,955  3,272,525 
Pine Island Community Development District, RB,     
 5.30%, 11/01/10  250  242,347 
Stevens Plantation Community Development District,     
 Special Assessment, Series B, 6.38%, 5/01/13  3,530  2,860,536 
Village Community Development District No. 5, Florida,     
 Special Assessment, Series A, 6.00%, 5/01/22  2,560  2,560,000 
Westchester Community Development District No. 1,     
 Special Assessment, Community Infrastructure,     
 6.00%, 5/01/23  5,140  3,975,276 
    32,162,406 
Georgia — 0.8%     
Richmond County Development Authority, RB, Series A,     
 Environmental, AMT, 5.75%, 11/01/27  2,350  2,216,826 
Illinois — 13.0%     
CenterPoint Intermodal Center Program Trust, Tax     
 Allocation Bonds, Class A, 10.00%, 6/15/23 (c)  2,155  1,133,659 
City of Chicago Illinois, RB, General Airport Third Lien,     
 Series A (AMBAC):     
     5.00%, 1/01/21  5,000  5,220,650 
     5.00%, 1/01/22  7,000  7,278,040 
Illinois Educational Facilities Authority, RB, Northwestern     
 University, 5.00%, 12/01/21  4,800  5,070,816 
Illinois Finance Authority, RB:     
     DePaul University, Series C, 5.25%, 10/01/24  5,000  5,084,200 
     MJH Education Assistance IV, Senior Series A,     
     5.50%, 6/01/19 (d)(e)  3,250  1,625,000 
     MJH Education Assistance IV, Sub-Series B,     
     5.00%, 6/01/24 (d)(e)  1,075  76,325 
Illinois State Toll Highway Authority, RB, Senior Priority,     
 Series A (FSA), 5.00%, 1/01/19 (e)  2,250  2,425,680 
Lake Cook-Dane & McHenry Counties Community Unit     
 School District 220, Illinois, GO, Refunding (FSA),     
 5.25%, 12/01/20  1,000  1,162,220 
Metropolitan Pier & Exposition Authority, Illinois,     
 Refunding RB, CAB, McCormick, Series A (MBIA),     
 5.40%, 6/15/22 (a)  13,455  7,135,052 
    36,211,642 
Indiana — 5.6%     
City of Lawrence Indiana, Refunding RB, Housing,     
 Pinnacle Apartments Project, AMT (FNMA),     
 5.15%, 6/01/24  2,000  2,001,380 
Indianapolis Airport Authority, Refunding RB, Special     
 Facilities, Federal Express Corp. Project, AMT,     
 5.10%, 1/15/17  10,000  9,898,300 
Vincennes Indiana, Refunding RB & Improvement,     
 Southwest Indiana Regional, 6.25%, 1/01/24  4,620  3,600,505 
    15,500,185 
Kansas — 2.2%     
Kansas Development Finance Authority, RB, Adventist     
 Health, 5.25%, 11/15/20  2,500  2,629,450 
Wyandotte County-Kansas City Unified Government,     
 RB, Kansas International Speedway (MBIA),     
 5.20%, 12/01/20 (a)  6,440  3,457,443 
    6,086,893 

See Notes to Financial Statements.

SEMI-ANNUAL REPORT OCTOBER 31, 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 — 0.7%     
Kentucky Housing Corp., RB, Series C, AMT,     
 4.63%, 7/01/22  $ 2,000  $ 1,989,460 
Louisiana — 0.7%     
Parish of DeSoto Louisiana, RB, Series A, AMT,     
 5.85%, 11/01/27  2,000  1,908,040 
Maryland — 4.5%     
County of Frederick Maryland, Special Tax, Urbana     
 Community Development Authority:     
     6.63%, 7/01/25  3,000  2,796,540 
     Series A, 5.80%, 7/01/20  4,453  4,061,759 
Maryland Health & Higher Educational Facilities Authority,     
 Refunding RB, MedStar Health, 5.38%, 8/15/24  5,500  5,659,610 
    12,517,909 
Massachusetts — 1.7%     
Massachusetts Development Finance Agency, RB,     
 Waste Management Inc. Project, AMT, 5.45%, 6/01/14  4,500  4,694,130 
Massachusetts State Water Pollution Abatement, RB,     
 MWRA Program, Sub-Series A, 6.00%, 8/01/23  140  141,931 
    4,836,061 
Michigan — 1.6%     
Michigan State Hospital Finance Authority, Michigan,     
 Refunding RB, Hospital, Sparrow Obligated,     
 4.50%, 11/15/26  1,500  1,375,875 
State of Michigan, Refunding RB (f):     
     5.00%, 11/01/20  1,000  1,069,180 
     5.00%, 11/01/21  2,000  2,119,860 
    4,564,915 
Minnesota — 0.5%     
Minnesota Higher Education Facilities Authority,     
 Minnesota, RB, University Saint Thomas, Series Five,     
 Y, 5.00%, 10/01/24  1,250  1,293,988 
Mississippi — 1.0%     
County of Warren Mississippi, RB, Series A, AMT,     
 5.85%, 11/01/27  3,000  2,862,060 
Missouri — 3.8%     
Missouri Development Finance Board, Missouri, RB,     
 Branson Landing Project, Series A, 5.50%, 12/01/24  5,000  5,013,800 
Missouri State Health & Educational Facilities Authority,     
 Missouri, RB, BJC Health System, Series A,     
 5.00%, 5/15/20  5,500  5,679,740 
    10,693,540 
Multi-State — 7.7%     
Charter Mac Equity Issuer Trust (c)(g):     
     5.75%, 5/15/15  1,000  1,021,590 
     6.00%, 5/15/15  4,000  4,128,960 
     6.00%, 5/15/19  2,500  2,573,275 
     6.30%, 5/15/19  2,500  2,585,250 
MuniMae TE Bond Subsidiary LLC (c)(g)(h):     
     5.40%  5,000  3,258,400 
     5.80%  5,000  3,249,500 
     Series D, 5.90%  2,000  1,099,180 
San Manuel Entertainment Authority Series 04-C,     
 4.50%, 12/01/16 (c)  4,000  3,539,320 
    21,455,475 
Nevada — 2.1%     
City of Henderson Nevada, Special Assessment,     
 No. T-18, 5.15%, 9/01/21  1,765  792,626 
County of Clark Nevada, Refunding RB, Alexander     
 Dawson School, Nevada Project, 5.00%, 5/15/20  5,000  5,117,450 
    5,910,076 

  Par   
Municipal Bonds  (000)  Value 
New Hampshire — 5.2%     
New Hampshire Business Finance Authority,     
 Refunding RB, Public Service Co. New Hampshire     
 Project, Series B, AMT (MBIA), 4.75%, 5/01/21  $ 10,000  $ 9,581,500 
New Hampshire Health & Education Facilities Authority,     
 RB, Elliot Hospital, Series B, 5.60%, 10/01/22  4,755  4,819,763 
    14,401,263 
New Jersey — 13.3%     
Middlesex County Improvement Authority, RB, Street     
 Student Housing Project, Series A, 5.00%, 8/15/23  1,000  1,026,470 
New Jersey EDA, RB:     
     Cigarette Tax, 5.50%, 6/15/24  10,000  9,545,000 
     Continental Airlines Inc. Project, AMT,     
     7.00%, 11/15/30  5,000  4,642,800 
     Continental Airlines Inc. Project, AMT,     
     9.00%, 6/01/33  1,500  1,565,640 
     Kapkowski Road Landfill, Series B, AMT,     
     6.50%, 4/01/31  7,500  5,908,800 
New Jersey EDA, Refunding RB, First Mortgage,     
 Winchester, Series A, 4.80%, 11/01/13  1,000  1,010,260 
New Jersey Educational Facilities Authority, Refunding RB,     
 University Medical & Dentistry, Series B,     
 6.25%, 12/01/18  2,500  2,680,550 
New Jersey Health Care Facilities Financing Authority,     
 RB, Capital Health System Obligation Group, Series A,     
 5.75%, 7/01/13 (b)  4,000  4,541,720 
New Jersey Health Care Facilities Financing Authority,     
 Refunding RB, AtlantiCare Regional Medical Center,     
 5.00%, 7/01/20  2,110  2,183,196 
New Jersey State Housing & Mortgage Finance Agency,     
 RB, S/F Housing, Series T, AMT, 4.55%, 10/01/22  2,500  2,468,675 
Newark Housing Authority, RB, South Ward Police Facility     
 (AGC), 5.00%, 12/01/21  1,250  1,314,262 
    36,887,373 
New York — 8.5%     
New York City Industrial Development Agency, RB,     
 American Airlines, JFK International Airport, AMT:     
     7.63%, 8/01/25  5,635  5,417,433 
     7.75%, 8/01/31  5,000  4,826,350 
New York State Energy Research & Development     
 Authority, RB, Brooklyn Union Gas, Keyspan, Series A,     
 AMT (FGIC), 4.70%, 2/01/24  8,500  8,182,950 
Tobacco Settlement Financing Corp., New York, RB,     
 Series B-1C, 5.50%, 6/01/20  5,000  5,270,450 
    23,697,183 
North Carolina — 0.6%     
North Carolina Eastern Municipal Power Agency,     
 North Carolina, RB, Series B, 5.00%, 1/01/21  1,550  1,598,205 
Ohio — 7.3%     
American Municipal Power-Ohio Inc., RB, Prairie State     
 Energy Campus Project, Series A, 5.25%, 2/15/23  5,000  5,338,800 
County of Cuyahoga Ohio, Refunding RB, Series A:     
     6.00%, 1/01/19  3,000  3,248,460 
     6.00%, 1/01/20  10,000  10,806,800 
Pinnacle Community Infrastructure Financing Authority,     
 RB, Facilities, Series A, 6.00%, 12/01/22  1,015  832,787 
    20,226,847 
Oklahoma — 1.2%     
Tulsa Municipal Airport Trust Trustees, Oklahoma,     
 Refunding RB, Series A, AMT, 7.75%, 6/01/35  3,350  3,192,483 

See Notes to Financial Statements.

20 SEMI-ANNUAL REPORT OCTOBER 31, 2009


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

  Par   
Municipal Bonds  (000)  Value 
Pennsylvania — 6.2%     
Lancaster County Hospital Authority, RB, General     
 Hospital Project, 5.75%, 3/15/20 (b)  $ 7,500  $ 8,588,400 
Montgomery County IDA, Pennsylvania, RB, Mortgage,     
 Whitemarsh Continuing Care, 6.00%, 2/01/21  1,275  989,795 
Pennsylvania Higher Educational Facilities Authority, RB,     
 La Salle University, 5.50%, 5/01/26  6,680  6,531,303 
Pennsylvania Turnpike Commission, RB, Sub-Series A     
 (AGC), 5.00%, 6/01/22  1,000  1,053,280 
    17,162,778 
Puerto Rico — 4.9%     
Commonwealth of Puerto Rico, GO, Public Improvement,     
 Series B, 5.25%, 7/01/17  3,300  3,395,040 
Puerto Rico Electric Power Authority, RB, Series NN,     
 5.13%, 7/01/13 (b)  9,000  10,184,490 
    13,579,530 
Tennessee — 3.5%     
Tennessee Energy Acquisition Corp., Tennessee, RB,     
 Series A, 5.25%, 9/01/20  10,000  9,821,100 
Texas — 9.9%     
Brazos River Authority, Refunding RB, TXU Energy Co. LLC     
 Project, Series A, AMT, 6.75%, 4/01/38  1,100  793,650 
City of Dallas Texas, Refunding RB & Improvement (AGC),     
 5.00%, 8/15/21  2,500  2,631,750 
North Texas Toll Highway Authority, RB, Dallas North     
 Toll Highway System, Series C:     
     5.25%, 1/01/20  1,000  1,050,410 
     5.38%, 1/01/21  5,000  5,241,150 
Port Corpus Christi Industrial Development Corp., Texas,     
 Refunding RB, Valero, Series C, 5.40%, 4/01/18  3,500  3,454,955 
Texas State Turnpike Authority, RB, CAB, First Tier, Series A     
 (AMBAC) (a):     
     5.38%, 8/15/21  7,990  4,191,314 
     5.53%, 8/15/24  8,450  3,618,882 
Weatherford ISD, GO, CAB, Refunding (a):     
     5.75%, 2/15/11 (b)  4,040  2,007,920 
     5.77%, 2/15/11 (b)  4,040  1,895,972 
     5.75%, 2/15/23  2,905  1,376,708 
     5.77%, 2/15/24  2,905  1,298,535 
    27,561,246 
U.S. Virgin Islands — 0.4%     
Virgin Islands Public Finance Authority, RB, Senior Lien,     
 Matching Fund Loan Note, Series A, 5.25%, 10/01/17  1,000  1,030,950 
Virginia — 7.8%     
Celebrate North Community Development Authority,     
 Special Assessment Bonds, Celebrate Virginia North     
 Project, Series B, 6.60%, 3/01/25  4,993  4,183,784 
Charles City County EDA, RB, Waste Management, AMT,     
 5.13%, 8/01/27  10,000  10,006,900 
Mecklenburg County IDA, Virginia, Refunding RB, Exempt     
 Facilities, UAE LP Project, AMT, 6.50%, 10/15/17  7,500  7,318,275 
    21,508,959 
Wisconsin — 3.1%     
State of Wisconsin, RB, Series A, 5.25%, 5/01/20  1,000  1,110,290 
Wisconsin Health & Educational Facilities Authority, RB,     
 Wheaton Franciscan Services, Series A:     
     5.50%, 8/15/17  2,880  2,843,885 
     5.50%, 8/15/18  3,190  3,124,509 
Wisconsin Health & Educational Facilities Authority,     
 Refunding RB, Froedtert & Community Health Inc.,     
 5.00%, 4/01/20  1,515  1,543,437 
    8,622,121 
Total Municipal Bonds — 159.6%    443,184,672 

Municipal Bonds Transferred to  Par   
Tender Option Bond Trusts (i)  (000)  Value 
City of Chicago, Illinois, Refunding RB, Second Lien     
 (FSA), 5.00%, 11/01/20  $ 5,000 $  5,446,700 
Total Municipal Bonds Transferred to     
Tender Option Bond Trusts — 2.0%    5,446,700 
Total Long-Term Investments     
(Cost — $463,678,046) — 161.6%  448,631,372 
Short-Term Securities     
Pennsylvania — 0.0%     
City of Philadelphia Pennsylvania, Refunding RB, VRDN     
 (FSA), 0.29%, 11/06/09 (j)  90  90,000 
  Shares   
Money Market Funds — 1.2%     
FFI Institutional Tax-Exempt Fund, 0.23% (k)(l)   3,400,644  3,400,644 
Total Short-Term Securities     
(Cost — $3,490,644) — 1.2%    3,490,644 
Total Investments (Cost — $467,168,690*) — 162.8%  452,122,016 
Other Assets Less Liabilities — 1.2%    3,151,618 
Liability for Trust Certificates, Including Interest     
   Expense and Fees Payable — (1.4)%    (3,750,032) 
Preferred Shares, at Redemption Value — (62.6)%  (173,861,498) 
Net Assets Applicable to Common Shares — 100.0%  $277,662,104 
* The cost and unrealized appreciation (depreciation) of investments as of October 31, 
       2009, as computed for federal income tax purposes, were as follows:   
       Aggregate cost  $463,002,685 
       Gross unrealized appreciation  $ 11,294,386 
       Gross unrealized depreciation    (25,925,055) 
       Net unrealized depreciation  $ (14,630,669) 
(a) Represents a zero-coupon bond. Rate shown reflects the current yield as of 
       report date.     
(b) US government securities, held in escrow, are used to pay interest on this security as 
       well as to retire the bond in full at the date indicated, typically at a premium to par. 
 (c) Security exempt from registration under Rule 144A of the Securities Act of 1933. 
       These securities may be resold in transactions exempt from registration to qualified 
       institutional investors.     
(d) Issuer filed for bankruptcy and/or is in default of interest payments.   
 (e) Non-income producing security.     
 (f) When-issued security.     
    Unrealized 
       Counterparty     Value  Depreciation 
       Loop Capital Markets LLC  $3,189,040  $ (6,040) 
(g) Security represents a beneficial interest in a trust. The collateral deposited into the 
       trust is federally tax-exempt revenue bonds issued by various state or local 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. 
(h) Security is perpetual in nature and has no stated maturity date.   
(i) Securities represent bonds transferred to a tender option bond trust in exchange for 
       which the Trust acquired residual interest certificates. These securities serve as col- 
       lateral in a financing transaction. See Note 1 of the Notes to Financial Statements 
       for details of municipal bonds transferred to tender option bond trusts. 
 (j) Security may have a maturity of more than one year at time of issuance, but has 
       variable rate and demand features that qualify it as a short-term security. The rate 
       shown is as of report date and maturity shown is the date the principal owed can 
       be recovered through demand.     

See Notes to Financial Statements.

SEMI-ANNUAL REPORT OCTOBER 31, 2009 21


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

(k) 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  $ 1,099,603  $ 5,435   
 (l) Represents the current yield as of report date.           
Fair Value Measurements — Various inputs are used in determining the fair value of   
       investments, which are as follows:           
       Level 1 — price quotations in active markets/exchanges for identical assets   
  and liabilities           
       Level 2 — other observable inputs (including, but not limited to: quoted prices for   
  similar assets or liabilities in markets that are active, quoted prices for identical   
  or similar assets or liabilities in markets that are not active, inputs other than   
  quoted prices that are observable for the assets or liabilities (such as interest   
  rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and   
  default rates) or other market-corroborated inputs)         
       Level 3 — unobservable inputs based on the best information available in the   
  circumstances, to the extent observable inputs are not available (including the   
  Trust’s own assumptions used in determining the fair value of investments)   
       The inputs or 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 October 31, 2009 in deter-   
       mining the fair valuation of the Trust’s investments:         
        Investments in   
       Valuation Inputs      Securities   
        Assets   
       Level 1 — Short-Term Securities      $ 3,400,644   
       Level 2:           
           Long-Term Investments1      448,631,372   
           Short-Term Securities        90,000   
       Total Level 2      448,721,372   
       Level 3           
       Total      $452,122,016   
           1   See above Schedule of Investments for values in each state or       
  political subdivision.           
See Notes to Financial Statements.           
22  SEMI-ANNUAL REPORT      OCTOBER 31, 2009 


Schedule of Investments October 31, 2009 (Unaudited)  BlackRock Municipal Income Trust (BFK) 
        (Percentages shown are based on Net Assets) 
  Par        Par   
Municipal Bonds  (000)  Value  Municipal Bonds    (000)  Value 
Alabama — 3.0%      Colorado (concluded)       
Huntsville Health Care Authority, Alabama, RB, Series B,      Denver Health & Hospital Authority, Colorado, RB,     
 5.75%, 6/01/12 (a)  $ 15,000  $ 16,908,150   Series A, 6.00%, 12/01/11 (a)    $ 1,500  $ 1,649,715 
Arizona — 4.4%      Park Creek Metropolitan District, Colorado, Refunding RB,     
Phoenix & Pima County IDA, RB, Series 2007-1, AMT       Senior, Limited Tax Property Tax, 5.50%, 12/01/37  2,530  2,342,982 
 (GNMA), 5.25%, 8/01/38  3,743  3,788,346        19,097,811 
Pima County IDA, RB, American Charter Schools      District of Columbia — 7.3%       
 Foundation, Series A, 5.63%, 7/01/38  4,590  3,612,100  District of Columbia, RB, CAB, University, Georgetown,     
Salt Verde Financial Corp., RB, Senior:       Series A (MBIA), 6.03%, 4/01/11 (a)(b):  66,785  14,224,710 
     5.00%, 12/01/32  10,280  9,192,376  District of Columbia, RB, Friendship Public Charter     
     5.00%, 12/01/37  9,290  7,902,074   School Inc. (ACA), 5.25%, 6/01/33  2,390  1,842,379 
    24,494,896  District of Columbia Tobacco Settlement Financing Corp.,     
California — 26.6%       RB, Asset Backed Bonds, 6.75%, 5/15/40  23,035  22,311,931 
Bay Area Toll Authority, RB, San Francisco Bay Area,      Metropolitan Washington DC Airports Authority Dulles     
 Series F1, 5.63%, 4/01/44  4,445  4,787,087   Toll Road, RB, First Senior Lien, Series A:     
California County Tobacco Securitization Agency, RB, CAB,           5.00%, 10/01/39    990  988,891 
 Stanislaus, Sub-Series C, 6.30%, 6/01/55 (b)  17,855  219,081       5.25%, 10/01/44    1,545  1,583,965 
California HFA, RB, Home Mortgage, Series G, AMT,            40,951,876 
 5.50%, 8/01/42  7,845  7,680,020  Florida — 4.0%       
California Statewide Communities Development Authority,      County of Orange Florida, Refunding RB (Syncora),     
 RB, Health Facilities, Memorial Health Services,       4.75%, 10/01/32    5,440  5,212,554 
 Series A, 5.50%, 10/01/33  5,000  5,030,650  Miami Beach Health Facilities Authority, Refunding RB,     
City of Lincoln California, Special Tax, Community       Mount Sinai Medical Center Florida, 6.75%, 11/15/21  7,485  7,531,856 
 Facilities District No. 2003-1, 6.00%, 9/01/13 (a)  3,115  3,678,940  Stevens Plantation Community Development District,     
Foothill Eastern Transportation Corridor Agency, California,       Special Assessment, Series A, 7.10%, 5/01/35  3,770  2,832,929 
 Refunding RB, CAB (b):      Village Community Development District No. 6, Special     
     6.09%, 1/15/32  54,635  11,828,478   Assessment, 5.63%, 5/01/22    7,200  6,654,744 
     6.09%, 1/15/38  75,000  10,740,000         
Golden State Tobacco Securitization Corp., California, RB,            22,232,083 
 Series 2003-A-1, 6.63%, 6/01/13 (a)  10,000  11,649,200  Georgia — 2.0%       
Los Angeles Regional Airports Improvement Corp.,      Metropolitan Atlanta Rapid Transit Authority, RB,     
 California, Refunding RB, Facilities, LAXFUEL Corp.,       3rd Series, 5.00%, 7/01/39    6,805  6,951,103 
 LA International Airport, AMT (AMBAC), 5.50%, 1/01/32  13,320  12,920,800  Richmond County Development Authority, Refunding RB,     
Los Angeles Unified School District, California, GO,       International Paper Co. Project, Series A, AMT,     
 Series D:       6.00%, 2/01/25    4,000  3,948,480 
     5.25%, 7/01/24  5,000  5,396,900        10,899,583 
     5.25%, 7/01/25  3,490  3,749,830         
     5.00%, 7/01/26  1,305  1,372,351  Guam — 1.1%       
Murrieta Community Facilities District Special Tax,      Territory of Guam, GO, Series A:       
 California, Special Tax, No. 2, The Oaks Improvement           6.00%, 11/15/19    1,245  1,296,406 
 Area, Series A, 6.00%, 9/01/34  5,000  4,330,550       6.75%, 11/15/29    2,180  2,332,469 
San Francisco City & County Public Utilities Commission,           7.00%, 11/15/39    2,255  2,437,294 
 RB, Series B, 5.00%, 11/01/39  18,550  18,827,322        6,066,169 
State of California, GO, Various Purpose:      Illinois — 6.2%       
     5.00%, 6/01/32  4,000  3,767,600  CenterPoint Intermodal Center Program Trust, Tax     
     6.50%, 4/01/33  20,410  22,557,336   Allocation Bonds, Class A, 10.00%, 6/15/23 (d)  4,630  2,435,658 
     5.00%, 6/01/34  6,250  5,848,750  Illinois Educational Facilities Authority, RB:     
University of California, RB, Limited Project, Series B,           Educational Advancement Fund, University Center     
 4.75%, 5/15/38  10,565  10,057,669       Project, 6.25%, 5/01/30 (a)    10,000  11,363,300 
West Valley-Mission Community College District, GO,           University of Chicago, Series A, 5.25%, 7/01/41  760  784,328 
 Election of 2004, Series A (FSA), 4.75%, 8/01/30  4,015  4,037,765  Illinois Finance Authority, RB:       
    148,480,329       Friendship Village Schaumburg, Series A,     
Colorado — 3.4%           5.63%, 2/15/37    845  668,463 
City of Colorado Springs Colorado, RB, Subordinate Lien,           MJH Education Assistance IV, Sub-Series B,     
 Improvement, Series C (FSA), 5.00%, 11/15/45  2,545  2,574,013       5.38%, 6/01/35 (e)(f)    1,675  118,925 
Colorado Health Facilities Authority, RB, Series C (FSA),           Monarch Landing Inc., Facilities, Series A,     
 5.25%, 3/01/40  3,585  3,574,998       7.00%, 12/01/37    2,885  1,442,500 
Colorado Health Facilities Authority, Refunding RB,      Illinois Health Facilities Authority, Refunding RB, Elmhurst     
 Catholic Healthcare, Series A (c):       Memorial Healthcare:       
     5.50%, 7/01/34  4,205  4,283,591       5.50%, 1/01/22    5,000  4,874,150 
     5.00%, 7/01/39  4,965  4,672,512       5.63%, 1/01/28    6,000  5,720,640 
See Notes to Financial Statements.             
SEMI-ANNUAL REPORT    OCTOBER 31, 2009    23 


Schedule of Investments (continued)  BlackRock Municipal Income Trust (BFK) 
        (Percentages shown are based on Net Assets) 
    Par        Par   
Municipal Bonds    (000)  Value  Municipal Bonds    (000)  Value 
Illinois (concluded)        New Jersey — 7.2%       
Illinois Municipal Electric Agency, RB (MBIA),      Middlesex County Improvement Authority, RB, Subordinate,     
 4.50%, 2/01/35    $ 1,595  $ 1,483,382   Heldrich Center Hotel, Series B, 6.25%, 1/01/37  $ 3,680  $ 676,973 
Village of Bolingbrook Illinois, GO, Series B (MBIA) (b):      New Jersey EDA, RB:       
     6.01%, 1/01/33    6,820  1,862,951       Cigarette Tax, 5.75%, 6/15/29    15,500  14,917,200 
     6.01%, 1/01/34    14,085  3,620,831       Continental Airlines Inc. Project, AMT,       
      34,375,128       7.00%, 11/15/30    15,410  14,309,110 
        New Jersey EDA, Special Assessment, Refunding RB,       
Indiana — 7.6%         Kapkowski Road Landfill Project, 6.50%, 4/01/28    8,000  6,764,960 
Indiana Finance Authority, RB:        Tobacco Settlement Financing Corp., New Jersey, RB,       
     Refunding, Duke Energy, Series C, 4.95%, 10/01/40  5,745  5,477,513   Series 1A, 4.50%, 6/01/23    4,125  3,693,525 
Sisters of St. Francis Health, 5.25%, 11/01/39 (c)  1,655  1,603,993         
Indiana Health Facility Financing Authority, Indiana, RB,            40,361,768 
 Methodist Hospital Inc, 5.50%, 9/15/31  9,000  6,982,920  New York — 6.3%       
Indiana Municipal Power Agency, Indiana, RB, Indiana      Albany Industrial Development Agency, RB, New Covenant     
 Muni Power Agency Series B, 6.00%, 1/01/39  2,150  2,306,412   Charter School Project, Series A, 7.00%, 5/01/35    1,820  1,153,188 
Petersburg Indiana, RB, Indiana Power & Light, AMT:      New York City Industrial Development Agency, RB,       
     5.90%, 12/01/24    10,000  9,594,700   American Airlines, JFK International Airport, AMT:       
     5.95%, 12/01/29    16,000  14,968,640       8.00%, 8/01/28    5,000  5,012,400 
Vincennes Indiana, Refunding RB & Improvement,           7.75%, 8/01/31    22,140  21,371,078 
 Southwest Indiana Regional, 6.25%, 1/01/24  2,220  1,730,113  New York Liberty Development Corp., RB, Goldman       
      42,664,291   Sachs Headquarters, 5.25%, 10/01/35    3,545  3,468,215 
        New York State Dormitory Authority, RB, NYU Hospitals       
Kentucky — 0.1%         Center, Series A, 5.00%, 7/01/20    4,000  3,922,000 
Kentucky Housing Corp., RB, Series F, AMT (FNMA),             
 5.45%, 1/01/32    715  717,424        34,926,881 
Louisiana — 1.3%        North Carolina — 4.7%       
Louisiana Local Government Environmental Facilities &      Gaston County Industrial Facilities & Pollution Control       
 Community Development Authority, RB, Capital       Financing Authority, North Carolina, RB, Exempt       
 Projects & Equipment Acquisition Program (ACA),       Facilities, National Gypsum Co. Project, AMT,       
 6.55%, 9/01/25    8,430  7,228,219   5.75%, 8/01/35    12,130  7,167,860 
        North Carolina Capital Facilities Finance Agency,       
Maryland — 0.4%         Refunding RB, Duke University Project, Series B,       
Maryland Community Development Administration, RB,       4.25%, 7/01/42    11,350  10,513,391 
 Residential, Series A, AMT, 4.65%, 9/01/32  2,665  2,474,612  North Carolina Eastern Municipal Power Agency,       
Michigan — 0.7%         North Carolina, RB, Series B, 5.00%, 1/01/26    4,360  4,439,962 
Michigan State Hospital Finance Authority, Michigan,      North Carolina Medical Care Commission, RB,       
 Refunding RB, Henry Ford Health System, Series A,       Duke University Health System, Series A (c):       
 5.25%, 11/15/46    4,230  3,668,848       5.00%, 6/01/39    1,240  1,226,720 
Mississippi — 3.3%             5.00%, 6/01/42    2,750  2,697,832 
City of Gulfport Mississippi, RB, Memorial Hospital at            26,045,765 
 Gulfport Project, Series A, 5.75%, 7/01/31  18,455  18,385,425  Ohio — 1.8%       
Missouri — 0.1%        Buckeye Tobacco Settlement Financing Authority,       
Missouri Joint Municipal Electric Utility Commission, RB,       RB, Asset-Backed, Senior, Turbo, Series A-2,       
 Plum Point Project (MBIA), 4.60%, 1/01/36  670  551,316   6.50%, 6/01/47    3,120  2,513,410 
Multi-State — 5.6%        County of Montgomery Ohio, Refunding RB, Catholic       
Charter Mac Equity Issuer Trust (d)(g):       Healthcare, Series A, 5.00%, 5/01/39 (c)    4,965  4,694,556 
     6.80%, 11/30/50    6,500  6,701,695  Pinnacle Community Infrastructure Financing Authority,       
     6.80%, 10/31/52    16,000  17,098,880   RB, Facilities, Series A, 6.25%, 12/01/36    3,760  2,751,869 
MuniMae TE Bond Subsidiary LLC,            9,959,835 
 7.50%, 6/30/49 (d)(g)    8,000  7,419,840  Oklahoma — 1.2%       
      31,220,415  Tulsa Municipal Airport Trust Trustees, Oklahoma,       
Nebraska — 0.7%         Refunding RB, Series A, AMT, 7.75%, 6/01/35    7,175  6,837,632 
Omaha Public Power District, RB, System, Series A,      Pennsylvania — 4.9%       
 4.75%, 2/01/44    3,695  3,645,487  Pennsylvania Economic Development Financing       
Nevada — 0.9%         Authority, RB:       
County of Clark Nevada, Refunding RB, Alexander           Amtrak Project, Series A, AMT, 6.38%, 11/01/41    6,500  6,567,860 
 Dawson School, Nevada Project, 5.00%, 5/15/29  5,260  5,131,761       Aqua Pennsylvania Inc. Project, 5.00%, 11/15/40 (c)  3,725  3,699,335 
             Reliant Energy, Series A-12-22-04, AMT,       
New Hampshire — 1.3%             6.75%, 12/01/36    11,345  11,581,770 
New Hampshire Business Finance Authority, Refunding RB,      Pennsylvania HFA, RB, Series 97A, AMT, 4.60%, 10/01/27  2,500  2,344,700 
 Public Service Co. New Hampshire Project, Series B,      Pennsylvania Turnpike Commission, RB, Sub-Series D,       
 AMT (MBIA), 4.75%, 5/01/21  4,000  3,832,600   5.13%, 12/01/40    3,100  3,038,465 
New Hampshire Health & Education Facilities Authority,             
 RB, Exeter Project, 5.75%, 10/01/31  3,500  3,559,850        27,232,130 
      7,392,450         
See Notes to Financial Statements.             
24  SEMI-ANNUAL REPORT                                             OCTOBER 31, 2009       


Schedule of Investments (continued)  BlackRock Municipal Income Trust (BFK) 
      (Percentages shown are based on Net Assets) 
  Par        Par   
Municipal Bonds  (000)  Value  Municipal Bonds    (000)  Value 
Puerto Rico — 2.1%      Washington — 1.5%       
Puerto Rico Sales Tax Financing Corp., RB, First      County of King Washington, Refunding RB (FSA),       
 Sub-Series A, 6.50%, 8/01/44  $ 10,900  $ 11,788,350   5.00%, 1/01/36  $ 3,615  $ 3,685,854 
South Carolina — 5.9%      Washington Health Care Facilities Authority, Washington,     
County of Lexington South Carolina, Refunding RB &       RB, Providence Health Care Services, Series A (MBIA),     
 Improvement (a):       4.63%, 10/01/34    5,095  4,831,232 
     5.50%, 11/01/13  5,000  5,732,850        8,517,086 
     5.75%, 11/01/13  10,000  11,562,100  Wisconsin — 1.6%       
South Carolina Jobs-EDA, RB, Palmetto Health:      Wisconsin Health & Educational Facilities Authority, RB:     
     Refunding, Alliance, Series A, 6.25%, 8/01/31  5,075  5,148,740       Aurora Health Care, 6.40%, 4/15/33    7,500  7,638,900 
     Series C, 6.88%, 8/01/13 (a)  9,000  10,595,771       Froedtert & Community, 5.38%, 10/01/30    1,205  1,220,340 
    33,039,461        8,859,240 
Tennessee — 0.5%      Wyoming — 0.5%       
Knox County Health Educational & Housing Facilities      Wyoming Community Development Authority, Wyoming,       
 Board, Tennessee, CAB, Refunding RB & Improvement,       RB, Series 3, AMT, 4.65%, 12/01/27    2,765  2,614,667 
 Series A (FSA), 5.70%, 1/01/20 (b)  5,055  2,941,100         
      Total Municipal Bonds — 138.9%      775,017,184 
Texas — 18.8%             
Brazos River Authority, Refunding RB, TXU, AMT:             
     Electric Co. Project, Series C, 5.75%, 5/01/36  4,265  3,841,272         
     Electric, Series A, 8.25%, 10/01/30  4,370  2,605,525  Municipal Bonds Transferred to       
City of Houston Texas, Refunding RB, Combined,      Tender Option Bond Trusts (h)       
 First Lien, Series A (AGC), 6.00%, 11/15/35  16,425  18,671,283  Alabama — 0.8%       
Harris County-Houston Sports Authority, RB, CAB,      Alabama Special Care Facilities Financing Authority-       
 Junior Lien, Series H (MBIA), 6.11%, 11/15/35 (b)  5,000  713,150   Birmingham, Refunding RB, Ascension Health Senior       
Harris County-Houston Sports Authority, Refunding RB       Credit, Series C-2, 5.00%, 11/15/36    4,548  4,556,078 
 (MBIA) (b):      California — 3.3%       
     CAB, Senior Lien, Series A , 5.94%, 11/15/38  12,580  1,528,596  California Educational Facilities Authority, RB, University of     
     Third Lien, Series A-3 , 5.97%, 11/15/37  26,120  3,156,341   Southern California, Series A, 5.25%, 10/01/39    5,115  5,390,238 
Houston Texas Airport Systems, Refunding ARB,      Los Angeles Community College District, California, GO,       
 Senior Lien, Series A, 5.50%, 7/01/39  3,000  3,111,720   Election 2001, Series A (FSA), 5.00%, 8/01/32    4,500  4,618,890 
Lower Colorado River Authority, Refunding RB &      San Diego Community College District, California, GO,       
 Improvement (MBIA):       Election of 2002, 5.25%, 8/01/33    3,260  3,423,039 
     5.00%, 5/15/13 (a)  50  55,979  University of California, RB, Series C (MBIA),       
     5.00%, 5/15/31  2,345  2,348,705   4.75%, 5/15/37    5,000  4,939,300 
Lower Colorado River Authority, Refunding RB:             
     LCRA Transmission Services Project (AMBAC),            18,371,467 
     4.75%, 5/15/34  12,930  12,405,042  Colorado — 2.3%       
     Series A (MBIA), 5.00%, 5/15/13 (a)  5  5,598  Colorado Health Facilities Authority, RB, Catholic       
North Texas Tollway Authority, Refunding RB, Second Tier,       Health (FSA):       
 Series F, 6.13%, 1/01/31  12,180  12,649,904       Series C3, 5.10%, 10/01/41    7,600  7,678,280 
San Antonio Energy Acquisition Public Facility Corp., RB,           Series C7, 5.00%, 9/01/36    4,860  4,900,192 
 Gas Supply, 5.50%, 8/01/25  6,540  6,539,411        12,578,472 
Texas State Affordable Housing Corp., Texas, RB,             
 American Opportunity Housing Portfolio, Series B,      Connecticut — 3.5%       
 8.00%, 3/01/32 (e)(f)  4,435  220,774  Connecticut State Health & Educational Facility Authority,     
Texas State Turnpike Authority, RB (AMBAC):       RB, Yale University:       
     CAB, 6.06%, 8/15/32 (b)  25,000  5,818,250       Series T1, 4.70%, 7/01/29    9,400  9,906,660 
     CAB, 6.07%, 8/15/33 (b)  62,325  13,574,385       Series X3, 4.85%, 7/01/37    9,360  9,742,450 
     CAB, 6.07%, 8/15/34 (b)  65,040  13,223,282        19,649,110 
     First Tier, Series A, 5.00%, 8/15/42  5,000  4,530,650  Illinois — 1.5%       
    104,999,867  Chicago New Public Housing Authority, Illinois,       
Utah — 1.0%       Refunding RB (FSA), 5.00%, 7/01/24    8,232  8,442,366 
City of Riverton Utah, RB, IHC Health Services Inc.,      Massachusetts — 1.2%       
 5.00%, 8/15/41 (c)  5,475  5,305,166  Massachusetts Water Resources Authority, Refunding RB,     
Virginia — 0.9%       Generation, Series A, 5.00%, 8/01/41    6,770  6,862,410 
City of Norfolk Virginia, Refunding RB, Series B (AMBAC),      New Hampshire — 0.8%       
 5.50%, 2/01/31  2,635  2,514,133  New Hampshire Health & Education Facilities Authority,     
Virginia Commonwealth Transportation Board, Virginia,       Refunding RB, Dartmouth College, 5.25%, 6/01/39    3,988  4,266,906 
 Refunding RB, CAB, Contract, Route 28 (MBIA),             
 5.29%, 4/01/32 (b)  8,105  2,487,830         
    5,001,963         
See Notes to Financial Statements.             
                                                         SEMI-ANNUAL REPORT    OCTOBER 31, 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 (h)      (000)    Value         
New York — 1.6%              (g) Security represents a beneficial interest in a trust. The collateral deposited into the 
New York City Municipal Water Finance Authority, RB,                 trust is federally tax-exempt revenue bonds issued by various state or local govern- 
 Series FF-2, 5.50%, 6/15/40    $ 3,075  $ 3,332,294       ments, or their respective agencies or authorities. The security is subject to remarket- 
New York State Environmental Facilities Corporation,                 ing prior to its stated maturity and is subject to mandatory redemption at maturity. 
 New York, RB, Revolving Funds, New York City            (h) Securities represent bonds transferred to tender option bond trust in exchange for 
 Municipal Water Project, Series B, 5.00%, 6/15/31      5,370    5,458,122       which the Trust acquired residual interest certificates. These securities serve as col- 
            8,790,416       lateral in a financing transaction. See Note 1 of the Notes to Financial Statements 
Virginia — 3.3%                   for details of municipal bonds transferred to tender option bond trusts. 
Virginia HDA, RB, Sub-Series H-1 (MBIA), 5.35%, 7/01/31  6,810    6,880,892  (i) Investments in companies considered to be an affiliate of the Trust, for purposes of 
University of Virginia, Refunding RB, 5.00%, 6/01/40      10,750    11,340,390       Section 2(a)(3) of the Investment Company Act of 1940, were as follows: 
            18,221,282      Net   
Washington — 3.7%                   Affiliate  Activity  Income 
Central Puget Sound Regional Transportation Authority,                   
 Washington, RB, Series A (FSA), 5.00%, 11/01/32      5,459    5,633,238       FFI Institutional Tax-Exempt Fund  $ 16,679,043  $ 19,806 
State of Washington, GO, Various Purpose, Series E,            (j) Represents the current yield as of report date.     
 5.00%, 2/01/34        14,487    15,085,249  Fair Value Measurements — Various inputs are used in determining the fair value of 
            20,718,487       investments, which are as follows:     
Total Municipal Bonds Transferred to                 Level 1 — price quotations in active markets/exchanges for identical assets 
Tender Option Bond Trusts — 22.0%        122,456,994    and liabilities     
Total Long-Term Investments                   Level 2 — other observable inputs (including, but not limited to: quoted prices for 
(Cost — $929,685,870) — 160.9%        897,474,178    similar assets or liabilities in markets that are active, quoted prices for identical 
                or similar assets or liabilities in markets that are not active, inputs other than 
                quoted prices that are observable for the assets or liabilities (such as interest 
Short-Term Securities        Shares        rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and 
FFI Institutional Tax-Exempt Fund, 0.23% (i)(j)  17,102,993    17,102,993    default rates) or other market-corroborated inputs)   
Total Short-Term Securities                   Level 3 — unobservable inputs based on the best information available in the 
(Cost — $17,102,993) — 3.1%          17,102,993    circumstances, to the extent observable inputs are not available (including the 
                Trust’s own assumptions used in determining the fair value of investments) 
Total Investments (Cost — $946,788,863*) — 164.0%      914,577,171         
Liabilities in Excess of Other Assets — (3.1)%          (17,237,846)       The inputs or methodology used for valuing securities are not necessarily an indica- 
Liability for Trust Certificates, Including Interest                 tion of the risk associated with investing in those securities. For information about 
   Expense and Fees Payable — (12.3)%          (68,649,327)       the Trust’s policy regarding valuation of investments and other significant accounting 
Preferred Shares, at Redemption Value — (48.6)%        (270,890,746)       policies, please refer to Note 1 of the Notes to Financial Statements. 
Net Assets Applicable to Common Shares — 100.0%        $ 557,799,252       The following table summarizes the inputs used as of October 31, 2009 in deter- 
                   mining the fair valuation of the Trust’s investments:   
* The cost and unrealized appreciation (depreciation) of investments as of October 31,         
       2009, as computed for federal income tax purposes, were as follows:         Valuation    Investments in 
                   Inputs    Securities 
       Aggregate cost          $ 876,565,983         
                    Assets 
       Gross unrealized appreciation        $ 27,881,007         
       Gross unrealized depreciation          (58,453,321)       Level 1 — Short-Term Securities    $ 17,102,993 
       Net unrealized depreciation        $ (30,572,314)       Level 2 — Long-Term Investments1    897,474,178 
                   Level 3     
(a) US government securities, held in escrow, are used to pay interest on this security as       Total    $914,577,171 
well as to retire the bond in full at the date indicated, typically at a premium to par.         
              1  See above Schedule of Investments for values in each state or   
(b) Represents a zero-coupon bond. Rate shown reflects the current yield as of     political subdivision.     
       report date.                     
 (c) When-issued security.                     
            Unrealized         
       Counterparty       Value    Depreciation         
       Citibank NA    $ 3,924,552    $ (24,754)         
       JPMorgan Securities, Inc.    $ 5,305,166    $ (83,713)         
       Jeffries & Co.    $ 3,699,335    $ (62,133)         
       Merrill Lynch & Co.    $ 1,603,993    $ (48,716)         
       Morgan Stanley Capital Services, Inc.  $13,650,659    $(223,678)         
(d) Security exempt from registration under Rule 144A of the Securities Act of 1933.         
       These securities may be resold in transactions exempt from registration to qualified         
       institutional investors.                     
 (e) Issuer filed for bankruptcy and/or is in default of interest payments.           
 (f) Non-income producing security.                   
See Notes to Financial Statements.                   
26  SEMI-ANNUAL REPORT                                   OCTOBER 31, 2009     


Schedule of Investments October 31, 2009 (Unaudited)  BlackRock Pennsylvania Strategic Municipal Trust (BPS) 
          (Percentages shown are based on Net Assets) 
    Par          Par   
Municipal Bonds    (000)     Value  Municipal Bonds    (000)  Value 
Pennsylvania — 113.8%        Pennsylvania (concluded)       
Corporate — 2.4%        Housing — 12.3%       
Pennsylvania Economic Development Financing Authority,      Pennsylvania HFA, RB:       
 RB, Series A, AMT, Aqua Pennsylvania Inc., Project,          Series 95, Series A, AMT, 4.90%, 10/01/37  $ 1,000 $  950,380 
 6.75%, 10/01/18  $ 600 $  666,894    Series 96, Series A, AMT, 4.70%, 10/01/37    490  440,226 
County/City/Special District/School District — 18.0%        Series 97A, AMT, 4.65%, 10/01/31    1,300  1,206,114 
Delaware Valley Regional Financial Authority, RB,          Series 103C, Non Ace, 5.40%, 10/01/33    250  258,610 
 Series A (AMBAC), 5.50%, 8/01/28    1,500  1,588,575    Series 105C, 5.00%, 10/01/39    500  502,590 
Marple Newtown School District, GO (FSA),                3,357,920 
 5.00%, 6/01/31    600  623,604  State — 9.1%       
Mifflin County School District, GO (Syncora),        Commonwealth of Pennsylvania, GO, First Series:       
 7.50%, 9/01/22    200  243,218    5.00%, 3/15/28    825  890,942 
Owen J Roberts School District, GO, 4.75%, 11/15/25    700  728,966    5.00%, 3/15/29    275  294,976 
Philadelphia School District, GO:        Pennsylvania Turnpike Commission, RB, Series C (MBIA),     
Refunding, Series A (AMBAC), 5.00%, 8/01/15    1,000  1,103,070   5.00%, 12/01/32    1,000  1,032,390 
Series E, 6.00%, 9/01/38    100  108,028  State Public School Building Authority, Pennsylvania, RB,     
Scranton School District, Pennsylvania, GO, Series A         Harrisburg School District Project, Series A (AGC),       
 (FSA), 5.00%, 7/15/38    500  508,040   5.00%, 11/15/33    250  255,515 
      4,903,501          2,473,823 
Education — 12.7%        Transportation — 15.4%       
Cumberland County Municipal Authority, RB,        City of Philadelphia Pennsylvania, RB, Series A, AMT       
 AI Cup Financing Project, Dickinson College,         (FSA), 5.00%, 6/15/37    1,150  1,082,725 
 5.00%, 11/01/39    200  188,746  Pennsylvania Economic Development Financing       
Lancaster Higher Education Authority, RB, Franklin &         Authority, RB, Amtrak Project, Series A, AMT:       
 Marshall College Project, 5.00%, 4/15/37    500  498,505    6.25%, 11/01/31    1,000  1,008,720 
Pennsylvania Higher Educational Facilities Authority, RB,        6.38%, 11/01/41    1,000  1,010,440 
 Lafayette College Project, 6.00%, 5/01/30    1,250  1,268,638  Pennsylvania Turnpike Commission, RB:       
Pennsylvania State Higher Education Facilities Authority,        CAB, Sub-Series E, 6.48%, 12/01/38 (c)    385  239,466 
 Refunding RB, Trustees of the University of          Series A (AMBAC), 5.25%, 12/01/32    870  873,036 
 Pennsylvania, Series C, 4.75%, 7/15/35    500  502,700           
University of Pittsburgh, Pennsylvania, RB, Capital                4,214,387 
 Projects, Series B, 5.00%, 9/15/28    350  375,424  Utilities — 6.0%       
Wilkes-Barre Finance Authority, Refunding RB, Wilkes        City of Philadelphia Pennsylvania, RB, Series A,       
 University Project, 5.00%, 3/01/37    700  640,605   5.25%, 1/01/36    100  99,851 
      3,474,618  Delaware County IDA, Pennsylvania, RB, Water Facilities,     
         AMT (MBIA), 6.00%, 6/01/29    1,250  1,255,262 
Health — 37.9%        Montgomery County IDA, Pennsylvania, RB,       
Allegheny County Hospital Development Authority, RB,         Aqua Pennsylvania Inc. Project, Series A, AMT,       
 Health System, West Pennsylvania, Series A,         5.25%, 7/01/42    300  285,951 
 5.38%, 11/15/40    470  361,289           
Berks County Municipal Authority, RB, Reading Hospital &              1,641,064 
 Medical Center Project, Series A-3, 5.50%, 11/01/31  500  518,615  Total Municipal Bonds in Pennsylvania      31,090,836 
Bucks County IDA, RB, Pennswood Village Project,        Guam — 0.9%       
 Series A, 6.00%, 10/01/12 (a)    1,400  1,605,730  County/City/Special District/School District — 0.9%       
Geisinger Authority, RB, Series A, 5.13%, 6/01/34    500  503,935  Territory of Guam, RB, Section 30, Series A,       
Lehigh County General Purpose Authority, RB, Hospital,         5.75%, 12/01/34    250  254,583 
 Saint Lukes Bethlehem, 5.38%, 8/15/13 (a)    3,520  4,021,670           
Lycoming County Authority, Refunding RB, Susquehanna      Total Municipal Bonds in Guam      254,583 
 Health System Project, Series A, 5.75%, 7/01/39    210  199,681  Multi-State — 13.6%       
Monroe County Hospital Authority, Pennsylvania, RB,        Housing — 13.6%       
 Hospital, Pocono Medical Center, 5.13%, 1/01/37    345  318,176  MuniMae TE Bond Subsidiary LLC, 7.50%, 6/30/49 (d)(e)  4,000  3,709,920 
Montgomery County Higher Education & Health Authority,      Total Municipal Bonds in Multi-State      3,709,920 
 Refunding RB, Abington Memorial Hospital, Series A,                 
 5.13%, 6/01/33 (b)    320  312,496  Puerto Rico — 22.6%       
Montgomery County IDA, Pennsylvania, RB,        Education — 3.8%       
 ACTS Retirement, Life Community, 5.25%, 11/15/28  1,250  1,167,237  Puerto Rico Industrial Tourist Educational Medical &       
Southcentral General Authority, Pennsylvania, RB,         Environmental Control Facilities Financing Authority,       
 Wellspan Health Obligation Group, Series A,         RB, Ana G Mendez University System Project,       
 6.00%, 6/01/29    1,250  1,349,800   5.00%, 3/01/26    1,250  1,045,163 
      10,358,629  State — 16.2%       
        Commonwealth of Puerto Rico, GO, Refunding,       
         Sub-Series C-7 (MBIA), 6.00%, 7/01/27    1,385  1,438,890 
        Puerto Rico Public Buildings Authority, RB, Government       
         Facilities, Series N, 5.00%, 7/01/37    300  266,349 
See Notes to Financial Statements.                 
SEMI-ANNUAL REPORT        OCTOBER 31, 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 (concluded)        (b) When-issued security.         
State (concluded)                   
Puerto Rico Public Finance Corp., RB, Commonwealth                Unrealized 
 Appropriation, Series E, 5.50%, 2/01/12 (a)  $ 1,495 $  1,637,773       Affiliate    Value    Depreciation 
Puerto Rico Sales Tax Financing Corp., RB,           Goldman Sachs & Co.  $ 312,496    $ (1,267) 
 First Sub-Series A, 6.38%, 8/01/39  1,000  1,078,580             
      4,421,592  (c) Represents a step-up bond that pays an initial coupon rate for the first period and 
             then a higher coupon rate for the following periods. Rate shown reflects the current 
Utilities — 2.6%             yield as of report date.         
Puerto Rico Aqueduct & Sewer Authority, RB, Senior Lien,                 
 Series A, 6.00%, 7/01/38    200  205,416  (d) Security exempt from registration under Rule 144A of the Securities Act of 1933. 
Puerto Rico Electric Power Authority, RB, Series WW,           These securities may be resold in transactions exempt from registration to qualified 
 5.50%, 7/01/38    500  501,670       institutional investors.         
      707,086  (e) Security represents a beneficial interest in a trust. The collateral deposited into the 
             trust is federally tax-exempt revenue bonds issued by various state or local govern- 
Total Municipal Bonds in Puerto Rico    6,173,841       ments, or their respective agencies or authorities. The security is subject to remarket- 
U.S. Virgin Islands — 0.3%             ing prior to its stated maturity and is subject to mandatory redemption at maturity. 
State — 0.3%        (f) Securities represent bonds transferred to tender option bond trust in exchange for 
Virgin Islands Public Finance Authority, RB, Senior Lien,           which the Trust acquired residual interest certificates. These securities serve as col- 
 Capital Projects, Series A-1, 5.00%, 10/01/39  100  94,944       lateral in a financing transaction. See Note 1 of the Notes to Financial Statements 
Total Municipal Bonds in U.S. Virgin Islands    94,944       for details of municipal bonds transferred to tender option bond trusts. 
Total Municipal Bonds — 151.2%    41,324,124  (g) Security may have a maturity of more than one year at time of issuance, but has 
             variable rate and demand features that qualify it as a short-term security. The rate 
             shown is as of report date and maturity shown is the date the principal owed can 
Municipal Bonds Transferred to           be recovered through demand.         
Tender Option Bond Trusts (f)      (h) Investments in companies considered to be an affiliate of the Trust, for purposes of 
Pennsylvania — 3.7%             Section 2(a)(3) of the Investment Company Act of 1940, were as follows: 
Health — 3.7%              Net     
Geisinger Authority, RB, Series A, 5.25%, 6/01/39  1,000  1,013,490        Activity    Income 
Total Municipal Bonds Transferred to           CMA Pennsylvania Municipal Money Fund  $ 1,100,192    $ 127 
Tender Option Bond Trusts      1,013,490             
Total Long-Term Investments        (i) Represents the current yield as of report date.         
(Cost — $42,158,198) — 154.9%    42,337,614  Fair Value Measurements — Various inputs are used in determining the fair value of 
             investments, which are as follows:         
             Level 1 — price quotations in active markets/exchanges for identical assets 
          and liabilities         
Short-Term Securities             Level 2 — other observable inputs (including, but not limited to: quoted prices for 
Pennsylvania — 1.1%          similar assets or liabilities in markets that are active, quoted prices for identical 
City of Philadelphia Pennsylvania, RB, VRDN,        or similar assets or liabilities in markets that are not active, inputs other than 
 Fifth Series A-2, 0.20%, 11/06/09 (g)  300  300,000    quoted prices that are observable for the assets or liabilities (such as interest 
    Shares      rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and 
          default rates) or other market-corroborated inputs)       
Money Market Funds — 4.4%                   
CMA Pennsylvania Municipal Money Fund,           Level 3 — unobservable inputs based on the best information available in the 
 0.04% (h)(i)    1,200,162  1,200,162    circumstances, to the extent observable inputs are not available (including the 
          Trust’s own assumptions used in determining the fair value of investments) 
Total Short-Term Securities                   
(Cost — $1,500,162) — 5.5%      1,500,162       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 
Total Investments (Cost — $43,658,360*) — 160.4%    43,837,776       the Trust’s policy regarding valuation of investments and other significant accounting 
Other Assets Less Liabilities — 1.1%    313,698       policies, please refer to Note 1 of the Notes to Financial Statements.   
Liability for Trust Certificates, Including Interest                 
   Expense and Fees Payable — (1.8)%    (500,438)       The following table summarizes the inputs used as of October 31, 2009 in deter- 
Preferred Shares, at Redemption Value — (59.7)%    (16,325,762)       mining the fair valuation of the Trust’s investments:       
Net Assets Applicable to Common Shares — 100.0%  $ 27,325,274          Investments in 
* The cost and unrealized appreciation (depreciation) of investments as of October 31,       Valuation Inputs        Securities 
       2009, as computed for federal income tax purposes, were as follows:              Assets 
       Aggregate cost    $ 42,995,563       Level 1 — Short-Term Securities      $ 1,200,162 
       Gross unrealized appreciation  $ 1,362,265       Level 2:         
       Gross unrealized depreciation    (1,020,052)           Long-Term Investments1        42,337,614 
       Net unrealized appreciation  $ 342,213           Short-Term Securities        300,000 
(a) US government securities, held in escrow, are used to pay interest on this security       Total Level 2        42,637,614 
       as well as to retire the bond in full at the date indicated, typically at a premium       Level 3         
       to par.             Total      $ 43,837,776 
                 1  See above Schedule of Investments for values in each state or     
See Notes to Financial Statements.        political subdivision.         
28  SEMI-ANNUAL REPORT      OCTOBER 31, 2009         


Schedule of Investments October 31, 2009 (Unaudited)  BlackRock Strategic Municipal Trust (BSD) 
          (Percentages shown are based on Net Assets) 
    Par        Par   
Municipal Bonds    (000)  Value  Municipal Bonds    (000)  Value 
Alabama — 3.3%        Florida (concluded)       
Courtland IDB, Alabama, RB, Champion International        Hillsborough County IDA, RB, National Gypsum, Series A,     
 Corp. Project, Series A, AMT, 6.70%, 11/01/29  $ 3,000 $  3,012,690   AMT, 7.13%, 4/01/30  $ 3,300 $  2,275,581 
Arizona — 3.5%        Miami Beach Health Facilities Authority, Refunding RB,     
Salt Verde Financial Corp., RB, Senior:         Mount Sinai Medical Center Florida, 6.75%, 11/15/21  1,245  1,252,794 
     5.00%, 12/01/32    1,455  1,301,061  Sumter Landing Community Development District, Florida,     
     5.00%, 12/01/37    1,320  1,122,792   RB, Sub-Series B, 5.70%, 10/01/38  1,565  1,127,849 
San Luis Facility Development Corp., RB, Senior Lien              8,240,107 
 Project, Regional Detention Center:        Georgia — 1.2%       
     6.25%, 5/01/15    210  194,863  Metropolitan Atlanta Rapid Transit Authority, RB,     
     7.00%, 5/01/20    210  194,007   3rd Series, 5.00%, 7/01/39    1,095  1,118,509 
     7.25%, 5/01/27    420  383,153         
        Guam — 1.1%       
      3,195,876  Territory of Guam, GO, Series A:       
California — 17.8%             6.00%, 11/15/19    200  208,258 
Bay Area Toll Authority, RB, San Francisco Bay Area,             6.75%, 11/15/29    355  379,829 
 Series F 1, 5.63%, 4/01/44    720  775,411       7.00%, 11/15/39    365  394,507 
California County Tobacco Securitization Agency, RB,              982,594 
 CAB, Stanislaus, Sub-Series C, 6.30%, 6/01/55 (a)    3,095  37,976         
Los Angeles Unified School District, California, GO,        Illinois — 6.7%       
 Series D, 5.00%, 7/01/26    1,585  1,666,801  CenterPoint Intermodal Center Program Trust, Tax     
San Francisco City & County Public Utilities         Allocation Bonds, Class A, 10.00%, 6/15/23 (d)  850  447,151 
 Commission, RB, Series B, 5.00%, 11/01/39    2,965  3,009,327  Illinois Educational Facilities Authority, RB, Northwestern     
State of California, GO, Various Purpose:         University, 5.00%, 12/01/33    5,000  5,120,300 
     6.50%, 4/01/33    650  718,387  Illinois Finance Authority, RB:       
     (CIFG), 5.00%, 3/01/33    5,000  4,691,950       Friendship Village Schaumburg, Series A,     
University of California, RB, Limited Project, Series B,             5.63%, 2/15/37    145  114,706 
 4.75%, 5/15/38    1,835  1,746,883       MJH Education Assistance IV, Sub-Series B,     
West Valley-Mission Community College District, GO,             5.38%, 6/01/35 (e)(f)    300  21,300 
 Election of 2004, Series A (FSA), 4.75%, 8/01/30    3,350  3,368,995       Monarch Landing Inc. Facilities, Series A,     
             7.00%, 12/01/37    575  287,500 
      16,015,730         
              5,990,957 
Colorado — 6.6%               
City of Colorado Springs Colorado, RB, Subordinate Lien,      Indiana — 1.7%       
 Improvement, Series C (FSA), 5.00%, 11/15/45    395  399,503  Indiana Finance Authority, RB:       
Colorado Health Facilities Authority, RB, Series C (FSA),           Refunding, Duke Energy, Series C, 4.95%, 10/01/40  930  886,699 
 5.25%, 3/01/40    600  598,326       Sisters of St. Francis Health, 5.25%, 11/01/39 (b)  270  261,678 
Colorado Health Facilities Authority, Refunding RB,        Indiana Municipal Power Agency, Indiana, RB, Indiana     
 Catholic Healthcare, Series A (b):         Muni Power Agency Series B, 6.00%, 1/01/39  350  375,462 
     5.50%, 7/01/34    680  692,709        1,523,839 
     5.00%, 7/01/39    800  752,872  Kentucky — 7.5%       
Northwest Parkway Public Highway Authority, Colorado,        Kentucky Economic Development Finance Authority,     
 RB, CAB, Senior, Series B (FSA), 6.30%, 6/15/11 (a)(c)  10,000  3,063,200   Refunding RB, Norton Healthcare Inc., Series B (MBIA),     
Park Creek Metropolitan District, Colorado, Refunding RB,       6.20%, 10/01/24 (a)    17,480  6,771,926 
 Senior, Limited Tax Property Tax, 5.50%, 12/01/37    440  407,475         
        Maryland — 2.5%       
      5,914,085  Maryland Community Development Administration,     
Connecticut — 2.6%         RB, Residential, Series A, AMT, 4.70%, 9/01/37  2,500  2,269,300 
Mashantucket Western Pequot Tribe, RB, Sub-Series A,        Michigan — 0.7%       
 5.50%, 9/01/28    1,500  785,955  Michigan State Hospital Finance Authority, Michigan,     
Mashantucket Western Pequot Tribe, Refunding RB,         Refunding RB, Henry Ford Health System, Series A,     
 Sub-Series B, 5.75%, 9/01/27 (d)    3,000  1,587,420   5.25%, 11/15/46    730  633,158 
      2,373,375  Missouri — 1.9%       
District of Columbia — 0.5%        Missouri Joint Municipal Electric Utility Commission, RB,     
Metroplitan Washington DC Airports Authority Dulles         Plum Point Project (MBIA), 4.60%, 1/01/36  2,110  1,736,235 
 Toll Road, RB, First Senior Lien, Series A:        Multi-State — 6.4%       
     5.00%, 10/01/39    160  159,820  Charter Mac Equity Issuer Trust, 7.60%, 11/30/50 (d)(g)  2,000  2,078,300 
     5.25%, 10/01/44    250  256,305  MuniMae TE Bond Subsidiary LLC, 7.50%, 6/30/49 (d)(g)  4,000  3,709,920 
      416,125        5,788,220 
Florida — 9.2%        Nevada — 1.0%       
Arborwood Community Development District, Special        County of Clark Nevada, Refunding RB, Alexander     
 Assessment, Master Infrastructure Projects, Series B,         Dawson School, Nevada Project, 5.00%, 5/15/29  905  882,936 
 5.10%, 5/01/14    1,485  1,054,261         
County of Orange Florida, Refunding RB,        New Jersey — 4.3%       
 4.75%, 10/01/32    2,640  2,529,622  Middlesex County Improvement Authority, RB, Subordinate,     
         Heldrich Center Hotel, Series B, 6.25%, 1/01/37  645  118,654 
See Notes to Financial Statements.               
SEMI-ANNUAL REPORT      OCTOBER 31, 2009    29 


Schedule of Investments (continued)    BlackRock Strategic Municipal Trust (BSD) 
          (Percentages shown are based on Net Assets) 
      Par      Par   
Municipal Bonds      (000)  Value  Municipal Bonds  (000)         Value 
New Jersey (concluded)          Texas — 16.9%     
New Jersey EDA, RB, Cigarette Tax, 5.50%, 6/15/24  $ 2,480 $  2,367,160  Brazos River Authority, Refunding RB, AMT:     
New Jersey State Turnpike Authority, RB, Series E,             TXU Electric Co. Project, Series C, 5.75%, 5/01/36 $  730 $  657,475 
 5.25%, 1/01/40      1,355  1,416,070       TXU Electric, Series A, 8.25%, 10/01/30  730  435,248 
        3,901,884  City of Houston Texas, Refunding RB, Combined,     
           First Lien, Series A (AGC), 6.00%, 11/15/35  2,730  3,103,355 
New York — 3.9%          Harris County-Houston Sports Authority,     
Albany Industrial Development Agency, RB, New         Refunding RB, CAB, Senior Lien, Series A (MBIA),     
 Covenant Charter School Project, Series A,         6.17%, 11/15/38 (a)  4,750  577,172 
 7.00%, 5/01/35      315  199,590  Houston Texas Airport Systems, Refunding ARB,     
New York City Industrial Development Agency, RB,         Senior Lien, Series A, 5.50%, 7/01/39  485  503,062 
 American Airlines, JFK International Airport, AMT,        La Joya ISD, Texas, GO, 5.00%, 2/15/34  4,060  4,149,280 
 7.75%, 8/01/31      3,000  2,895,810  La Vernia Higher Education Finance Corp., RB, KIPP Inc.,     
New York Liberty Development Corp., RB, Goldman         6.38%, 8/15/44 (b)  500  495,450 
 Sachs Headquarters, 5.25%, 10/01/35    465  454,928  North Texas Tollway Authority, Refunding RB, Second Tier,     
        3,550,328   Series F, 6.13%, 1/01/31  1,025  1,064,545 
North Carolina — 1.9%          State of Texas, GO, Refunding, Water Financial     
North Carolina Eastern Municipal Power Agency,         Assistance, 5.75%, 8/01/22  500  516,570 
 North Carolina, RB, Series B, 5.00%, 1/01/26    700  712,837  Texas State Turnpike Authority, RB, CAB (AMBAC),     
North Carolina Medical Care Commission, RB, Duke         6.05%, 8/15/31 (a)  15,000  3,745,050 
 University Health System, Series A (b):            15,247,207 
     5.00%, 6/01/39      200  197,858  Utah — 1.0%     
     5.00%, 6/01/42      440  431,653  City of Riverton Utah, RB, IHC Health Services Inc.,     
North Carolina Municipal Power Agency, RB, Number 1         5.00%, 8/15/41 (b)  880  852,702 
 Catawba, North Carolina, Series A, 5.00%, 1/01/30    340  342,965       
          Virginia — 3.4%     
        1,685,313  City of Norfolk Virginia, Refunding RB, Series B (AMBAC),     
Ohio — 2.5%           5.50%, 2/01/31  420  400,735 
Buckeye Tobacco Settlement Financing Authority,        University of Virginia, Refunding RB, 5.00%, 6/01/40  2,500  2,637,300 
 RB, Asset-Backed, Senior, Turbo, Series A-2,            3,038,035 
 6.50%, 6/01/47      1,880  1,514,491       
County of Montgomery Ohio, Refunding RB, Catholic        Washington — 0.7%     
 Healthcare, Series A, 5.00%, 5/01/39 (b)    800  756,424  County of King Washington, Refunding RB (FSA),     
           5.00%, 1/01/36  620  632,152 
        2,270,915       
          Wisconsin — 4.9%     
Oklahoma — 1.3%          Wisconsin Health & Educational Facilities Authority,     
Tulsa Municipal Airport Trust Trustees, Oklahoma,         RB, Ascension Health Senior Credit, Series A,     
 Refunding RB, Series A, AMT, 7.75%, 6/01/35    1,225  1,167,401   5.00%, 11/15/31  4,330  4,383,692 
Pennsylvania — 10.7%          Wyoming — 1.2%     
Allegheny County Hospital Development Authority, RB,        County of Sweetwater, Wyoming, Refunding RB, Idaho     
 Health System, West Pennsylvania, Series A,         Power Co Project, 5.25%, 7/15/26  975  1,009,028 
 5.00%, 11/15/13      1,750  1,675,870  Wyoming Municipal Power Agency, Wyoming, RB,     
Pennsylvania Economic Development Financing         Series A, 5.00%, 1/01/42  95  91,181 
 Authority, RB:               
Amtrak Project, Series A, AMT, 6.13%, 11/01/21    700  705,712      1,100,209 
Amtrak Project, Series A, AMT, 6.25%, 11/01/31    1,000  1,008,720  Total Municipal Bonds — 133.3%    120,042,557 
Amtrak Project, Series A, AMT, 6.50%, 11/01/16    1,000  1,023,080       
     Aqua Pennsylvania Inc. Project, 5.00%, 11/15/40 (a)(b)  600  595,866       
     Reliant Energy, Series A-12-22-04, AMT,        Municipal Bonds Transferred to     
         6.75%, 12/01/36      2,000  2,041,740  Tender Option Bond Trusts (h)     
Pennsylvania HFA, RB, Series 97A, AMT, 4.60%, 10/01/27  420  393,910       
Pennsylvania Turnpike Commission, RB, Sub-Series B,        Alabama — 0.8%     
 5.25%, 6/01/39      2,175  2,163,886  Alabama Special Care Facilities Financing Authority-     
           Birmingham, Refunding RB, Ascension Health Senior     
        9,608,784   Credit, Series C-2, 5.00%, 11/15/36  760  761,015 
Puerto Rico — 2.1%          California — 2.5%     
Puerto Rico Sales Tax Financing Corp., RB,        California Educational Facilities Authority, RB, University of     
 First Sub-Series A, 6.50%, 8/01/44    1,770  1,914,255   Southern California, Series A, 5.25%, 10/01/39  855  901,008 
South Carolina — 3.3%          Los Angeles Community College District, California, GO,     
South Carolina Jobs-EDA, RB, Palmetto Health, Series C,       Election 2001, Series A (FSA), 5.00%, 8/01/32  740  759,551 
 7.00%, 8/01/13 (c)      2,500  2,954,022  San Diego Community College District, California, GO,     
South Dakota — 1.0%           Election of 2002, 5.25%, 8/01/33  553  580,974 
South Dakota Health & Educational Facilities Authority,            2,241,533 
 South Dakota, RB, Sanford Health, 5.00%, 11/01/40  910  869,996  Colorado — 2.2%     
          Colorado Health Facilities Authority, RB, Catholic     
           Health (FSA):     
               Series C3, 5.10%, 10/01/41  1,210  1,222,463 
               Series C7, 5.00%, 9/01/36  780  786,451 
See Notes to Financial Statements.            2,008,914 
30  SEMI-ANNUAL REPORT                                               OCTOBER 31, 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 (h)    (000)  Value           
Connecticut — 3.6 %        (b) When-issued security.       
Connecticut State Health & Educational Facility Authority,               
 RB, Yale University:              Unrealized 
     Series T1, 4.70%, 7/01/29  $ 1,580 $  1,665,162       Counterparty  Value  Depreciation 
     Series X3, 4.85%, 7/01/37    1,540  1,602,924       Citibank NA  $ 629,511  $ (3,970) 
      3,268,086       JPMorgan Securities, Inc.  $ 852,702  $ (13,455) 
Illinois — 1.6%             Jeffries & Co.  $ 595,866  $ (10,008) 
Chicago New Public Housing Authority, Illinois,             Merrill Lynch & Co.  $ 261,678  $ (386) 
 Refunding RB (FSA), 5.00%, 7/01/24    1,424  1,460,883       Morgan Stanley Capital Services, Inc.  $2,202,005  $ (36,060) 
             RBC Capital  $ 371,588  $ (2,062) 
Massachusetts — 2.2%             S. Nicolaus & Co.  $ 123,862  $ (688) 
Massachusetts Water Resources Authority, Refunding RB,               
 Generation, Series A, 5.00%, 8/01/41    1,980  2,007,027  (c) US government securities, held in escrow, are used to pay interest on this security as 
New Hampshire — 0.8%             well as to retire the bond in full at the date indicated, typically at a premium to par. 
New Hampshire Health & Education Facilities Authority,      (d) Security exempt from registration under Rule 144A of the Securities Act of 1933. 
 Refunding RB, Dartmouth College, 5.25%, 6/01/39    645  689,763       These securities may be resold in transactions exempt from registration to qualified 
New York — 0.6%             institutional investors.       
New York City Municipal Water Finance Authority, RB,        (e) Issuer filed for bankruptcy and/or is in default of interest payments.     
 Series FF-2, 5.50%, 6/15/40    510  552,673  (f) Non-income producing security.       
Tennessee — 1.5%        (g) Security represents a beneficial interest in a trust. The collateral deposited into the 
Shelby County Health Educational & Housing Facilities           trust is federally tax-exempt revenue bonds issued by various state or local govern- 
 Board, Refunding RB, Saint Jude’s Children’s Research           ments, or their respective agencies or authorities. The security is subject to remarket- 
 Hospital, 5.00%, 7/01/31    1,280  1,299,482       ing prior to its stated maturity and is subject to mandatory redemption at maturity. 
Texas — 2.5%        (h) Securities represent bonds transferred to a tender option bond trust in exchange for 
County of Harris Texas, RB, Senior Lien, Toll Road,             which the Trust acquired residual interest certificates. These securities serve as col- 
 Series A, 5.00%, 8/15/38    2,140  2,201,632       lateral in a financing transaction. See Note 1 of the Notes to Financial Statements 
Virginia — 3.4%             for details of municipal bonds transferred to tender option bond trusts.   
Virginia HDA, RB, Sub-Series H-1 (MBIA), 5.35%, 7/01/31  1,125  1,136,711  (i) Investments in companies considered to be an affiliate of the Trust, for purposes of 
University of Virginia, Refunding RB, 5.00%, 6/01/40    1,790  1,888,307       Section 2(a)(3) of the Investment Company Act of 1940, were as follows:   
      3,025,018           
            Net     
Washington — 3.8%             Affiliate  Activity    Income 
Central Puget Sound Regional Transportation Authority,               
 Washington, RB, Series A (FSA), 5.00%, 11/01/32    900  928,556       FFI Institutional Tax-Exempt Fund  $5,498,900  $ 5,284 
State of Washington, GO, Various Purpose, Series E,        (j) Represents the current yield as of report date.       
 5.00%, 2/01/34    2,400  2,498,592           
        Fair Value Measurements — Various inputs are used in determining the fair value of 
      3,427,148       investments, which are as follows:       
Total Municipal Bonds Transferred to             Level 1 — price quotations in active markets/exchanges for identical assets 
Tender Option Bond Trusts — 25.5%      22,943,174    and liabilities       
Total Long-Term Investments             Level 2 — other observable inputs (including, but not limited to: quoted prices for 
(Cost — $149,713,666) — 158.8%    142,985,731    similar assets or liabilities in markets that are active, quoted prices for identical 
          or similar assets or liabilities in markets that are not active, inputs other than 
          quoted prices that are observable for the assets or liabilities (such as interest 
Short-Term Securities    Shares      rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and 
FFI Institutional Tax-Exempt Fund, 0.23% (i)(j)  5,800,097  5,800,097    default rates) or other market-corroborated inputs)     
Total Short-Term Securities             Level 3 — unobservable inputs based on the best information available in the 
(Cost — $5,800,097) — 6.4%      5,800,097    circumstances, to the extent observable inputs are not available (including the 
          Trust’s own assumptions used in determining the fair value of investments) 
Total Investments (Cost — $155,513,763*) — 165.2%  148,785,828           
Liabilities in Excess of Other Assets — (3.6)%      (3,239,095)       The inputs or methodology used for valuing securities are not necessarily an indica- 
Liability for Trust Certificates, Including Interest             tion of the risk associated with investing in those securities. For information about 
   Expense and Fees Payable — (13.9)%      (12,517,480)       the Trust’s policy regarding valuation of investments and other significant accounting 
Preferred Shares, at Redemption Value — (47.7)%      (42,977,011)       policies, please refer to Note 1 of the Notes to Financial Statements.   
Net Assets Applicable to Common Shares — 100.0%    $ 90,052,242       The following table summarizes the inputs used as of October 31, 2009 in deter- 
             mining the fair valuation of the Trust’s investments:       
* The cost and unrealized appreciation (depreciation) of investments as of October 31,           
       2009, as computed for federal income tax purposes, were as follows: