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<SEC-DOCUMENT>0000930413-05-002406.txt : 20050401
<SEC-HEADER>0000930413-05-002406.hdr.sgml : 20050401
<ACCEPTANCE-DATETIME>20050401170906
ACCESSION NUMBER:		0000930413-05-002406
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20050131
FILED AS OF DATE:		20050401
DATE AS OF CHANGE:		20050401
EFFECTIVENESS DATE:		20050401

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:		05726453

	BUSINESS ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
		BUSINESS PHONE:		888-825-2257

	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>c35733_nq.htm
<TEXT>

<HTML>
<HEAD>
   <TITLE></TITLE>
</HEAD>

<BODY bgcolor="#ffffff">
<A name="page_1"></A>

<P align="center">
<FONT face="serif">UNITED STATES<br>
SECURITIES AND EXCHANGE COMMISSION<br>
Washington, D.C. 20549 </FONT></P>
<p><center>
    <B><FONT size=4 face="serif">FORM N-Q</FONT></B><BR>
  </center>
<P align="center">
<B><FONT face="serif">QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED <br>
MANAGEMENT INVESTMENT COMPANY </FONT></B></P>
<P align="center">
<FONT face="serif">Investment Company Act file number:__</FONT><U><FONT face="serif">811-10339</FONT></U><FONT face="serif">______ </FONT></P>
<P align="center">
<FONT face="serif">_______</FONT><U><FONT face="serif">BlackRock Municipal Income Trust</FONT></U><FONT face="serif">_______<BR> (Exact name of registrant as specified in charter) </FONT></P>
<p></p><table width="100%"  border="0">
  <tr>
    <td width="40%"><center>
      <font face="serif">100 Bellevue Parkway, Wilmington, DE </font>
    </center></td>
    <td width="18%"><center>
    </center></td>
    <td width="42%"><center>
      <font face="serif">19809</font>
    </center></td>
  </tr>
  <tr>
    <td colspan="3"><hr align="center" size=1 noshade></td>
  </tr>
  <tr>
    <td><center>
      <font face="serif"> (Address of principal executive offices) </font>
    </center></td>
    <td><center>
    </center></td>
    <td><center>
      <font face="serif">(Zip code) </font>
    </center></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>

<P>&nbsp;</P>

  <center>
    <FONT face="serif">Robert S. Kapito, President</FONT>
</center>
<P align="center">
<FONT face="serif"><b>BlackRock Municipal Income Trust</b></FONT></P>

  <center>
    <FONT face="serif">__________<U>40 East 52nd Street, New York, NY 10022</U>__________</FONT><BR>
    <FONT face="serif"> (Name and address of agent for service) </FONT><BR>

</center>
  <P>
<FONT face="serif">Registrant's telephone number, including area code:_</FONT><U><FONT face="serif">888-825-2257</FONT></U><FONT face="serif">__________________</FONT></P>

<FONT face="serif">Date of fiscal year end: </FONT><U><FONT face="serif">October 31, 2005</FONT></U><BR>

<P>
<FONT face="serif">Date of reporting period:__</FONT><U><FONT face="serif">January 31, 2005</FONT></U><FONT face="serif">_________________________________</FONT></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><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 registrant&#146;s unaudited schedule of investments as of the close of the reporting period pursuant to Rule 30b1-5 under the Investment Company Act of 1940 is as follows: </FONT></P>
<p><font size="3"><b>PORTFOLIO OF INVESTMENTS (unaudited)</b></font><BR>
<p><font size="3"><b>January 31, 2005</b></font>
<p>
<p><font size="3"><b>BlackRock Municipal Income Trust  (BFK)</b></font>

<p><table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr valign=top>
    <td width="6%" align=center>&nbsp;</td>
    <td colspan="2" align=center><font size="2"><b>Principal</b></font></td>
    <td width="62%" align=center>&nbsp;</td>
    <td width="12%" align="center">&nbsp;</td>
    <td width="11%" align=center>&nbsp;</td>
    <td width="1%">&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=center>&nbsp;</td>
    <td colspan="2" align=center><font size="2"><b>Amount</b></font></td>
    <td width="62%" align=center>&nbsp;</td>
    <td width="12%" align=center><font size="2"><b>Option Call</b></font></td>
    <td width="11%" align=center>&nbsp;</td>
    <td width="1%">&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=center><font size="2"><b>Rating</b><sup><b>1</b></sup></font></td>
    <td colspan="2" align=center><font size="2"><b>(000) </b></font></td>
    <td width="62%" align=center><font size="2"><b>Description</b></font></td>
    <td width="12%" align=center><font size="2"><b>Provisions</b><sup><b>2</b></sup></font></td>
    <td width="11%" align=right><font size="2"><b>Value&nbsp;&nbsp;&nbsp;</b></font></td>
    <td align=center>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td colspan="7" align=center><HR noshade size=2></td>
  </tr>
  <tr valign=top>
<td align=center><font size="2"><font size="2"></font></font></td>
<td width="6%" align=right><font size="2"><b>&nbsp;</b></font></td>
<td width="2%">&nbsp;</td>
<td width="62%" align=left><font size="2"><b>LONG-TERM INVESTMENTS&#151;150.3%</b></font></td>
<td width="12%">&nbsp;</td>
<td width="11%" align=right><font size="2"></font></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center bgcolor="#DDDDDD"><font size="2"><b>&nbsp;</b></font></td>
<td align=right bgcolor="#DDDDDD"><font size="2"><b>&nbsp;</b></font></td>
<td width="2%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="62%" align=left bgcolor="#DDDDDD"><font size="2"><b>Alabama&#151;3.6%</b></font></td>
<td width="12%">&nbsp;</td>
<td width="11%" align=right bgcolor="#DDDDDD"><font size="2"></font></td>

<td width="1%" bgcolor="#DDDDDD">&nbsp;</td>
</tr>
<tr valign=top><td align=center><font size="2"><font size="2">Baa2</font></font></td>
<td align=right><font size="2">$ 7,000</font></td>
<td width="2%">&nbsp;</td>
<td width="62%" align=left><font size="2">Courtland Ind. Dev. Brd., PCR, Champion
Intl. Corp. Proj., 6.15%, 6/01/19</font></td>
<td width="12%" align=center><font size="2">06/05 @ 102</font></td>
<td width="11%" align=right><font size="2">$&nbsp;&nbsp;&nbsp;  7,207,130</font></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center bgcolor="#DDDDDD"><font size="2">A2</font></td>
<td align=right bgcolor="#DDDDDD"><font size="2">15,000</font></td>
<td width="2%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="62%" align=left bgcolor="#DDDDDD"><font size="2">Huntsville Hlth. Care Auth., GO,
Ser. B, 5.75%, 6/01/32</font></td>
<td width="12%" align=center><font size="2">06/12 @ 101</font></td>
<td width="11%" align=right bgcolor="#DDDDDD"><font size="2">16,031,400</font></td>

<td width="1%" bgcolor="#DDDDDD">&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='7' bgcolor="#DDDDDD" ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td width="2%">&nbsp;</td>
<td width="62%" align=left><font size="2">&nbsp;</font></td>
<td width="12%" align=center><font size="2">&nbsp;</font></td>
<td width="11%" align=right><font size="2">23,238,530</font></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top><td COLSPAN='7' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center bgcolor="#DDDDDD"><font size="2"><b>&nbsp;</b></font></td>
<td align=right bgcolor="#DDDDDD"><font size="2"><b>&nbsp;</b></font></td>
<td width="2%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="62%" align=left bgcolor="#DDDDDD"><font size="2"><b>Arizona&#151;1.2%</b></font></td>
<td width="12%">&nbsp;</td>
<td width="11%" align=right bgcolor="#DDDDDD"></td>

<td width="1%" bgcolor="#DDDDDD">&nbsp;</td>
</tr>
<tr valign=top><td align=center><font size="2"><font size="2">A3</font></font></td>
<td align=right><font size="2">7,000</font></td>
<td width="2%">&nbsp;</td>
<td width="62%" align=left><font size="2">Scottsdale Ind. Dev. Auth., Scottsdale
Hlth. Care Proj., 5.80%, 12/01/31</font></td>
<td width="12%" align=center><font size="2">12/11 @ 101</font></td>
<td width="11%" align=right><font size="2">7,568,190</font></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top><td COLSPAN='7' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center bgcolor="#DDDDDD"><font size="2"><b>&nbsp;</b></font></td>
<td align=right bgcolor="#DDDDDD"><font size="2"><b>&nbsp;</b></font></td>
<td width="2%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="62%" align=left bgcolor="#DDDDDD"><font size="2"><b>California&#151;21.1%</b></font></td>
<td width="12%">&nbsp;</td>
<td width="11%" align=right bgcolor="#DDDDDD"></td>

<td width="1%" bgcolor="#DDDDDD">&nbsp;</td>
</tr>
<tr valign=top><td align=center><font size="2"><font size="2">A</font></font></td>
<td align=right><font size="2">5,000</font></td>
<td width="2%">&nbsp;</td>
<td width="62%" align=left><font size="2">California Statewide Cmnty. Dev.
Auth., Mem. Hlth. Svcs. Proj., Ser. A, 5.50%, 10/01/33</font></td>
<td width="12%" align=center><font size="2">04/13 @ 100</font></td>
<td width="11%" align=right><font size="2">5,275,150</font></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td align=right bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td width="2%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="62%" align=left bgcolor="#DDDDDD"><font size="2">Foothill/Eastn. Transp. Corridor
Agcy., Toll Road Rev.,</font></td>
<td width="12%" align=center><font size="2">&nbsp;</font></td>
<td width="11%" align=right bgcolor="#DDDDDD"></td>

<td width="1%" bgcolor="#DDDDDD">&nbsp;</td>
</tr>
<tr valign=top><td align=center><font size="2">BBB</font></td>
<td align=right><font size="2">54,635</font></td>
<td width="2%">&nbsp;</td>
<td width="62%" align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Zero Coupon, 1/15/32</font></td>
<td width="12%" align=center><font size="2">01/10 @ 27.37</font></td>
<td width="11%" align=right><font size="2">11,110,027</font></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center bgcolor="#DDDDDD"><font size="2">BBB</font></td>
<td align=right bgcolor="#DDDDDD"><font size="2">20,535</font></td>
<td width="2%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="62%" align=left bgcolor="#DDDDDD"><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Zero Coupon, 1/15/34</font></td>
<td width="12%" align=center><font size="2">01/10 @ 24.228</font></td>
<td width="11%" align=right bgcolor="#DDDDDD"><font size="2">3,694,863</font></td>

<td width="1%" bgcolor="#DDDDDD">&nbsp;</td>
</tr>
<tr valign=top><td align=center><font size="2">BBB</font></td>
<td align=right><font size="2">75,000</font></td>
<td width="2%">&nbsp;</td>
<td width="62%" align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Zero Coupon, 1/15/38</font></td>
<td width="12%" align=center><font size="2">01/10 @ 19.014</font></td>
<td width="11%" align=right><font size="2">10,548,000</font></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td align=right bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td width="2%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="62%" align=left bgcolor="#DDDDDD"><font size="2">Golden St. Tobacco Sec. Corp.,</font></td>
<td width="12%" align=center><font size="2">&nbsp;</font></td>
<td width="11%" align=right bgcolor="#DDDDDD"></td>

<td width="1%" bgcolor="#DDDDDD">&nbsp;</td>
</tr>
<tr valign=top><td align=center><font size="2">BBB</font></td>
<td align=right><font size="2">10,000</font></td>
<td width="2%">&nbsp;</td>
<td width="62%" align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Ser. A-1, 6.625%, 6/01/40</font></td>
<td width="12%" align=center><font size="2">06/13 @ 100</font></td>
<td width="11%" align=right><font size="2">10,162,100</font></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center bgcolor="#DDDDDD"><font size="2">A-</font></td>
<td align=right bgcolor="#DDDDDD"><font size="2">30,600</font></td>
<td width="2%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="62%" align=left bgcolor="#DDDDDD"><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Ser. B, 5.50%, 6/01/43</font></td>
<td width="12%" align=center><font size="2">06/13 @ 100</font></td>
<td width="11%" align=right bgcolor="#DDDDDD"><font size="2">32,665,500</font></td>

<td width="1%" bgcolor="#DDDDDD">&nbsp;</td>
</tr>
<tr valign=top><td align=center><font size="2">A-</font></td>
<td align=right><font size="2">16,500</font></td>
<td width="2%">&nbsp;</td>
<td width="62%" align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Ser. B, 5.625%, 6/01/38</font></td>
<td width="12%" align=center><font size="2">06/13 @ 100</font></td>
<td width="11%" align=right><font size="2">17,767,530</font></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center bgcolor="#DDDDDD"><font size="2">NR</font></td>
<td align=right bgcolor="#DDDDDD"><font size="2">3,500</font></td>
<td width="2%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="62%" align=left bgcolor="#DDDDDD"><font size="2">Lincoln Spl. Tax, Cmnty. Facs. Dist.,
6.00%, 9/01/34</font></td>
<td width="12%" align=center><font size="2">09/13 @ 102</font></td>
<td width="11%" align=right bgcolor="#DDDDDD"><font size="2">3,560,095</font></td>

<td width="1%" bgcolor="#DDDDDD">&nbsp;</td>
</tr>
<tr valign=top><td align=center><font size="2">&nbsp;</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td width="2%">&nbsp;</td>
<td width="62%" align=left><font size="2">Los Angeles Regl. Arpt. Impvt., Corp.
Lease Rev.,</font></td>
<td width="12%" align=center><font size="2">&nbsp;</font></td>
<td width="11%" align=right></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center bgcolor="#DDDDDD"><font size="2">B-</font></td>
<td align=right bgcolor="#DDDDDD"><font size="2">16,805</font></td>
<td width="2%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="62%" align=left bgcolor="#DDDDDD"><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Amer. Airlines, Inc. Proj., Ser.
C, 7.50%</font></td>
<td width="12%" align=center><font size="2">12/12 @ 102</font></td>
<td width="11%" align=right bgcolor="#DDDDDD"><font size="2">16,657,620</font></td>

<td width="1%" bgcolor="#DDDDDD">&nbsp;</td>
</tr>
<tr valign=top><td align=center><font size="2">AAA</font></td>
<td align=right><font size="2">13,320</font></td>
<td width="2%">&nbsp;</td>
<td width="62%" align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Facs. Laxfuel Corp.,
    L.A. Intl. Proj.,  5.50%, 1/01/32, AMBAC</font></td>
<td width="12%" align=center><font size="2">01/12 @ 100</font></td>
<td width="11%" align=right><font size="2">14,014,239</font></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center bgcolor="#DDDDDD"><font size="2">NR</font></td>
<td align=right bgcolor="#DDDDDD"><font size="2">5,000</font></td>
<td width="2%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="62%" align=left bgcolor="#DDDDDD"><font size="2">Murrieta Cmnty. Facs. Dist., Spl.
Tax No. 2, The Oaks Impvt. Area A Proj., 6.00%, 9/01/34</font></td>
<td width="12%" align=center><font size="2">09/14 @ 100</font></td>
<td width="11%" align=right bgcolor="#DDDDDD"><font size="2">5,139,000</font></td>

<td width="1%" bgcolor="#DDDDDD">&nbsp;</td>
</tr>
<tr valign=top><td align=center><font size="2">&nbsp;</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td width="2%">&nbsp;</td>
<td width="62%" align=left><font size="2">San Marcos Spl. Tax, Cmnty. Facs.
Dist. No. 02-01,</font></td>
<td width="12%" align=center><font size="2">&nbsp;</font></td>
<td width="11%" align=right></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center bgcolor="#DDDDDD"><font size="2">NR</font></td>
<td align=right bgcolor="#DDDDDD"><font size="2">1,870</font></td>
<td width="2%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="62%" align=left bgcolor="#DDDDDD"><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;5.90%, 9/01/28</font></td>
<td width="12%" align=center><font size="2">09/10 @ 102</font></td>
<td width="11%" align=right bgcolor="#DDDDDD"><font size="2">1,901,846</font></td>

<td width="1%" bgcolor="#DDDDDD">&nbsp;</td>
</tr>
<tr valign=top><td align=center><font size="2">NR</font></td>
<td align=right><font size="2">3,510</font></td>
<td width="2%">&nbsp;</td>
<td width="62%" align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;5.95%, 9/01/35</font></td>
<td width="12%" align=center><font size="2">09/10 @ 102</font></td>
<td width="11%" align=right><font size="2">3,571,846</font></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top><td COLSPAN='7' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center bgcolor="#DDDDDD"><font size="2"><font size="2">&nbsp;</font></font></td>
<td align=right bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td width="2%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="62%" align=left bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td width="12%" align=center><font size="2">&nbsp;</font></td>
<td width="11%" align=right bgcolor="#DDDDDD"><font size="2">136,067,816</font></td>

<td width="1%" bgcolor="#DDDDDD">&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='7' bgcolor="#DDDDDD" ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=center><font size="2"><b>&nbsp;</b></font></td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td width="2%">&nbsp;</td>
<td width="62%" align=left><font size="2"><b>Colorado&#151;0.6%</b></font></td>
<td width="12%">&nbsp;</td>
<td width="11%" align=right></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center bgcolor="#DDDDDD"><font size="2"><font size="2">BBB</font></font></td>
<td align=right bgcolor="#DDDDDD"><font size="2">3,500</font></td>
<td width="2%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="62%" align=left bgcolor="#DDDDDD"><font size="2">Denver Hlth. &amp; Hosp. Auth., Hlth.
Care Rev., Ser. A, 6.00%, 12/01/31</font></td>
<td width="12%" align=center><font size="2">12/11 @ 100</font></td>
<td width="11%" align=right bgcolor="#DDDDDD"><font size="2">3,608,220</font></td>

<td width="1%" bgcolor="#DDDDDD">&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='7' bgcolor="#DDDDDD" ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=center><font size="2"><b>&nbsp;</b></font></td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td width="2%">&nbsp;</td>
<td width="62%" align=left><font size="2"><b>District of Columbia&#151;6.0%</b></font></td>
<td width="12%">&nbsp;</td>
<td width="11%" align=right></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center bgcolor="#DDDDDD"><font size="2"><font size="2">&nbsp;</font></font></td>
<td align=right bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td width="2%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="62%" align=left bgcolor="#DDDDDD"><font size="2">Dist. of Columbia,</font></td>
<td width="12%" align=center><font size="2">&nbsp;</font></td>
<td width="11%" align=right bgcolor="#DDDDDD"></td>

<td width="1%" bgcolor="#DDDDDD">&nbsp;</td>
</tr>
<tr valign=top><td align=center><font size="2">A</font></td>
<td align=right><font size="2">2,390</font></td>
<td width="2%">&nbsp;</td>
<td width="62%" align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Friendship Pub. Charter Sch., Inc. Proj.,
5.25%, 6/01/33, ACA</font></td>
<td width="12%" align=center><font size="2">06/14 @ 100</font></td>
<td width="11%" align=right><font size="2">2,446,476</font></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center bgcolor="#DDDDDD"><font size="2">AAA</font></td>
<td align=right bgcolor="#DDDDDD"><font size="2">15,600</font></td>
<td width="2%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="62%" align=left bgcolor="#DDDDDD"><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Georgetown Univ. Proj., Ser. A, Zero
Coupon, 4/01/36, MBIA</font></td>
<td width="12%" align=center><font size="2">04/11 @ 22.875</font></td>
<td width="11%" align=right bgcolor="#DDDDDD"><font size="2">2,588,508</font></td>

<td width="1%" bgcolor="#DDDDDD">&nbsp;</td>
</tr>
<tr valign=top><td align=center><font size="2">AAA</font></td>
<td align=right><font size="2">51,185</font></td>
<td width="2%">&nbsp;</td>
<td width="62%" align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Georgetown Univ. Proj., Ser. A, Zero
Coupon, 4/01/37, MBIA</font></td>
<td width="12%" align=center><font size="2">04/11 @ 21.546</font></td>
<td width="11%" align=right><font size="2">7,990,490</font></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center bgcolor="#DDDDDD"><font size="2">BBB</font></td>
<td align=right bgcolor="#DDDDDD"><font size="2">25,535</font></td>
<td width="2%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="62%" align=left bgcolor="#DDDDDD"><font size="2">Tobacco Settlement Fin. Corp., 6.75%,
5/15/40</font></td>
<td width="12%" align=center><font size="2">05/11 @ 101</font></td>
<td width="11%" align=right bgcolor="#DDDDDD"><font size="2">25,572,281</font></td>

<td width="1%" bgcolor="#DDDDDD">&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='7' bgcolor="#DDDDDD" ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td width="2%">&nbsp;</td>
<td width="62%" align=left><font size="2">&nbsp;</font></td>
<td width="12%" align=center><font size="2">&nbsp;</font></td>
<td width="11%" align=right><font size="2">38,597,755</font></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top><td COLSPAN='7' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center bgcolor="#DDDDDD"><font size="2"><b>&nbsp;</b></font></td>
<td align=right bgcolor="#DDDDDD"><font size="2"><b>&nbsp;</b></font></td>
<td width="2%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="62%" align=left bgcolor="#DDDDDD"><font size="2"><b>Florida&#151;13.2%</b></font></td>
<td width="12%">&nbsp;</td>
<td width="11%" align=right bgcolor="#DDDDDD"></td>

<td width="1%" bgcolor="#DDDDDD">&nbsp;</td>
</tr>
<tr valign=top><td align=center><font size="2"><font size="2">NR</font></font></td>
<td align=right><font size="2">3,000</font></td>
<td width="2%">&nbsp;</td>
<td width="62%" align=left><font size="2">Amelia Nat. Cmnty. Dev. Dist., Cap.
Impvt., Ser. A, 6.30%, 5/01/35</font></td>
<td width="12%" align=center><font size="2">05/14 @ 101</font></td>
<td width="11%" align=right><font size="2">3,120,930</font></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center bgcolor="#DDDDDD"><font size="2">NR</font></td>
<td align=right bgcolor="#DDDDDD"><font size="2">4,000</font></td>
<td width="2%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="62%" align=left bgcolor="#DDDDDD"><font size="2">Bellalago Edu. Fac. Benefits Dist.,
Ser. B, 5.80%, 5/01/34</font></td>
<td width="12%" align=center><font size="2">05/14 @ 100</font></td>
<td width="11%" align=right bgcolor="#DDDDDD"><font size="2">4,069,840</font></td>

<td width="1%" bgcolor="#DDDDDD">&nbsp;</td>
</tr>
<tr valign=top><td align=center><font size="2">NR</font></td>
<td align=right><font size="2">4,000</font></td>
<td width="2%">&nbsp;</td>
<td width="62%" align=left><font size="2">Bridgewater Cmnty. Dev. Dist., Florida
Spl. Assmt., Ser. A, 6.00%, 5/01/35</font></td>
<td width="12%" align=center><font size="2">05/12 @ 101</font></td>
<td width="11%" align=right><font size="2">4,064,240</font></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center bgcolor="#DDDDDD"><font size="2">NR</font></td>
<td align=right bgcolor="#DDDDDD"><font size="2">2,000</font></td>
<td width="2%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="62%" align=left bgcolor="#DDDDDD"><font size="2">CFM Cmnty. Dev. Dist., Cap. Impvt.,
Ser. A, 6.25%, 5/01/35</font></td>
<td width="12%" align=center><font size="2">05/14 @ 101</font></td>
<td width="11%" align=right bgcolor="#DDDDDD"><font size="2">2,096,680</font></td>

<td width="1%" bgcolor="#DDDDDD">&nbsp;</td>
</tr>
<tr valign=top><td align=center><font size="2">Baa2</font></td>
<td align=right><font size="2">4,600</font></td>
<td width="2%">&nbsp;</td>
<td width="62%" align=left><font size="2">Escambia Cnty., PCR, Champion Intl.
Corp. Proj., 6.40%, 9/01/30</font></td>
<td width="12%" align=center><font size="2">09/06 @ 102</font></td>
<td width="11%" align=right><font size="2">4,778,572</font></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center bgcolor="#DDDDDD"><font size="2">NR</font></td>
<td align=right bgcolor="#DDDDDD"><font size="2">2,000</font></td>
<td width="2%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="62%" align=left bgcolor="#DDDDDD"><font size="2">Heritage Isle at Viera Cmnty. Dev.
Dist. Proj., Spl. Assmt., Ser. A, 6.00%, 5/01/35</font></td>
<td width="12%" align=center><font size="2">05/12 @ 101</font></td>
<td width="11%" align=right bgcolor="#DDDDDD"><font size="2">2,053,700</font></td>

<td width="1%" bgcolor="#DDDDDD">&nbsp;</td>
</tr>
<tr valign=top><td align=center><font size="2">A</font></td>
<td align=right><font size="2">9,670</font></td>
<td width="2%">&nbsp;</td>
<td width="62%" align=left><font size="2">Highlands Cnty. Hlth. Facs. Auth.,
Hosp. Adventist/Sunbelt Proj., </font></td>
<td width="12%" align=center><font size="2">&nbsp;</font></td>
<td width="11%" align=right></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td align=right bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td width="2%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="62%" align=left bgcolor="#DDDDDD"><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 6.00%, 11/15/31</font></td>
<td width="12%" align=center><font size="2">11/11 @ 101</font></td>
<td width="11%" align=right bgcolor="#DDDDDD"><font size="2">10,539,140</font></td>

<td width="1%" bgcolor="#DDDDDD">&nbsp;</td>
</tr>
<tr valign=top><td align=center><font size="2">BB+</font></td>
<td align=right><font size="2">9,000</font></td>
<td width="2%">&nbsp;</td>
<td width="62%" align=left><font size="2">Martin Cnty. Indl. Dev. Auth., Indiantown
Cogeneration Proj., </font></td>
<td width="12%" align=center><font size="2">&nbsp;</font></td>
<td width="11%" align=right></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td align=right bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td width="2%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="62%" align=left bgcolor="#DDDDDD"><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 7.875%, 12/15/25</font></td>
<td width="12%" align=center><font size="2">03/05 @ 102</font></td>
<td width="11%" align=right bgcolor="#DDDDDD"><font size="2">9,231,750</font></td>

<td width="1%" bgcolor="#DDDDDD">&nbsp;</td>
</tr>
<tr valign=top><td align=center><font size="2">BB</font></td>
<td align=right><font size="2">11,685</font></td>
<td width="2%">&nbsp;</td>
<td width="62%" align=left><font size="2">Miami Beach Hlth. Facs. Auth., Mt.
Sinai Med. Ctr. Proj., 6.75%, 11/15/21</font></td>
<td width="12%" align=center><font size="2">11/14 @ 100</font></td>
<td width="11%" align=right><font size="2">12,610,452</font></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center bgcolor="#DDDDDD"><font size="2">NR</font></td>
<td align=right bgcolor="#DDDDDD"><font size="2">3,705</font></td>
<td width="2%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="62%" align=left bgcolor="#DDDDDD"><font size="2">Parkway Ctr. Cmnty. Dev. Dist., Ser.
A, 6.30%, 5/01/34</font></td>
<td width="12%" align=center><font size="2">05/14 @ 101</font></td>
<td width="11%" align=right bgcolor="#DDDDDD"><font size="2">3,797,996</font></td>

<td width="1%" bgcolor="#DDDDDD">&nbsp;</td>
</tr>
<tr valign=top><td align=center><font size="2">NR</font></td>
<td align=right><font size="2">2,440</font></td>
<td width="2%">&nbsp;</td>
<td width="62%" align=left><font size="2">Pine Islands Cmnty. Dev. Dist., Spl.
Assmt., 5.75%, 5/01/35</font></td>
<td width="12%" align=center><font size="2">05/12 @ 101</font></td>
<td width="11%" align=right><font size="2">2,457,568</font></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center bgcolor="#DDDDDD"><font size="2">NR</font></td>
<td align=right bgcolor="#DDDDDD"><font size="2">5,945</font></td>
<td width="2%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="62%" align=left bgcolor="#DDDDDD"><font size="2">Reunion West Cmnty. Dev. Dist., Spl.
Assmt., 6.25%, 5/01/36</font></td>
<td width="12%" align=center><font size="2">05/12 @ 101</font></td>
<td width="11%" align=right bgcolor="#DDDDDD"><font size="2">6,189,875</font></td>

<td width="1%" bgcolor="#DDDDDD">&nbsp;</td>
</tr>
<tr valign=top><td align=center><font size="2">NR</font></td>
<td align=right><font size="2">3,970</font></td>
<td width="2%">&nbsp;</td>
<td width="62%" align=left><font size="2">Stevens Plantation Cmnty. Dev. Dist.,
Spl. Assmt. Rev., Ser. A, 7.10%, 5/01/35</font></td>
<td width="12%" align=center><font size="2">05/14 @ 100</font></td>
<td width="11%" align=right><font size="2">4,109,148</font></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center bgcolor="#DDDDDD"><font size="2">NR</font></td>
<td align=right bgcolor="#DDDDDD"><font size="2">10,000</font></td>
<td width="2%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="62%" align=left bgcolor="#DDDDDD"><font size="2">Village Cmnty. Dev. Dist. No. 6,
Spl. Assmt. Rev., 5.625%, 5/01/22</font></td>
<td width="12%" align=center><font size="2">05/13 @ 100</font></td>
<td width="11%" align=right bgcolor="#DDDDDD"><font size="2">10,242,600</font></td>

<td width="1%" bgcolor="#DDDDDD">&nbsp;</td>
</tr>
<tr valign=top><td align=center><font size="2">&nbsp;</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td width="2%">&nbsp;</td>
<td width="62%" align=left><font size="2">World Commerce Cmnty. Dev. Dist.,</font></td>
<td width="12%" align=center><font size="2">&nbsp;</font></td>
<td width="11%" align=right></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center bgcolor="#DDDDDD"><font size="2">NR</font></td>
<td align=right bgcolor="#DDDDDD"><font size="2">4,000</font></td>
<td width="2%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="62%" align=left bgcolor="#DDDDDD"><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Ser. A-1, 6.50%, 5/01/36</font></td>
<td width="12%" align=center><font size="2">05/14 @ 101</font></td>
<td width="11%" align=right bgcolor="#DDDDDD"><font size="2">4,137,240</font></td>

<td width="1%" bgcolor="#DDDDDD">&nbsp;</td>
</tr>
<tr valign=top><td align=center><font size="2">NR</font></td>
<td align=right><font size="2">1,750</font></td>
<td width="2%">&nbsp;</td>
<td width="62%" align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Ser. A-2, 6.125%, 5/01/35</font></td>
<td width="12%" align=center><font size="2">05/14 @ 101</font></td>
<td width="11%" align=right><font size="2">1,810,812</font></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top><td COLSPAN='7' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center bgcolor="#DDDDDD"><font size="2"><font size="2">&nbsp;</font></font></td>
<td align=right bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td width="2%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="62%" align=left bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td width="12%" align=center><font size="2">&nbsp;</font></td>
<td width="11%" align=right bgcolor="#DDDDDD"><font size="2">85,310,543</font></td>

<td width="1%" bgcolor="#DDDDDD">&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='7' bgcolor="#DDDDDD" ><HR noshade size=1></td></tr></table>
<p>
<p align='center'>1<HR noshade size=4><PAGE><br>
<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 align=center>&nbsp;</td>
    <td colspan="2" align=center><font size="2"><b>Principal</b></font></td>
    <td width="62%" align=center>&nbsp;</td>
    <td width="12%" align="center">&nbsp;</td>
    <td width="11%" align=center>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=center>&nbsp;</td>
    <td colspan="2" align=center><font size="2"><b>Amount</b></font></td>
    <td width="62%" align=center>&nbsp;</td>
    <td width="12%" align=center><font size="2"><b>Option Call</b></font></td>
    <td width="11%" align=center>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=center><font size="2"><b>Rating</b><sup><b>1</b></sup></font></td>
    <td colspan="2" align=center><font size="2"><b>(000) </b></font></td>
    <td width="62%" align=center><font size="2"><b>Description</b></font></td>
    <td width="12%" align=center><font size="2"><b>Provisions</b><sup><b>2</b></sup></font></td>
    <td width="11%" align=right><font size="2"><b>Value&nbsp;&nbsp;&nbsp;</b></font></td>
    <td align=center>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td colspan="7" align=center><HR noshade size=2></td>
  </tr>
  <tr valign=top><td width="6%" align=center><font size="2"><font size="2"></font></font></td>
<td width="6%" align=right><font size="2"><b>&nbsp;</b></font></td>
<td width="2%">&nbsp;</td>
<td width="62%" align=left><font size="2"><b>Georgia&#151;4.7%</b></font></td>
<td width="12%">&nbsp;</td>
<td width="11%" align=right><font size="2"></font></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center bgcolor="#DDDDDD"><font size="2"><font size="2">&nbsp;</font></font></td>
<td align=right bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td width="2%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="62%" align=left bgcolor="#DDDDDD"><font size="2">Atlanta Wtr. &amp; Wstwtr., FSA,</font></td>
<td width="12%" align=center bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td width="11%" align=right><font size="2"></font></td>

<td bgcolor="#DDDDDD">&nbsp;</td>
</tr>
<tr valign=top><td align=center><font size="2">AAA</font></td>
<td align=right><font size="2">$10,000</font></td>
<td width="2%">&nbsp;</td>
<td width="62%" align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/37</font></td>
<td width="12%" align=center><font size="2">11/14 @ 100</font></td>
<td width="11%" align=right><font size="2">$&nbsp; 10,398,300</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center bgcolor="#DDDDDD"><font size="2">AAA</font></td>
<td align=right bgcolor="#DDDDDD"><font size="2">15,080</font></td>
<td width="2%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="62%" align=left bgcolor="#DDDDDD"><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/43</font></td>
<td width="12%" align=center bgcolor="#DDDDDD"><font size="2">11/14 @ 100</font></td>
<td width="11%" align=right><font size="2">15,656,508</font></td>

<td bgcolor="#DDDDDD">&nbsp;</td>
</tr>
<tr valign=top><td align=center><font size="2">BBB</font></td>
<td align=right><font size="2">4,000</font></td>
<td width="2%">&nbsp;</td>
<td width="62%" align=left><font size="2">Richmond Cnty. Dev. Auth., Env. Impvt.
Rev., Intl. Paper Co. Proj., </font></td>
<td width="12%" align=center><font size="2">&nbsp;</font></td>
<td width="11%" align=right><font size="2"></font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td align=right bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td width="2%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="62%" align=left bgcolor="#DDDDDD"><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 6.00%, 2/01/25</font></td>
<td width="12%" align=center bgcolor="#DDDDDD"><font size="2">02/12 @ 101</font></td>
<td width="11%" align=right><font size="2">4,239,320</font></td>

<td bgcolor="#DDDDDD">&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='7' bgcolor="#DDDDDD" ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td width="2%">&nbsp;</td>
<td width="62%" align=left><font size="2">&nbsp;</font></td>
<td width="12%" align=center><font size="2">&nbsp;</font></td>
<td width="11%" align=right><font size="2">30,294,128</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='7' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center bgcolor="#DDDDDD"><font size="2"><b>&nbsp;</b></font></td>
<td align=right bgcolor="#DDDDDD"><font size="2"><b>&nbsp;</b></font></td>
<td width="2%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="62%" align=left bgcolor="#DDDDDD"><font size="2"><b>Idaho&#151;2.8%</b></font></td>
<td width="12%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="11%" align=right></td>

<td bgcolor="#DDDDDD">&nbsp;</td>
</tr>
<tr valign=top><td align=center><font size="2"><font size="2">AAA</font></font></td>
<td align=right><font size="2">16,970</font></td>
<td width="2%">&nbsp;</td>
<td width="62%" align=left><font size="2">Univ. of Idaho, Student Fee Hsg.
Impvt. Proj., 5.40%, 4/01/41, FGIC</font></td>
<td width="12%" align=center><font size="2">04/11 @ 100</font></td>
<td width="11%" align=right><font size="2">17,998,212</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='7' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center bgcolor="#DDDDDD"><font size="2"><b>&nbsp;</b></font></td>
<td align=right bgcolor="#DDDDDD"><font size="2"><b>&nbsp;</b></font></td>
<td width="2%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="62%" align=left bgcolor="#DDDDDD"><font size="2"><b>Illinois&#151;18.5%</b></font></td>
<td width="12%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="11%" align=right></td>

<td bgcolor="#DDDDDD">&nbsp;</td>
</tr>
<tr valign=top><td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td width="2%">&nbsp;</td>
<td width="62%" align=left><font size="2">Bolingbrook, Ser. B, FGIC,</font></td>
<td width="12%" align=center><font size="2">&nbsp;</font></td>
<td width="11%" align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center bgcolor="#DDDDDD"><font size="2">AAA</font></td>
<td align=right bgcolor="#DDDDDD"><font size="2">7,120</font></td>
<td width="2%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="62%" align=left bgcolor="#DDDDDD"><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Zero Coupon, 1/01/33</font></td>
<td width="12%" align=center bgcolor="#DDDDDD"><font size="2">No Opt. Call</font></td>
<td width="11%" align=right><font size="2">1,699,045</font></td>

<td bgcolor="#DDDDDD">&nbsp;</td>
</tr>
<tr valign=top><td align=center><font size="2">AAA</font></td>
<td align=right><font size="2">14,085</font></td>
<td width="2%">&nbsp;</td>
<td width="62%" align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Zero Coupon, 1/01/34</font></td>
<td width="12%" align=center><font size="2">No Opt. Call</font></td>
<td width="11%" align=right><font size="2">3,192,929</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center bgcolor="#DDDDDD"><font size="2">NR</font></td>
<td align=right bgcolor="#DDDDDD"><font size="2">4,630</font></td>
<td width="2%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="62%" align=left bgcolor="#DDDDDD"><font size="2">Centerpoint Intermodal Ctr. Prog.
Trust, Ser. A, 8.00%, 6/15/23</font></td>
<td width="12%" align=center bgcolor="#DDDDDD"><font size="2">No Opt. Call</font></td>
<td width="11%" align=right><font size="2">4,725,563</font></td>

<td bgcolor="#DDDDDD">&nbsp;</td>
</tr>
<tr valign=top><td align=center><font size="2">&nbsp;</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td width="2%">&nbsp;</td>
<td width="62%" align=left><font size="2">Illinois Dev. Fin. Auth.,</font></td>
<td width="12%" align=center><font size="2">&nbsp;</font></td>
<td width="11%" align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center bgcolor="#DDDDDD"><font size="2">A</font></td>
<td align=right bgcolor="#DDDDDD"><font size="2">7,145</font></td>
<td width="2%" bgcolor="#DDDDDD"><font size="2"><sup>3</sup></font></td>
<td width="62%" align=left bgcolor="#DDDDDD"><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Hosp. Rev., Adventist
    Hlth. Sys.  Sunbelt Oblig. Proj., 5.65%, 11/15/24</font></td>
<td width="12%" align=center bgcolor="#DDDDDD"><font size="2">11/09 @ 101</font></td>
<td width="11%" align=right><font size="2">7,523,899</font></td>

<td bgcolor="#DDDDDD">&nbsp;</td>
</tr>
<tr valign=top><td align=center><font size="2">A2</font></td>
<td align=right><font size="2">25,000</font></td>
<td width="2%">&nbsp;</td>
<td width="62%" align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;PCR, Ser. C, 5.95%, 8/15/26</font></td>
<td width="12%" align=center><font size="2">12/06 @ 101</font></td>
<td width="11%" align=right><font size="2">25,817,750</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td align=right bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td width="2%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="62%" align=left bgcolor="#DDDDDD"><font size="2">Illinois Edl. Facs. Auth., Student
Hsg. Rev., Edl. Advancement Fund Univ. Ctr. Proj.,</font></td>
<td width="12%" align=center bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td width="11%" align=right></td>

<td bgcolor="#DDDDDD">&nbsp;</td>
</tr>
<tr valign=top><td align=center><font size="2">BBB</font></td>
<td align=right><font size="2">10,000</font></td>
<td width="2%">&nbsp;</td>
<td width="62%" align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;6.25%, 5/01/30</font></td>
<td width="12%" align=center><font size="2">05/12 @ 101</font></td>
<td width="11%" align=right><font size="2">10,531,400</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center bgcolor="#DDDDDD"><font size="2">BBB</font></td>
<td align=right bgcolor="#DDDDDD"><font size="2">7,000</font></td>
<td width="2%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="62%" align=left bgcolor="#DDDDDD"><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;6.25%, 5/01/34</font></td>
<td width="12%" align=center bgcolor="#DDDDDD"><font size="2">05/07 @ 100</font></td>
<td width="11%" align=right><font size="2">7,159,040</font></td>

<td bgcolor="#DDDDDD">&nbsp;</td>
</tr>
<tr valign=top><td align=center><font size="2">&nbsp;</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td width="2%">&nbsp;</td>
<td width="62%" align=left><font size="2">Illinois Edu. Facs. Auth., Ser. A,</font></td>
<td width="12%" align=center><font size="2">&nbsp;</font></td>
<td width="11%" align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center bgcolor="#DDDDDD"><font size="2">AA+</font></td>
<td align=right bgcolor="#DDDDDD"><font size="2">18,925</font></td>
<td width="2%" bgcolor="#DDDDDD"><font size="2"><sup>4</sup></font></td>
<td width="62%" align=left bgcolor="#DDDDDD"><font size="2">   &nbsp;&nbsp;&nbsp;&nbsp;Univ. of Chicago Proj., 5.25%,
7/01/41</font></td>
<td width="12%" align=center bgcolor="#DDDDDD"><font size="2">N/A</font></td>
<td width="11%" align=right><font size="2">21,382,033</font></td>

<td bgcolor="#DDDDDD">&nbsp;</td>
</tr>
<tr valign=top><td align=center><font size="2">AA+</font></td>
<td align=right><font size="2">1,075</font></td>
<td width="2%">&nbsp;</td>
<td width="62%" align=left><font size="2">   &nbsp;&nbsp;&nbsp;&nbsp;Univ. of Chicago Proj., 5.25%,
7/01/41</font></td>
<td width="12%" align=center><font size="2">07/11 @ 101</font></td>
<td width="11%" align=right><font size="2">1,132,416</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center bgcolor="#DDDDDD"><font size="2">AA+</font></td>
<td align=right bgcolor="#DDDDDD"><font size="2">3,700</font></td>
<td width="2%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="62%" align=left bgcolor="#DDDDDD"><font size="2">Illinois Fin. Auth., Northwestern
Mem. Hosp. Proj., Ser. A, 5.50%, 8/15/43</font></td>
<td width="12%" align=center bgcolor="#DDDDDD"><font size="2">08/14 @ 100</font></td>
<td width="11%" align=right><font size="2">3,899,097</font></td>

<td bgcolor="#DDDDDD">&nbsp;</td>
</tr>
<tr valign=top><td align=center><font size="2">&nbsp;</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td width="2%">&nbsp;</td>
<td width="62%" align=left><font size="2">Illinois Fin. Auth. Student Hsg.,
MJH Ed. Asst. IV Proj.,</font></td>
<td width="12%" align=center><font size="2">&nbsp;</font></td>
<td width="11%" align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center bgcolor="#DDDDDD"><font size="2">Baa2</font></td>
<td align=right bgcolor="#DDDDDD"><font size="2">2,100</font></td>
<td width="2%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="62%" align=left bgcolor="#DDDDDD"><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 5.125%, 6/01/35</font></td>
<td width="12%" align=center bgcolor="#DDDDDD"><font size="2">06/14 @ 100</font></td>
<td width="11%" align=right><font size="2">2,088,639</font></td>

<td bgcolor="#DDDDDD">&nbsp;</td>
</tr>
<tr valign=top><td align=center><font size="2">Baa3</font></td>
<td align=right><font size="2">1,675</font></td>
<td width="2%">&nbsp;</td>
<td width="62%" align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Ser. B, 5.375%, 6/01/35</font></td>
<td width="12%" align=center><font size="2">06/14 @ 100</font></td>
<td width="11%" align=right><font size="2">1,651,433</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td align=right bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td width="2%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="62%" align=left bgcolor="#DDDDDD"><font size="2">Illinois Hlth. Facs. Auth., Elmhurst
Mem. Hlth. Care Proj.,</font></td>
<td width="12%" align=center bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td width="11%" align=right></td>

<td bgcolor="#DDDDDD">&nbsp;</td>
</tr>
<tr valign=top><td align=center><font size="2">A</font></td>
<td align=right><font size="2">5,000</font></td>
<td width="2%">&nbsp;</td>
<td width="62%" align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 1/01/22</font></td>
<td width="12%" align=center><font size="2">01/13 @ 100</font></td>
<td width="11%" align=right><font size="2">5,285,200</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center bgcolor="#DDDDDD"><font size="2">A</font></td>
<td align=right bgcolor="#DDDDDD"><font size="2">6,000</font></td>
<td width="2%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="62%" align=left bgcolor="#DDDDDD"><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;5.625%, 1/01/28</font></td>
<td width="12%" align=center bgcolor="#DDDDDD"><font size="2">01/13 @ 100</font></td>
<td width="11%" align=right><font size="2">6,310,260</font></td>

<td bgcolor="#DDDDDD">&nbsp;</td>
</tr>
<tr valign=top><td align=center><font size="2">AAA</font></td>
<td align=right><font size="2">40,000</font></td>
<td width="2%">&nbsp;</td>
<td width="62%" align=left><font size="2">Met. Pier &amp; Expo Auth.,
Dedicated St. Tax Rev., McCormick Place Expansion </font></td>
<td width="12%" align=center><font size="2">&nbsp;</font></td>
<td width="11%" align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td align=right bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td width="2%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="62%" align=left bgcolor="#DDDDDD"><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Proj., Ser. A, Zero Coupon, 12/15/34,
MBIA</font></td>
<td width="12%" align=center bgcolor="#DDDDDD"><font size="2">No Opt. Call</font></td>
<td width="11%" align=right><font size="2">8,992,800</font></td>

<td bgcolor="#DDDDDD">&nbsp;</td>
</tr>
<tr valign=top><td align=center><font size="2">AAA</font></td>
<td align=right><font size="2">7,645</font></td>
<td width="2%">&nbsp;</td>
<td width="62%" align=left><font size="2">O'Hare Intl. Arpt., Ser. C-2, 5.25%,
1/01/30, FSA</font></td>
<td width="12%" align=center><font size="2">01/14 @ 100</font></td>
<td width="11%" align=right><font size="2">7,959,210</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='7' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center bgcolor="#DDDDDD"><font size="2"><font size="2">&nbsp;</font></font></td>
<td align=right bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td width="2%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="62%" align=left bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td width="12%" align=center bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td width="11%" align=right><font size="2">119,350,714</font></td>

<td bgcolor="#DDDDDD">&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='7' bgcolor="#DDDDDD" ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=center><font size="2"><b>&nbsp;</b></font></td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td width="2%">&nbsp;</td>
<td width="62%" align=left><font size="2"><b>Indiana&#151;6.9%</b></font></td>
<td width="12%">&nbsp;</td>
<td width="11%" align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center bgcolor="#DDDDDD"><font size="2"><font size="2">A+</font></font></td>
<td align=right bgcolor="#DDDDDD"><font size="2">9,000</font></td>
<td width="2%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="62%" align=left bgcolor="#DDDDDD"><font size="2">Indiana Hlth. Fac. Fin. Auth., Methodist
Hosp., Inc. Proj., 5.50%, 9/15/31</font></td>
<td width="12%" align=center bgcolor="#DDDDDD"><font size="2">09/11 @ 100</font></td>
<td width="11%" align=right><font size="2">9,280,980</font></td>

<td bgcolor="#DDDDDD">&nbsp;</td>
</tr>
<tr valign=top><td align=center><font size="2">BBB</font></td>
<td align=right><font size="2">7,500</font></td>
<td width="2%">&nbsp;</td>
<td width="62%" align=left><font size="2">Indianapolis Arpt. Auth., FedEx Corp.
Proj., 5.10%, 1/15/17</font></td>
<td width="12%" align=center><font size="2">No Opt. Call</font></td>
<td width="11%" align=right><font size="2">8,048,700</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td align=right bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td width="2%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="62%" align=left bgcolor="#DDDDDD"><font size="2">Petersburg, PCR, Pwr. &amp; Lt. Conv.,</font></td>
<td width="12%" align=center bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td width="11%" align=right></td>

<td bgcolor="#DDDDDD">&nbsp;</td>
</tr>
<tr valign=top><td align=center><font size="2">BBB</font></td>
<td align=right><font size="2">10,000</font></td>
<td width="2%">&nbsp;</td>
<td width="62%" align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;5.90%, 12/01/24</font></td>
<td width="12%" align=center><font size="2">08/11 @ 102</font></td>
<td width="11%" align=right><font size="2">10,596,800</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center bgcolor="#DDDDDD"><font size="2">BBB</font></td>
<td align=right bgcolor="#DDDDDD"><font size="2">16,000</font></td>
<td width="2%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="62%" align=left bgcolor="#DDDDDD"><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;5.95%, 12/01/29</font></td>
<td width="12%" align=center bgcolor="#DDDDDD"><font size="2">08/11 @ 102</font></td>
<td width="11%" align=right><font size="2">16,888,960</font></td>

<td bgcolor="#DDDDDD">&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='7' bgcolor="#DDDDDD" ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td width="2%">&nbsp;</td>
<td width="62%" align=left><font size="2">&nbsp;</font></td>
<td width="12%" align=center><font size="2">&nbsp;</font></td>
<td width="11%" align=right><font size="2">44,815,440</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='7' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center bgcolor="#DDDDDD"><font size="2"><b>&nbsp;</b></font></td>
<td align=right bgcolor="#DDDDDD"><font size="2"><b>&nbsp;</b></font></td>
<td width="2%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="62%" align=left bgcolor="#DDDDDD"><font size="2"><b>Kentucky&#151;1.4%</b></font></td>
<td width="12%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="11%" align=right></td>

<td bgcolor="#DDDDDD">&nbsp;</td>
</tr>
<tr valign=top><td align=center><font size="2"><font size="2">AAA</font></font></td>
<td align=right><font size="2">9,060</font></td>
<td width="2%">&nbsp;</td>
<td width="62%" align=left><font size="2">Kentucky Hsg. Corp., Hsg. Rev., Ser.
F, 5.45%, 1/01/32</font></td>
<td width="12%" align=center><font size="2">07/11 @ 100</font></td>
<td width="11%" align=right><font size="2">9,255,968</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='7' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center bgcolor="#DDDDDD"><font size="2"><b>&nbsp;</b></font></td>
<td align=right bgcolor="#DDDDDD"><font size="2"><b>&nbsp;</b></font></td>
<td width="2%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="62%" align=left bgcolor="#DDDDDD"><font size="2"><b>Louisiana&#151;4.6%</b></font></td>
<td width="12%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="11%" align=right></td>

<td bgcolor="#DDDDDD">&nbsp;</td>
</tr>
<tr valign=top><td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td width="2%">&nbsp;</td>
<td width="62%" align=left><font size="2">Louisiana Local Gov't. Env. Facs.
&amp; Cmnty. Dev. Auth.,</font></td>
<td width="12%" align=center><font size="2">&nbsp;</font></td>
<td width="11%" align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center bgcolor="#DDDDDD"><font size="2">A</font></td>
<td align=right bgcolor="#DDDDDD"><font size="2">21,425</font></td>
<td width="2%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="62%" align=left bgcolor="#DDDDDD"><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Cap. Projs. &amp; Equip. Acquisition,
6.55%, 9/01/25, ACA</font></td>
<td width="12%" align=center bgcolor="#DDDDDD"><font size="2">No Opt. Call</font></td>
<td width="11%" align=right><font size="2">24,932,487</font></td>

<td bgcolor="#DDDDDD">&nbsp;</td>
</tr>
<tr valign=top><td align=center><font size="2">Baa1</font></td>
<td align=right><font size="2">4,605</font></td>
<td width="2%">&nbsp;</td>
<td width="62%" align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Oakleigh Apts. Proj., Ser. A, 6.375%,
6/01/38</font></td>
<td width="12%" align=center><font size="2">06/13 @ 102</font></td>
<td width="11%" align=right><font size="2">4,681,074</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='7' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center bgcolor="#DDDDDD"><font size="2"><font size="2">&nbsp;</font></font></td>
<td align=right bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td width="2%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="62%" align=left bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td width="12%" align=center bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td width="11%" align=right><font size="2">29,613,561</font></td>

<td bgcolor="#DDDDDD">&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='7' bgcolor="#DDDDDD" ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=center><font size="2"><b>&nbsp;</b></font></td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td width="2%">&nbsp;</td>
<td width="62%" align=left><font size="2"><b>Maryland&#151;0.7%</b></font></td>
<td width="12%">&nbsp;</td>
<td width="11%" align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center bgcolor="#DDDDDD"><font size="2"><font size="2">Baa1</font></font></td>
<td align=right bgcolor="#DDDDDD"><font size="2">4,205</font></td>
<td width="2%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="62%" align=left bgcolor="#DDDDDD"><font size="2">Maryland Hlth. &amp; Higher Edl.
Facs. Auth., Medstar Hlth. Proj., 5.50%, 8/15/33</font></td>
<td width="12%" align=center bgcolor="#DDDDDD"><font size="2">08/14 @ 100</font></td>
<td width="11%" align=right><font size="2">4,418,151</font></td>

<td bgcolor="#DDDDDD">&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='7' bgcolor="#DDDDDD" ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=center><font size="2"><b>&nbsp;</b></font></td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td width="2%">&nbsp;</td>
<td width="62%" align=left><font size="2"><b>Michigan&#151;2.8%</b></font></td>
<td width="12%">&nbsp;</td>
<td width="11%" align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center bgcolor="#DDDDDD"><font size="2"><font size="2">AA</font></font></td>
<td align=right bgcolor="#DDDDDD"><font size="2">17,210</font></td>
<td width="2%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="62%" align=left bgcolor="#DDDDDD"><font size="2">Kent Hosp. Fin. Auth., Spectrum Hlth. Proj.,
Ser. A, 5.50%, 1/15/31</font></td>
<td width="12%" align=center bgcolor="#DDDDDD"><font size="2">07/11 @ 101</font></td>
<td width="11%" align=right><font size="2">18,199,403</font></td>

<td bgcolor="#DDDDDD">&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='7' bgcolor="#DDDDDD" ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=center><font size="2"><b>&nbsp;</b></font></td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td width="2%">&nbsp;</td>
<td width="62%" align=left><font size="2"><b>Mississippi&#151;3.1%</b></font></td>
<td width="12%">&nbsp;</td>
<td width="11%" align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center bgcolor="#DDDDDD"><font size="2"><font size="2">A</font></font></td>
<td align=right bgcolor="#DDDDDD"><font size="2">18,680</font></td>
<td width="2%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="62%" align=left bgcolor="#DDDDDD"><font size="2">Gulfport Hosp. Fac., Mem. Hosp. Gulfport
Proj., Ser. A, 5.75%, 7/01/31</font></td>
<td width="12%" align=center bgcolor="#DDDDDD"><font size="2">07/11 @ 100</font></td>
<td width="11%" align=right><font size="2">19,701,236</font></td>

<td bgcolor="#DDDDDD">&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='7' bgcolor="#DDDDDD" ><HR noshade size=1></td>
</tr>
<tr valign=top>
  <td align=center><font size="2"><b>&nbsp;</b></font></td>
  <td align=right><font size="2"><b>&nbsp;</b></font></td>
  <td width="2%">&nbsp;</td>
  <td width="62%" align=left><font size="2"><b>Multi-State&#151;7.3%</b></font></td>
  <td width="12%">&nbsp;</td>
  <td width="11%" align=right></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top bgcolor="#DDDDDD">
  <td align=center bgcolor="#DDDDDD"><font size="2"><font size="2">&nbsp;</font></font></td>
  <td align=right bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
  <td width="2%" bgcolor="#DDDDDD">&nbsp;</td>
  <td width="62%" align=left bgcolor="#DDDDDD"><font size="2">Charter Mac Equity Issuer Trust,</font></td>
  <td width="12%" align=center bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
  <td width="11%" align=right></td>
  <td bgcolor="#DDDDDD">&nbsp;</td>
</tr>
<tr valign=top>
  <td align=center><font size="2">A3</font></td>
  <td align=right><font size="2">1,000</font></td>
  <td width="2%"><font size="2"><sup> 5</sup></font></td>
  <td width="62%" align=left><font size="2"> &nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 6.625%, 6/30/49</font></td>
  <td width="12%" align=center><font size="2">06/09 @ 100</font></td>
  <td width="11%" align=right><font size="2">1,085,730</font></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top bgcolor="#DDDDDD">
  <td align=center bgcolor="#DDDDDD"><font size="2">A3</font></td>
  <td align=right bgcolor="#DDDDDD"><font size="2">11,000</font></td>
  <td width="2%" bgcolor="#DDDDDD"><font size="2"><sup>5</sup></font></td>
  <td width="62%" align=left bgcolor="#DDDDDD"><font size="2"> &nbsp;&nbsp;&nbsp;&nbsp;Ser. A-2, 6.30%, 6/30/49</font></td>
  <td width="12%" align=center bgcolor="#DDDDDD"><font size="2">06/09 @ 100</font></td>
  <td width="11%" align=right><font size="2">11,801,350</font></td>
  <td bgcolor="#DDDDDD">&nbsp;</td>
</tr>
<tr valign=top>
  <td align=center><font size="2">A3</font></td>
  <td align=right><font size="2">16,000</font></td>
  <td width="2%"><font size="2"><sup>5</sup></font></td>
  <td width="62%" align=left><font size="2"> &nbsp;&nbsp;&nbsp;&nbsp;Ser. A-3, 6.80%, 10/01/52</font></td>
  <td width="12%" align=center><font size="2">10/14 @ 100</font></td>
  <td width="11%" align=right><font size="2">18,132,480</font></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top bgcolor="#DDDDDD">
  <td align=center bgcolor="#DDDDDD"><font size="2">Baa1</font></td>
  <td align=right bgcolor="#DDDDDD"><font size="2">6,500</font></td>
  <td width="2%" bgcolor="#DDDDDD"><font size="2"><sup>5</sup></font></td>
  <td width="62%" align=left bgcolor="#DDDDDD"><font size="2"> &nbsp;&nbsp;&nbsp;&nbsp;Ser. B-1, 6.80%, 11/30/50</font></td>
  <td width="12%" align=center bgcolor="#DDDDDD"><font size="2">11/10 @ 100</font></td>
  <td width="11%" align=right><font size="2">7,149,740</font></td>
  <td bgcolor="#DDDDDD">&nbsp;</td>
</tr>
<tr valign=top>
  <td align=center><font size="2">A3</font></td>
  <td align=right><font size="2">8,000</font></td>
  <td width="2%"><font size="2"><sup>5</sup></font></td>
  <td width="62%" align=left><font size="2">MuniMae TE Bond Subsidiary, LLC, Ser. A, 6.875%,
      6/30/49</font></td>
  <td width="12%" align=center><font size="2">06/09 @ 100</font></td>
  <td width="11%" align=right><font size="2">8,765,040</font></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top>
  <td COLSPAN='7' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor="#DDDDDD">
  <td align=center bgcolor="#DDDDDD"><font size="2"><font size="2">&nbsp;</font></font></td>
  <td align=right bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
  <td width="2%" bgcolor="#DDDDDD">&nbsp;</td>
  <td width="62%" align=left bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
  <td width="12%" align=center bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
  <td width="11%" align=right><font size="2">46,934,340</font></td>
  <td bgcolor="#DDDDDD">&nbsp;</td>
</tr>
<tr valign=top bgcolor="#DDDDDD">
  <td COLSPAN='7' bgcolor="#DDDDDD" ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=center><font size="2"><b>&nbsp;</b></font></td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td width="2%">&nbsp;</td>
<td width="62%" align=left><font size="2"><b>Nevada&#151;0.3%</b></font></td>
<td width="12%">&nbsp;</td>
<td width="11%" align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center bgcolor="#DDDDDD"><font size="2"><font size="2">NR</font></font></td>
<td align=right bgcolor="#DDDDDD"><font size="2">2,250</font></td>
<td width="2%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="62%" align=left bgcolor="#DDDDDD"><font size="2">Director of the St. of Nevada Dept.
of Business &amp; Ind., Las Ventanas Retirement Proj., </font></td>
<td width="12%" align=center bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td width="11%" align=right></td>

<td bgcolor="#DDDDDD">&nbsp;</td>
</tr>
<tr valign=top><td align=center><font size="2">&nbsp;</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td width="2%">&nbsp;</td>
<td width="62%" align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 7.00%, 11/15/34</font></td>
<td width="12%" align=center><font size="2">11/14 @ 100</font></td>
<td width="11%" align=right><font size="2">2,253,510</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='7' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center bgcolor="#DDDDDD"><font size="2"><b>&nbsp;</b></font></td>
<td align=right bgcolor="#DDDDDD"><font size="2"><b>&nbsp;</b></font></td>
<td width="2%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="62%" align=left bgcolor="#DDDDDD"><font size="2"><b>New Hampshire&#151;0.6%</b></font></td>
<td width="12%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="11%" align=right></td>

<td bgcolor="#DDDDDD">&nbsp;</td>
</tr>
<tr valign=top><td align=center><font size="2"><font size="2">A+</font></font></td>
<td align=right><font size="2">3,500</font></td>
<td width="2%">&nbsp;</td>
<td width="62%" align=left><font size="2">New Hampshire Hlth. &amp; Edl. Facs.
Auth., Exeter Hosp. Proj., 5.75%, 10/01/31</font></td>
<td width="12%" align=center><font size="2">10/11 @ 101</font></td>
<td width="11%" align=right><font size="2">3,714,970</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='7' ><HR noshade size=1></td></tr></table>
<p>
<p align='center'>2<HR noshade size=4><PAGE><br>
<p>

<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 align=center>&nbsp;</td>
    <td colspan="2" align=center><font size="2"><b>Principal</b></font></td>
    <td width="62%" align=center>&nbsp;</td>
    <td width="12%" align="center">&nbsp;</td>
    <td width="11%" align=center>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=center>&nbsp;</td>
    <td colspan="2" align=center><font size="2"><b>Amount</b></font></td>
    <td width="62%" align=center>&nbsp;</td>
    <td width="12%" align=center><font size="2"><b>Option Call</b></font></td>
    <td width="11%" align=center>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=center><font size="2"><b>Rating</b><sup><b>1</b></sup></font></td>
    <td colspan="2" align=center><font size="2"><b>(000) </b></font></td>
    <td width="62%" align=center><font size="2"><b>Description</b></font></td>
    <td width="12%" align=center><font size="2"><b>Provisions</b><sup><b>2</b></sup></font></td>
    <td width="11%" align=right><font size="2"><b>Value&nbsp;&nbsp;&nbsp;</b></font></td>
    <td align=center>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td colspan="7" align=center><HR noshade size=2></td>
  </tr>
  <tr valign=top><td width="6%" align=center><font size="2"><font size="2"></font></font></td>
<td width="6%" align=right><font size="2"><b>&nbsp;</b></font></td>
<td width="2%">&nbsp;</td>
<td width="62%" align=left><font size="2"><b>New Jersey&#151;8.7%</b></font></td>
<td width="12%">&nbsp;</td>
<td width="11%" align=right><font size="2"></font></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center bgcolor="#DDDDDD"><font size="2"><font size="2">&nbsp;</font></font></td>
<td align=right bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td width="2%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="62%" align=left bgcolor="#DDDDDD"><font size="2">New Jersey Econ. Dev. Auth.,</font></td>
<td width="12%" align=center bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td width="11%" align=right><font size="2"></font></td>

<td width="1%" bgcolor="#DDDDDD">&nbsp;</td>
</tr>
<tr valign=top><td align=center><font size="2">BBB</font></td>
<td align=right><font size="2">$&nbsp;18,500</font></td>
<td width="2%">&nbsp;</td>
<td width="62%" align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Cigarette Tax Rev., 5.75%, 6/15/29</font></td>
<td width="12%" align=center><font size="2">06/14 @ 100</font></td>
<td width="11%" align=right><font size="2">$19,617,030</font></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center bgcolor="#DDDDDD"><font size="2">B</font></td>
<td align=right bgcolor="#DDDDDD"><font size="2">31,410</font></td>
<td width="2%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="62%" align=left bgcolor="#DDDDDD"><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Continental Airlines, Inc. Proj.,
7.00%, 11/15/30</font></td>
<td width="12%" align=center bgcolor="#DDDDDD"><font size="2">11/10 @ 101</font></td>
<td width="11%" align=right><font size="2">27,099,606</font></td>

<td width="1%" bgcolor="#DDDDDD">&nbsp;</td>
</tr>
<tr valign=top><td align=center><font size="2">Baa3</font></td>
<td align=right><font size="2">8,000</font></td>
<td width="2%">&nbsp;</td>
<td width="62%" align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Kapkowski Road Landfill Proj.,
6.50%, 4/01/28</font></td>
<td width="12%" align=center><font size="2">No Opt. Call</font></td>
<td width="11%" align=right><font size="2">9,346,240</font></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top><td COLSPAN='7' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center bgcolor="#DDDDDD"><font size="2"><font size="2">&nbsp;</font></font></td>
<td align=right bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td width="2%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="62%" align=left bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td width="12%" align=center bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td width="11%" align=right><font size="2">56,062,876</font></td>

<td width="1%" bgcolor="#DDDDDD">&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='7' bgcolor="#DDDDDD" ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=center><font size="2"><b>&nbsp;</b></font></td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td width="2%">&nbsp;</td>
<td width="62%" align=left><font size="2"><b>New York&#151;3.2%</b></font></td>
<td width="12%">&nbsp;</td>
<td width="11%" align=right></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center bgcolor="#DDDDDD"><font size="2"><font size="2">AAA</font></font></td>
<td align=right bgcolor="#DDDDDD"><font size="2">5,375</font></td>
<td width="2%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="62%" align=left bgcolor="#DDDDDD"><font size="2">Env. Facs. Corp., Clean Wtr. &amp;
Drinking Wtr. Rev., NYC Mun. Wtr. Proj., </font></td>
<td width="12%" align=center bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td width="11%" align=right></td>

<td width="1%" bgcolor="#DDDDDD">&nbsp;</td>
</tr>
<tr valign=top><td align=center><font size="2">&nbsp;</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td width="2%">&nbsp;</td>
<td width="62%" align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Ser. B, 5.00%, 6/15/31</font></td>
<td width="12%" align=center><font size="2">06/12 @ 100</font></td>
<td width="11%" align=right><font size="2">5,613,596</font></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center bgcolor="#DDDDDD"><font size="2">AAA</font></td>
<td align=right bgcolor="#DDDDDD"><font size="2">7,115</font></td>
<td width="2%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="62%" align=left bgcolor="#DDDDDD"><font size="2">Met. Transp. Auth., Svc. Contract,
Ser. A, 5.00%, 7/01/30, AMBAC</font></td>
<td width="12%" align=center bgcolor="#DDDDDD"><font size="2">07/12 @ 100</font></td>
<td width="11%" align=right><font size="2">7,418,811</font></td>

<td width="1%" bgcolor="#DDDDDD">&nbsp;</td>
</tr>
<tr valign=top><td align=center><font size="2">AAA</font></td>
<td align=right><font size="2">7,000</font></td>
<td width="2%">&nbsp;</td>
<td width="62%" align=left><font size="2">Sales Tax Asset Receivable Corp.,
Ser. A, 5.00%, 10/15/29, AMBAC</font></td>
<td width="12%" align=center><font size="2">10/14 @ 100</font></td>
<td width="11%" align=right><font size="2">7,407,610</font></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top><td COLSPAN='7' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center bgcolor="#DDDDDD"><font size="2"><font size="2">&nbsp;</font></font></td>
<td align=right bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td width="2%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="62%" align=left bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td width="12%" align=center bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td width="11%" align=right><font size="2">20,440,017</font></td>

<td width="1%" bgcolor="#DDDDDD">&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='7' bgcolor="#DDDDDD" ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=center><font size="2"><b>&nbsp;</b></font></td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td width="2%">&nbsp;</td>
<td width="62%" align=left><font size="2"><b>North Carolina&#151;0.2%</b></font></td>
<td width="12%">&nbsp;</td>
<td width="11%" align=right></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center bgcolor="#DDDDDD"><font size="2"><font size="2">NR</font></font></td>
<td align=right bgcolor="#DDDDDD"><font size="2">1,100</font></td>
<td width="2%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="62%" align=left bgcolor="#DDDDDD"><font size="2">North Carolina Med. Care Comm., Retirement
Facs. Rev., 1st Mtg. United Methodist Proj.</font></td>
<td width="12%" align=center bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td width="11%" align=right></td>

<td width="1%" bgcolor="#DDDDDD">&nbsp;</td>
</tr>
<tr valign=top><td align=center><font size="2">&nbsp;</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td width="2%">&nbsp;</td>
<td width="62%" align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 5.50%, 10/01/35</font></td>
<td width="12%" align=center><font size="2">10/14 @ 100</font></td>
<td width="11%" align=right><font size="2">1,095,545</font></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top><td COLSPAN='7' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center bgcolor="#DDDDDD"><font size="2"><b>&nbsp;</b></font></td>
<td align=right bgcolor="#DDDDDD"><font size="2"><b>&nbsp;</b></font></td>
<td width="2%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="62%" align=left bgcolor="#DDDDDD"><font size="2"><b>Ohio&#151;3.0%</b></font></td>
<td width="12%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="11%" align=right></td>

<td width="1%" bgcolor="#DDDDDD">&nbsp;</td>
</tr>
<tr valign=top><td align=center><font size="2"><font size="2">Baa2</font></font></td>
<td align=right><font size="2">14,500</font></td>
<td width="2%">&nbsp;</td>
<td width="62%" align=left><font size="2">Ohio Air Quality Dev. Auth., PCR,
Cleveland Elec. Illuminating Co. Proj., </font></td>
<td width="12%" align=center><font size="2">&nbsp;</font></td>
<td width="11%" align=right></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td align=right bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td width="2%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="62%" align=left bgcolor="#DDDDDD"><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Ser. B, 6.00%, 8/01/20</font></td>
<td width="12%" align=center bgcolor="#DDDDDD"><font size="2">08/07 @ 102</font></td>
<td width="11%" align=right><font size="2">15,176,135</font></td>

<td width="1%" bgcolor="#DDDDDD">&nbsp;</td>
</tr>
<tr valign=top><td align=center><font size="2">NR</font></td>
<td align=right><font size="2">3,760</font></td>
<td width="2%">&nbsp;</td>
<td width="62%" align=left><font size="2">Pinnacle Cmnty. Infrastructure, Fin.
Auth., Ser. A, 6.25%, 12/01/36</font></td>
<td width="12%" align=center><font size="2">12/14 @ 101</font></td>
<td width="11%" align=right><font size="2">3,906,377</font></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top><td COLSPAN='7' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center bgcolor="#DDDDDD"><font size="2"><font size="2">&nbsp;</font></font></td>
<td align=right bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td width="2%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="62%" align=left bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td width="12%" align=center bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td width="11%" align=right><font size="2">19,082,512</font></td>

<td width="1%" bgcolor="#DDDDDD">&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='7' bgcolor="#DDDDDD" ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=center><font size="2"><b>&nbsp;</b></font></td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td width="2%">&nbsp;</td>
<td width="62%" align=left><font size="2"><b>Oklahoma&#151;1.1%</b></font></td>
<td width="12%">&nbsp;</td>
<td width="11%" align=right></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center bgcolor="#DDDDDD"><font size="2"><font size="2">B-</font></font></td>
<td align=right bgcolor="#DDDDDD"><font size="2">7,175</font></td>
<td width="2%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="62%" align=left bgcolor="#DDDDDD"><font size="2">Tulsa Mun. Arpt. Trust, Ser. A, 7.75%,
6/01/35</font></td>
<td width="12%" align=center bgcolor="#DDDDDD"><font size="2">No Opt. Call</font></td>
<td width="11%" align=right><font size="2">7,279,109</font></td>

<td width="1%" bgcolor="#DDDDDD">&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='7' bgcolor="#DDDDDD" ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=center><font size="2"><b>&nbsp;</b></font></td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td width="2%">&nbsp;</td>
<td width="62%" align=left><font size="2"><b>Pennsylvania&#151;8.3%</b></font></td>
<td width="12%">&nbsp;</td>
<td width="11%" align=right></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center bgcolor="#DDDDDD"><font size="2"><font size="2">NR</font></font></td>
<td align=right bgcolor="#DDDDDD"><font size="2">4,000</font></td>
<td width="2%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="62%" align=left bgcolor="#DDDDDD"><font size="2">Montgomery Cnty. Indl. Dev. Auth.,
Whitemarsh Continuing Care Proj., 6.25%, 2/01/35</font></td>
<td width="12%" align=center bgcolor="#DDDDDD"><font size="2">02/15 @ 100</font></td>
<td width="11%" align=right><font size="2">4,037,360</font></td>

<td width="1%" bgcolor="#DDDDDD">&nbsp;</td>
</tr>
<tr valign=top><td align=center><font size="2">&nbsp;</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td width="2%">&nbsp;</td>
<td width="62%" align=left><font size="2">Pennsylvania Econ. Dev. Fin. Auth.,
Ser. A,</font></td>
<td width="12%" align=center><font size="2">&nbsp;</font></td>
<td width="11%" align=right></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center bgcolor="#DDDDDD"><font size="2">A3</font></td>
<td align=right bgcolor="#DDDDDD"><font size="2">6,500</font></td>
<td width="2%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="62%" align=left bgcolor="#DDDDDD"><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Amtrak Proj., 6.375%, 11/01/41</font></td>
<td width="12%" align=center bgcolor="#DDDDDD"><font size="2">05/11 @ 101</font></td>
<td width="11%" align=right><font size="2">6,863,220</font></td>

<td width="1%" bgcolor="#DDDDDD">&nbsp;</td>
</tr>
<tr valign=top><td align=center><font size="2">BB-</font></td>
<td align=right><font size="2">19,750</font></td>
<td width="2%">&nbsp;</td>
<td width="62%" align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Exempt Facs. Rev., Reliant Energy
Conv. Proj., 6.75%, 12/01/36</font></td>
<td width="12%" align=center><font size="2">12/09 @ 103</font></td>
<td width="11%" align=right><font size="2">20,812,352</font></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td align=right bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td width="2%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="62%" align=left bgcolor="#DDDDDD"><font size="2">Pennsylvania Higher Edl. Facs. Auth.,</font></td>
<td width="12%" align=center bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td width="11%" align=right></td>

<td width="1%" bgcolor="#DDDDDD">&nbsp;</td>
</tr>
<tr valign=top><td align=center><font size="2">BBB+</font></td>
<td align=right><font size="2">4,000</font></td>
<td width="2%">&nbsp;</td>
<td width="62%" align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;La Salle Univ. Proj., 5.50%, 5/01/34</font></td>
<td width="12%" align=center><font size="2">05/13 @ 100</font></td>
<td width="11%" align=right><font size="2">4,174,640</font></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center bgcolor="#DDDDDD"><font size="2">A</font></td>
<td align=right bgcolor="#DDDDDD"><font size="2">17,250</font></td>
<td width="2%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="62%" align=left bgcolor="#DDDDDD"><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Univ. of Pennsylvania Hlth. Svcs.
Proj., Ser. A, 5.75%, 1/01/22</font></td>
<td width="12%" align=center bgcolor="#DDDDDD"><font size="2">01/06 @ 101</font></td>
<td width="11%" align=right><font size="2">17,942,415</font></td>

<td width="1%" bgcolor="#DDDDDD">&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='7' bgcolor="#DDDDDD" ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td width="2%">&nbsp;</td>
<td width="62%" align=left><font size="2">&nbsp;</font></td>
<td width="12%" align=center><font size="2">&nbsp;</font></td>
<td width="11%" align=right><font size="2">53,829,987</font></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top><td COLSPAN='7' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center bgcolor="#DDDDDD"><font size="2"><b>&nbsp;</b></font></td>
<td align=right bgcolor="#DDDDDD"><font size="2"><b>&nbsp;</b></font></td>
<td width="2%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="62%" align=left bgcolor="#DDDDDD"><font size="2"><b>South Carolina&#151;5.1%</b></font></td>
<td width="12%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="11%" align=right></td>

<td width="1%" bgcolor="#DDDDDD">&nbsp;</td>
</tr>
<tr valign=top><td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td width="2%">&nbsp;</td>
<td width="62%" align=left><font size="2">Lexington Cnty. Hlth. Svcs. Dist.,
Hosp. Rev.,</font></td>
<td width="12%" align=center><font size="2">&nbsp;</font></td>
<td width="11%" align=right></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center bgcolor="#DDDDDD"><font size="2">A</font></td>
<td align=right bgcolor="#DDDDDD"><font size="2">5,000</font></td>
<td width="2%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="62%" align=left bgcolor="#DDDDDD"><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 11/01/32</font></td>
<td width="12%" align=center bgcolor="#DDDDDD"><font size="2">11/13 @ 100</font></td>
<td width="11%" align=right><font size="2">5,298,450</font></td>

<td width="1%" bgcolor="#DDDDDD">&nbsp;</td>
</tr>
<tr valign=top><td align=center><font size="2">A</font></td>
<td align=right><font size="2">10,000</font></td>
<td width="2%">&nbsp;</td>
<td width="62%" align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;5.75%, 11/01/28</font></td>
<td width="12%" align=center><font size="2">11/13 @ 100</font></td>
<td width="11%" align=right><font size="2">10,857,000</font></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td align=right bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td width="2%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="62%" align=left bgcolor="#DDDDDD"><font size="2">So. Carolina Jobs Econ. Dev. Auth.,
Hosp. Facs. Rev., Palmetto Hlth. Alliance, Proj.</font></td>
<td width="12%" align=center bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td width="11%" align=right></td>

<td width="1%" bgcolor="#DDDDDD">&nbsp;</td>
</tr>
<tr valign=top><td align=center><font size="2">BBB</font></td>
<td align=right><font size="2">5,075</font></td>
<td width="2%">&nbsp;</td>
<td width="62%" align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 6.25%, 8/01/31</font></td>
<td width="12%" align=center><font size="2">08/13 @ 100</font></td>
<td width="11%" align=right><font size="2">5,437,152</font></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center bgcolor="#DDDDDD"><font size="2">BBB</font></td>
<td align=right bgcolor="#DDDDDD"><font size="2">9,000</font></td>
<td width="2%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="62%" align=left bgcolor="#DDDDDD"><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Ser. C, 6.875%, 8/01/27</font></td>
<td width="12%" align=center bgcolor="#DDDDDD"><font size="2">08/13 @ 100</font></td>
<td width="11%" align=right><font size="2">10,070,460</font></td>

<td width="1%" bgcolor="#DDDDDD">&nbsp;</td>
</tr>
<tr valign=top><td align=center><font size="2">AAA</font></td>
<td align=right><font size="2">1,000</font></td>
<td width="2%">&nbsp;</td>
<td width="62%" align=left><font size="2">So. Carolina Transp. Infrastructure
Bank, Ser. A, 5.00%, 10/01/33, AMBAC</font></td>
<td width="12%" align=center><font size="2">10/13 @ 100</font></td>
<td width="11%" align=right><font size="2">1,043,500</font></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top><td COLSPAN='7' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center bgcolor="#DDDDDD"><font size="2"><font size="2">&nbsp;</font></font></td>
<td align=right bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td width="2%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="62%" align=left bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td width="12%" align=center bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td width="11%" align=right><font size="2">32,706,562</font></td>

<td width="1%" bgcolor="#DDDDDD">&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='7' bgcolor="#DDDDDD" ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=center><font size="2"><b>&nbsp;</b></font></td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td width="2%">&nbsp;</td>
<td width="62%" align=left><font size="2"><b>Tennessee&#151;1.5%</b></font></td>
<td width="12%">&nbsp;</td>
<td width="11%" align=right></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center bgcolor="#DDDDDD"><font size="2"><font size="2">AAA</font></font></td>
<td align=right bgcolor="#DDDDDD"><font size="2">20,825</font></td>
<td width="2%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="62%" align=left bgcolor="#DDDDDD"><font size="2">Knox Cnty. Hlth. Edl. &amp; Hsg.
Facs. Brd., Hosp. Facs. Rev., Ser. A, </font></td>
<td width="12%" align=center bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td width="11%" align=right></td>

<td width="1%" bgcolor="#DDDDDD">&nbsp;</td>
</tr>
<tr valign=top><td align=center><font size="2">&nbsp;</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td width="2%">&nbsp;</td>
<td width="62%" align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Zero Coupon, 1/01/20, FSA</font></td>
<td width="12%" align=center><font size="2">01/13 @ 67.474</font></td>
<td width="11%" align=right><font size="2">9,603,032</font></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top><td COLSPAN='7' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center bgcolor="#DDDDDD"><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td align=right bgcolor="#DDDDDD"><font size="2"><b>&nbsp;</b></font></td>
<td width="2%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="62%" align=left bgcolor="#DDDDDD"><font size="2"><b>Texas&#151;11.5%</b></font></td>
<td width="12%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="11%" align=right></td>

<td width="1%" bgcolor="#DDDDDD">&nbsp;</td>
</tr>
<tr valign=top><td align=center><font size="2"><font size="2">BBB</font></font></td>
<td align=right><font size="2">945</font></td>
<td width="2%">&nbsp;</td>
<td width="62%" align=left><font size="2">Brazos River Auth., PCR, TXU Elec.
Co. Proj., Ser. C, 6.75%, 10/01/38</font></td>
<td width="12%" align=center><font size="2">10/13 @ 101</font></td>
<td width="11%" align=right><font size="2">1,034,454</font></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center bgcolor="#DDDDDD"><font size="2">AAA</font></td>
<td align=right bgcolor="#DDDDDD"><font size="2">3,805</font></td>
<td width="2%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="62%" align=left bgcolor="#DDDDDD"><font size="2">Dallas Area Rapid Trans., 5.00%,
12/01/31, AMBAC</font></td>
<td width="12%" align=center bgcolor="#DDDDDD"><font size="2">12/11 @ 100</font></td>
<td width="11%" align=right><font size="2">3,911,045</font></td>

<td width="1%" bgcolor="#DDDDDD">&nbsp;</td>
</tr>
<tr valign=top><td align=center><font size="2">&nbsp;</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td width="2%">&nbsp;</td>
<td width="62%" align=left><font size="2">Harris Cnty. Houston Sports Auth.,
MBIA,</font></td>
<td width="12%" align=center><font size="2">&nbsp;</font></td>
<td width="11%" align=right></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center bgcolor="#DDDDDD"><font size="2">AAA</font></td>
<td align=right bgcolor="#DDDDDD"><font size="2">12,580</font></td>
<td width="2%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="62%" align=left bgcolor="#DDDDDD"><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Ser. A, Zero Coupon, 11/15/38</font></td>
<td width="12%" align=center bgcolor="#DDDDDD"><font size="2">11/30 @ 61.166</font></td>
<td width="11%" align=right><font size="2">2,086,141</font></td>

<td width="1%" bgcolor="#DDDDDD">&nbsp;</td>
</tr>
<tr valign=top><td align=center><font size="2">AAA</font></td>
<td align=right><font size="2">26,120</font></td>
<td width="2%">&nbsp;</td>
<td width="62%" align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Ser. A-3, Zero Coupon, 11/15/37</font></td>
<td width="12%" align=center><font size="2">11/24 @ 46.545</font></td>
<td width="11%" align=right><font size="2">4,245,023</font></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center bgcolor="#DDDDDD"><font size="2">AAA</font></td>
<td align=right bgcolor="#DDDDDD"><font size="2">5,000</font></td>
<td width="2%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="62%" align=left bgcolor="#DDDDDD"><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Ser. H, Zero Coupon, 11/15/35</font></td>
<td width="12%" align=center bgcolor="#DDDDDD"><font size="2">11/31 @ 78.178</font></td>
<td width="11%" align=right><font size="2">940,600</font></td>

<td width="1%" bgcolor="#DDDDDD">&nbsp;</td>
</tr>
<tr valign=top><td align=center><font size="2">&nbsp;</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td width="2%">&nbsp;</td>
<td width="62%" align=left><font size="2">Texas Affordable Hsg. Corp., Multi-Fam.
Hsg. Rev.,</font></td>
<td width="12%" align=center><font size="2">&nbsp;</font></td>
<td width="11%" align=right></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center bgcolor="#DDDDDD"><font size="2">Baa3</font></td>
<td align=right bgcolor="#DDDDDD"><font size="2">6,010</font></td>
<td width="2%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="62%" align=left bgcolor="#DDDDDD"><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;5.80%, 11/01/26</font></td>
<td width="12%" align=center bgcolor="#DDDDDD"><font size="2">11/11 @ 102</font></td>
<td width="11%" align=right><font size="2">5,772,845</font></td>

<td width="1%" bgcolor="#DDDDDD">&nbsp;</td>
</tr>
<tr valign=top><td align=center><font size="2">Baa3</font></td>
<td align=right><font size="2">18,605</font></td>
<td width="2%">&nbsp;</td>
<td width="62%" align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Arborstone/Baybrook Oaks Proj.,
Ser. A, 5.85%, 11/01/31</font></td>
<td width="12%" align=center><font size="2">11/11 @ 102</font></td>
<td width="11%" align=right><font size="2">17,572,795</font></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center bgcolor="#DDDDDD"><font size="2">BB-</font></td>
<td align=right bgcolor="#DDDDDD"><font size="2">6,480</font></td>
<td width="2%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="62%" align=left bgcolor="#DDDDDD"><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;So. Texas Pptys. Corp. Proj., Ser. B,
8.00%, 3/01/32</font></td>
<td width="12%" align=center bgcolor="#DDDDDD"><font size="2">09/12 @ 102</font></td>
<td width="11%" align=right><font size="2">6,125,090</font></td>

<td width="1%" bgcolor="#DDDDDD">&nbsp;</td>
</tr>
<tr valign=top><td align=center><font size="2">CC</font></td>
<td align=right><font size="2">4,435</font></td>
<td width="2%"><font size="2"><sup>6</sup></font></td>
<td width="62%" align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Amer. Oppty. Hsg. Portfolio
    Proj., Ser.  B, 8.00%, 3/01/32</font></td>
<td width="12%" align=center><font size="2">09/12 @ 102</font></td>
<td width="11%" align=right><font size="2">1,330,500</font></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td align=right bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td width="2%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="62%" align=left bgcolor="#DDDDDD"><font size="2">Texas Tpke. Auth., Central Sys. Rev.,
AMBAC,</font></td>
<td width="12%" align=center bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td width="11%" align=right></td>

<td width="1%" bgcolor="#DDDDDD">&nbsp;</td>
</tr>
<tr valign=top><td align=center><font size="2">AAA</font></td>
<td align=right><font size="2">35,000</font></td>
<td width="2%">&nbsp;</td>
<td width="62%" align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Zero Coupon, 8/15/32</font></td>
<td width="12%" align=center><font size="2">08/12 @ 30.846</font></td>
<td width="11%" align=right><font size="2">7,191,450</font></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center bgcolor="#DDDDDD"><font size="2">AAA</font></td>
<td align=right bgcolor="#DDDDDD"><font size="2">62,325</font></td>
<td width="2%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="62%" align=left bgcolor="#DDDDDD"><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Zero Coupon, 8/15/33</font></td>
<td width="12%" align=center bgcolor="#DDDDDD"><font size="2">08/12 @ 28.997</font></td>
<td width="11%" align=right><font size="2">12,028,725</font></td>

<td width="1%" bgcolor="#DDDDDD">&nbsp;</td>
</tr>
<tr valign=top><td align=center><font size="2">AAA</font></td>
<td align=right><font size="2">65,040</font></td>
<td width="2%">&nbsp;</td>
<td width="62%" align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Zero Coupon, 8/15/34</font></td>
<td width="12%" align=center><font size="2">08/12 @ 27.31</font></td>
<td width="11%" align=right><font size="2">11,822,971</font></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top><td COLSPAN='7' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center bgcolor="#DDDDDD"><font size="2"><font size="2">&nbsp;</font></font></td>
<td align=right bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td width="2%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="62%" align=left bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td width="12%" align=center bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td width="11%" align=right><font size="2">74,061,639</font></td>

<td width="1%" bgcolor="#DDDDDD">&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='7' bgcolor="#DDDDDD" ><HR noshade size=1></td></tr></table>
<p>
<p align='center'>3<HR noshade size=4><PAGE><br>
<p>

<p><font size="3"><b>BlackRock Municipal Income Trust  (BFK) (continued)</b></font>
<p>
<hr noshade size=1>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign=top>
    <td align=center>&nbsp;</td>
    <td colspan="2" align=center><font size="2"><b>Principal</b></font></td>
    <td width="62%" align=center>&nbsp;</td>
    <td width="12%" align="center">&nbsp;</td>
    <td width="11%" align=center>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=center>&nbsp;</td>
    <td colspan="2" align=center><font size="2"><b>Amount</b></font></td>
    <td width="62%" align=center>&nbsp;</td>
    <td width="12%" align=center><font size="2"><b>Option Call</b></font></td>
    <td width="11%" align=center>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=center><font size="2"><b>Rating</b><sup><b>1</b></sup></font></td>
    <td colspan="2" align=center><font size="2"><b>(000) </b></font></td>
    <td width="62%" align=center><font size="2"><b>Description</b></font></td>
    <td width="12%" align=center><font size="2"><b>Provisions</b><sup><b>2</b></sup></font></td>
    <td width="11%" align=right><font size="2"><b>Value&nbsp;&nbsp;&nbsp;</b></font></td>
    <td align=center>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td colspan="7" align=center><HR noshade size=2></td>
  </tr>
  <tr valign=top><td width="6%" align=center><font size="2"><font size="2"></font></font></td>
<td width="6%" align=right><font size="2"><b>&nbsp;</b></font></td>
<td width="2%">&nbsp;</td>
<td width="62%" align=left><font size="2"><b>Virginia&#151;0.3%</b></font></td>
<td width="12%">&nbsp;</td>
<td width="11%" align=right><font size="2"></font></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center bgcolor="#DDDDDD"><font size="2"><font size="2">AAA</font></font></td>
<td align=right bgcolor="#DDDDDD"><font size="2">$ 8,105</font></td>
<td width="2%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="62%" align=left bgcolor="#DDDDDD"><font size="2">Virginia Transp. Brd. Trust, Zero
Coupon, 4/01/32, MBIA</font></td>
<td width="12%" align=center bgcolor="#DDDDDD"><font size="2">04/12 @ 34.99</font></td>
<td width="11%" align=right><font size="2">$  1,964,895</font></td>

<td width="1%" bgcolor="#DDDDDD">&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='7' bgcolor="#DDDDDD" >&nbsp;</td>
</tr>
<tr valign=top><td align=center><font size="2"><b>&nbsp;</b></font></td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td width="2%">&nbsp;</td>
<td width="62%" align=left><font size="2"><b>Washington&#151;0.4%</b></font></td>
<td width="12%">&nbsp;</td>
<td width="11%" align=right></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center bgcolor="#DDDDDD"><font size="2"><font size="2">A-</font></font></td>
<td align=right bgcolor="#DDDDDD"><font size="2">2,190</font></td>
<td width="2%" bgcolor="#DDDDDD"><font size="2"><sup>4</sup></font></td>
<td width="62%" align=left bgcolor="#DDDDDD"><font size="2">Energy Northwest Wind Proj., Ser.
B, 6.00%, 7/01/23</font></td>
<td width="12%" align=center bgcolor="#DDDDDD"><font size="2">N/A</font></td>
<td width="11%" align=right><font size="2">2,399,123</font></td>

<td width="1%" bgcolor="#DDDDDD">&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='7' bgcolor="#DDDDDD" ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=center><font size="2"><b>&nbsp;</b></font></td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td width="2%">&nbsp;</td>
<td width="62%" align=left><font size="2"><b>West Virginia&#151;1.6%</b></font></td>
<td width="12%">&nbsp;</td>
<td width="11%" align=right></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center bgcolor="#DDDDDD"><font size="2"><font size="2">BBB</font></font></td>
<td align=right bgcolor="#DDDDDD"><font size="2">8,000</font></td>
<td width="2%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="62%" align=left bgcolor="#DDDDDD"><font size="2">Braxton Cnty. Sld. Wst. Disp., Weyerhaeuser
Co. Proj., 6.50%, 4/01/25</font></td>
<td width="12%" align=center bgcolor="#DDDDDD"><font size="2">04/05 @ 102</font></td>
<td width="11%" align=right><font size="2">8,212,000</font></td>

<td width="1%" bgcolor="#DDDDDD">&nbsp;</td>
</tr>
<tr valign=top><td align=center><font size="2">AAA</font></td>
<td align=right><font size="2">2,070</font></td>
<td width="2%">&nbsp;</td>
<td width="62%" align=left><font size="2">West Virginia Econ. Dev. Auth., Correctional
Juvenile Safety, Proj. </font></td>
<td width="12%" align=center><font size="2">&nbsp;</font></td>
<td width="11%" align=right></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td align=right bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td width="2%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="62%" align=left bgcolor="#DDDDDD"><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 5.00%, 6/01/29, MBIA</font></td>
<td width="12%" align=center bgcolor="#DDDDDD"><font size="2">06/14 @ 100</font></td>
<td width="11%" align=right><font size="2">2,170,519</font></td>

<td width="1%" bgcolor="#DDDDDD">&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='7' bgcolor="#DDDDDD" ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td width="2%">&nbsp;</td>
<td width="62%" align=left><font size="2">&nbsp;</font></td>
<td width="12%" align=center><font size="2">&nbsp;</font></td>
<td width="11%" align=right><font size="2">10,382,519</font></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top><td COLSPAN='7' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center bgcolor="#DDDDDD"><font size="2"><b>&nbsp;</b></font></td>
<td align=right bgcolor="#DDDDDD"><font size="2"><b>&nbsp;</b></font></td>
<td width="2%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="62%" align=left bgcolor="#DDDDDD"><font size="2"><b>Wisconsin&#151;6.0%</b></font></td>
<td width="12%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="11%" align=right></td>

<td width="1%" bgcolor="#DDDDDD">&nbsp;</td>
</tr>
<tr valign=top><td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td width="2%">&nbsp;</td>
<td width="62%" align=left><font size="2">Wisconsin Hlth. &amp; Edl. Facs.
Auth.,</font></td>
<td width="12%" align=center><font size="2">&nbsp;</font></td>
<td width="11%" align=right></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center bgcolor="#DDDDDD"><font size="2">A-</font></td>
<td align=right bgcolor="#DDDDDD"><font size="2">7,500</font></td>
<td width="2%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="62%" align=left bgcolor="#DDDDDD"><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Aurora Hlth. Care Proj. , 6.40%, 4/15/33</font></td>
<td width="12%" align=center bgcolor="#DDDDDD"><font size="2">04/13 @ 100</font></td>
<td width="11%" align=right><font size="2">8,304,900</font></td>

<td width="1%" bgcolor="#DDDDDD">&nbsp;</td>
</tr>
<tr valign=top><td align=center><font size="2">A+</font></td>
<td align=right><font size="2">13,750</font></td>
<td width="2%">&nbsp;</td>
<td width="62%" align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Froedert &amp; Cmnty. Hlth. Oblig. Proj. ,
5.375%, 10/01/30</font></td>
<td width="12%" align=center><font size="2">10/11 @ 101</font></td>
<td width="11%" align=right><font size="2">14,197,563</font></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center bgcolor="#DDDDDD"><font size="2">A</font></td>
<td align=right bgcolor="#DDDDDD"><font size="2">15,000</font></td>
<td width="2%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="62%" align=left bgcolor="#DDDDDD"><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Wheaton Franciscan Svcs. Proj. , 5.75%,
8/15/30</font></td>
<td width="12%" align=center bgcolor="#DDDDDD"><font size="2">02/12 @ 101</font></td>
<td width="11%" align=right><font size="2">15,991,800</font></td>

<td width="1%" bgcolor="#DDDDDD">&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='7' bgcolor="#DDDDDD" ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td width="2%">&nbsp;</td>
<td width="62%" align=left><font size="2">&nbsp;</font></td>
<td width="12%" align=center><font size="2">&nbsp;</font></td>
<td width="11%" align=right><font size="2">38,494,263</font></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top><td COLSPAN='7' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center bgcolor="#DDDDDD"><font size="2"><font size="2">&nbsp;</font></font></td>
<td align=right bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td width="2%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="62%" align=left bgcolor="#DDDDDD"><font size="2">T<b>otal Long-Term Investments</b>
(cost $916,837,067)</font></td>
<td width="12%" align=center bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td width="11%" align=right><font size="2">968,342,766</font></td>

<td width="1%" bgcolor="#DDDDDD">&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='7' bgcolor="#DDDDDD" ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=center><font size="2"><b>&nbsp;</b></font></td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td width="2%">&nbsp;</td>
<td width="62%" align=left><font size="2"><b>SHORT-TERM INVESTMENTS&#151;5.4%</b></font></td>
<td width="12%">&nbsp;</td>
<td width="11%" align=right></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center bgcolor="#DDDDDD"><font size="2"><b>&nbsp;</b></font></td>
<td align=right bgcolor="#DDDDDD"><font size="2"><b>&nbsp;</b></font></td>
<td width="2%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="62%" align=left bgcolor="#DDDDDD"><font size="2"><b>Maryland&#151;0.3%</b></font></td>
<td width="12%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="11%" align=right></td>

<td width="1%" bgcolor="#DDDDDD">&nbsp;</td>
</tr>
<tr valign=top><td align=center><font size="2"><font size="2">A1+</font></font></td>
<td align=right><font size="2">2,000<sup> </sup></font></td>
<td width="2%"><font size="2"><sup>7</sup></font></td>
<td width="62%" align=left><font size="2">Maryland Hlth. &amp; Higher Edl.
Facs. Auth., Pooled Ln. Prog., Ser. D, 1.84%, 2/03/05, FRWD </font></td>
<td width="12%" align=center><font size="2">N/A</font></td>
<td width="11%" align=right><font size="2">2,000,000</font></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top><td COLSPAN='7' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center bgcolor="#DDDDDD"><font size="2"><b>&nbsp;</b></font></td>
<td align=right bgcolor="#DDDDDD"><font size="2"><b>&nbsp;</b></font></td>
<td width="2%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="62%" align=left bgcolor="#DDDDDD"><font size="2"><b>Tennessee&#151;1.9%</b></font></td>
<td width="12%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="11%" align=right></td>

<td width="1%" bgcolor="#DDDDDD">&nbsp;</td>
</tr>
<tr valign=top><td align=center><font size="2"><font size="2">NR</font></font></td>
<td align=right><font size="2">12,000</font></td>
<td width="2%"><font size="2"><sup>7</sup></font></td>
<td width="62%" align=left><font size="2">Montgomery Cnty. Pub. Bldg. Auth.,
Pooled Fin. Rev., Tennessee Cnty. Loan Pool Proj., </font></td>
<td width="12%">&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td align=right bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td width="2%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="62%" align=left bgcolor="#DDDDDD"><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;1.92%, 2/01/05, FRDD </font></td>
<td width="12%" align=center bgcolor="#DDDDDD"><font size="2">N/A</font></td>
<td width="11%" align=right><font size="2">12,000,000</font></td>

<td width="1%" bgcolor="#DDDDDD">&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='7' bgcolor="#DDDDDD" ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='7' bgcolor="#DDDDDD" ><HR noshade size=2></td>
</tr>
<tr valign=top><td align=center><font size="2"><b>&nbsp;</b></font></td>
<td colspan="2" align=center><font size="2"><b>Shares</b></font></td>
<td width="62%" align=center><font size="2"><b>&nbsp;</b></font></td>
<td width="12%">&nbsp;</td>
<td width="11%" align=center></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center bgcolor="#DDDDDD"><font size="2"><b>&nbsp;</b></font></td>
<td colspan="2" align=center bgcolor="#DDDDDD"><font size="2"><b>(000)</b></font></td>
<td width="62%" align=center bgcolor="#DDDDDD"><font size="2"><b>&nbsp;</b></font></td>
<td width="12%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="11%" align=center></td>

<td width="1%" bgcolor="#DDDDDD">&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='11' bgcolor="#DDDDDD" ><HR noshade size=2></td>
</tr>
<tr valign=top><td align=center><font size="2"><b>&nbsp;</b></font></td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td width="2%">&nbsp;</td>
<td width="62%" align=left><font size="2"><b>Money Market Fund&#151;3.2%</b></font></td>
<td width="12%">&nbsp;</td>
<td width="11%" align=right></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center bgcolor="#DDDDDD"><font size="2"><font size="2">&nbsp;</font></font></td>
<td align=right bgcolor="#DDDDDD"><font size="2">20,850</font></td>
<td width="2%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="62%" align=left bgcolor="#DDDDDD"><font size="2">AIM Tax Free Investment Co. Cash
Reserve Portfolio</font></td>
<td width="12%" align=center bgcolor="#DDDDDD"><font size="2">N/A</font></td>
<td width="11%" align=right><font size="2">20,850,000</font></td>

<td width="1%" bgcolor="#DDDDDD">&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='7' bgcolor="#DDDDDD" ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td width="2%">&nbsp;</td>
<td width="62%" align=left><font size="2"><b>Total Short-Term Investments (cost
$34,850,000)</b></font></td>
<td width="12%" align=center><font size="2">&nbsp;</font></td>
<td width="11%" align=right><font size="2">34,850,000</font></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top><td COLSPAN='7' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center bgcolor="#DDDDDD"><font size="2"><font size="2">&nbsp;</font></font></td>
<td align=right bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td width="2%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="62%" align=left bgcolor="#DDDDDD"><font size="2"><b>Total Investments&#151;155.7%
(cost $951,687,067)</b></font></td>
<td width="12%" align=center bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td width="11%" align=right><font size="2">$1,003,192,766</font></td>

<td width="1%" bgcolor="#DDDDDD">&nbsp;</td>
</tr>
<tr valign=top><td align=center><font size="2">&nbsp;</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td width="2%">&nbsp;</td>
<td width="62%" align=left><font size="2">Other assets in excess of liabilities&#151;2.5%</font></td>
<td width="12%" align=center><font size="2">&nbsp;</font></td>
<td width="11%" align=right><font size="2">16,176,158</font></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td align=right bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td width="2%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="62%" align=left bgcolor="#DDDDDD"><font size="2">Preferred shares at redemption value,
including dividends payable&#151;(58.2)%</font></td>
<td width="12%" align=center bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td width="11%" align=right><font size="2">(375,206,692)</font></td>

<td width="1%" bgcolor="#DDDDDD">&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='7' bgcolor="#DDDDDD" ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td width="2%">&nbsp;</td>
<td width="62%" align=left><font size="2"><b>Net Assets Applicable to </b></font>
  <font size="2"><b>Common
Shareholders&#151;100%</b></font></td>
<td width="12%" align=center><font size="2">&nbsp;</font></td>
<td width="11%" align=right><font size="2">$  644,162,232</font></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top><td COLSPAN='7' ><HR noshade size=1></td>
</tr>
<tr valign=top>
  <td COLSPAN='7' ></td>
</tr></table>

<p>
<p><p><table border="0" cellspacing="0" cellpadding="0"><tr valign=top>
  <td align=left><font size="2"><font size="2"><sup>1</sup></font></font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Using the higher of Standard &amp;Poor&#146;s,
Moody&#146;s Investors Service or Fitch&#146;s 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 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 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>4</sup></font></td>
<td>&nbsp;</td>
<td align=left><font size="2">This bond is prerefunded. U.S. government
securities, held in escrow, are used to pay interest on this security, as well as
retire the bond in full at the date indicated, typically at a premium to par.</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2"><sup>5</sup></font></td>
<td>&nbsp;</td>
<td 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 January
31, 2005, the Trust held 7.3% of its net assets, with a current market value of
$46,934,340, in securities restricted as to resale.</font></td>

<td>&nbsp;</td></tr>
<tr valign=top>
  <td align=left><font size="2"><sup>6</sup></font></td>
  <td>&nbsp;</td>
  <td align=left><font size="2">Illiquid security representing 0.2% of net assets. </font></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top><td align=left><font size="2"><sup>7</sup></font></td>
<td>&nbsp;</td>
<td 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 January 31, 2005.</font></td><td>&nbsp;</td></tr></table>
<p><p>
<p>
<p align="center">
<table width="100%"  border="0">
  <tr>
    <td colspan="6"><hr size="1" noshade>
    </td>
  </tr>
  <tr align="center">
    <td colspan="6"><font size="2"><b>KEY TO ABBREVIATIONS</b> </font></td>
  </tr>
  <tr>
    <td width="6%"><font size="2">ACA</font></td>
    <td width="4%" align="center"><font size="2">&#151;</font></td>
    <td width="40%"><font size="2">American Capital Access</font></td>
    <td width="6%"><font size="2">FSA</font></td>
    <td width="4%" align="center"><font size="2">&#151;</font></td>
    <td width="40%"><font size="2">Financial Security Assurance</font></td>
  </tr>
  <tr>
    <td width="6%"><font size="2">AMBAC</font></td>
    <td align="center"><font size="2">&#151;</font></td>
    <td><font size="2">American Municipal Bond Assurance Corp.</font></td>
    <td width="6%"><font size="2">GO</font></td>
    <td align="center"><font size="2">&#151;</font></td>
    <td><font size="2">General Obligation</font></td>
  </tr>
  <tr>
    <td width="6%"><font size="2">FGIC</font></td>
    <td align="center"><font size="2">&#151;</font></td>
    <td><font size="2">Financial Guaranty Insurance Co.</font></td>
    <td width="6%"><font size="2">MBIA</font></td>
    <td align="center"><font size="2">&#151;</font></td>
    <td><font size="2">Municipal Bond Insurance Assoc.</font></td>
  </tr>
  <tr>
    <td width="6%"><font size="2">FRDD</font></td>
    <td align="center"><font size="2">&#151;</font></td>
    <td><font size="2">Floating Rate Daily Demand</font></td>
    <td width="6%"><font size="2">PCR</font></td>
    <td align="center"><font size="2">&#151;</font></td>
    <td><font size="2">Pollution Control Revenue</font></td>
  </tr>
  <tr>
    <td width="6%"><font size="2">FRWD</font></td>
    <td align="center"><font size="2">&#151;</font></td>
    <td><font size="2">Floating Rate Weekly Demand</font></td>
    <td width="6%">&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td colspan="6"><hr size="1" noshade>    </td>
  </tr>
</table>
<p>
<p align='center'>4<HR noshade size=4><PAGE><br>
<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>

<B><FONT face="serif">Item 3. Exhibits.</FONT></B><BR>

<P>
<FONT face="serif">Separate certifications of the registrant&#146;s principal executive and financial officers pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are attached as EX-99.CERT.</FONT></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>
<center>
  <A name="page_3"></A>


  <B><FONT face="serif">SIGNATURES</FONT></B><BR>

</center>
<P>
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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>
<P>
<FONT face="serif">(Registrant)___</FONT><U><FONT face="serif">BlackRock Municipal Income Trust</FONT></U><FONT face="serif">___ </FONT></P>
<P>
<FONT face="serif">By: <u>&nbsp;&nbsp;&nbsp;/s/ Henry Gabbay &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><BR> Name: Henry Gabbay <br>
Title: Treasurer <br>
Date: April 1, 2005 </FONT></P>
<P>
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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>
<P>
<FONT face="serif">By: <u>&nbsp;&nbsp;&nbsp;/s/ Robert S. Kapito &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><BR>
Name: Robert S. Kapito <br>
Title: Principal Executive Officer <br>
Date: April 1, 2005</FONT></P>
<P>
<FONT face="serif">By: <u>&nbsp;&nbsp;&nbsp;/s/ Henry Gabbay  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><BR> Name: Henry Gabbay <br>
Title: Principal Financial Officer <br>
Date: April 1, 2005</FONT></P>
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<TYPE>EX-99.CERT
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<FILENAME>c35733_ex99cert.htm
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<div align="right"><B><FONT face="serif">EX-99.CERT</FONT></B><BR>

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<p></p><P align="center">
<B><FONT face="serif">CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER</FONT></B></P>

<center>
  <B><U><FONT face="serif">CERTIFICATIONS</FONT></U></B><BR>

<p align="left"><FONT face="serif">I, Robert S. Kapito, certify that:</FONT>

</center>
<P>
<FONT face="serif">1. I have reviewed this report on Form N-Q of BlackRock Municipal Income Trust; </FONT></P>
<P>
<FONT face="serif">2. 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></P>
<P>
<FONT face="serif">3. Based on my knowledge, the schedules 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></P>
<P>
<FONT face="serif">4. 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) and internal control
over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: </FONT></P>
<P>
<FONT face="serif">(a) 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></P>
<P>
<FONT face="serif">(b) Not applicable prior to the first report on Form N-Q following the first annual report on Form N-CSR for a fiscal year ending on or after November 15, 2004; </FONT></P>
<P>
<FONT face="serif">(c) 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></P>
<P>
<FONT face="serif">(d) 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></P>
<p></P>
<P>&nbsp;
</P>

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<FONT face="serif">5. 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></P>
<P>
<FONT face="serif">(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process,
summarize, and report financial information; and </FONT></P>
<P>
<FONT face="serif">(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. </FONT></P>
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    <TD nowrap><font face="serif">Date: <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;April 1, 2005&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font><br></TD>
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    <TD nowrap><center>
      <font face="serif"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Robert S. Kapito&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font><br>
        <font face="serif">Robert S. Kapito </font><br>
        <font face="serif">Principal Executive Officer </font><br>
    </center></TD>
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<div align="right"><A name="page_6"></A>


    <B><FONT face="serif">EX-99.CERT</FONT></B><BR>
</div>
<P align="center">
<B><FONT face="serif">CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER</FONT></B></P>
<center>
  <B><U><FONT face="serif">CERTIFICATIONS</FONT></U></B>
</center>
<p></p><p><FONT face="serif">I, Henry Gabbay, certify that:</FONT>
<P>
<FONT face="serif">1. I have reviewed this report on Form N-Q of BlackRock Municipal Income Trust; </FONT></P>
<P>
<FONT face="serif">2. 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></P>
<P>
<FONT face="serif">3. Based on my knowledge, the schedules 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></P>
<P>
<FONT face="serif">4. 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) and internal control
over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: </FONT></P>
<P>
<FONT face="serif">(a) 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></P>
<P>
<FONT face="serif">(b) Not applicable prior to the first report on Form N-Q following the first annual report on Form N-CSR for a fiscal year ending on or after November 15, 2004; </FONT></P>
<P>
<FONT face="serif">(c) 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></P>
<P>
<FONT face="serif">(d) 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></P>
<P>&nbsp;
</P>

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<P align="left" style="page-break-before:always"></P><PAGE>
<A name="page_7"></A>

<P>
<FONT face="serif"></FONT></P>
<P>
<FONT face="serif">5. 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></P>
<P>
<FONT face="serif">(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process,
summarize, and report financial information; and </FONT></P>
<P>
<FONT face="serif">(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. </FONT></P>

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    <TD nowrap><font face="serif">Date: <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;April 1, 2005&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font><br></TD>
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    <TD nowrap><center>
      <font face="serif"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Henry Gabbay &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font><BR>
      <FONT face="serif">Henry Gabbay </FONT><BR>
      <FONT face="serif">Principal Financial Officer </FONT><BR>
    </center></TD>
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