-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 G7oftBiuTuAcl7i8GTRR/sJScG6NGAsqFj1/t9FSbzputPOMZw7E21bLIP5koBL9
 26aDAI+8ijsiorRwiTv+uw==

<SEC-DOCUMENT>0000930413-05-006884.txt : 20050929
<SEC-HEADER>0000930413-05-006884.hdr.sgml : 20050929
<ACCEPTANCE-DATETIME>20050929105756
ACCESSION NUMBER:		0000930413-05-006884
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20050731
FILED AS OF DATE:		20050929
DATE AS OF CHANGE:		20050929
EFFECTIVENESS DATE:		20050929

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:		051110052

	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>c39092_nq.htm
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>
<center>
  <FONT face="serif">UNITED STATES </FONT><BR>
  <FONT face="serif">SECURITIES AND EXCHANGE COMMISSION </FONT><BR>
  <FONT face="serif">Washington, D.C. 20549 </FONT><BR>
</center>
<P align="center">
<B><FONT size=4 face="serif">FORM N-Q </FONT></B></P>
<P align="center">
<B><FONT face="serif">QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED <br>
MANAGEMENT INVESTMENT COMPANY </FONT></B></P>
<P>
<FONT face="serif">Investment Company Act file number: </FONT><U><FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;811-10339&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT face="serif"> </FONT></P>
<P align="center">
<FONT face="serif"></FONT><U><FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Municipal Income Trust&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT face="serif"><BR> (Exact name of registrant as specified in charter) </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR align="center" valign="bottom">
        <TD width=75%>
<FONT face="serif">100 Bellevue Parkway, Wilmington, DE</FONT>&nbsp;
        </TD>
        <TD width=25%>
<FONT face="serif">19809</FONT>&nbsp;
        </TD>
</TR>
<TR align="center">
        <TD colspan=2>
<HR noshade size=1>
        </TD>
</TR>
<TR align="center" valign="bottom">
        <TD>
<FONT face="serif">(Address of principal executive offices)</FONT>&nbsp;
        </TD>
        <TD width=25%>
<FONT face="serif">(Zip code)</FONT>&nbsp;
        </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT face="serif"> Robert S. Kapito, President   </FONT></P>
<P align="center"><FONT face="sans-serif"><b>BlackRock Municipal Income Trust </b></FONT>  </P>
<P align="center">
<FONT face="serif"> <u>&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;40 East 52nd Street, New York, NY 10022&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></FONT>
<br>
<FONT face="serif">(Name and address of agent for service) </FONT>
</P>
<P>
<FONT face="serif">Registrant's telephone number, including area code: </FONT><U><FONT face="serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;888-825-2257&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT face="serif"> </FONT></P>
<P>
<FONT face="serif">Date of fiscal year end: </FONT><U><FONT face="serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;October 31, 2005&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;</FONT></U><FONT face="serif"> </FONT></P>
<P>
<FONT face="serif">Date of reporting period: </FONT><U><FONT face="serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;July 31, 2005&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;</FONT></U><FONT face="serif"></FONT></P>

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

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


<P>
<B><FONT size="2" face="serif">Item 1. Schedule of Investments.</FONT></B><FONT face="serif"> </FONT></P>
<P>
<FONT size="2" 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>&nbsp;</P>
<P>

<p><font size="3"><b>PORTFOLIO OF INVESTMENTS (</b><b>unaudited)</b><b><br>JULY
31, 2005</b></font>
<p><font size="3"><b> BlackRock Municipal Income Trust (BFK)</b></font>
<p><p><table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr valign=top><td width="105" align=center></td>
<td width="1%">&nbsp;</td>
<td width="10%" align=center><font size="2"><b>Principal</b></font></td>
<td width="4%">&nbsp;</td>
<td width="52%" align=center><font size="2"><b>&nbsp;</b></font></td>
<td width="10%" align=center nowrap><font size="2"><b>&nbsp;</b></font></td>
<td width="3%">&nbsp;</td>
<td width="10%" align=center></td>

</tr>
<tr valign=top><td width="105" align=center><font size="2"><b>&nbsp;</b></font></td>
<td width="1%">&nbsp;</td>
<td width="10%" align=center><font size="2"><b>Amount</b></font></td>
<td width="4%">&nbsp;</td>
<td width="52%" align=center><font size="2"><b>&nbsp;</b></font></td>
<td width="10%" align=center nowrap><font size="2"><b>Option Call</b></font></td>
<td width="3%">&nbsp;</td>
<td width="10%" align=center></td>
</tr>
<tr valign=top><td width="105" align=center><font size="2"><b>Rating</b><sup><b>1</b></sup></font></td>
<td width="1%">&nbsp;</td>
<td width="10%" align=center><font size="2"><b>(000)</b></font></td>
<td width="4%">&nbsp;</td>
<td width="52%" align=center><font size="2"><b>Description</b></font></td>
<td width="10%" align=center nowrap><font size="2"><b>Provisions</b><sup><b>2</b></sup></font></td>
<td width="3%">&nbsp;</td>
<td width="10%" align=center><font size="2"><b>Value</b></font></td>
</tr>
<tr valign=top><td COLSPAN='8' ><HR noshade size=1></td></tr>
<tr valign=top><td width="105" align=center></td>
<td width="1%">&nbsp;</td>
<td width="10%" align=right><font size="2"><b>&nbsp;</b></font></td>
<td width="4%">&nbsp;</td>
<td width="52%" align=left><font size="2"><b>LONG-TERM INVESTMENTS&#151;162.6%</b></font></td>
<td width="10%" align=right nowrap><font size="2"><b>&nbsp;</b></font></td>
<td width="3%">&nbsp;</td>
<td width="10%" align=right></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="105" align=center bgcolor="#DDDDDD"><font size="2"><b>&nbsp;</b></font></td>
<td width="1%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="10%" align=right bgcolor="#DDDDDD"><font size="2"><b>&nbsp;</b></font></td>
<td width="4%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="52%" align=left bgcolor="#DDDDDD"><font size="2"><b>Alabama&#151;3.5%</b></font></td>
<td width="10%" align=right nowrap bgcolor="#DDDDDD"><font size="2"><b>&nbsp;</b></font></td>
<td width="3%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="10%" align=right></td>
</tr>
<tr valign=top><td width="105" align=center><font size="2"><font size="2">Baa2</font></font></td>
<td width="1%">&nbsp;</td>
<td width="10%" align=right><font size="2">$&nbsp;&nbsp;&nbsp;&nbsp;7,000</font></td>
<td width="4%">&nbsp;</td>
<td width="52%" align=left><font size="2">Courtland Ind. Dev. Brd., PCR, Champion
Intl. Corp. Proj., 6.15%, 6/01/19</font></td>
<td width="10%" align=center nowrap><font size="2">08/05 @ 102</font></td>
<td width="3%" nowrap>&nbsp;</td>
<td width="10%" align=right nowrap><font size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,184,450</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="105" align=center bgcolor="#DDDDDD"><font size="2">A2</font></td>
<td width="1%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="10%" align=right bgcolor="#DDDDDD"><font size="2">15,000</font></td>
<td width="4%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="52%" align=left bgcolor="#DDDDDD"><font size="2">Huntsville Hlth. Care Auth., GO,
Ser. B, 5.75%, 6/01/32</font></td>
<td width="10%" align=center nowrap bgcolor="#DDDDDD"><font size="2">06/12 @ 101</font></td>
<td width="3%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="10%" align=right><font size="2">16,146,450</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='8' bgcolor="#DDDDDD" ><HR noshade size=1></td>
</tr>
<tr valign=top><td width="105" align=center><font size="2">&nbsp;</font></td>
<td width="1%">&nbsp;</td>
<td width="10%" align=right><font size="2">&nbsp;</font></td>
<td width="4%">&nbsp;</td>
<td width="52%" align=left><font size="2">&nbsp;</font></td>
<td width="10%" align=right nowrap><font size="2">&nbsp;</font></td>
<td width="3%">&nbsp;</td>
<td width="10%" align=right><font size="2">23,330,900</font></td>
</tr>
<tr valign=top><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="105" align=center bgcolor="#DDDDDD"><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td width="1%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="10%" align=right bgcolor="#DDDDDD"><font size="2"><b>&nbsp;</b></font></td>
<td width="4%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="52%" align=left bgcolor="#DDDDDD"><font size="2"><b>Arizona&#151;1.2%</b></font></td>
<td width="10%" align=right nowrap bgcolor="#DDDDDD"><font size="2"><b>&nbsp;</b></font></td>
<td width="3%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="10%" align=right></td>
</tr>
<tr valign=top><td width="105" align=center><font size="2"><font size="2">A3</font></font></td>
<td width="1%">&nbsp;</td>
<td width="10%" align=right><font size="2">7,000</font></td>
<td width="4%">&nbsp;</td>
<td width="52%" align=left><font size="2">Scottsdale Ind. Dev. Auth., Scottsdale
Hlth. Care Proj., 5.80%, 12/01/31</font></td>
<td width="10%" align=center nowrap><font size="2">12/11 @ 101</font></td>
<td width="3%">&nbsp;</td>
<td width="10%" align=right><font size="2">7,568,680</font></td>
</tr>
<tr valign=top><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="105" align=center bgcolor="#DDDDDD"><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td width="1%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="10%" align=right bgcolor="#DDDDDD"><font size="2"><b>&nbsp;</b></font></td>
<td width="4%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="52%" align=left bgcolor="#DDDDDD"><font size="2"><b>California&#151;28.2%</b></font></td>
<td width="10%" align=right nowrap bgcolor="#DDDDDD"><font size="2"><b>&nbsp;</b></font></td>
<td width="3%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="10%" align=right></td>
</tr>
<tr valign=top><td width="105" align=center><font size="2"><font size="2">Aaa</font></font></td>
<td width="1%">&nbsp;</td>
<td width="10%" align=right><font size="2">6,750</font></td>
<td width="4%">&nbsp;</td>
<td width="52%" align=left><font size="2">East Bay Mun. Util. Dist. Wtr. Sys.
Rev., Ser. A, 5.00%, 6/01/35, MBIA</font></td>
<td width="10%" align=center nowrap><font size="2">06/15 @ 100</font></td>
<td width="3%">&nbsp;</td>
<td width="10%" align=right><font size="2">7,152,840</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="105" align=center bgcolor="#DDDDDD"><font size="2">AA+</font></td>
<td width="1%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="10%" align=right bgcolor="#DDDDDD"><font size="2">4,455</font></td>
<td width="4%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="52%" align=left bgcolor="#DDDDDD"><font size="2">Educ. Fac. Auth. Rev., Univ. So.
CA Proj., 5.00%, 10/01/33</font></td>
<td width="10%" align=center nowrap bgcolor="#DDDDDD"><font size="2">10/15 @ 100</font></td>
<td width="3%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="10%" align=right><font size="2">4,728,136</font></td>
</tr>
<tr valign=top><td width="105" align=center><font size="2">&nbsp;</font></td>
<td width="1%">&nbsp;</td>
<td width="10%" align=right><font size="2">&nbsp;</font></td>
<td width="4%">&nbsp;</td>
<td width="52%" align=left><font size="2">Foothill/Eastn. Transp. Corridor
Agcy., Toll Road Rev.,</font></td>
<td width="10%" align=center nowrap><font size="2">&nbsp;</font></td>
<td width="3%">&nbsp;</td>
<td width="10%" align=right></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="105" align=center bgcolor="#DDDDDD"><font size="2">BBB-</font></td>
<td width="1%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="10%" align=right bgcolor="#DDDDDD"><font size="2">54,635</font></td>
<td width="4%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="52%" align=left bgcolor="#DDDDDD"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Zero Coupon, 1/15/32</font></td>
<td width="10%" align=center nowrap bgcolor="#DDDDDD"><font size="2">01/10 @ 27.37</font></td>
<td width="3%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="10%" align=right><font size="2">11,407,788</font></td>
</tr>
<tr valign=top><td width="105" align=center><font size="2">BBB-</font></td>
<td width="1%">&nbsp;</td>
<td width="10%" align=right><font size="2">20,535</font></td>
<td width="4%">&nbsp;</td>
<td width="52%" align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Zero Coupon, 1/15/34</font></td>
<td width="10%" align=center nowrap><font size="2">01/10 @ 24.228</font></td>
<td width="3%">&nbsp;</td>
<td width="10%" align=right><font size="2">3,794,047</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="105" align=center bgcolor="#DDDDDD"><font size="2">BBB-</font></td>
<td width="1%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="10%" align=right bgcolor="#DDDDDD"><font size="2">75,000</font></td>
<td width="4%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="52%" align=left bgcolor="#DDDDDD"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Zero Coupon, 1/15/38</font></td>
<td width="10%" align=center nowrap bgcolor="#DDDDDD"><font size="2">01/10 @ 19.014</font></td>
<td width="3%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="10%" align=right><font size="2">10,833,750</font></td>
</tr>
<tr valign=top><td width="105" align=center><font size="2">&nbsp;</font></td>
<td width="1%">&nbsp;</td>
<td width="10%" align=right><font size="2">&nbsp;</font></td>
<td width="4%">&nbsp;</td>
<td width="52%" align=left><font size="2">Golden St. Tobacco Sec. Corp.,</font></td>
<td width="10%" align=center nowrap><font size="2">&nbsp;</font></td>
<td width="3%">&nbsp;</td>
<td width="10%" align=right></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="105" align=center bgcolor="#DDDDDD"><font size="2">BBB</font></td>
<td width="1%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="10%" align=right bgcolor="#DDDDDD"><font size="2">10,000</font></td>
<td width="4%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="52%" align=left bgcolor="#DDDDDD"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Ser. A-1, 6.625%, 6/01/40</font></td>
<td width="10%" align=center nowrap bgcolor="#DDDDDD"><font size="2">06/13 @ 100</font></td>
<td width="3%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="10%" align=right><font size="2">11,375,700</font></td>
</tr>
<tr valign=top><td width="105" align=center><font size="2">A-</font></td>
<td width="1%">&nbsp;</td>
<td width="10%" align=right><font size="2">30,600</font></td>
<td width="4%">&nbsp;</td>
<td width="52%" align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Ser. B, 5.50%, 6/01/43</font></td>
<td width="10%" align=center nowrap><font size="2">06/13 @ 100</font></td>
<td width="3%">&nbsp;</td>
<td width="10%" align=right><font size="2">33,922,548</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="105" align=center bgcolor="#DDDDDD"><font size="2">A-</font></td>
<td width="1%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="10%" align=right bgcolor="#DDDDDD"><font size="2">16,500</font></td>
<td width="4%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="52%" align=left bgcolor="#DDDDDD"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Ser. B, 5.625%, 6/01/38</font></td>
<td width="10%" align=center nowrap bgcolor="#DDDDDD"><font size="2">06/13 @ 100</font></td>
<td width="3%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="10%" align=right><font size="2">18,488,910</font></td>
</tr>
<tr valign=top><td width="105" align=center><font size="2">A-</font></td>
<td width="1%">&nbsp;</td>
<td width="10%" align=right><font size="2">16,905</font></td>
<td width="4%">&nbsp;</td>
<td width="52%" align=left><font size="2">Golden St. Tobacco Sec. Corp. Tobacco
Settlement Rev., Ser. A, 5.00%, 6/01/45</font></td>
<td width="10%" align=center nowrap><font size="2">06/15 @ 100</font></td>
<td width="3%">&nbsp;</td>
<td width="10%" align=right><font size="2">17,358,730</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="105" align=center bgcolor="#DDDDDD"><font size="2">A3</font></td>
<td width="1%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="10%" align=right bgcolor="#DDDDDD"><font size="2">16,905</font></td>
<td width="4%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="52%" align=left bgcolor="#DDDDDD"><font size="2">Hlth. Fac. Fin. Auth. Rev., Cedars
Sinai Med Center Proj., 5.00%, 11/15/34</font></td>
<td width="10%" align=center nowrap bgcolor="#DDDDDD"><font size="2">11/15 @ 100</font></td>
<td width="3%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="10%" align=right><font size="2">17,340,642</font></td>
</tr>
<tr valign=top><td width="105" align=center><font size="2">NR</font></td>
<td width="1%">&nbsp;</td>
<td width="10%" align=right><font size="2">3,500</font></td>
<td width="4%">&nbsp;</td>
<td width="52%" align=left><font size="2">Lincoln Spl. Tax, Cmnty. Facs. Dist.,
6.00%, 9/01/34</font></td>
<td width="10%" align=center nowrap><font size="2">09/13 @ 102</font></td>
<td width="3%">&nbsp;</td>
<td width="10%" align=right><font size="2">3,759,945</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="105" align=center bgcolor="#DDDDDD"><font size="2">B-</font></td>
<td width="1%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="10%" align=right bgcolor="#DDDDDD"><font size="2">14,805</font></td>
<td width="4%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="52%" align=left bgcolor="#DDDDDD"><font size="2">Los Angeles Regl. Arpt. Impvt. Corp.
Lease Rev., Amer. Airlines, Inc. Proj., Ser. C, </font></td>
<td width="10%" align=center nowrap bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td width="3%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="10%" align=right></td>
</tr>
<tr valign=top><td width="105" align=center><font size="2">&nbsp;</font></td>
<td width="1%">&nbsp;</td>
<td width="10%" align=right><font size="2">&nbsp;</font></td>
<td width="4%">&nbsp;</td>
<td width="52%" align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 12/1/24</font></td>
<td width="10%" align=center nowrap><font size="2">12/12 @ 102</font></td>
<td width="3%">&nbsp;</td>
<td width="10%" align=right><font size="2">15,825,805</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="105" align=center bgcolor="#DDDDDD"><font size="2">AAA</font></td>
<td width="1%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="10%" align=right bgcolor="#DDDDDD"><font size="2">13,320</font></td>
<td width="4%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="52%" align=left bgcolor="#DDDDDD"><font size="2">Los Angeles Regl. Arpt. Impvt., Corp.
Lease Rev., Facs. Laxfuel Corp., L.A. Intl., </font></td>
<td width="10%" align=center nowrap bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td width="3%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="10%" align=right></td>
</tr>
<tr valign=top><td width="105" align=center><font size="2">&nbsp;</font></td>
<td width="1%">&nbsp;</td>
<td width="10%" align=right><font size="2">&nbsp;</font></td>
<td width="4%">&nbsp;</td>
<td width="52%" align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 1/01/32, AMBAC</font></td>
<td width="10%" align=center nowrap><font size="2">01/12 @ 100</font></td>
<td width="3%">&nbsp;</td>
<td width="10%" align=right><font size="2">14,054,065</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="105" align=center bgcolor="#DDDDDD"><font size="2">NR</font></td>
<td width="1%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="10%" align=right bgcolor="#DDDDDD"><font size="2">5,000</font></td>
<td width="4%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="52%" align=left bgcolor="#DDDDDD"><font size="2">Murrieta Cmnty. Facs. Dist., Spl.
Tax No. 2, The Oaks Impvt. Area A, 6.00%, 9/01/34</font></td>
<td width="10%" align=center nowrap bgcolor="#DDDDDD"><font size="2">09/14 @ 100</font></td>
<td width="3%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="10%" align=right><font size="2">5,147,700</font></td>
</tr>
<tr valign=top><td width="105" align=center><font size="2">A</font></td>
<td width="1%">&nbsp;</td>
<td width="10%" align=right><font size="2">5,000</font></td>
<td width="4%">&nbsp;</td>
<td width="52%" align=left><font size="2">Statewide Cmnty. Dev. Auth., Mem.
Hlth. Svcs. Proj., Ser. A, 5.50%, 10/01/33</font></td>
<td width="10%" align=center nowrap><font size="2">04/13 @ 100</font></td>
<td width="3%">&nbsp;</td>
<td width="10%" align=right><font size="2">5,297,400</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="105" align=center bgcolor="#DDDDDD"><font size="2">BBB+</font></td>
<td width="1%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="10%" align=right bgcolor="#DDDDDD"><font size="2">6,000</font></td>
<td width="4%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="52%" align=left bgcolor="#DDDDDD"><font size="2">Statewide Cmntys., Daughters of Charity
Hlth., Ser. A, 5.00%, 7/01/39</font></td>
<td width="10%" align=center nowrap bgcolor="#DDDDDD"><font size="2">07/15 @ 100</font></td>
<td width="3%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="10%" align=right><font size="2">6,107,700</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='8' bgcolor="#DDDDDD" ><HR noshade size=1></td>
</tr>
<tr valign=top><td width="105" align=center><font size="2">&nbsp;</font></td>
<td width="1%">&nbsp;</td>
<td width="10%" align=right><font size="2">&nbsp;</font></td>
<td width="4%">&nbsp;</td>
<td width="52%" align=left><font size="2">&nbsp;</font></td>
<td width="10%" align=right nowrap><font size="2">&nbsp;</font></td>
<td width="3%">&nbsp;</td>
<td width="10%" align=right><font size="2">186,595,706</font></td>
</tr>
<tr valign=top><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="105" align=center bgcolor="#DDDDDD"><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td width="1%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="10%" align=right bgcolor="#DDDDDD"><font size="2"><b>&nbsp;</b></font></td>
<td width="4%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="52%" align=left bgcolor="#DDDDDD"><font size="2"><b>Colorado&#151;0.6%</b></font></td>
<td width="10%" align=right nowrap bgcolor="#DDDDDD"><font size="2"><b>&nbsp;</b></font></td>
<td width="3%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="10%" align=right></td>
</tr>
<tr valign=top><td width="105" align=center><font size="2"><font size="2">BBB</font></font></td>
<td width="1%">&nbsp;</td>
<td width="10%" align=right><font size="2">3,500</font></td>
<td width="4%">&nbsp;</td>
<td width="52%" align=left><font size="2">Denver Hlth. &amp; Hosp. Auth., Hlth.
Care Rev., Ser. A, 6.00%, 12/01/31</font></td>
<td width="10%" align=center nowrap><font size="2">12/11 @ 100</font></td>
<td width="3%">&nbsp;</td>
<td width="10%" align=right><font size="2">3,660,545</font></td>
</tr>
<tr valign=top><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="105" align=center bgcolor="#DDDDDD"><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td width="1%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="10%" align=right bgcolor="#DDDDDD"><font size="2"><b>&nbsp;</b></font></td>
<td width="4%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="52%" align=left bgcolor="#DDDDDD"><font size="2"><b>District of Columbia&#151;6.3%</b></font></td>
<td width="10%" align=right nowrap bgcolor="#DDDDDD"><font size="2"><b>&nbsp;</b></font></td>
<td width="3%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="10%" align=right></td>
</tr>
<tr valign=top><td width="105" align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td width="1%">&nbsp;</td>
<td width="10%" align=right><font size="2">&nbsp;</font></td>
<td width="4%">&nbsp;</td>
<td width="52%" align=left><font size="2">Dist. of Columbia, Georgetown Univ.,
Ser. A, MBIA,</font></td>
<td width="10%" align=center nowrap><font size="2">&nbsp;</font></td>
<td width="3%">&nbsp;</td>
<td width="10%" align=right></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="105" align=center bgcolor="#DDDDDD"><font size="2">AAA</font></td>
<td width="1%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="10%" align=right bgcolor="#DDDDDD"><font size="2">15,600</font></td>
<td width="4%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="52%" align=left bgcolor="#DDDDDD"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Zero Coupon, 4/01/36</font></td>
<td width="10%" align=center nowrap bgcolor="#DDDDDD"><font size="2">04/11 @ 22.875</font></td>
<td width="3%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="10%" align=right><font size="2">2,686,320</font></td>
</tr>
<tr valign=top><td width="105" align=center><font size="2">AAA</font></td>
<td width="1%">&nbsp;</td>
<td width="10%" align=right><font size="2">51,185</font></td>
<td width="4%">&nbsp;</td>
<td width="52%" align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Zero Coupon, 4/01/37</font></td>
<td width="10%" align=center nowrap><font size="2">04/11 @ 21.546</font></td>
<td width="3%">&nbsp;</td>
<td width="10%" align=right><font size="2">8,297,600</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="105" align=center bgcolor="#DDDDDD"><font size="2">A</font></td>
<td width="1%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="10%" align=right bgcolor="#DDDDDD"><font size="2">2,390</font></td>
<td width="4%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="52%" align=left bgcolor="#DDDDDD"><font size="2">Friendship Pub. Charter Sch., Inc.
Proj., 5.25%, 6/01/33, ACA</font></td>
<td width="10%" align=center nowrap bgcolor="#DDDDDD"><font size="2">06/14 @ 100</font></td>
<td width="3%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="10%" align=right><font size="2">2,454,363</font></td>
</tr>
<tr valign=top><td width="105" align=center><font size="2">BBB</font></td>
<td width="1%">&nbsp;</td>
<td width="10%" align=right><font size="2">25,535</font></td>
<td width="4%">&nbsp;</td>
<td width="52%" align=left><font size="2">Tobacco Settlement Fin. Corp., 6.75%,
5/15/40</font></td>
<td width="10%" align=center nowrap><font size="2">05/11 @ 101</font></td>
<td width="3%">&nbsp;</td>
<td width="10%" align=right><font size="2">28,437,819</font></td>
</tr>
<tr valign=top><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="105" align=center bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td width="1%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="10%" align=right bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td width="4%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="52%" align=left bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td width="10%" align=right nowrap bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td width="3%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="10%" align=right><font size="2">41,876,102</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='8' bgcolor="#DDDDDD" ><HR noshade size=1></td>
</tr>
<tr valign=top><td width="105" align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td width="1%">&nbsp;</td>
<td width="10%" align=right><font size="2"><b>&nbsp;</b></font></td>
<td width="4%">&nbsp;</td>
<td width="52%" align=left><font size="2"><b>Florida&#151;11.6%</b></font></td>
<td width="10%" align=right nowrap><font size="2"><b>&nbsp;</b></font></td>
<td width="3%">&nbsp;</td>
<td width="10%" align=right></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="105" align=center bgcolor="#DDDDDD"><font size="2"><font size="2">NR</font></font></td>
<td width="1%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="10%" align=right bgcolor="#DDDDDD"><font size="2">3,000</font></td>
<td width="4%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="52%" align=left bgcolor="#DDDDDD"><font size="2">Amelia Nat. Cmnty. Dev. Dist., Cap.
Impvt., Ser. A, 6.30%, 5/01/35</font></td>
<td width="10%" align=center nowrap bgcolor="#DDDDDD"><font size="2">05/14 @ 101</font></td>
<td width="3%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="10%" align=right><font size="2">3,125,340</font></td>
</tr>
<tr valign=top><td width="105" align=center><font size="2">NR</font></td>
<td width="1%">&nbsp;</td>
<td width="10%" align=right><font size="2">4,000</font></td>
<td width="4%">&nbsp;</td>
<td width="52%" align=left><font size="2">Bellalago Edu. Fac. Benefits Dist.,
Ser. B, 5.80%, 5/01/34</font></td>
<td width="10%" align=center nowrap><font size="2">05/14 @ 100</font></td>
<td width="3%">&nbsp;</td>
<td width="10%" align=right><font size="2">4,097,160</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="105" align=center bgcolor="#DDDDDD"><font size="2">NR</font></td>
<td width="1%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="10%" align=right bgcolor="#DDDDDD"><font size="2">4,000</font></td>
<td width="4%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="52%" align=left bgcolor="#DDDDDD"><font size="2">Bridgewater Cmnty. Dev. Dist., Florida
Spl. Assmt., Ser. A, 6.00%, 5/01/35</font></td>
<td width="10%" align=center nowrap bgcolor="#DDDDDD"><font size="2">05/12 @ 101</font></td>
<td width="3%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="10%" align=right><font size="2">4,106,720</font></td>
</tr>
<tr valign=top><td width="105" align=center><font size="2">NR</font></td>
<td width="1%">&nbsp;</td>
<td width="10%" align=right><font size="2">2,000</font></td>
<td width="4%">&nbsp;</td>
<td width="52%" align=left><font size="2">CFM Cmnty. Dev. Dist., Cap. Impvt.,
Ser. A, 6.25%, 5/01/35</font></td>
<td width="10%" align=center nowrap><font size="2">05/14 @ 101</font></td>
<td width="3%">&nbsp;</td>
<td width="10%" align=right><font size="2">2,122,300</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="105" align=center bgcolor="#DDDDDD"><font size="2">NR</font></td>
<td width="1%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="10%" align=right bgcolor="#DDDDDD"><font size="2">3,000</font></td>
<td width="4%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="52%" align=left bgcolor="#DDDDDD"><font size="2">City Ctr. Cmnty. Dev. Dist. Spec.
Assess. Rev., Ser. A, 6.125%, 5/01/36</font></td>
<td width="10%" align=center nowrap bgcolor="#DDDDDD"><font size="2">05/15 @ 101</font></td>
<td width="3%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="10%" align=right><font size="2">2,976,930</font></td>
</tr>
<tr valign=top><td width="105" align=center><font size="2">Baa2</font></td>
<td width="1%">&nbsp;</td>
<td width="10%" align=right><font size="2">4,600</font></td>
<td width="4%">&nbsp;</td>
<td width="52%" align=left><font size="2">Escambia Cnty., PCR, Champion Intl.
Corp. Proj., 6.40%, 9/01/30</font></td>
<td width="10%" align=center nowrap><font size="2">09/06 @ 102</font></td>
<td width="3%">&nbsp;</td>
<td width="10%" align=right><font size="2">4,756,722</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="105" align=center bgcolor="#DDDDDD"><font size="2">NR</font></td>
<td width="1%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="10%" align=right bgcolor="#DDDDDD"><font size="2">2,000</font></td>
<td width="4%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="52%" align=left bgcolor="#DDDDDD"><font size="2">Heritage Isle At Viera Cmnty. Dev.
Dist., Spl. Assmt., Ser. A, 6.00%, 5/01/35</font></td>
<td width="10%" align=center nowrap bgcolor="#DDDDDD"><font size="2">05/12 @ 101</font></td>
<td width="3%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="10%" align=right><font size="2">2,059,720</font></td>
</tr>
<tr valign=top><td width="105" align=center><font size="2">A+</font></td>
<td width="1%">&nbsp;</td>
<td width="10%" align=right><font size="2">9,670</font></td>
<td width="4%">&nbsp;</td>
<td width="52%" align=left nowrap><font size="2">Highlands Cnty. Hlth. Facs. Auth.,
Hosp. Adventist/Sunbelt Proj., Ser. A, 6.00%, 11/15/31&nbsp;&nbsp;</font></td>
<td width="10%" align=center nowrap><font size="2">11/11 @ 101</font></td>
<td width="3%">&nbsp;</td>
<td width="10%" align=right><font size="2">10,550,744</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="105" align=center bgcolor="#DDDDDD"><font size="2">BBB-</font></td>
<td width="1%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="10%" align=right bgcolor="#DDDDDD"><font size="2">9,000</font></td>
<td width="4%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="52%" align=left bgcolor="#DDDDDD"><font size="2">Martin Cnty. Indl. Dev. Auth., Indiantown
Cogeneration Proj., Ser. A, 7.875%, 12/15/25</font></td>
<td width="10%" align=center nowrap bgcolor="#DDDDDD"><font size="2">08/05 @ 102</font></td>
<td width="3%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="10%" align=right><font size="2">9,272,700</font></td>
</tr>
<tr valign=top><td width="105" align=center><font size="2">BB+</font></td>
<td width="1%">&nbsp;</td>
<td width="10%" align=right><font size="2">11,685</font></td>
<td width="4%">&nbsp;</td>
<td width="52%" align=left><font size="2">Miami Beach Hlth. Facs. Auth., Mt.
Sinai Med. Ctr. Proj., 6.75%, 11/15/21</font></td>
<td width="10%" align=center nowrap><font size="2">11/14 @ 100</font></td>
<td width="3%">&nbsp;</td>
<td width="10%" align=right><font size="2">13,130,785</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="105" align=center bgcolor="#DDDDDD"><font size="2">NR</font></td>
<td width="1%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="10%" align=right bgcolor="#DDDDDD"><font size="2">3,970</font></td>
<td width="4%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="52%" align=left bgcolor="#DDDDDD"><font size="2">Stevens Plantation Cmnty. Dev. Dist.,
Spl. Assmt. Rev., Ser. A, 7.10%, 5/01/35</font></td>
<td width="10%" align=center nowrap bgcolor="#DDDDDD"><font size="2">05/14 @ 100</font></td>
<td width="3%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="10%" align=right><font size="2">4,113,833</font></td>
</tr>
<tr valign=top><td width="105" align=center><font size="2">NR</font></td>
<td width="1%">&nbsp;</td>
<td width="10%" align=right><font size="2">10,000</font></td>
<td width="4%">&nbsp;</td>
<td width="52%" align=left><font size="2">Vlg. Cmnty. Dev. Dist. No. 6 Spl.
Assmt. Rev., 5.625%, 5/01/22</font></td>
<td width="10%" align=center nowrap><font size="2">05/13 @ 100</font></td>
<td width="3%">&nbsp;</td>
<td width="10%" align=right><font size="2">10,242,200</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="105" align=center bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td width="1%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="10%" align=right bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td width="4%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="52%" align=left bgcolor="#DDDDDD"><font size="2">World Commerce Cmnty. Dev. Dist.,</font></td>
<td width="10%" align=center nowrap bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td width="3%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="10%" align=right></td>
</tr>
<tr valign=top><td width="105" align=center><font size="2">NR</font></td>
<td width="1%">&nbsp;</td>
<td width="10%" align=right><font size="2">4,000</font></td>
<td width="4%">&nbsp;</td>
<td width="52%" align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Ser. A-1, 6.50%, 5/01/36</font></td>
<td width="10%" align=center nowrap><font size="2">05/14 @ 101</font></td>
<td width="3%">&nbsp;</td>
<td width="10%" align=right><font size="2">4,186,640</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="105" align=center bgcolor="#DDDDDD"><font size="2">NR</font></td>
<td width="1%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="10%" align=right bgcolor="#DDDDDD"><font size="2">1,750</font></td>
<td width="4%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="52%" align=left bgcolor="#DDDDDD"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Ser. A-2, 6.125%, 5/01/35</font></td>
<td width="10%" align=center nowrap bgcolor="#DDDDDD"><font size="2">05/14 @ 101</font></td>
<td width="3%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="10%" align=right><font size="2">1,829,800</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='8' bgcolor="#DDDDDD" ><HR noshade size=1></td>
</tr>
<tr valign=top><td width="105" align=center><font size="2">&nbsp;</font></td>
<td width="1%">&nbsp;</td>
<td width="10%" align=right><font size="2">&nbsp;</font></td>
<td width="4%">&nbsp;</td>
<td width="52%" align=left><font size="2">&nbsp;</font></td>
<td width="10%" align=right nowrap><font size="2">&nbsp;</font></td>
<td width="3%">&nbsp;</td>
<td width="10%" align=right><font size="2">76,571,594</font></td>
</tr>
<tr valign=top><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
</table>
<p><p>
<font size="2"></font><p><p align='center'>1<HR noshade size=4><PAGE><p>
<p><font size="3"><b> BlackRock Municipal Income Trust (BFK) (continued)</b></font>
<p><p>
<p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign=top>
    <td width="105" align=center></td>
    <td width="1%">&nbsp;</td>
    <td width="10%" align=center><font size="2"><b>Principal</b></font></td>
    <td width="4%">&nbsp;</td>
    <td width="52%" align=center><font size="2"><b>&nbsp;</b></font></td>
    <td width="10%" align=center nowrap><font size="2"><b>&nbsp;</b></font></td>
    <td width="3%">&nbsp;</td>
    <td width="10%" align=center></td>
  </tr>
  <tr valign=top>
    <td width="105" align=center><font size="2"><b>&nbsp;</b></font></td>
    <td width="1%">&nbsp;</td>
    <td width="10%" align=center><font size="2"><b>Amount</b></font></td>
    <td width="4%">&nbsp;</td>
    <td width="52%" align=center><font size="2"><b>&nbsp;</b></font></td>
    <td width="10%" align=center nowrap><font size="2"><b>Option Call</b></font></td>
    <td width="3%">&nbsp;</td>
    <td width="10%" align=center></td>
  </tr>
  <tr valign=top>
    <td width="105" align=center><font size="2"><b>Rating</b><sup><b>1</b></sup></font></td>
    <td width="1%">&nbsp;</td>
    <td width="10%" align=center><font size="2"><b>(000)</b></font></td>
    <td width="4%">&nbsp;</td>
    <td width="52%" align=center><font size="2"><b>Description</b></font></td>
    <td width="10%" align=center nowrap><font size="2"><b>Provisions</b><sup><b>2</b></sup></font></td>
    <td width="3%">&nbsp;</td>
    <td width="10%" align=center><font size="2"><b>Value</b></font></td>
  </tr>
  <tr valign=top>
    <td COLSPAN='8' ><HR noshade size=1></td>
  </tr>
<tr valign=top><td align=center><font size="2"><font size="2"></font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Georgia&#151;2.2%</b></font></td>
<td align=right nowrap><font size="2"><b>&nbsp;</b></font></td>
<td nowrap>&nbsp;</td>
<td align=right nowrap><font size="2"></font></td>

</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><font size="2">AAA</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">$&nbsp;&nbsp;&nbsp;&nbsp;9,700</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Atlanta Arpt. Passenger Fac., Ser.
C, 5.00%, 1/01/33, FSA</font></td>
<td align=center nowrap><font size="2">07/14 @ 100</font></td>
<td nowrap>&nbsp;</td>
<td align=right nowrap><font size="2">$&nbsp;&nbsp;&nbsp;&nbsp; 10,168,607</font></td>
</tr>
<tr valign=top><td align=center><font size="2">BBB</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,000</font></td>
<td>&nbsp;</td>
<td align=left nowrap><font size="2">Richmond Cnty. Dev. Auth., Env. Impvt.
Rev., Intl. Paper Co. Proj., Ser. A, 6.00%, 2/01/25&nbsp;&nbsp;&nbsp;</font></td>
<td align=center nowrap><font size="2">02/12 @ 101</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,239,760</font></td>
</tr>
<tr valign=top><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td align=right nowrap><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">14,408,367</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Hawaii&#151;0.5%</b></font></td>
<td align=right nowrap><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><font size="2">AAA</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,345</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Honolulu City &amp; County Wastewtr.
Sys. Rev., Ser. A, 5.00%, 7/01/35, FGIC</font></td>
<td align=center nowrap><font size="2">07/15 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,529,443</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Idaho&#151;2.7%</b></font></td>
<td align=right nowrap><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><font size="2">AAA</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">16,970</font></td>
<td><font size="2"><sup> 3</sup></font></td>
<td align=left><font size="2">Univ. of Idaho, Student Fee Hsg.
Impvt. Proj., 5.40%, 4/01/41, FGIC</font></td>
<td align=center nowrap><font size="2">04/11 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">17,941,702</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Illinois&#151;16.4%</b></font></td>
<td align=right nowrap><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Bolingbrook, Ser. B, FGIC,</font></td>
<td align=center nowrap><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right></td>
</tr>
<tr valign=top><td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">7,120</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Zero Coupon, 1/01/33</font></td>
<td align=center nowrap><font size="2">No Opt. Call</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,834,041</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">14,085</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Zero Coupon, 1/01/34</font></td>
<td align=center nowrap><font size="2">No Opt. Call</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,453,079</font></td>
</tr>
<tr valign=top><td align=center><font size="2">NR</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,630</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Centerpoint Intermodal Ctr. Prog.
Trust, Ser. A, 8.00%, 6/15/23</font></td>
<td align=center nowrap><font size="2">No Opt. Call</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,719,683</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Dev. Fin. Auth.,</font></td>
<td align=center nowrap><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right></td>
</tr>
<tr valign=top><td align=center><font size="2">A2</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">25,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;PCR, Ser. C, 5.95%, 8/15/26</font></td>
<td align=center nowrap><font size="2">12/06 @ 101</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">25,699,250</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">A+</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">7,145</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Hosp. Rev., Adventist Hlth.
Sys. Sunbelt Oblig. Proj., 5.65%, 11/15/24</font></td>
<td align=center nowrap><font size="2">11/09 @ 101</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">7,514,682</font></td>
</tr>
<tr valign=top><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Edl. Facs. Auth., Student Hsg. Rev.,
Edl. Advancement Fund Univ. Ctr. Proj.,</font></td>
<td align=center nowrap><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">Baa2</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">10,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 5/01/30</font></td>
<td align=center nowrap><font size="2">05/12 @ 101</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">10,731,400</font></td>
</tr>
<tr valign=top><td align=center><font size="2">Baa2</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">7,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 5/01/34</font></td>
<td align=center nowrap><font size="2">05/07 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">7,221,690</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Edl. Facs. Auth. Revs., Ser. A,</font></td>
<td align=center nowrap><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right></td>
</tr>
<tr valign=top><td align=center><font size="2">Aa1</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">760</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Bal Union Chicago Proj., 5.25%,
7/01/41</font></td>
<td align=center nowrap><font size="2">07/11 @ 101</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">805,076</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">Aa1</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">315</font></td>
<td><font size="2"><sup> 4</sup></font></td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Univ. Chicago Proj., 5.25%,
7/01/11</font></td>
<td align=center nowrap><font size="2">N/A</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">348,897</font></td>
</tr>
<tr valign=top><td align=center><font size="2">AA+</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,700</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Fin. Auth., Northwestern Mem. Hosp.
Proj., Ser. A, 5.50%, 8/15/43</font></td>
<td align=center nowrap><font size="2">08/14 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,992,041</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Fin. Auth. Student Hsg., MJH Ed.
Asst. IV Proj.,</font></td>
<td align=center nowrap><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right></td>
</tr>
<tr valign=top><td align=center><font size="2">Baa2</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,100</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 5.125%, 6/01/35</font></td>
<td align=center nowrap><font size="2">06/14 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,100,588</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">Baa3</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,675</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Ser. B, 5.375%, 6/01/35</font></td>
<td align=center nowrap><font size="2">06/14 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,675,452</font></td>
</tr>
<tr valign=top><td align=center><font size="2">BB+</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,685</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Finance Auth. Rev., Friendship Village
Schaumburg Proj., Ser. A, 5.625%, 2/15/37</font></td>
<td align=center nowrap><font size="2">02/15 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,683,450</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Hlth. Facs. Auth., Elmhurst Mem.
Hlth. Care Proj.,</font></td>
<td align=center nowrap><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right></td>
</tr>
<tr valign=top><td align=center><font size="2">A2</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 1/01/22</font></td>
<td align=center nowrap><font size="2">01/13 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,292,550</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">A2</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">6,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;5.625%, 1/01/28</font></td>
<td align=center nowrap><font size="2">01/13 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">6,347,520</font></td>
</tr>
<tr valign=top><td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">40,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Met. Pier &amp; Exposition Auth.,
Dedicated St. Tax Rev., McCormick Place Expansion Proj., </font></td>
<td align=center nowrap><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Ser. A, Zero Coupon, 12/15/34,
MBIA</font></td>
<td align=center nowrap><font size="2">No Opt. Call</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">9,680,800</font></td>
</tr>
<tr valign=top><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">O&#146;Hare Intl. Arpt.,</font></td>
<td align=center nowrap><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 5.00%, 1/01/29, MBIA</font></td>
<td align=center nowrap><font size="2">01/15 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,139,710</font></td>
</tr>
<tr valign=top><td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 5.00%, 1/01/30, MBIA</font></td>
<td align=center nowrap><font size="2">01/15 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,176,880</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">7,645</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Ser. C-2, 5.25%, 1/01/30, FSA</font></td>
<td align=center nowrap><font size="2">01/14 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">8,047,968</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td align=right nowrap><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">108,464,757</font></td>
</tr>
<tr valign=top><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Indiana&#151;7.1%</b></font></td>
<td align=right nowrap><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>
</tr>
<tr valign=top><td align=center><font size="2"><font size="2">A+</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">9,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Hlth. Fac. Fin. Auth., Methodist
Hosp., Inc. Proj., 5.50%, 9/15/31</font></td>
<td align=center nowrap><font size="2">09/11 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">9,315,540</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">BBB</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">7,500</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Indianapolis Arpt. Auth., FedEx Corp.
Proj., 5.10%, 1/15/17</font></td>
<td align=center nowrap><font size="2">No Opt. Call</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">7,830,750</font></td>
</tr>
<tr valign=top><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Petersburg, PCR, Pwr. &amp; Lt. Conv.,</font></td>
<td align=center nowrap><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">Baa2</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">10,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;5.90%, 12/01/24</font></td>
<td align=center nowrap><font size="2">08/11 @ 102</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">10,568,900</font></td>
</tr>
<tr valign=top><td align=center><font size="2">Baa2</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">16,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 12/01/29</font></td>
<td align=center nowrap><font size="2">08/11 @ 102</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">16,857,440</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">NR</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,545</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Vincennes Econ. Dev., Southwest Indiana
Regl. Youth Proj., 6.25%, 1/01/24</font></td>
<td align=center nowrap><font size="2">01/09 @ 102</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,521,968</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td align=right nowrap><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">47,094,598</font></td>
</tr>
<tr valign=top><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Kentucky&#151;1.4%</b></font></td>
<td align=right nowrap><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>
</tr>
<tr valign=top><td align=center><font size="2"><font size="2">AAA</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">9,060</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Hsg. Corp., Hsg. Rev., Ser. F, 5.45%,
1/01/32</font></td>
<td align=center nowrap><font size="2">07/11 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">9,360,973</font></td>
</tr>
<tr valign=top><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Louisiana&#151;4.5%</b></font></td>
<td align=right nowrap><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>
</tr>
<tr valign=top><td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Local Gov&#146;t. Env. Facs. &amp;
Cmnty. Dev. Auth.,</font></td>
<td align=center nowrap><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">A</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">21,425</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Cap. Projs. &amp; Equip. Acquisition,
6.55%, 9/01/25, ACA</font></td>
<td align=center nowrap><font size="2">No Opt. Call</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">24,709,024</font></td>
</tr>
<tr valign=top><td align=center><font size="2">Baa1</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,605</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Oakleigh Apts. Proj., Ser.
A, 6.375%, 6/01/38</font></td>
<td align=center nowrap><font size="2">06/13 @ 102</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,716,902</font></td>
</tr>
<tr valign=top><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td align=right nowrap><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">29,425,926</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Maryland&#151;0.7%</b></font></td>
<td align=right nowrap><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><font size="2">Baa1</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,205</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Hlth. &amp; Higher Edl. Facs. Auth.,
Medstar Hlth. Proj., 5.50%, 8/15/33</font></td>
<td align=center nowrap><font size="2">08/14 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,374,840</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Massachusetts&#151;5.1%</b></font></td>
<td align=right nowrap><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><font size="2">AAA</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">25,200</font></td>
<td>&nbsp;</td>
<td align=left nowrap><font size="2">Massachusetts St. School Bldg. Auth.
Ded. Sales Tax Rev., Ser. A, 5.00%, 8/15/30, FSA&nbsp;&nbsp;&nbsp;</font></td>
<td align=center nowrap><font size="2">08/15 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">26,667,144</font></td>
</tr>
<tr valign=top><td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">6,750</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Tpke. Auth. Met. Hwy. Sys. Rev.,
Ser. A, 5.00%, 1/01/37, MBIA</font></td>
<td align=center nowrap><font size="2">01/07 @ 102</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">6,947,842</font></td>
</tr>
<tr valign=top><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td align=right nowrap><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">33,614,986</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Michigan&#151;2.9%</b></font></td>
<td align=right nowrap><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><font size="2">AA</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">17,210</font></td>
<td><font size="2"><sup> 4</sup></font></td>
<td align=left><font size="2">Kent Hosp. Fin. Auth., Spectrum Hlth.
Proj., Ser. A, 5.50%, 1/15/11</font></td>
<td align=center nowrap><font size="2">N/A</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">19,302,220</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='8' ><HR noshade size=1></table>
<p><p>
<p><p align='center'>2<HR noshade size=4><PAGE><p>
<p><font size="3"><b> BlackRock Municipal Income Trust (BFK) (continued)</b></font>
<p><p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign=top>
    <td width="105" align=center></td>
    <td width="1%">&nbsp;</td>
    <td width="10%" align=center><font size="2"><b>Principal</b></font></td>
    <td width="4%">&nbsp;</td>
    <td width="52%" align=center><font size="2"><b>&nbsp;</b></font></td>
    <td width="10%" align=center nowrap><font size="2"><b>&nbsp;</b></font></td>
    <td width="3%">&nbsp;</td>
    <td width="10%" align=center></td>
  </tr>
  <tr valign=top>
    <td width="105" align=center><font size="2"><b>&nbsp;</b></font></td>
    <td width="1%">&nbsp;</td>
    <td width="10%" align=center><font size="2"><b>Amount</b></font></td>
    <td width="4%">&nbsp;</td>
    <td width="52%" align=center><font size="2"><b>&nbsp;</b></font></td>
    <td width="10%" align=center nowrap><font size="2"><b>Option Call</b></font></td>
    <td width="3%">&nbsp;</td>
    <td width="10%" align=center></td>
  </tr>
  <tr valign=top>
    <td width="105" align=center><font size="2"><b>Rating</b><sup><b>1</b></sup></font></td>
    <td width="1%">&nbsp;</td>
    <td width="10%" align=center><font size="2"><b>(000)</b></font></td>
    <td width="4%">&nbsp;</td>
    <td width="52%" align=center><font size="2"><b>Description</b></font></td>
    <td width="10%" align=center nowrap><font size="2"><b>Provisions</b><sup><b>2</b></sup></font></td>
    <td width="3%">&nbsp;</td>
    <td width="10%" align=center><font size="2"><b>Value</b></font></td>
  </tr>
  <tr valign=top>
    <td COLSPAN='8' ><HR noshade size=1></td>
  </tr>
<tr valign=top><td align=center></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Mississippi&#151;3.0%</b></font></td>
<td align=right nowrap><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>

</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><font size="2">A2</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">$ 18,680</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Gulfport Hosp. Fac., Mem. Hosp. Gulfport
Proj., Ser. A, 5.75%, 7/01/31</font></td>
<td align=center nowrap><font size="2">07/11 @ 100</font></td>
<td nowrap>&nbsp;</td>
<td align=right nowrap><font size="2">$&nbsp;&nbsp;&nbsp;&nbsp; 19,740,464</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Multi-State&#151;7.0%</b></font></td>
<td align=right nowrap><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Charter Mac Equity Issuer Trust,</font></td>
<td align=center nowrap><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right></td>
</tr>
<tr valign=top><td align=center><font size="2">A3</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,000</font></td>
<td><font size="2"><sup> 5</sup></font></td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 6.625%, 6/30/49</font></td>
<td align=center nowrap><font size="2">06/09 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,072,370</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">A3</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">11,000</font></td>
<td><font size="2"><sup> 5</sup></font></td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Ser. A-2, 6.30%, 6/30/49</font></td>
<td align=center nowrap><font size="2">06/09 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">11,669,460</font></td>
</tr>
<tr valign=top><td align=center><font size="2">A3</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">16,000</font></td>
<td><font size="2"><sup> 5</sup></font></td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Ser. A-3, 6.80%, 10/31/52</font></td>
<td align=center nowrap><font size="2">10/14 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">17,996,000</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">Baa1</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">6,500</font></td>
<td><font size="2"><sup> 5</sup></font></td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Ser. B-1, 6.80%, 11/30/50</font></td>
<td align=center nowrap><font size="2">11/10 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">7,043,660</font></td>
</tr>
<tr valign=top><td align=center><font size="2">A3</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">8,000</font></td>
<td><font size="2"><sup> 5</sup></font></td>
<td align=left><font size="2">MuniMae TE Bond Subsidiary, LLC,
Ser. A, 6.875%, 6/30/49</font></td>
<td align=center nowrap><font size="2">06/09 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">8,605,360</font></td>
</tr>
<tr valign=top><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td align=right nowrap><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">46,386,850</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>New Hampshire&#151;0.6%</b></font></td>
<td align=right nowrap><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><font size="2">A+</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,500</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Hlth. &amp; Edl. Facs. Auth., Exeter
Hosp. Proj., 5.75%, 10/01/31</font></td>
<td align=center nowrap><font size="2">10/11 @ 101</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,724,525</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>New Jersey&#151;9.6%</b></font></td>
<td align=right nowrap><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Econ. Dev. Auth.,</font></td>
<td align=center nowrap><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right></td>
</tr>
<tr valign=top><td align=center><font size="2">B</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">31,410</font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><sup>&nbsp;&nbsp;&nbsp;&nbsp;</sup>Continental Airlines,
Inc. Proj., 7.00%, 11/15/30</font></td>
<td align=center nowrap><font size="2">11/10 @ 101</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">30,960,209</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">Baa3</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">8,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><sup>&nbsp;&nbsp;&nbsp;&nbsp;</sup>Kapkowski Rd. Landfill
Proj., 6.50%, 4/01/28</font></td>
<td align=center nowrap><font size="2">No Opt. Call</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">9,351,040</font></td>
</tr>
<tr valign=top><td align=center><font size="2">BBB</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">18,500</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Econ. Dev. Auth. Cigarette Tax Rev.,
5.75%, 6/15/29</font></td>
<td align=center nowrap><font size="2">06/14 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">19,732,655</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">NR</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,680</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Middlesex Cnty. Imprvt. Auth., Heldrich
Ctr. Hotel Proj., Ser. B, 6.25%, 1/01/37</font></td>
<td align=center nowrap><font size="2">01/15 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,640,513</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td align=right nowrap><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">63,684,417</font></td>
</tr>
<tr valign=top><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>New York&#151;3.6%</b></font></td>
<td align=right nowrap><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>
</tr>
<tr valign=top><td align=center><font size="2"><font size="2">AAA</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,375</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Env. Facs. Corp., Clean Wtr. &amp;
Drinking Wtr. Rev., NYC Mun. Wtr. Proj., Ser. B, </font></td>
<td align=center nowrap><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/15/31</font></td>
<td align=center nowrap><font size="2">06/12 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,619,132</font></td>
</tr>
<tr valign=top><td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">7,115</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Met. Transp. Auth., Svc. Contract,
Ser. A, 5.00%, 7/01/30, AMBAC</font></td>
<td align=center nowrap><font size="2">07/12 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">7,427,064</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Sales Tax Asset Receivable Corp.,
Ser. A, AMBAC,</font></td>
<td align=center nowrap><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right></td>
</tr>
<tr valign=top><td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">7,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/15/29</font></td>
<td align=center nowrap><font size="2">10/14 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">7,439,740</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,360</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/15/32</font></td>
<td align=center nowrap><font size="2">10/14 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,565,800</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td align=right nowrap><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">24,051,736</font></td>
</tr>
<tr valign=top><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Ohio&#151;2.9%</b></font></td>
<td align=right nowrap><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>
</tr>
<tr valign=top><td align=center><font size="2"><font size="2">Baa2</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">14,500</font></td>
<td>&nbsp;</td>
<td align=left nowrap><font size="2">Air Quality Dev. Auth., PCR, Cleveland
Elec. Illuminating Co. Proj., Ser. B, 6.00%, 8/01/20</font></td>
<td align=center nowrap><font size="2">08/07 @ 102</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">15,385,080</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">NR</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,760</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Pinnacle Cmnty. Infrastructure, Fin.
Auth., Ser. A, 6.25%, 12/01/36</font></td>
<td align=center nowrap><font size="2">12/14 @ 101</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,901,075</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td align=right nowrap><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">19,286,155</font></td>
</tr>
<tr valign=top><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Oklahoma&#151;1.2%</b></font></td>
<td align=right nowrap><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>
</tr>
<tr valign=top><td align=center><font size="2"><font size="2">B-</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">7,175</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Tulsa Mun. Arpt. Trust, Ser. A, 7.75%,
6/01/35</font></td>
<td align=center nowrap><font size="2">No Opt. Call</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">7,667,277</font></td>
</tr>
<tr valign=top><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Pennsylvania&#151;7.6%</b></font></td>
<td align=right nowrap><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>
</tr>
<tr valign=top><td align=center><font size="2"><font size="2">A3</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">6,500</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Econ. Dev. Fin. Auth., Amtrak Proj.,
Ser. A, 6.375%, 11/01/41</font></td>
<td align=center nowrap><font size="2">05/11 @ 101</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">7,023,575</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">BB-</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">19,750</font></td>
<td>&nbsp;</td>
<td align=left nowrap><font size="2">Econ. Dev. Fin. Auth. Exempt Facs.
Rev., Reliant Energy Conv. Proj., Ser. A, 6.75%, 12/01/36&nbsp;&nbsp;&nbsp;</font></td>
<td align=center nowrap><font size="2">12/09 @ 103</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">21,257,715</font></td>
</tr>
<tr valign=top><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Higher Edl. Facs. Auth.,</font></td>
<td align=center nowrap><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">BBB</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;La Salle Univ. Proj., 5.50%,
5/01/34</font></td>
<td align=center nowrap><font size="2">05/13 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,224,000</font></td>
</tr>
<tr valign=top><td align=center><font size="2">A</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">17,250</font></td>
<td><font size="2"><sup> 4</sup></font></td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Univ. of Pennsylvania Hlth.
Svcs. Proj., Ser. A, 5.75%, 1/01/06</font></td>
<td align=center nowrap><font size="2">N/A</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">17,632,777</font></td>
</tr>
<tr valign=top><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td align=right nowrap><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">50,138,067</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>South Carolina&#151;4.8%</b></font></td>
<td align=right nowrap><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Jobs Econ. Dev. Auth. Hosp. Facs.
Rev., Palmetto Hlth. Alliance Proj.,</font></td>
<td align=center nowrap><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right></td>
</tr>
<tr valign=top><td align=center><font size="2">BBB+</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,075</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 6.25%, 8/01/31</font></td>
<td align=center nowrap><font size="2">08/13 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,544,742</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">BBB+</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">9,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Ser. C, 6.875%, 8/01/27</font></td>
<td align=center nowrap><font size="2">08/13 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">10,247,040</font></td>
</tr>
<tr valign=top><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Lexington Cnty. Hlth. Svcs. Dist.,
Hosp. Rev.,</font></td>
<td align=center nowrap><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">A</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 11/01/32</font></td>
<td align=center nowrap><font size="2">11/13 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,323,150</font></td>
</tr>
<tr valign=top><td align=center><font size="2">A</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">10,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 11/01/28</font></td>
<td align=center nowrap><font size="2">11/13 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">10,895,400</font></td>
</tr>
<tr valign=top><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td align=right nowrap><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">32,010,332</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Tennessee&#151;1.5%</b></font></td>
<td align=right nowrap><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><font size="2">AAA</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">20,825</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Knox Cnty. Hlth. Edl. &amp; Hsg.
Facs. Brd., Hosp. Facs. Rev., Ser. A, Zero Coupon, </font></td>
<td align=center nowrap><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right></td>
</tr>
<tr valign=top><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;1/01/20, FSA</font></td>
<td align=center nowrap><font size="2">01/13 @ 67.474</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">9,787,334</font></td>
</tr>
<tr valign=top><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Texas&#151;13.4%</b></font></td>
<td align=right nowrap><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>
</tr>
<tr valign=top><td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Affordable Hsg. Corp., Multi-Fam.
Hsg. Rev., Ser. B,</font></td>
<td align=center nowrap><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">BB-</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">6,445</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">So. Texas Pptys. Corp., 8.00%, 3/01/32</font></td>
<td align=center nowrap><font size="2">09/12 @ 102</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">6,113,147</font></td>
</tr>
<tr valign=top><td align=center><font size="2">C</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,435</font></td>
<td><font size="2"> <sup>6</sup></font></td>
<td align=left><font size="2">Amer. Oppty. Hsg. Portfolio, 8.00%,
3/01/32</font></td>
<td align=center nowrap><font size="2">09/12 @ 102</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,330,500</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Affordable Hsg. Corp. Multi-Fam.
Hsg. Rev.,</font></td>
<td align=center nowrap><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right></td>
</tr>
<tr valign=top><td align=center><font size="2">Ba3</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">6,010</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;5.80%, 11/01/26</font></td>
<td align=center nowrap><font size="2">11/11 @ 102</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,781,856</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">Ba3</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">18,605</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Arborstone/Baybrook Oaks Proj.,
Ser. A, 5.85%, 11/01/31</font></td>
<td align=center nowrap><font size="2">11/11 @ 102</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">14,541,482</font></td>
</tr>
<tr valign=top><td align=center><font size="2">BBB</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">945</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Brazos River Auth., PCR, TXU Elec.
Co. Proj., Ser. C, 6.75%, 10/01/38</font></td>
<td align=center nowrap><font size="2">10/13 @ 101</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,049,838</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,805</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Dallas Area Rapid Trans., 5.00%,
12/01/31, AMBAC</font></td>
<td align=center nowrap><font size="2">12/11 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,931,783</font></table>
<p><p>
<font size="2"></font><p><p align='center'>3<HR noshade size=4><PAGE><p>
<p><font size="3"><b> BlackRock Municipal Income Trust (BFK) (continued)</b></font>
<p><p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign=top>
    <td width="105" align=center></td>
    <td width="1%">&nbsp;</td>
    <td width="10%" align=center><font size="2"><b>Principal</b></font></td>
    <td width="4%">&nbsp;</td>
    <td width="52%" align=center><font size="2"><b>&nbsp;</b></font></td>
    <td width="10%" align=center nowrap><font size="2"><b>&nbsp;</b></font></td>
    <td width="3%">&nbsp;</td>
    <td width="10%" align=center></td>
  </tr>
  <tr valign=top>
    <td width="105" align=center><font size="2"><b>&nbsp;</b></font></td>
    <td width="1%">&nbsp;</td>
    <td width="10%" align=center><font size="2"><b>Amount</b></font></td>
    <td width="4%">&nbsp;</td>
    <td width="52%" align=center><font size="2"><b>&nbsp;</b></font></td>
    <td width="10%" align=center nowrap><font size="2"><b>Option Call</b></font></td>
    <td width="3%">&nbsp;</td>
    <td width="10%" align=center></td>
  </tr>
  <tr valign=top>
    <td width="105" align=center><font size="2"><b>Rating</b><sup><b>1</b></sup></font></td>
    <td width="1%">&nbsp;</td>
    <td width="10%" align=center><font size="2"><b>(000)</b></font></td>
    <td width="4%">&nbsp;</td>
    <td width="52%" align=center><font size="2"><b>Description</b></font></td>
    <td width="10%" align=center nowrap><font size="2"><b>Provisions</b><sup><b>2</b></sup></font></td>
    <td width="3%">&nbsp;</td>
    <td width="10%" align=center><font size="2"><b>Value</b></font></td>
  </tr>
  <tr valign=top>
    <td COLSPAN='8' ><HR noshade size=1></td>
  </tr>
<tr valign=top><td align=center><font size="2"><font size="2"></font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Texas&#151;(continued)</b></font></td>
<td align=right nowrap><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"></font></td>

</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><font size="2">AAA</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">$&nbsp;&nbsp;&nbsp;&nbsp;2,875</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Harlandale Indpt. Sch. Dist., Refdg.,
5.00%, 8/15/35</font></td>
<td align=center nowrap><font size="2">08/15 @ 100</font></td>
<td nowrap>&nbsp;</td>
<td align=right nowrap><font size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,018,434</font></td>
</tr>
<tr valign=top><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Harris Cnty. Houston Sports Auth.,
MBIA,</font></td>
<td align=center nowrap><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2"></font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">12,580</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Ser. A, Zero Coupon, 11/15/38</font></td>
<td align=center nowrap><font size="2">11/30 @ 61.166</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,085,890</font></td>
</tr>
<tr valign=top><td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">26,120</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Ser. A-3, Zero Coupon, 11/15/37</font></td>
<td align=center nowrap><font size="2">11/24 @ 46.545</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,492,379</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Ser. H, Zero Coupon, 11/15/35</font></td>
<td align=center nowrap><font size="2">11/31 @ 78.178</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,006,350</font></td>
</tr>
<tr valign=top><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Tpke. Auth., Central Sys. Rev., AMBAC,</font></td>
<td align=center nowrap><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2"></font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">35,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Zero Coupon, 8/15/32</font></td>
<td align=center nowrap><font size="2">08/12 @ 30.846</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">7,806,400</font></td>
</tr>
<tr valign=top><td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">62,325</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Zero Coupon, 8/15/33</font></td>
<td align=center nowrap><font size="2">08/12 @ 28.997</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">13,058,334</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">65,040</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Zero Coupon, 8/15/34</font></td>
<td align=center nowrap><font size="2">08/12 @ 27.31</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">12,834,993</font></td>
</tr>
<tr valign=top><td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">11,995</font></td>
<td>&nbsp;</td>
<td align=left nowrap><font size="2">University Texas Permanent University
Fund, Series B, Refunding Series B, 5.00%, 7/01/35&nbsp;&nbsp;&nbsp;</font></td>
<td align=center nowrap><font size="2">07/15 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">12,666,360</font></td>
</tr>
<tr valign=top><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td align=right nowrap><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">88,717,746</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Virginia&#151;0.3%</b></font></td>
<td align=right nowrap><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><font size="2">AAA</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">8,105</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Transp. Brd. Trust, Zero Coupon,
4/01/32, MBIA</font></td>
<td align=center nowrap><font size="2">04/12 @ 34.99</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,021,144</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Washington&#151;3.5%</b></font></td>
<td align=right nowrap><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><font size="2">A-</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,190</font></td>
<td><font size="2"><sup> 4</sup></font></td>
<td align=left><font size="2"><sup></sup>Energy Northwest Wind
Proj., Ser. B, 6.00%, 1/01/07</font></td>
<td align=center nowrap><font size="2">N/A</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,347,811</font></td>
</tr>
<tr valign=top><td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">9,275</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Port Seattle Rev., Ser. A, 5.00%,
3/01/35, MBIA</font></td>
<td align=center nowrap><font size="2">03/15 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">9,720,571</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">10,170</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Port Seattle Rev., Ser. A, 5.00%,
3/01/30, MBIA</font></td>
<td align=center nowrap><font size="2">03/15 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">10,707,383</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td align=right nowrap><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">22,775,765</font></td>
</tr>
<tr valign=top><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>West Virginia&#151;0.3%</b></font></td>
<td align=right nowrap><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>
</tr>
<tr valign=top><td align=center><font size="2"><font size="2">AAA</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,070</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Econ. Dev. Auth., Correctional Juvenile
Safety, Ser. A, 5.00%, 6/01/29, MBIA</font></td>
<td align=center nowrap><font size="2">06/14 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,178,489</font></td>
</tr>
<tr valign=top><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Wisconsin&#151;5.9%</b></font></td>
<td align=right nowrap><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>
</tr>
<tr valign=top><td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Hlth. &amp; Edl. Facs. Auth.,</font></td>
<td align=center nowrap><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">A-</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">7,500</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Aurora Hlth. Care Proj., 6.40%,
4/15/33</font></td>
<td align=center nowrap><font size="2">04/13 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">8,320,275</font></td>
</tr>
<tr valign=top><td align=center><font size="2">AA-</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">13,750</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Froedert &amp; Cmnty. Hlth.
Oblig., 5.375%, 10/01/30</font></td>
<td align=center nowrap><font size="2">10/11 @ 101</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">14,307,975</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">A</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">15,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Wheaton Franciscan Svcs., 5.75%,
8/15/30</font></td>
<td align=center nowrap><font size="2">02/12 @ 101</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">16,031,250</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td align=right nowrap><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">38,659,500</font></td>
</tr>
<tr valign=top><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Puerto Rico&#151;2.5%</b></font></td>
<td align=right nowrap><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>
</tr>
<tr valign=top><td align=center><font size="2"><font size="2">BBB-</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">52,775</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Childrens Trust Fund Tobacco Settlement
Rev., Ser. A, Zero Coupon, 5/15/50</font></td>
<td align=center nowrap><font size="2">05/15 @ 11.191</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,350,157</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">BBB+</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">12,465</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Comnwlth Infra. Fin. Auth. Spl. Tax
Rev., Ser. B, 5.00%, 7/01/41</font></td>
<td align=center nowrap><font size="2">07/15 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">12,988,779</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td align=right nowrap><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">16,338,936</font></td>
</tr>
<tr valign=top><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Total Long-Term Investments</b>
(cost $1,013,187,528)</font></td>
<td align=center nowrap><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,074,290,076</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>SHORT-TERM INVESTMENTS&#151;3.0%</b></font></td>
<td align=right nowrap><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Idaho&#151;1.2%</b></font></td>
<td align=right nowrap><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>
</tr>
<tr valign=top><td align=center><font size="2"><font size="2">A1+</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">8,000</font></td>
<td><font size="2"><sup> 7</sup></font></td>
<td align=left><font size="2"><sup></sup>Hlth. Fac. Auth. Rev.,
St. Lukes Reg. Med. Ctr. Proj., 2.24%, 8/01/05, FSA, FRDD</font></td>
<td align=center nowrap><font size="2">N/A</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">8,000,000</font></td>
</tr>
<tr valign=top><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Texas&#151;0.9%</b></font></td>
<td align=right nowrap><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>
</tr>
<tr valign=top><td align=center><font size="2"><font size="2">A1+</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,800</font></td>
<td><font size="2"><sup> 7</sup></font></td>
<td align=left><font size="2"><sup></sup>Texas Water Dev. Board
Rev., 2.33%, 8/01/05, FRDD</font></td>
<td align=center nowrap><font size="2">N/A</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,800,000</font></td>
</tr>
<tr valign=top><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Puerto Rico&#151;0.0%</b></font></td>
<td align=right nowrap><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>
</tr>
<tr valign=top><td align=center><font size="2"><font size="2">A-1</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">100</font></td>
<td><font size="2"><sup> 7</sup></font></td>
<td align=left><font size="2"><sup></sup>Puerto Rico Gov&#146;t.
Dev. Bank, 2.23%, 08/03/05, MBIA, FRWD</font></td>
<td align=center nowrap><font size="2">N/A</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">100,000</font></td>
</tr>
<tr valign=top><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
</table>
<p><p>
<font size="2"></font><p><p align='center'>4<HR noshade size=4><PAGE><p>
<p><font size="3"><b> BlackRock Municipal Income Trust (BFK) (continued)</b></font>
<p><p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign=top>
    <td width="105" align=center></td>
    <td width="1%">&nbsp;</td>
    <td width="10%" align=center><font size="2">&nbsp;</font></td>
    <td width="4%">&nbsp;</td>
    <td width="52%" align=center><font size="2"><b>&nbsp;</b></font></td>
    <td width="10%" align=center><font size="2"><b>&nbsp;</b></font></td>
    <td width="3%">&nbsp;</td>
    <td width="10%" align=center></td>
  </tr>
  <tr valign=top>
    <td width="105" align=center><font size="2"><b>&nbsp;</b></font></td>
    <td width="1%">&nbsp;</td>
    <td width="10%" align=center><font size="2"><b>Shares</b></font></td>
    <td width="4%">&nbsp;</td>
    <td width="52%" align=center><font size="2"><b>&nbsp;</b></font></td>
    <td width="10%" align=center>&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="10%" align=center></td>
  </tr>
  <tr valign=top>
    <td width="105" align=center><font size="2">&nbsp;</font></td>
    <td width="1%">&nbsp;</td>
    <td width="10%" align=center><font size="2"><b>(000)</b></font></td>
    <td width="4%">&nbsp;</td>
    <td width="52%" align=center><font size="2"><b>Description</b></font></td>
    <td width="10%" align=center>&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="10%" align=center><font size="2"><b>Value</b></font></td>
  </tr>
  <tr valign=top>
    <td COLSPAN='8' ><HR noshade size=1></td>
  </tr>
<tr valign=top>
    <td align=right>&nbsp;</td>
    <td align=right>&nbsp;</td>
    <td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Money Market Funds&#151;0.9%</b></font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td align=right><font size="2"></font></td>

</tr>
<tr valign=top bgcolor='#DDDDDD'>
  <td align=right>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td align=right><font size="2">5,750</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">AIM Tax Free Investment. Co. Cash
Reserve Portfolio</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td align=right><font size="2">$&nbsp;&nbsp;&nbsp;&nbsp;  5,750,000</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=top>
  <td align=right>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Total Short-Term Investments</b>
(cost $19,650,000)</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td align=right><font size="2">19,650,000</font></td>
</tr>
<tr valign=top><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'>
  <td align=right>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Total Investments&#151;165.6%</b>
(cost $1,032,837,528<sup>8</sup>)</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td align=right><font size="2">1,093,940,076</font></td>
</tr>
<tr valign=top>
  <td align=right>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left valign="bottom"><font size="2">Liabilities in excess of other assets
(including $70,611,313 of investment<br>
&nbsp;&nbsp;&nbsp;&nbsp;purchase payable)&#151;(8.8)%</font></td>
<td valign="bottom">&nbsp;</td>
<td valign="bottom">&nbsp;</td>
<td align=right valign="bottom"><font size="2">(58,086,605)</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'>
  <td align=right>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Preferred stock at redemption value, including dividends payable&#151;(56.8)%</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td align=right><font size="2">(375,236,397)</font></td>
</tr>
<tr valign=top><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'>
  <td align=right>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Net Assets Applicable to Common
Shareholders&#151;100%</b></font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td align=right><font size="2">$&nbsp;&nbsp;&nbsp;&nbsp;660,617,074</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='8' ><HR noshade size=3></td>
</tr>
</table>

<p><p>
<hr align="left" noshade width="140" size="1">
<table border="0" cellspacing="0" cellpadding="0">
<tr valign=top><td align=left><font size="2"><font size="2"><sup></sup></font><sup><font size="2">1</font></sup></font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Using the higher of Standard &amp;
Poor&#146;s, Moody&#146;s Investor Service or Fitch 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 optional 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">Security, or a portion thereof, pledged
as collateral with a value of $4,359,751 on 2,433 short U.S. Treasury Note futures
contracts expiring September 2005. The value of such contracts on July 31, 2005
was $270,024,984, with an unrealized gain of $1,344,650.</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 prefunded. 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 July 31,
2005, the Trust held 7.0% of it nets assets, with a current market value of $46,386,850,
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.</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2"><sup>8</sup></font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Cost for Federal income tax purposes
is $1,032,806,490. The net unrealized appreciation on a tax basis is $61,133,586,
consisting of $70,399,410 gross unrealized appreciation and $9,265,824 gross unrealized
depreciation.</font></td><td>&nbsp;</td></tr></table>
<p><p><p><p align="center">
<hr size="1" noshade>

<p align="center"><font size="2"><b>KEY TO ABBREVIATIONS</b></font>
<p><p><table width="100%" border="0" cellspacing="0" cellpadding="0"><tr valign=top><td align=left><font size="2"><font size="2">ACA</font></font></td>
<td align=left><font size="2">&#151;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">American Capital Access</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">FSA</font></td>
<td align=left><font size="2">&#151;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Financial Security Assurance</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">AMBAC</font></td>
<td align=left><font size="2">&#151;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">American Municipal Bond Assurance
Corp.</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">GO</font></td>
<td align=left><font size="2">&#151;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">General Obligation</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">FGIC</font></td>
<td align=left><font size="2">&#151;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Financial Guaranty Insurance Co.</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">MBIA</font></td>
<td align=left><font size="2">&#151;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Municipal Bond Insurance Assoc.</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">FRDD</font></td>
<td align=left><font size="2">&#151;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Floating Rate Daily Demand<font size="2"></font></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><font size="2">PCR</font></font></td>
<td align=left><font size="2">&#151;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Pollution Control Revenue<font size="2"></font></font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2"><font size="2">FRWD</font></font></td>
<td align=left><font size="2">&#151;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Floating Rate Weekly Demand</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td align=left><font ></font></table>
<br>
<br>
<hr size="1" noshade>
<br>
<p><p align='center'>5
<HR noshade size=4>
<P align="left" style="page-break-before:always"></P><PAGE>


<B><FONT size="2" face="serif">Item 2. Controls and Procedures.</FONT></B><FONT face="serif"> </FONT>
<P>
<FONT size="2" face="serif">(a) The Registrant's principal executive and principal financial officers have evaluated the Registrant's disclosure controls and procedures within 90 days of this filing and have concluded, as of that date, that the
Registrant&#146;s disclosure controls and procedures were reasonably designed to ensure that information required to be disclosed by the Registrant in this Form N-Q was recorded, processed, summarized, and reported within the required time periods
and that information to be disclosed by the Registrant in this Form N-Q was accumulated and communicated to the Registrant&#146;s management , including it principle executive and principle financial officers, as appropriate to allow timely
decisions regarding required disclosure. </FONT></P>
<P>
  <FONT size="2" face="serif">(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a -3(d)) that occurred during the registrant's last fiscal quarter that have
materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting. </FONT></P>
<P>
  <font size="2"><B><FONT face="serif">Item 3. Exhibits.</FONT></B> </font></P>
<P>
  <FONT size="2" 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>


</font>
<P align="center">
<font size="2"><B><FONT face="serif">SIGNATURES</FONT></B> </font></P>
<P>
  <FONT size="2" face="serif"> &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 size="2" face="serif">(Registrant)</FONT><font size="2"><U><FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Municipal Income Trust&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;</FONT></U> </font></P>
<P>
  <FONT size="2" face="serif">By: <u>/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;</u><BR>
  Name: Henry Gabbay <br>
  Title: Treasurer <br>
Date: September 28, 2005 </FONT></P>
<P>
  <FONT size="2" face="serif"> &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 size="2" face="serif">By: <u>/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;</u><BR>
  Name: Robert S. Kapito <br>
  Title: Principal Executive Officer <br>
  Date: September 28, 2005 <BR>
  </FONT></P>
<P><FONT size="2" face="serif">By: <u>/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;</u><BR>
  Name: Henry Gabbay <br>
  Title: Principal Financial Officer <br>
  Date: September 28, 2005<BR>
  </FONT><FONT size="2" face="serif"><BR>
  <BR>
  </FONT></P>
<font size="2">
<HR noshade  width="100%" size=4>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>c39092_ex99-cert.htm
<TEXT>

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

<BODY bgcolor="#ffffff">




<P align="right">
<B><FONT face="serif">EX-99.CERT </FONT></B></P>

<center>
  <B><FONT face="serif">CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER </FONT></B>
  <p></P>
</center>
<P align="center">
<B><U><FONT face="serif">CERTIFICATIONS</FONT></U></B><B><FONT face="serif"> </FONT></B></P>
<P align="right">
<P>
<FONT face="serif">I, Robert S. Kapito, certify that: </FONT></P>
<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) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; </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><FONT size=2 face="sans-serif"> </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>

<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>
<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>
<P>&nbsp;</P>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td colspan="2"><FONT face="serif">Date: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;September 28, 2005&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="4%"><FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <BR>
    </FONT></td>
    <td width="46%"><hr align="left" width="200" size="1" noshade></td>
    <td width="50%" align="center"><font face="serif">/s/ Robert S. Kapito &nbsp;&nbsp;&nbsp;</font></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td align="center"><hr width="200" size="1" noshade>    </td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td align="center"><font face="serif">Robert S. Kapito </font></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td align="center"><center><FONT face="serif">  Principal Executive Officer </FONT>
    </center></td>
  </tr>
</table>
<P><FONT face="serif"><BR>
</FONT></P>
<P align="center">
<FONT face="serif"> <BR>
</FONT></P>

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

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


<P align="right">
<B><FONT face="serif">EX-99.CERT </FONT></B></P>

<center>
  <B><FONT face="serif">CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER </FONT></B>
  <p></P>
</center>
<P align="center">
<B><U><FONT face="serif">CERTIFICATIONS</FONT></U></B><B><FONT face="serif"> </FONT></B></P>
<P align="right">
<P>
<FONT face="serif">I, Henry Gabbay, certify that: </FONT></P>
<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) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; </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><FONT size=2 face="sans-serif"> </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>

<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>
<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>
<P>&nbsp;</P>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td colspan="2"><FONT face="serif">Date: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;September 28, 2005&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="4%"><FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <BR>
    </FONT></td>
    <td width="46%"><hr align="left" width="200" size="1" noshade></td>
    <td width="50%" align="center"><font face="serif">/s/ Henry Gabbay &nbsp;&nbsp;&nbsp;</font></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td align="center"><hr width="200" size="1" noshade>
    </td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td align="center"><FONT face="serif">Henry Gabbay </FONT></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td align="center"><center>
        <FONT face="serif"> Principal Financial Officer </FONT>
    </center></td>
  </tr>
</table>
<P>&nbsp;</P>
<P><FONT face="serif"><BR><BR>
</FONT></P>
<P align="center">
<FONT face="serif"> <BR><BR>
</FONT></P>

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




</BODY>

</HTML>

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
