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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0000930413-04-004589.txt : 20040929
<SEC-HEADER>0000930413-04-004589.hdr.sgml : 20040929
<ACCEPTANCE-DATETIME>20040929141135
ACCESSION NUMBER:		0000930413-04-004589
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20040731
FILED AS OF DATE:		20040929
DATE AS OF CHANGE:		20040929
EFFECTIVENESS DATE:		20040929

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLACKROCK MUNICIPAL INCOME TRUST
		CENTRAL INDEX KEY:			0001137393
		IRS NUMBER:				510409115
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		N-Q
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-10339
		FILM NUMBER:		041052303

	BUSINESS ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
		BUSINESS PHONE:		302-797-2449

	MAIL ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-Q
<SEQUENCE>1
<FILENAME>c33545_nq.htm
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>




<P align="center">
<FONT face="serif">UNITED STATES </FONT>
<br>
<FONT face="serif">SECURITIES AND EXCHANGE COMMISSION </FONT>
<br>
<FONT face="serif">Washington, D.C. 20549 </FONT>
</P>
<P align="center">
<B><FONT size=4 face="serif">FORM N-Q </FONT></B>
</P>
<P align="center">
<B><FONT face="serif">QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED </FONT></B>
<br>
<B><FONT face="serif">MANAGEMENT INVESTMENT COMPANY </FONT></B></P>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="36%" align="left"><font face="serif">Investment Company Act file number: </font></td>
    <td colspan="2" align="left"><font face="serif">811-10339</font></td>
  </tr>
  <tr>
    <td align="center">&nbsp;</td>
    <td colspan="2" align="center"><hr align="left" size="1" noshade></td>
  </tr>
  <tr>
    <td colspan="3" align="center">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="3" align="center"><font face="serif">BlackRock Municipal Income Trust</font></td>
  </tr>
  <tr>
    <td colspan="3" align="center"><hr align="left" size="1" noshade></td>
  </tr>
  <tr>
    <td colspan="3" align="center"><font face="serif">(Exact name of registrant as specified in charter) </font> </td>
  </tr>
  <tr>
    <td colspan="3" align="center">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2" align="center"><font size=2 face="sans-serif">100 Bellevue Parkway, Wilmington, DE</font></td>
    <td align="center"><font size=2 face="sans-serif">19809</font></td>
  </tr>
  <tr>
    <td colspan="3" align="center"><hr align="left" size="1" noshade></td>
  </tr>
  <tr>
    <td colspan="2" align="center"><font size=2 face="sans-serif">(Address of principal executive offices)&nbsp;</font></td>
    <td width="51%" align="center"><font size=2 face="sans-serif">(Zip code)</font></td>
  </tr>
  <tr>
    <td colspan="3" align="center">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="3" align="center"><font size=2 face="sans-serif"><font face="serif">Robert S. Kapito, President</font></font></td>
  </tr>
  <tr>
    <td colspan="3" align="center"><font size=2 face="sans-serif"><font face="serif">BlackRock Municipal Income Trust</font></font></td>
  </tr>
  <tr>
    <td colspan="3" align="center"><font size=2 face="sans-serif"><font face="serif">40 East 52nd Street, New York, NY 10022</font></font></td>
  </tr>
  <tr>
    <td colspan="3" align="center"><hr align="left" size="1" noshade></td>
  </tr>
  <tr>
    <td colspan="3" align="center"><font size=2 face="sans-serif"><font face="serif">(Name and address of agent for service)</font></font></td>
  </tr>
</table>
<P align="left"><FONT size=2 face="sans-serif"><br>
</FONT></P>
<table width="75%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td colspan="2"><font face="serif">Registrant's telephone number, including area code:</font></td>
    <td width="61%"><font face="serif">888-825-2257</font></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td><hr align="left" size="1" noshade></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="21%"><font face="serif">Date of fiscal year end:</font></td>
    <td colspan="2"><font face="serif">&nbsp;</font><font face="serif">October 31, 2004</font><font face="serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="2"><hr align="left" size="1" noshade></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font face="serif">Date of reporting period:</font></td>
    <td colspan="2"><font face="serif">July 31, 2004</font><font face="serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="2"><hr align="left" size="1" noshade></td>
  </tr>
</table>
<P align="left"><FONT face="serif"><BR>
  </FONT>
</P>
<FONT size=2 face="sans-serif">
<HR noshade align="center" width="100%" size=2>

<page>
<A name="page_2"></A>

<P>
<B><FONT face="serif">Item 1. Schedule of Investments</FONT></B><FONT face="serif"> </FONT>
</P>
<P>
<FONT face="serif">The Trust's schedule of investments pursuant to Rule 30b1-5 under the Investment Company Act of 1940 is as follows: </FONT>
</P>
<font size="3"><b>PORTFOLIO OF INVESTMENTS (</b><b>unaudited)</b><b><br>JULY
31, 2004</b></font><hr noshade size=3>
<font size="3"><b> BlackRock Municipal Income Trust (BFK)</b></font>
<p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign=top>
    <td >&nbsp;</td>
    <td align=center><div align="center"></div></td>
    <td><div align="center"></div></td>
    <td align=right><div align="center"><font size="2"><b>Principal</b></font></div></td>
    <td><div align="center"></div></td>
    <td align=left><div align="center"></div></td>
    <td align=right><div align="center"></div></td>
    <td><div align="center"></div></td>
    <td align=right><div align="center"></div></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td >&nbsp;</td>
    <td align=center><div align="center"></div></td>
    <td><div align="center"></div></td>
    <td align=right><div align="center"><font size="2"><b>Amount</b></font></div></td>
    <td><div align="center"></div></td>
    <td align=left><div align="center"></div></td>
    <td align=right><div align="center"><font size="2"><b>Option Call</b></font></div></td>
    <td><div align="center"></div></td>
    <td align=right><div align="center"></div></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td >&nbsp;</td>
    <td align=center><div align="center"><font size="2"><b>Rating</b><sup><b>1</b></sup></font></div></td>
    <td><div align="center"></div></td>
    <td align=right><div align="center"><font size="2"><b>(000)</b></font></div></td>
    <td><div align="center"></div></td>
    <td align=left><div align="center"><font size="2"><b>Description</b></font></div></td>
    <td align=right><div align="center"><font size="2"><b>Provisions</b><sup><b>2</b></sup></font></div></td>
    <td><div align="center"></div></td>
    <td align=right><div align="center"><font size="2"><b>Value</b></font></div></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td colspan="10" ><HR noshade size=1></td>
  </tr>
  <tr valign=top><td width="1%" >&nbsp;</td>
<td width="5%" align=center></td>
<td width="1%">&nbsp;</td>
<td width="6%" align=right><font size="2"><b>&nbsp;</b></font></td>
<td width="2%">&nbsp;</td>
<td width="63%" align=left><font size="2"><b>LONG-TERM INVESTMENTS&#151;160.1%</b></font></td>
<td width="12%" align=right><font size="2"><b>&nbsp;</b></font></td>
<td width="1%">&nbsp;</td>
<td width="8%" align=right></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2"><b>&nbsp;</b></font></td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Alabama&#151;6.3%</b></font></td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td align=center><font size="2"><font size="2">Baa2</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">$  7,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Courtland Ind. Dev. Brd., PCR, Champion
Intl. Corp. Proj., 6.15%, 6/01/19</font></td>
<td align=center><font size="2">06/05 @ 102</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">$   7,275,800</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td align=center><font size="2">A2</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">15,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Huntsville Hlth. Care Auth., GO,
Ser. B, 5.75%, 6/01/32</font></td>
<td align=center><font size="2">06/12 @ 101</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">15,429,600</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td align=center><font size="2">BBB</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">15,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Phenix Cnty. Indl. Dev. Brd., Env.
Impvt. Rev., Ser. A, 6.35%, 5/15/35</font></td>
<td align=center><font size="2">05/12 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">15,480,900</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'>
  <td align=left>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right><HR noshade size=1></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">38,186,300</font></td>

<td>&nbsp;</td></tr>
<tr valign=top>
  <td align=left>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right><HR noshade size=1></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top><td align=left><font size="2"><b>&nbsp;</b></font></td>
<td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Arizona&#151;1.2%</b></font></td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td align=center><font size="2"><font size="2">A3</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">7,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Scottsdale Ind. Dev. Auth., Scottsdale
Hlth. Care, 5.80%, 12/01/31</font></td>
<td align=center><font size="2">12/11 @ 101</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">7,082,740</font></td>

<td>&nbsp;</td></tr>
<tr valign=top>
  <td align=left>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right><HR noshade size=1></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top><td align=left><font size="2"><b>&nbsp;</b></font></td>
<td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>California&#151;21.7%</b></font></td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td align=center><font size="2"><font size="2">A</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">6,500</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">California Infrastructure &amp; Econ.
Dev., J. David Gladstone Inst. Proj., 5.25%, 10/01/34</font></td>
<td align=center><font size="2">10/11 @ 101</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">6,328,140</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td align=center><font size="2">A</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">California Statewide Cmnty. Dev.
Auth., Mem. Hlth. Svcs., Ser. A, 5.50%, 10/01/33</font></td>
<td align=center><font size="2">04/13 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,075,950</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Foothill/Eastn. Transp. Corridor
Agcy., Toll Road Rev.,</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td align=center><font size="2">BBB</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">54,635</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Zero Coupon, 1/15/32</font></td>
<td align=center><font size="2">01/10 @ 27.37</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">10,021,152</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td align=center><font size="2">BBB</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">20,535</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Zero Coupon, 1/15/34</font></td>
<td align=center><font size="2">01/10 @ 24.228</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,327,286</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td align=center><font size="2">BBB</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">75,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Zero Coupon, 1/15/38</font></td>
<td align=center><font size="2">01/10 @ 19.014</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">9,387,750</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Golden St. Tobacco Sec. Corp.,</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td align=center><font size="2">BBB</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">10,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Ser. A-1, 6.625%, 6/01/40</font></td>
<td align=center><font size="2">06/13 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">8,813,900</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td align=center><font size="2">Baa1</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">30,600</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Ser. B, 5.50%, 6/01/43</font></td>
<td align=center><font size="2">06/13 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">30,644,064</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td align=center><font size="2">Baa1</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">16,500</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Ser. B, 5.625%, 6/01/38</font></td>
<td align=center><font size="2">06/13 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">16,666,650</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Los Angeles Regl. Arpt. Impvt., Corp.
Lease Rev.,</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td align=center><font size="2">Caa2</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">20,055</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Amer. Airlines Inc., Ser. C, 7.50%,
12/01/24</font></td>
<td align=center><font size="2">12/12 @ 102</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">17,047,753</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">13,320</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Facs. Laxfuel Corp., L.A. Intl.,
5.50%, 1/01/32, AMBAC</font></td>
<td align=center><font size="2">01/12 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">13,407,379</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td align=center><font size="2">NR</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Murrieta Cmnty. Facs. Dist., Spl.
Tax No. 2, The Oaks Impvt. Area A, 6.00%, 9/01/34</font></td>
<td align=center><font size="2">09/14 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,993,500</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">San Marcos, Spl. Tax Rev., Cmnty.
Facs. Dist. No. 02-01,</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td align=center><font size="2">NR</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,870</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;5.90%, 9/01/28</font></td>
<td align=center><font size="2">09/10 @ 102</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,867,513</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td align=center><font size="2">NR</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,510</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;5.95%, 9/01/35</font></td>
<td align=center><font size="2">09/10 @ 102</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,504,875</font></td>

<td>&nbsp;</td></tr>
<tr valign=top>
  <td align=left>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right><HR noshade size=1></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">131,085,912</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'>
  <td align=left>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right><HR noshade size=1></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2"><b>&nbsp;</b></font></td>
<td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Colorado&#151;2.9%</b></font></td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td align=center><font size="2"><font size="2">AAA</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">14,000</font></td>
<td>&nbsp;</td>
<td align=left valign="bottom"><font size="2">Colorado Wtr. Rec. &amp; Pwr. Dev.
Auth., Parker Wtr. &amp; San. Dist., Ser. D, 5.25%, 9/01/43, <br>
&nbsp;&nbsp;&nbsp;&nbsp;MBIA</font></td>
<td align=center valign="bottom"><font size="2">09/14 @ 100</font></td>
<td valign="bottom">&nbsp;</td>
<td align=right valign="bottom"><font size="2">14,256,340</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td align=center><font size="2">BBB</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,500</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Denver Hlth. &amp; Hosp. Auth., Hlth.
Care Rev., Ser. A, 6.00%, 12/01/31</font></td>
<td align=center><font size="2">12/11 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,481,275</font></td>

<td>&nbsp;</td></tr>
<tr valign=top>
  <td align=left>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right><HR noshade size=1></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">17,737,615</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'>
  <td align=left>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right><HR noshade size=1></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2"><b>&nbsp;</b></font></td>
<td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Connecticut&#151;5.1%</b></font></td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td align=center><font size="2"><font size="2">A3</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,950</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Connecticut Dev. Auth., Connecticut
Lt. &amp; Pwr., PCR, Ser. A, 5.85%, 9/01/28</font></td>
<td align=center><font size="2">10/08 @ 102</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">6,194,842</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Mohegan Tribe Indians, Pub. Impvt.
Priority Dist.,</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td align=center><font size="2">BBB-</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,730</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;5.25%, 1/01/33</font></td>
<td align=center><font size="2">01/14 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,651,840</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td align=center><font size="2">BBB-</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">20,940</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;6.25%, 1/01/31</font></td>
<td align=center><font size="2">01/11 @ 101</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">21,896,330</font></td>

<td>&nbsp;</td></tr>
<tr valign=top>
  <td align=left>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right><HR noshade size=1></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">30,743,012</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'>
  <td align=left>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right><HR noshade size=1></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2"><b>&nbsp;</b></font></td>
<td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Delaware&#151;6.3%</b></font></td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Charter Mac Equity Issuer Trust,</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td align=center><font size="2">A3</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,000</font></td>
<td><font size="2"> <sup>3</sup></font></td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 6.625%, 6/30/49</font></td>
<td align=center><font size="2">06/09 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,096,240</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td align=center><font size="2">A3</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">11,000</font></td>
<td><font size="2"> <sup>3</sup></font></td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Ser. A-2, 6.30%, 6/30/49</font></td>
<td align=center><font size="2">06/09 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">11,902,550</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td align=center><font size="2">Baa1</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">16,000</font></td>
<td><font size="2"> <sup>3</sup></font></td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Ser. A-3, 6.80%, 10/01/52</font></td>
<td align=center><font size="2">10/14 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">17,836,160</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td align=center><font size="2">Baa1</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">6,500</font></td>
<td><font size="2"> <sup>3</sup></font></td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Ser. B-1, 6.80%, 11/30/50</font></td>
<td align=center><font size="2">11/10 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">7,152,795</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'>
  <td align=left>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right><HR noshade size=1></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">37,987,745</font></td>

<td>&nbsp;</td></tr>
<tr valign=top>
  <td align=left>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right><HR noshade size=1></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top><td align=left><font size="2"><b>&nbsp;</b></font></td>
<td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>District of Columbia&#151;5.8%</b></font></td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td align=center><font size="2">A</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,390</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  Friendship Pub. Charter Sch. Inc.,
5.25%, 6/01/33, ACA</font></td>
<td align=center><font size="2">06/14 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,267,847</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">15,600</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  Georgetown Univ., Ser. A, Zero
Coupon, 4/01/36, MBIA</font></td>
<td align=center><font size="2">04/11 @ 22.875</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,406,612</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">51,185</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  Georgetown Univ., Ser. A, Zero
Coupon, 4/01/37, MBIA</font></td>
<td align=center><font size="2">04/11 @ 21.546</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">7,424,384</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td align=center><font size="2">BBB</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">25,535</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Tobacco Settlement Fin. Corp., 6.75%,
5/15/40</font></td>
<td align=center><font size="2">05/11 @ 101</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">22,725,129</font></td>

<td>&nbsp;</td></tr>
<tr valign=top>
  <td align=left>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right><HR noshade size=1></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top>
  <td align=left>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right><font size="2">34,823,972</font></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><HR noshade size=1></td>

<td>&nbsp;</td></tr>
</table>
<PAGE>
<p><hr noshade size=3>
<p><font size="3"><b> BlackRock Municipal Income Trust (BFK) (continued)</b></font>
<p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign=top>
    <td >&nbsp;</td>
    <td>&nbsp;</td>
    <td align=center>&nbsp;</td>
    <td><div align="center"></div></td>
    <td align=right><div align="center"><font size="2"><b>Principal</b></font></div></td>
    <td><div align="center"></div></td>
    <td align=left><div align="center"></div></td>
    <td align=right><div align="center"></div></td>
    <td><div align="center"></div></td>
    <td align=right><div align="center"></div></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td >&nbsp;</td>
    <td>&nbsp;</td>
    <td align=center>&nbsp;</td>
    <td><div align="center"></div></td>
    <td align=right><div align="center"><font size="2"><b>Amount</b></font></div></td>
    <td><div align="center"></div></td>
    <td align=left><div align="center"></div></td>
    <td align=right><div align="center"><font size="2"><b>Option Call</b></font></div></td>
    <td><div align="center"></div></td>
    <td align=right><div align="center"></div></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td >&nbsp;</td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><b>Rating</b><sup><b>1</b></sup></font></td>
    <td><div align="center"></div></td>
    <td align=right><div align="center"><font size="2"><b>(000)</b></font></div></td>
    <td><div align="center"></div></td>
    <td align=left><div align="center"><font size="2"><b>Description</b></font></div></td>
    <td align=right><div align="center"><font size="2"><b>Provisions</b><sup><b>2</b></sup></font></div></td>
    <td><div align="center"></div></td>
    <td align=right><div align="center"><font size="2"><b>Value</b></font></div></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td colspan="11" ><HR noshade size=1></td>
  </tr>
  <tr valign=top><td width="2%" >&nbsp;</td>
<td width="1%">&nbsp;</td>
<td width="4%" align=center><font size="2"><font size="2"></font></font></td>
<td width="1%">&nbsp;</td>
<td width="6%" align=right><font size="2"><b>&nbsp;</b></font></td>
<td width="2%">&nbsp;</td>
<td width="60%" align=left><font size="2"><b>Florida&#151;10.6%</b></font></td>
<td width="11%" align=right><font size="2"><b>&nbsp;</b></font></td>
<td width="1%">&nbsp;</td>
<td width="8%" align=right><font size="2"></font></td>

<td width="2%">&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><font size="2">NR</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">$  3,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Amelia Nat. Cmnty. Dev. Dist., Cap.
Impvt., Ser. A, 6.30%, 5/01/35</font></td>
<td align=center><font size="2">05/14 @ 101</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">$   3,020,100</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">NR</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">CFM Cmnty. Dev. Dist., Cap. Impvt.,
Ser. A, 6.25%, 5/01/35</font></td>
<td align=center><font size="2">05/14 @ 101</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,009,220</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">Baa2</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,600</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Escambia Cnty., PCR, Champion Intl.
Corp. Proj., 6.40%, 9/01/30</font></td>
<td align=center><font size="2">09/06 @ 102</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,723,050</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">A</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">9,670</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Highlands Cnty. Hlth. Facs. Auth.,
Hosp. Adventist/Sunbelt, Ser. A, 6.00%, 11/15/31</font></td>
<td align=center><font size="2">11/11 @ 101</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">10,127,584</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">BBB-</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">9,000</font></td>
<td>&nbsp;</td>
<td align=left valign="bottom"><font size="2">Martin Cnty. Indl. Dev. Auth., Indiantown
Cogeneration Proj., Ser. A, 7.875%, <br>
&nbsp;&nbsp;&nbsp;&nbsp;12/15/25</font></td>
<td align=center valign="bottom"><font size="2">12/04 @ 102</font></td>
<td valign="bottom">&nbsp;</td>
<td align=right valign="bottom"><font size="2">9,223,920</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">BB</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">11,685</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Miami Beach Hlth. Facs. Auth., Mt.
Sinai Med. Ctr., 6.75%, 11/15/21</font></td>
<td align=center><font size="2">11/14 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">11,853,264</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">NR</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,705</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Parkway Ctr. Cmnty. Dev. Dist., Ser.
A, 6.30%, 5/01/34</font></td>
<td align=center><font size="2">05/14 @ 101</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,667,691</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">NR</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,970</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Stevens Plantation Cmnty. Dev. Dist.,
Spl. Assmt. Rev., Ser. A, 7.10%, 5/01/35</font></td>
<td align=center><font size="2">05/14 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,989,969</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">NR</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">10,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Village Cmnty. Dev. Dist. No. 6,
Spl. Assmnt. Rev., 5.625%, 5/01/22</font></td>
<td align=center><font size="2">05/13 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">9,946,200</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">World Commerce Cmnty. Dev. Dist.,</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2"></font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">NR</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Ser. A-1, 6.50%, 5/01/36</font></td>
<td align=center><font size="2">05/14 @ 101</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,989,480</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">NR</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,750</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Ser. A-2, 6.125%, 5/01/35</font></td>
<td align=center><font size="2">05/14 @ 101</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,732,483</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right><HR noshade size=1></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right><font size="2">64,282,961</font></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><HR noshade size=1></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Georgia&#151;0.7%</b></font></td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><font size="2">BBB</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,000</font></td>
<td>&nbsp;</td>
<td align=left valign="bottom"><font size="2">Richmond Cnty. Dev. Auth., Env. Impvt.
Rev., Intl. Paper Co. Proj., Ser. A, 6.00%, <br>
&nbsp;&nbsp;&nbsp;&nbsp;2/01/25</font></td>
<td align=center valign="bottom"><font size="2">02/12 @ 101</font></td>
<td valign="bottom">&nbsp;</td>
<td align=right valign="bottom"><font size="2">4,088,360</font></td>

<td>&nbsp;</td></tr>
<tr valign=top>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right><HR noshade size=1></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top><td align=left><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Idaho&#151;2.9%</b></font></td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><font size="2">AAA</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">16,970</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Univ. of Idaho, Student Fee Hsg.
Impvt. Proj., 5.40%, 4/01/41, FGIC</font></td>
<td align=center><font size="2">04/11 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">17,405,280</font></td>

<td>&nbsp;</td></tr>
<tr valign=top>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right><HR noshade size=1></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top><td align=left><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Illinois&#151;18.0%</b></font></td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Bolingbrook, Ser. B, FGIC,</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">14,085</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Zero Coupon, 1/01/34</font></td>
<td align=center><font size="2">No Opt. Call</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,656,713</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">7,120</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Zero Coupon, 1/01/33</font></td>
<td align=center><font size="2">No Opt. Call</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,425,495</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">NR</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,630</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Centerpoint Intermodal Ctr. Prog.
Trust, Ser. A, 8.00%, 6/15/23</font></td>
<td align=center><font size="2">No Opt. Call</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,533,928</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Illinois Dev. Fin. Auth.,</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">A</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">7,145</font></td>
<td><font size="2"> <sup>4</sup></font></td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Hosp. Rev., Adventist Hlth. Sys.
Sunbelt Oblig., 5.65%, 11/15/24</font></td>
<td align=center><font size="2">11/09 @ 101</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">7,194,729</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">A2</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">25,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;PCR, Ser. C, 5.95%, 8/15/26</font></td>
<td align=center><font size="2">12/06 @ 101</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">25,586,500</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Illinois Edl. Facs. Auth.,</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">Baa2</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">10,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Student Hsg. Rev., Edl. Advancement
Fund Univ. Ctr. Proj., 6.25%, 5/01/30</font></td>
<td align=center><font size="2">05/12 @ 101</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">10,194,200</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">Baa2</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">7,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Student Hsg. Rev., Edl. Advancement
Fund Univ. Ctr. Proj., 6.25%, 5/01/34</font></td>
<td align=center><font size="2">05/07 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">7,174,790</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">Aa1</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">20,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Univ. of Chicago, Ser. A, 5.25%,
7/01/41</font></td>
<td align=center><font size="2">07/11 @ 101</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">20,102,600</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">AA+</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,700</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Illinois Fin. Auth., Northwestern
Mem. Hosp., Ser. A, 5.50%, 8/15/43</font></td>
<td align=center><font size="2">08/14 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,723,680</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Illinois Hlth. Facs. Auth., Elmhurst
Mem. Hlth. Care,</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">A2</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 1/01/22</font></td>
<td align=center><font size="2">01/13 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,094,600</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">A2</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">6,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;5.625%, 1/01/28</font></td>
<td align=center><font size="2">01/13 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">6,082,440</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">40,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Met. Pier &amp; Exposition Auth.,
Dedicated St. Tax Rev., McCormick Place Expansion </font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Proj., Ser. A, Zero Coupon, 12/15/34,
MBIA</font></td>
<td align=center><font size="2">No Opt. Call</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">7,252,800</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">7,645</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">O&#146;Hare Intl. Arpt., Ser. C-2,
5.25%, 1/01/30, FSA</font></td>
<td align=center><font size="2">01/14 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">7,640,642</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right><HR noshade size=1></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right><font size="2">108,663,117</font></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><HR noshade size=1></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Indiana&#151;7.2%</b></font></td>
<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><font size="2">A+</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">9,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Indiana Hlth. Fac. Fin. Auth., Methodist
Hosp. Inc., 5.50%, 9/15/31</font></td>
<td align=center><font size="2">09/11 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">8,963,010</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">BBB</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">7,500</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Indianapolis Arpt. Auth., Fed. Express
Corp. Proj., 5.10%, 1/15/17</font></td>
<td align=center><font size="2">No Opt. Call</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">7,580,100</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Petersburg, PCR, Pwr. &amp; Lt. Conv.,</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">BBB</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">10,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;5.90%, 12/01/24</font></td>
<td align=center><font size="2">08/11 @ 102</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">10,251,800</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">BBB</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">16,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;5.95%, 12/01/29</font></td>
<td align=center><font size="2">08/11 @ 102</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">16,428,160</font></td>

<td>&nbsp;</td></tr>
<tr valign=top>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right><HR noshade size=1></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">43,223,070</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right><HR noshade size=1></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Kentucky&#151;1.5%</b></font></td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><font size="2">AAA</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">9,060</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Kentucky Hsg. Corp., Hsg. Rev., Ser.
F, 5.45%, 1/01/32</font></td>
<td align=center><font size="2">07/11 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">9,111,280</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right><HR noshade size=1></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Louisiana&#151;4.6%</b></font></td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Louisiana Local Gov&#146;t. Env.
Facs. &amp; Cmnty. Dev. Auth.,</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">A</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">21,425</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Cap. Projs. &amp; Equip. Acquisition,
6.55%, 9/01/25, ACA</font></td>
<td align=center><font size="2">No Opt. Call</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">23,254,695</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">Baa1</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,605</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Oakleigh Apts. Proj., Ser. A, 6.375%,
6/01/38</font></td>
<td align=center><font size="2">06/13 @ 102</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,554,069</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right><HR noshade size=1></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">27,808,764</font></td>

<td>&nbsp;</td></tr>
<tr valign=top>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right><HR noshade size=1></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top><td align=left><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Maryland&#151;2.1%</b></font></td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><font size="2">BBB</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,205</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Maryland Hlth. &amp; Higher Edl.
Facs. Auth., Medstar Hlth., 5.50%, 8/15/33</font></td>
<td align=center><font size="2">08/14 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,092,600</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">NR</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">8,000</font></td>
<td><font size="2"> <sup>3,5</sup></font></td>
<td align=left><font size="2">MuniMae TE Bond Subsidiary, LLC,
Ser. A, 6.875%, 6/30/49</font></td>
<td align=center><font size="2">06/09 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">8,761,280</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right><HR noshade size=1></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">12,853,880</font></td>

<td>&nbsp;</td></tr>
<tr valign=top>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right><HR noshade size=1></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top><td align=left><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Michigan&#151;2.9%</b></font></td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=center><font size="2"><font size="2">AA</font></font></td>
  <td>&nbsp;</td>
  <td align=right><font size="2">17,210</font></td>
  <td>&nbsp;</td>
  <td align=left><font size="2">Kent Hosp. Fin. Auth., Spectrum Hlth., Ser. A, 5.50%, 1/15/31</font></td>
  <td align=center><font size="2">07/11 @ 101</font></td>
  <td>&nbsp;</td>
  <td align=right><font size="2">17,565,386</font></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right>&nbsp;</td>
<td>&nbsp;</td>
<td align=left>&nbsp;</td>
<td align=center>&nbsp;</td>
<td>&nbsp;</td>
<td align=right><HR noshade size=1></td>

<td>&nbsp;</td></tr>
</table>
<p><hr noshade size=3><PAGE>
<p><font size="3"><b> BlackRock Municipal Income Trust (BFK) (continued)</b></font>
<p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign=top>
    <td >&nbsp;</td>
    <td align=center><div align="center"></div></td>
    <td><div align="center"></div></td>
    <td align=right><div align="center"><font size="2"><b>Principal</b></font></div></td>
    <td><div align="center"></div></td>
    <td align=left><div align="center"></div></td>
    <td><div align="center"></div></td>
    <td><div align="center"></div></td>
    <td colspan="2"><div align="center"></div></td>
    <td align=right>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td >&nbsp;</td>
    <td align=center><div align="center"></div></td>
    <td><div align="center"></div></td>
    <td align=right><div align="center"><font size="2"><b>Amount</b></font></div></td>
    <td><div align="center"></div></td>
    <td align=left><div align="center"></div></td>
    <td><div align="center"><font size="2"><b>Option Call</b></font></div></td>
    <td><div align="center"></div></td>
    <td colspan="2"><div align="center"></div></td>
    <td align=right>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td >&nbsp;</td>
    <td align=center><div align="center"><font size="2"><b>Rating</b><sup><b>1</b></sup></font></div></td>
    <td><div align="center"></div></td>
    <td align=right><div align="center"><font size="2"><b>(000)</b></font></div></td>
    <td><div align="center"></div></td>
    <td align=left><div align="center"><font size="2"><b>Description</b></font></div></td>
    <td><div align="center"><font size="2"><b>Provisions</b><sup><b>2</b></sup></font></div></td>
    <td><div align="center"></div></td>
    <td colspan="2"><div align="center"><font size="2"><b>Value</b></font></div></td>
    <td align=right>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td colspan="11" ><HR noshade size=1></td>
  </tr>
  <tr valign=top><td width="1%" >&nbsp;</td>
<td width="4%" align=center><font size="2"><font size="2"></font></font></td>
<td width="1%">&nbsp;</td>
<td width="7%" align=right><font size="2"><b>&nbsp;</b></font></td>
<td width="2%">&nbsp;</td>
<td width="61%" align=left><font size="2"><b>Minnesota&#151;0.3%</b></font></td>
<td width="14%">&nbsp;</td>
<td width="1%">&nbsp;</td>
<td colspan="2">&nbsp;</td>
<td width="1%" align=right><font size="2"></font></td>

</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td align=center><font size="2"><font size="2">A2</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">$  1,800</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Minnesota
Higher Ed. Facs., Univ. of St. Thomas, Ser. 5Y, 5.25%, 10/01/34</font></td>
<td align=center><div align="center"><font size="2">10/14
  @ 100</font></div></td>
<td>&nbsp;</td>
<td width="2%" align=right><div align="left"><font size="2">$   </font></div></td>

<td width="6%" align=right><font size="2">1,801,836</font></td>
<td>&nbsp;</td></tr>
<tr valign=top>
  <td align=left>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td><div align="center"></div></td>
  <td>&nbsp;</td>
  <td colspan="2"><HR align="right" size=1 noshade></td>
  <td align=right></td>
</tr>
<tr valign=top><td align=left><font size="2"><b>&nbsp;</b></font></td>
<td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Mississippi&#151;3.1%</b></font></td>
<td><div align="center"></div></td>
<td>&nbsp;</td>
<td colspan="2"><div align="right"></div></td>
<td align=right></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td align=center><font size="2"><font size="2">A2</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">18,680</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Gulfport
Hosp. Fac., Mem. Hosp. Gulfport Proj., Ser. A, 5.75%, 7/01/31</font></td>
<td align=center><div align="center"><font size="2">07/11
  @ 100</font></div></td>
<td>&nbsp;</td>
<td colspan="2" align=right><div align="right"><font size="2">18,910,324</font></div></td>

<td>&nbsp;</td></tr>
<tr valign=top>
  <td align=left>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td><div align="center"></div></td>
  <td>&nbsp;</td>
  <td colspan="2"><HR align="right" size=1 noshade></td>
  <td align=right></td>
</tr>
<tr valign=top><td align=left><font size="2"><b>&nbsp;</b></font></td>
<td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>New
Hampshire&#151;0.6%</b></font></td>
<td><div align="center"></div></td>
<td>&nbsp;</td>
<td colspan="2"><div align="right"></div></td>
<td align=right></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td align=center><font size="2"><font size="2">A+</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,500</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">New
Hampshire Hlth. &amp; Edl. Facs. Auth., Exeter Hosp. Proj., 5.75%, 10/01/31</font></td>
<td align=center><div align="center"><font size="2">10/11
  @ 101</font></div></td>
<td>&nbsp;</td>
<td colspan="2" align=right><div align="right"><font size="2">3,590,580</font></div></td>

<td>&nbsp;</td></tr>
<tr valign=top>
  <td align=left>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td><div align="center"></div></td>
  <td>&nbsp;</td>
  <td colspan="2"><HR align="right" size=1 noshade></td>
  <td align=right></td>
</tr>
<tr valign=top><td align=left><font size="2"><b>&nbsp;</b></font></td>
<td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>New
Jersey&#151;8.2%</b></font></td>
<td><div align="center"></div></td>
<td>&nbsp;</td>
<td colspan="2"><div align="right"></div></td>
<td align=right></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">New
Jersey Econ. Dev. Auth.,</font></td>
<td><div align="center"></div></td>
<td>&nbsp;</td>
<td colspan="2"><div align="right"></div></td>
<td align=right></td>
</tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td align=center><font size="2">B</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">31,410</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Continental
Airlines Inc. Proj., 7.00%, 11/15/30</font></td>
<td align=center><div align="center"><font size="2">11/10
  @ 101</font></div></td>
<td>&nbsp;</td>
<td colspan="2" align=right><div align="right"><font size="2">24,269,879</font></div></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td align=center><font size="2">Baa3</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">8,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Kapkowski
Road Landfill Proj., 6.50%, 4/01/28</font></td>
<td><div align="center"><font size="2">No Opt. Call</font></div></td>
<td>&nbsp;</td>
<td colspan="2"><div align="right"><font size="2">8,905,600</font></div></td>
<td align=right>&nbsp;</td>
</tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td align=center><font size="2">BBB</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">18,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Tobacco
Settlement Fin. Corp., 6.75%, 6/01/39</font></td>
<td align=center><div align="center"><font size="2">06/13
  @ 100</font></div></td>
<td>&nbsp;</td>
<td colspan="2" align=right><div align="right"><font size="2">16,151,760</font></div></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'>
  <td align=left>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td><div align="center"></div></td>
  <td>&nbsp;</td>
  <td colspan="2"><HR align="right" size=1 noshade></td>
  <td align=right>&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td><div align="center"></div></td>
<td>&nbsp;</td>
<td colspan="2"><div align="right"><font size="2">49,327,239</font></div></td>
<td align=right>&nbsp;</td>
</tr>
<tr valign=top>
  <td align=left>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td><div align="center"></div></td>
  <td>&nbsp;</td>
  <td colspan="2"><HR align="right" size=1 noshade></td>
  <td align=right></td>
</tr>
<tr valign=top><td align=left><font size="2"><b>&nbsp;</b></font></td>
<td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>New
York&#151;6.5%</b></font></td>
<td><div align="center"></div></td>
<td>&nbsp;</td>
<td colspan="2"><div align="right"></div></td>
<td align=right></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Met.
Transp. Auth., Ser. A,</font></td>
<td><div align="center"></div></td>
<td>&nbsp;</td>
<td colspan="2"><div align="right"></div></td>
<td align=right></td>
</tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,175</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Dedicated
Tax Fund, 5.00%, 11/15/30, MBIA</font></td>
<td align=center><div align="center"><font size="2">11/12
  @ 100</font></div></td>
<td>&nbsp;</td>
<td colspan="2" align=right><div align="right"><font size="2">4,175,083</font></div></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">7,115</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Svc.
Contract, 5.00%, 7/01/30, AMBAC</font></td>
<td align=center><div align="center"><font size="2">07/12
  @ 100</font></div></td>
<td>&nbsp;</td>
<td colspan="2" align=right><div align="right"><font size="2">7,115,000</font></div></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">New
York City Mun. Wtr. Fin. Auth.</font></td>
<td><div align="center"></div></td>
<td>&nbsp;</td>
<td colspan="2"><div align="right"></div></td>
<td align=right></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td align=center><font size="2">AA+</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,980</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Ser.
A, 5.00%, 6/15/39</font></td>
<td align=center><div align="center"><font size="2">06/14
  @ 100</font></div></td>
<td>&nbsp;</td>
<td colspan="2" align=right><div align="right"><font size="2">3,916,599</font></div></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">6,680</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Ser.
A, 5.00%, 6/15/39, AMBAC</font></td>
<td align=center><div align="center"><font size="2">06/14
  @ 100</font></div></td>
<td>&nbsp;</td>
<td colspan="2" align=right><div align="right"><font size="2">6,616,741</font></div></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">11,825</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Ser.
C, 5.00%, 6/15/35, AMBAC</font></td>
<td align=center><div align="center"><font size="2">06/14
  @ 100</font></div></td>
<td>&nbsp;</td>
<td colspan="2" align=right><div align="right"><font size="2">11,791,062</font></div></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,375</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">New
York Env. Facs. Corp., Clean Wtr. &amp; Drinking Wtr. Rev., NYC Mun.Wtr. Proj. B,
<br></font></td>
<td><div align="center"></div></td>
<td align=right>&nbsp;</td>

<td colspan="2"><div align="right"></div></td></tr>
<tr valign=top bgcolor='#DDDDDD'>
  <td align=left>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/15/3<font face="sans-serif">1</font></font></td>
  <td align="center"><font size="2">06/12 @ 100</font></td>
  <td>&nbsp;</td>
  <td colspan="2" align="right"><font size="2">5,388,760</font></td>
  <td align=right>&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'>
  <td align=left>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td><div align="center"></div></td>
  <td>&nbsp;</td>
  <td colspan="2"><HR align="right" size=1 noshade></td>
  <td align=right>&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td><div align="center"></div></td>
<td>&nbsp;</td>
<td colspan="2"><div align="right"><font size="2">39,003,245</font></div></td>
<td align=right>&nbsp;</td>
</tr>
<tr valign=top>
  <td align=left>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td><div align="center"></div></td>
  <td>&nbsp;</td>
  <td colspan="2"><HR align="right" size=1 noshade></td>
  <td align=right></td>
</tr>
<tr valign=top><td align=left><font size="2"><b>&nbsp;</b></font></td>
<td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Ohio&#151;3.0%</b></font></td>
<td><div align="center"></div></td>
<td>&nbsp;</td>
<td colspan="2"><div align="right"></div></td>
<td align=right></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td align=center><font size="2"><font size="2">Baa2</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">14,500</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Ohio
Air Quality Dev. Auth., PCR, Cleveland Elec. Illuminating Co. Proj., Ser. B, <br></font></td>
<td><div align="center"></div></td>
<td align=right>&nbsp;</td>

<td colspan="2"><div align="right"></div></td></tr>
<tr valign=top>
  <td align=left>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;<font face="sans-serif">6</font>.00%, <font face="sans-serif">8</font>/<font face="sans-serif">01</font>/<font face="sans-serif">20</font></font></td>
  <td align=center><font size="2">08/07 @ 102</font></td>
  <td>&nbsp;</td>
  <td colspan="2" align=right><font size="2">14,751,140</font></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td align=center><font size="2">NR</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,260</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Pinnacle
Cmnty. Infrastructure Fin. Auth., Ohio Facs., Ser. A, 6.25%, 12/01/36</font></td>
<td align=center><div align="center"><font size="2">12/14
  @ 101</font></div></td>
<td>&nbsp;</td>
<td colspan="2" align=right><div align="right"><font size="2">3,259,609</font></div></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'>
  <td align=left>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td><div align="center"></div></td>
  <td>&nbsp;</td>
  <td colspan="2"><HR align="right" size=1 noshade></td>
  <td align=right>&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td><div align="center"></div></td>
<td>&nbsp;</td>
<td colspan="2"><div align="right"><font size="2">18,010,749</font></div></td>
<td align=right>&nbsp;</td>
</tr>
<tr valign=top>
  <td align=left>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td><div align="center"></div></td>
  <td>&nbsp;</td>
  <td colspan="2"><HR align="right" size=1 noshade></td>
  <td align=right></td>
</tr>
<tr valign=top><td align=left><font size="2"><b>&nbsp;</b></font></td>
<td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Pennsylvania&#151;4.7%</b></font></td>
<td><div align="center"></div></td>
<td>&nbsp;</td>
<td colspan="2"><div align="right"></div></td>
<td align=right></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td align=center><font size="2"><font size="2">A3</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">6,500</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Pennsylvania
Econ. Dev. Fin. Auth., Amtrak Proj., Ser. A, 6.375%, 11/01/41</font></td>
<td align=center><div align="center"><font size="2">05/11
  @ 101</font></div></td>
<td>&nbsp;</td>
<td colspan="2" align=right><div align="right"><font size="2">6,652,425</font></div></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Pennsylvania
Higher Edl. Facs. Auth.,</font></td>
<td><div align="center"></div></td>
<td>&nbsp;</td>
<td colspan="2"><div align="right"></div></td>
<td align=right></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td align=center><font size="2">BBB+</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;La
Salle Univ., 5.50%, 5/01/34</font></td>
<td align=center><div align="center"><font size="2">05/13
  @ 100</font></div></td>
<td>&nbsp;</td>
<td colspan="2" align=right><div align="right"><font size="2">3,931,320</font></div></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td align=center><font size="2">A</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">17,250</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Univ.
of Pennsylvania Hlth. Svcs., Ser. A, 5.75%, 1/01/22</font></td>
<td align=center><div align="center"><font size="2">01/06
  @ 101</font></div></td>
<td>&nbsp;</td>
<td colspan="2" align=right><div align="right"><font size="2">17,752,320</font></div></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'>
  <td align=left>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td><div align="center"></div></td>
  <td>&nbsp;</td>
  <td colspan="2"><HR align="right" size=1 noshade></td>
  <td align=right>&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td><div align="center"></div></td>
<td>&nbsp;</td>
<td colspan="2"><div align="right"><font size="2">28,336,065</font></div></td>
<td align=right>&nbsp;</td>
</tr>
<tr valign=top>
  <td align=left>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td><div align="center"></div></td>
  <td>&nbsp;</td>
  <td colspan="2"><HR align="right" size=1 noshade></td>
  <td align=right></td>
</tr>
<tr valign=top><td align=left><font size="2"><b>&nbsp;</b></font></td>
<td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>South
Carolina&#151;5.0%</b></font></td>
<td><div align="center"></div></td>
<td>&nbsp;</td>
<td colspan="2"><div align="right"></div></td>
<td align=right></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Lexington
Cnty. Hlth. Svcs. Dist., Hosp. Rev.,</font></td>
<td><div align="center"></div></td>
<td>&nbsp;</td>
<td colspan="2"><div align="right"></div></td>
<td align=right></td>
</tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td align=center><font size="2">A</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;5.50%,
11/01/32</font></td>
<td align=center><div align="center"><font size="2">11/13
  @ 100</font></div></td>
<td>&nbsp;</td>
<td colspan="2" align=right><div align="right"><font size="2">5,022,050</font></div></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td align=center><font size="2">A</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">10,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;5.75%,
11/01/28</font></td>
<td align=center><div align="center"><font size="2">11/13
  @ 100</font></div></td>
<td>&nbsp;</td>
<td colspan="2" align=right><div align="right"><font size="2">10,319,400</font></div></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">So.
Carolina Jobs Econ. Dev. Auth., Hosp. Facs. Rev., Palmetto Hlth. Alliance,</font></td>
<td><div align="center"></div></td>
<td>&nbsp;</td>
<td colspan="2"><div align="right"></div></td>
<td align=right></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td align=center><font size="2">BBB</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,075</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Ser.
A, 6.25%, 8/01/31</font></td>
<td align=center><div align="center"><font size="2">08/13
  @ 100</font></div></td>
<td>&nbsp;</td>
<td colspan="2" align=right><div align="right"><font size="2">5,234,050</font></div></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td align=center><font size="2">BBB</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">9,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Ser.
C, 6.875%, 8/01/27</font></td>
<td align=center><div align="center"><font size="2">08/13
  @ 100</font></div></td>
<td>&nbsp;</td>
<td colspan="2" align=right><div align="right"><font size="2">9,731,250</font></div></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'>
  <td align=left>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td><div align="center"></div></td>
  <td>&nbsp;</td>
  <td colspan="2"><HR align="right" size=1 noshade></td>
  <td align=right>&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td><div align="center"></div></td>
<td>&nbsp;</td>
<td colspan="2"><div align="right"><font size="2">30,306,750</font></div></td>
<td align=right>&nbsp;</td>
</tr>
<tr valign=top>
  <td align=left>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td><div align="center"></div></td>
  <td>&nbsp;</td>
  <td colspan="2"><HR align="right" size=1 noshade></td>
  <td align=right></td>
</tr>
<tr valign=top><td align=left><font size="2"><b>&nbsp;</b></font></td>
<td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Tennessee&#151;1.5%</b></font></td>
<td><div align="center"></div></td>
<td>&nbsp;</td>
<td colspan="2"><div align="right"></div></td>
<td align=right></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td align=center><font size="2"><font size="2">AAA</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">20,825</font></td>
<td>&nbsp;</td>
<td align=left valign="bottom"><font size="2">Knox
Cnty. Hlth. Edl. &amp; Hsg. Facs. Brd., Hosp. Facs. Rev., Ser. A, Zero Coupon, <br>
&nbsp;&nbsp;&nbsp;&nbsp;1/01/20,
FSA</font></td>
<td align=center valign="bottom"><div align="center"><font size="2">01/13
  @ 67.474</font></div></td>
<td valign="bottom">&nbsp;</td>
<td colspan="2" align=right valign="bottom"><div align="right"><font size="2">8,973,493</font></div></td>

<td>&nbsp;</td></tr>
<tr valign=top>
  <td align=left>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td><div align="center"></div></td>
  <td>&nbsp;</td>
  <td colspan="2"><HR align="right" size=1 noshade></td>
  <td align=right></td>
</tr>
<tr valign=top><td align=left><font size="2"><b>&nbsp;</b></font></td>
<td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Texas&#151;15.3%</b></font></td>
<td><div align="center"></div></td>
<td>&nbsp;</td>
<td colspan="2"><div align="right"></div></td>
<td align=right></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Brazos
River Auth., PCR, TXU Elec. Co. Proj., Ser. C,</font></td>
<td><div align="center"></div></td>
<td>&nbsp;</td>
<td colspan="2"><div align="right"></div></td>
<td align=right></td>
</tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td align=center><font size="2">BBB</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">8,655</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;5.75%,
5/01/36</font></td>
<td><div align="center"><font size="2">No Opt. Call</font></div></td>
<td>&nbsp;</td>
<td colspan="2"><div align="right"><font size="2">9,057,804</font></div></td>
<td align=right>&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td align=center><font size="2">BBB</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,320</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;6.75%,
10/01/38</font></td>
<td align=center><div align="center"><font size="2">10/13
  @ 101</font></div></td>
<td>&nbsp;</td>
<td colspan="2" align=right><div align="right"><font size="2">1,376,245</font></div></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,805</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Dallas
Area Rapid Trans., 5.00%, 12/01/31, AMBAC</font></td>
<td align=center><div align="center"><font size="2">12/11
  @ 100</font></div></td>
<td>&nbsp;</td>
<td colspan="2" align=right><div align="right"><font size="2">3,766,379</font></div></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Harris
Cnty. Houston Sports Auth., MBIA,</font></td>
<td><div align="center"></div></td>
<td>&nbsp;</td>
<td colspan="2"><div align="right"></div></td>
<td align=right></td>
</tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">12,580</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Ser.
A, Zero Coupon, 11/15/38</font></td>
<td align=center><div align="center"><font size="2">11/30
  @ 61.166</font></div></td>
<td>&nbsp;</td>
<td colspan="2" align=right><div align="right"><font size="2">1,686,852</font></div></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">26,120</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Ser.
A-3, Zero Coupon, 11/15/37</font></td>
<td align=center><div align="center"><font size="2">11/24
  @ 46.545</font></div></td>
<td>&nbsp;</td>
<td colspan="2" align=right><div align="right"><font size="2">3,691,279</font></div></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Ser.
H, Zero Coupon, 11/15/35</font></td>
<td align=center><div align="center"><font size="2">11/31
  @ 78.178</font></div></td>
<td>&nbsp;</td>
<td colspan="2" align=right><div align="right"><font size="2">789,650</font></div></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td align=center><font size="2">BBB</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,670</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Matagorda
Cnty. Navigation Dist. No. 1, 5.60%, 3/01/27</font></td>
<td align=center><div align="center"><font size="2">03/14
  @ 101</font></div></td>
<td>&nbsp;</td>
<td colspan="2" align=right><div align="right"><font size="2">4,680,274</font></div></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td align=center><font size="2">BBB</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,450</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Sabine
River Auth., PCR, TXU Elec. Co. Proj., Ser. B, 5.75%, 11/01/11</font></td>
<td><div align="center"><font size="2">No Opt. Call</font></div></td>
<td>&nbsp;</td>
<td colspan="2"><div align="right"><font size="2">4,745,035</font></div></td>
<td align=right>&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2"></font></table>
<p>
<PAGE>
<p><hr noshade size=3>
<p><font size="3"><b> BlackRock Municipal Income Trust (BFK) (continued)</b></font>
<p><table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign=top>
    <td >&nbsp;</td>
    <td>&nbsp;</td>
    <td align=center><div align="center"></div></td>
    <td><div align="center"></div></td>
    <td align=right><div align="center"><font size="2"><b>Principal</b></font></div></td>
    <td><div align="center"></div></td>
    <td align=left><div align="center"></div></td>
    <td align=right><div align="center"></div></td>
    <td><div align="center"></div></td>
    <td colspan="2" align=right><div align="center"></div></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td >&nbsp;</td>
    <td>&nbsp;</td>
    <td align=center><div align="center"></div></td>
    <td><div align="center"></div></td>
    <td align=right><div align="center"><font size="2"><b>Amount</b></font></div></td>
    <td><div align="center"></div></td>
    <td align=left><div align="center"></div></td>
    <td align=right><div align="center"><font size="2"><b>Option Call</b></font></div></td>
    <td><div align="center"></div></td>
    <td colspan="2" align=right><div align="center"></div></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td >&nbsp;</td>
    <td>&nbsp;</td>
    <td align=center><div align="center"><font size="2"><b>Rating</b><sup><b>1</b></sup></font></div></td>
    <td><div align="center"></div></td>
    <td align=right><div align="center"><font size="2"><b>(000)</b></font></div></td>
    <td><div align="center"></div></td>
    <td align=left><div align="center"><font size="2"><b>Description</b></font></div></td>
    <td align=right><div align="center"><font size="2"><b>Provisions</b><sup><b>2</b></sup></font></div></td>
    <td><div align="center"></div></td>
    <td colspan="2" align=right><div align="center"><font size="2"><b>Value</b></font></div></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td colspan="12" ><HR noshade size=1></td>
  </tr>
  <tr valign=top><td width="1%" >&nbsp;</td>
<td width="1%">&nbsp;</td>
<td width="5%" align=center><font size="2"><font size="2"></font></font></td>
<td width="1%">&nbsp;</td>
<td width="5%" align=right><font size="2"><b>&nbsp;</b></font></td>
<td width="2%">&nbsp;</td>
<td width="60%" align=left><font size="2"><b>Texas&#151;(continued)</b></font></td>
<td width="13%" align=right><font size="2"><b>&nbsp;</b></font></td>
<td width="2%">&nbsp;</td>
<td colspan="2" align=right><font size="2"></font></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Texas Affordable Hsg. Corp., Multi-Fam.
Hsg. Rev.,</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2"></font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">Baa1</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">$  6,010</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;5.80%, 11/01/26</font></td>
<td align=center><font size="2">11/11 @ 102</font></td>
<td>&nbsp;</td>
<td align=right><div align="left"><font size="2">$   </font></div></td>

<td align=right><font size="2">5,877,239</font></td>
<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">BBB-</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,435</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Amer. Oppty. Hsg., Ser. B, 8.00%,
3/01/32</font></td>
<td align=center><font size="2">09/12 @ 102</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">4,133,509</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">Baa1</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">18,605</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Arborstone/Baybrook Oaks, Ser.
A, 5.85%, 11/01/31</font></td>
<td align=center><font size="2">11/11 @ 102</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">18,070,478</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">BBB-</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">6,515</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;So. Texas Pptys. Corp., Ser. B,
8.00%, 3/01/32</font></td>
<td align=center><font size="2">09/12 @ 102</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">6,072,110</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Texas Tpke. Auth., Central Sys. Rev.,
AMBAC,</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2"></font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">35,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Zero Coupon, 8/15/32</font></td>
<td align=center><font size="2">08/12 @ 30.846</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">6,613,950</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">62,325</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Zero Coupon, 8/15/33</font></td>
<td align=center><font size="2">08/12 @ 28.997</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">11,047,106</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">65,040</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Zero Coupon, 8/15/34</font></td>
<td align=center><font size="2">08/12 @ 27.31</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">10,853,225</font></td>

<td>&nbsp;</td></tr>
<tr valign=top>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td colspan="2" align=right><HR noshade size=1></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">92,461,135</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td colspan="2" align=right><HR noshade size=1></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Virginia&#151;0.3%</b></font></td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td colspan="2" align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><font size="2">AAA</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">8,105</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Virginia Transp. Brd. Trust, Zero
Coupon, 4/01/32, MBIA</font></td>
<td align=center><font size="2">04/12 @ 34.99</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">1,702,455</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td colspan="2" align=right><HR noshade size=1></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Washington&#151;0.4%</b></font></td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td colspan="2" align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><font size="2">A-</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,190</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Energy Northwest Wind Proj., Ser.
B, 6.00%, 7/01/23</font></td>
<td align=center><font size="2">01/07 @ 103</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">2,283,491</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td colspan="2" align=right><HR noshade size=1></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>West Virginia&#151;1.7%</b></font></td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td colspan="2" align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><font size="2">BBB</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">8,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Braxton Cnty. Sld. Wst. Disp., Weyerhaeuser
Co. Proj., 6.50%, 4/01/25</font></td>
<td align=center><font size="2">04/05 @ 102</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">8,279,200</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,070</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">West Virginia Econ. Dev. Auth., Correctional
Juvenile Safety, Ser. A,</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/01/29, MBIA</font></td>
<td align=center><font size="2">06/14 @ 100</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">2,055,614</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td colspan="2" align=right><HR noshade size=1></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">10,334,814</font></td>

<td>&nbsp;</td></tr>
<tr valign=top>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td colspan="2" align=right><HR noshade size=1></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top><td align=left><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Wisconsin&#151;9.7%</b></font></td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td colspan="2" align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><font size="2">BBB</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">26,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Badger Tobacco Asset Sec. Corp.,
6.375%, 6/01/32</font></td>
<td align=center><font size="2">06/12 @ 100</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">22,062,560</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Wisconsin Hlth. &amp; Edl. Facs.
Auth.,</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">A-</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">7,500</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Aurora Hlth. Care, 6.40%, 4/15/33</font></td>
<td align=center><font size="2">04/13 @ 100</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">7,845,975</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">A+</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">13,750</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Froedert &amp; Cmnty. Hlth. Oblig.,
5.375%, 10/01/30</font></td>
<td align=center><font size="2">10/11 @ 101</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">13,607,825</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">A</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">15,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Wheaton Franciscan Svcs., 5.75%,
8/15/30</font></td>
<td align=center><font size="2">02/12 @ 101</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">15,408,300</font></td>

<td>&nbsp;</td></tr>
<tr valign=top>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td colspan="2" align=right><HR noshade size=1></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">58,924,660</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td colspan="2" align=right><HR noshade size=1></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Total Long-Term Investments </b>(cost
$957,135,687)</font></td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">966,616,230</font></td>

<td>&nbsp;</td></tr>
<tr valign=top>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td colspan="2" align=right><HR noshade size=1></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top><td align=left><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>SHORT-TERM INVESTMENTS&#151;5.3%</b></font></td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td colspan="2" align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>New York&#151;2.3%</b></font></td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td colspan="2" align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><font size="2">A-1+</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">14,000</font></td>
<td><font size="2"><sup>6</sup></font></td>
<td align=left><font size="2">New York City Transl. Fin. Auth.,
Ser. A-1, 1.08%, 8/04/04, FRWD</font></td>
<td align=center><font size="2">N/A</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">14,000,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td colspan="2" align=right><HR noshade size=1></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Ohio&#151;2.3%</b></font></td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td colspan="2" align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=center><font size="2"><font size="2">VMIG1</font></font></td>
  <td>&nbsp;</td>
  <td align=right><font size="2">13,800</font></td>
  <td><font size="2"><sup>6</sup></font></td>
  <td align=left><font size="2">Hamilton Cnty., Hosp. Facs., 1.09%, 8/05/04, FRWD</font></td>
  <td align=center><font size="2">N/A</font></td>
  <td>&nbsp;</td>
  <td colspan="2" align=right><font size="2">13,800,000</font></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td colspan="2" align=right><hr noshade size=1></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right><HR noshade size=1></td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td colspan="2" align=right>&nbsp;</td>
  <td>&nbsp;</td>
</tr>
<tr valign=top>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right><div align="center"><font size="2"><b>Shares</b></font></div></td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td colspan="2" align=right>&nbsp;</td>
  <td>&nbsp;</td>
</tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><div align="center"><font size="2"><b>(000)</b></font></div></td>
<td>&nbsp;</td>
<td align=left>&nbsp;</td>
<td align=center>&nbsp;</td>
<td>&nbsp;</td>
<td colspan="2" align=right>&nbsp;</td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2"><b><font size="4">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><font size="2"><b>&nbsp;</b></font></font></td>
<td>&nbsp;</td>
<td align=center><HR noshade size=1>  <font size="2">&nbsp;</font></td>

<td>&nbsp;</td><td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2"><font size="4"><b>&nbsp;</b></font></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><font size="2"><b>&nbsp;</b></font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Money Market Fund&#151;0.7%</b></font></td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td colspan="2" align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,450</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">AIM Tax Free Investment. Co. Cash
Reserve Portfolio</font></td>
<td align=center><font size="2">N/A</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">4,450,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=top>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td colspan="2" align=right><HR noshade size=1></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left><font size="2"><b>Total<font face="sans-serif"> Short-Term Investments </font></b><font face="sans-serif">(cost $32,250,000) </font></font></td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td colspan="2" align=right><font size="2" face="sans-serif">32,250,000</font></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td colspan="2" align=right><hr noshade size=1></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Total Investments&#151;165.4%</b>
(cost $989,385,687)</font></td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">998,866,230</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Liabilities in excess of other assets&#151;(3.3)%</font></td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">(19,733,605)</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Preferred shares at redemption value,
including dividends payable&#151;(62.1)%</font></td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">(375,165,694)</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td colspan="2" align=right><HR noshade size=1></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left><font size="2"><b>Net Assets Applicable to Common Shareholders&#151;100%</b></font></td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td width="1%" align=right><div align="left"><font size="2">$</font></div></td>
  <td width="8%" align=right><font size="2"> 603,966,931</font></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><HR noshade size=3></td>

<td>&nbsp;</td></tr>
</table>
<p><p><table border="0" cellspacing="0" cellpadding="0">
  <tr valign=top>
    <td width="6" align=left><HR noshade size=1></td>
    <td width="10"><HR noshade size=1></td>
    <td width="163" align=left><HR noshade size=1></td>
    <td width="911" align=left>&nbsp;</td>
    <td width="11">&nbsp;</td>
  </tr>
  <tr valign=top>
  <td align=left><font size="2"><font size="2"><sup>1</sup></font></font></td>
<td>&nbsp;</td>
<td colspan="2" align=left><font size="2">Using the higher of Standard &amp;
Poor&#146;s, Moody&#146;s Investors Service or Fitch Ratings ratings.</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2"><sup>2</sup></font></td>
<td>&nbsp;</td>
<td colspan="2" align=left><font size="2">Date (month/year) and price of the
earliest call or redemption. There may be other call provisions at varying prices
at later dates.</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2"><sup>3</sup></font></td>
<td>&nbsp;</td>
<td colspan="2" align=left><font size="2">Security is not registered under
the Securities Act of 1933. These securities may be resold in transactions in accordance
with Rule 144A under that Act, to qualified institutional buyers. As of July 31,
2004, the Trust held 7.7% of its net assets, with a current market value of $46,749,025,
in securities restricted as to resale.</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2"><sup>4</sup></font></td>
<td>&nbsp;</td>
<td colspan="2" align=left><font size="2">Entire or partial principal amount
pledged as collateral for financial futures contracts.</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2"><sup>5</sup></font></td>
<td>&nbsp;</td>
<td colspan="2" align=left><font size="2">Security is deemed to be of investment
grade quality by the investment advisor.</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2"><sup>6</sup></font></td>
<td>&nbsp;</td>
<td colspan="2" align=left><font size="2">For purposes of amortized cost valuation,
the maturity date of this instrument is considered to be the earlier of the next
date on which the security can be redeemed at par, or the next date on which the
rate of interest is adjusted. Rate shown as of July 31, 2004.</font></td><td>&nbsp;</td></tr></table>

<table width="100%"  border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td colspan="6">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="6">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="6"><p align="center"><font size="2" face="sans-serif"><b>KEY TO ABBREVIATIONS</b> </font>          <FONT size=2 face="sans-serif"><FONT face="serif"> </FONT></font></td>
  </tr>
  <tr>
    <td><font size=2 face="sans-serif"><font size="2">ACA&nbsp;</font></font></td>
    <td><font size=2 face="sans-serif"><font size="2">&nbsp;&#151;</font></font></td>
    <td><font size=2 face="sans-serif"><font size="2">American Capital Access</font></font></td>
    <td><font size=2 face="sans-serif"><font size="2">FSA&nbsp;&nbsp;</font></font></td>
    <td><font size=2 face="sans-serif"><font size="2">&nbsp;&#151;&nbsp;</font></font></td>
    <td><font size=2 face="sans-serif"><font size="2">Financial Security Assurance</font></font></td>
  </tr>
  <tr>
    <td width="8%"><font size=2 face="sans-serif"><font size="2">AMBAC</font></font></td>
    <td width="4%"><font size=2 face="sans-serif"><font size="2">&nbsp;&#151;&nbsp;</font></font></td>
    <td width="43%"><font size=2 face="sans-serif"><font size="2">American Municipal Bond Assurance Corporation</font></font></td>
    <td width="6%"><font size=2 face="sans-serif"><font size="2">GO&nbsp;</font></font></td>
    <td width="3%"><font size=2 face="sans-serif"><font size="2">&nbsp;&#151;&nbsp;</font></font></td>
    <td width="36%"><font size=2 face="sans-serif"><font size="2">General Obligation </font></font></td>
  </tr>
  <tr>
    <td><FONT size=2 face="sans-serif"><font size="2">FGIC</font></font></td>
    <td><FONT size=2 face="sans-serif"><font size="2">&nbsp;&#151;&nbsp;</font></font></td>
    <td><FONT size=2 face="sans-serif"><font size="2">Financial Guaranty Insurance Company&nbsp;</font></font></td>
    <td><FONT size=2 face="sans-serif"><font size="2">MBIA</font></font></td>
    <td><font size=2 face="sans-serif"><font size="2">&nbsp;&#151;&nbsp;</font></font></td>
    <td><FONT size=2 face="sans-serif"><font size="2">Municipal Bond Insurance Association </font></font></td>
  </tr>
  <tr>
    <td><font size=2 face="sans-serif"><font size="2">FRWD</font></font></td>
    <td><font size=2 face="sans-serif"><font size="2">&nbsp;&#151;&nbsp;</font></font></td>
    <td><font size=2 face="sans-serif"><font size="2">Floating Rate Weekly Demand</font></font></td>
    <td><font size=2 face="sans-serif"><font size="2">PCR</font></font></td>
    <td><font size=2 face="sans-serif"><font size="2">&nbsp;&#151;&nbsp;</font></font></td>
    <td><font size=2 face="sans-serif"><font size="2">Pollution Control Revenue</font> </font></td>
  </tr>
</table>
<p>
<B><FONT face="serif">Item 2. Controls and Procedures</FONT></B><FONT face="serif"> </FONT>
</P>
<P>
<FONT face="serif">(a) The registrant's principal executive officer and principal financial officer have evaluated the registrant's disclosure controls and procedures within 90 days of this filing and have concluded that the registrant&#146;s
disclosure controls and procedures are effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-Q was recorded, processed, summarized, and reported timely. </FONT>
</P>
<P>
<FONT face="serif">(b) The registrant's principal executive officer and principal financial officer are aware of no changes in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal
quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. </FONT>
</P>
<P>
<B><FONT face="serif">Item 3. Exhibits.</FONT></B><FONT face="serif"> </FONT>
</P>
<P>
<FONT face="serif">(a) Separate certifications of Principal Executive and Financial Officers pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. </FONT>
</P>

<HR noshade align="center" width="100%" size=2>

<page><p>
<A name="page_3"></A>

<P align="center">
<B><FONT face="serif">SIGNATURES</FONT></B><FONT face="serif"> </FONT>
</P>
<P>
<FONT face="serif">     Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
</FONT>
</P>
</font>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="8%"><font size=2 face="sans-serif"><font face="serif">(Registrant)</font></font></td>
    <td colspan="2"><font size=2 face="sans-serif"><font size=2 face="sans-serif"><font face="serif"><font face="serif">BlackRock  Municipal Income Trust</font></font></font></font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td width="57%"><hr align="left" size="1" noshade></td>
    <td width="35%">&nbsp;</td>
  </tr>
</table>
<FONT size=2 face="sans-serif"><P>&nbsp;
</P>
</font>

<table width="100%"  border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td width="5%"><font size=2 face="sans-serif"><font face="serif">By:</font></font></td>
    <td width="27%"><FONT size=2 face="sans-serif"><FONT face="serif"> /s/ Henry Gabbay</FONT></font></td>
    <td width="68%">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><hr align="left" size="1" noshade></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size=2 face="sans-serif"><font face="serif">Name: </font></font></td>
    <td><font size=2 face="sans-serif"><font face="serif">Henry Gabbay </font></font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size=2 face="sans-serif"><font face="serif">Title:</font></font></td>
    <td><font size=2 face="sans-serif"><font face="serif">Treasurer</font></font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size=2 face="sans-serif"><font face="serif">Date:</font></font></td>
    <td><font size=2 face="sans-serif"><font face="serif">September 28, 2004</font></font></td>
    <td>&nbsp;</td>
  </tr>
</table>
<FONT size=2 face="sans-serif">
<P><FONT face="serif"> </FONT></P>
<P>
  <FONT face="serif">   Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the
  dates indicated. </FONT>
</P>
</font>
<table width="100%"  border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td width="5%"><font size=2 face="sans-serif"><font face="serif">By:</font></font></td>
    <td width="27%"><FONT size=2 face="sans-serif"><FONT face="serif"> /s/ </FONT><FONT size=2 face="sans-serif"><FONT face="serif">Robert S. Kapito</FONT></font></font></td>
    <td width="68%">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><hr align="left" size="1" noshade></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size=2 face="sans-serif"><font face="serif">Name: </font></font></td>
    <td><font size=2 face="sans-serif"><FONT face="serif">Robert S. Kapito</FONT></font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size=2 face="sans-serif"><font face="serif">Title:</font></font></td>
    <td><font size=2 face="sans-serif"><FONT face="serif">Principal Executive Officer</FONT></font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size=2 face="sans-serif"><font face="serif">Date:</font></font></td>
    <td><FONT size=2 face="sans-serif"><FONT face="serif">September 28, 2004</FONT></font></td>
    <td>&nbsp;</td>
  </tr>
</table>

<p>&nbsp;</p>
<table width="100%"  border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td width="5%"><font size=2 face="sans-serif"><font face="serif">By:</font></font></td>
    <td width="27%"><FONT size=2 face="sans-serif"><FONT face="serif"> /s/ Henry Gabbay</FONT></font></td>
    <td width="68%">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><hr align="left" size="1" noshade></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size=2 face="sans-serif"><font face="serif">Name: </font></font></td>
    <td><font size=2 face="sans-serif"><font face="serif">Henry Gabbay </font></font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size=2 face="sans-serif"><font face="serif">Title:</font></font></td>
    <td><font size=2 face="sans-serif"><FONT face="serif">Principal Financial Officer</FONT></font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size=2 face="sans-serif"><font face="serif">Date:</font></font></td>
    <td><font size=2 face="sans-serif"><font face="serif">September 28, 2004</font></font></td>
    <td>&nbsp;</td>
  </tr>
</table>
<FONT size=2 face="sans-serif">
<P>&nbsp;
</P>
<HR noshade align="center" width="100%" size=2>


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<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>c33545_ex99-cert.htm
<TEXT>
<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 3.2 FINAL//EN">


<HTML>
<HEAD>
   <TITLE>c33517_n-q</TITLE>
</HEAD>

<BODY bgcolor="#ffffff">

<TABLE border="0" cellpadding="0" cellspacing="0">
<tr>
   <td valign="top" colspan="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     <div align="right"><B><FONT face="serif">Exhibit 99.Cert</FONT></B><BR>
    </div></td>
</tr>
<tr>
   <td valign="top" colspan="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     <div align="center"><B><FONT face="serif">CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER</FONT></B><BR>
    </div></td>
</tr>
<tr>
   <td valign="top" colspan="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     <div align="center"><B><FONT face="serif">CERTIFICATIONS</FONT></B><BR>
    </div></td>
</tr>
<tr>
  <td valign="top" colspan="3">&nbsp;</td>
</tr>
<tr>
   <td valign="top" colspan="3"><FONT face="serif">I, Robert Kapito, certify that:</FONT></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td colspan="2" valign="top">&nbsp;</td>
</tr>
<tr>
   <td valign="top" width="3%"><FONT face="serif">1.</FONT></td>
   <td colspan="2" valign="top"><FONT face="serif">I have reviewed this report on Form N-Q of BlackRock Municipal Income Trust;</FONT></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td colspan="2" valign="top">&nbsp;</td>
</tr>
<tr>
   <td valign="top" width="3%"><FONT face="serif">2.</FONT></td>
   <td colspan="2" valign="top"><FONT face="serif">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading with respect to the period covered by this report;</FONT></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td colspan="2" valign="top">&nbsp;</td>
</tr>
<tr>
   <td valign="top" width="3%"><FONT face="serif">3.</FONT></td>
   <td colspan="2" valign="top"><FONT face="serif">Based on my knowledge, the schedule of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal
quarter for which the report is filed;</FONT></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td colspan="2" valign="top">&nbsp;</td>
</tr>
<tr>
   <td valign="top" width="3%"><FONT face="serif">4.</FONT></td>
   <td colspan="2" valign="top"><FONT face="serif">The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the
Investment Company Act of 1940) for the registrant and have:</FONT></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td width="3%" valign="top"><FONT face="serif">a) </FONT></td>
  <td width="94%" valign="top"><font face="serif">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</font></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td valign="top"><FONT face="serif">b) </FONT></td>
  <td valign="top"><FONT face="serif">Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and</FONT></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td valign="top"><FONT face="serif">c) </FONT></td>
  <td valign="top"><FONT face="serif">Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and</FONT></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td colspan="2" valign="top">&nbsp;</td>
</tr>
<tr>
   <td valign="top" width="3%"><FONT face="serif">5.</FONT><BR>&nbsp;&nbsp;</td>
   <td colspan="2" valign="top"><FONT face="serif">The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing
the equivalent functions):</FONT></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td colspan="2" valign="top">&nbsp;</td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td valign="top"><FONT face="serif">a) </FONT> </td>
  <td valign="top"><FONT face="serif">All significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect</FONT>
    <FONT face="serif">the registrant's ability to record, process, summarize, and report financial information; and </FONT></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td colspan="2" valign="top">&nbsp;</td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td valign="top"> <FONT face="serif">b) </FONT> </td>
  <td valign="top"><FONT face="serif">Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls. </FONT></td>
</tr>
<tr>
   <td valign="top" colspan="3">&nbsp;</td>
</tr>
</TABLE>

<P>&nbsp;</P>
<table width="50%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="11%"><font face="serif">Date: </font></td>
    <td width="89%"><font face="serif">September 28, 2004</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><hr align="left" size="1" noshade></td>
  </tr>
</table>
<P><FONT face="serif">  </FONT></P>
<FONT face="serif">
<table width="100%"  border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td width="53%">&nbsp;</td>
    <td width="47%" align="center">/s/ Robert S. Kapito</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="center"><hr align="left" size="1" noshade></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="center"><font face="serif">Robert S. Kapito</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="center"><font face="serif">Principal Executive Officer</font></td>
  </tr>
</table>
<P>&nbsp;</P>
<HR noshade align="center" width="100%" size=2>

<page>
<A name="page_6"></A>

<TABLE border="0" cellpadding="0" cellspacing="0">
<tr>
   <td valign="top" colspan="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     <div align="right"><B><FONT face="serif">Exhibit 99.Cert</FONT></B><BR>
    </div></td>
</tr>
<tr>
   <td valign="top" colspan="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     <div align="center"><B><FONT face="serif">CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER</FONT></B><BR>
    </div></td>
</tr>
<tr>
   <td valign="top" colspan="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     <div align="center"><B><FONT face="serif">CERTIFICATIONS</FONT></B><BR>
    </div></td>
</tr>
<tr>
  <td valign="top" colspan="3">&nbsp;</td>
</tr>
<tr>
   <td valign="top" colspan="3"><FONT face="serif">I, Henry Gabbay, certify that:</FONT></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td colspan="2" valign="top">&nbsp;</td>
</tr>
<tr>
   <td valign="top" width="3%"><FONT face="serif">1.</FONT></td>
   <td colspan="2" valign="top"><FONT face="serif">I have reviewed this report on Form N-Q of BlackRock Municipal Income Trust;</FONT></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td colspan="2" valign="top">&nbsp;</td>
</tr>
<tr>
   <td valign="top" width="3%"><FONT face="serif">2.</FONT><BR>&nbsp;&nbsp;</td>
   <td colspan="2" valign="top"><FONT face="serif">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading with respect to the period covered by this report;</FONT></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td colspan="2" valign="top">&nbsp;</td>
</tr>
<tr>
   <td valign="top" width="3%"><FONT face="serif">3.</FONT><BR>&nbsp;&nbsp;</td>
   <td colspan="2" valign="top"><FONT face="serif">Based on my knowledge, the schedule of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal
quarter for which the report is filed;</FONT></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td colspan="2" valign="top">&nbsp;</td>
</tr>
<tr>
   <td valign="top" width="3%"><FONT face="serif">4.</FONT><BR>&nbsp;&nbsp;</td>
   <td colspan="2" valign="top"><FONT face="serif">The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the
Investment Company Act of 1940) for the registrant and have:</FONT></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td colspan="2" valign="top">&nbsp;</td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td width="4%" valign="top"><FONT face="serif">a) </FONT></td>
  <td width="93%" valign="top"><FONT face="serif">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</FONT></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td colspan="2" valign="top">&nbsp;</td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td valign="top"><FONT face="serif">b) </FONT></td>
  <td valign="top"><FONT face="serif">Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and</FONT></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td colspan="2" valign="top">&nbsp;</td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td valign="top"><FONT face="serif">c) </FONT></td>
  <td valign="top"><FONT face="serif">Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and</FONT></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td colspan="2" valign="top">&nbsp;</td>
</tr>
<tr>
   <td valign="top" width="3%"><FONT face="serif">5.</FONT><BR>&nbsp;&nbsp;</td>
   <td colspan="2" valign="top"><FONT face="serif">The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing
the equivalent functions):</FONT></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td colspan="2" valign="top">&nbsp;</td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td valign="top"><FONT face="serif">a) </FONT> </td>
  <td valign="top"><FONT face="serif">All significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect</FONT>
    <FONT face="serif">the registrant's ability to record, process, summarize, and report financial information; and </FONT></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td colspan="2" valign="top">&nbsp;</td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td valign="top"> <FONT face="serif">b) </FONT> </td>
  <td valign="top"><FONT face="serif">Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls. </FONT></td>
</tr>

</TABLE>

<P>&nbsp;</P>
</font>
<table width="50%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="11%"><font face="serif">Date: </font></td>
    <td width="89%"><font face="serif">September 28, 2004</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><hr align="left" size="1" noshade></td>
  </tr>
</table>
<P><FONT face="serif"> </FONT></P>
<table width="100%"  border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td width="23%" align="center">&nbsp;</td>
    <td width="24%" align="center"><font face="serif">/s/ &nbsp;Henry Gabbay</font></td>
  </tr>
  <tr>
    <td align="center">&nbsp;</td>
    <td align="center"><hr align="left" size="1" noshade></td>
  </tr>
  <tr>
    <td align="center">&nbsp;</td>
    <td align="center"><font face="serif">Henry Gabbay</font></td>
  </tr>
  <tr>
    <td align="center">&nbsp;</td>
    <td align="center"><font face="serif">Principal Financial Officer</font></td>
  </tr>
</table>
<FONT face="serif">
<P>&nbsp;</P>
<P>&nbsp;</P>
<HR noshade align="center" width="100%" size=2>
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