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<SEC-DOCUMENT>0000930413-06-002595.txt : 20060331
<SEC-HEADER>0000930413-06-002595.hdr.sgml : 20060331
<ACCEPTANCE-DATETIME>20060331152910
ACCESSION NUMBER:		0000930413-06-002595
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20060131
FILED AS OF DATE:		20060331
DATE AS OF CHANGE:		20060331
EFFECTIVENESS DATE:		20060331

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:		06728529

	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>c41092_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>
</center>
<P align="center"> <B><FONT size=4 face="serif">FORM N-Q </FONT></B></P>
<center>
  <B><FONT face="serif">QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED </FONT></B><BR>
  <B><FONT face="serif">MANAGEMENT INVESTMENT COMPANY </FONT></B>
</center>
<P> <FONT face="serif">Investment Company Act file number:</FONT><U><FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;811-10339&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U></P>
<P align="center"> <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 valign="bottom">
    <TD width=50% align=center>
      <center>
        <FONT face="serif">100 Bellevue Parkway, Wilmington, DE</FONT>&nbsp;
    </center></TD>
    <TD width=50% align=center>
      <center>
        <FONT face="serif">19809</FONT>&nbsp;
    </center></TD>
  </TR>
  <TR>
    <TD>
      <HR align="center" size=1 noshade>
    </TD>
    <TD>
      <HR align="center" size=1 noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right>
      <center>
        <FONT face="serif">(Address of principal executive offices)</FONT>&nbsp;
    </center></TD>
    <TD align=right>
      <center>
        <FONT face="serif">(Zip code)</FONT>&nbsp;
    </center></TD>
  </TR>
</TABLE>
<center>
  <BR>
  <FONT face="serif">Robert S. Kapito, President </FONT><BR>
  <FONT face="sans-serif">BlackRock Municipal Income Trust</FONT><BR>
  <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;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;</u> </FONT><BR>
  <FONT face="serif">(Name and address of agent for service) </FONT>
</center>
<P> <FONT face="serif">Registrant's telephone number, including area code:</FONT><U><FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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></P>
<FONT face="serif">Date of fiscal year end:</FONT><U><FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;October
31, 2006</FONT></U><FONT face="serif"> </FONT><BR>
<FONT face="serif">Date of reporting period:</FONT><U><FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;January
31, 2006</FONT></U><BR>
<HR noshade  width="100%" size=4>
<P align="left" style="page-break-before:always"></P>
<PAGE>
<P> <B><FONT face="serif">Item 1. Schedule of Investments.</FONT></B><FONT face="serif"> <br><br>

  </FONT><FONT face="serif">The Registrant&#146;s unaudited schedule of investments
  as of the close of the reporting period pursuant to Rule 30b1-5 under the Investment
  Company Act of 1940 is as follows: </FONT></P>
<p>
<font size="3"><font face="serif"><b>PORTFOLIO OF INVESTMENTS<br>JANUARY
31, 2006 (</b><b>unaudited</b><b>)</b></font></font><hr noshade size=2>
<font size="3"><font face="serif"><b> BlackRock Municipal Income Trust
(BFK)</b></font></font>
<hr noshade size=2>
<br>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr valign=top><td width="8%" align=center></td>
<td width="8%" align=center><font size="2"><b>Principal</b></font></td>
<td width="3%">&nbsp;</td>
<td width="54%" align=center><font size="2"><b>&nbsp;</b></font></td>
<td width="14%" align=center><font size="2"><b>&nbsp;</b></font></td>
<td width="3%">&nbsp;</td>
<td width="9%" align=center></td>
<td width="1%">&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2"><b>&nbsp;</b></font></td>
<td align=center><font size="2"><b>Amount</b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td align=center><font size="2"><b>Option Call</b></font></td>
<td>&nbsp;</td>
<td align=center></td>
<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2"><b>Rating</b><sup><b>1</b></sup></font></td>
<td align=center><font size="2"><b>(000)</b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>Description</b></font></td>
<td align=center><font size="2"><b>Provisions</b><sup><b>2</b></sup></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>Value</b></font></td>
<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='8' ><HR noshade size=2></td></tr>
  <tr valign=top><td align=center></td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>LONG-TERM INVESTMENTS&#151;151.5%</b></font></td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>
<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><b>&nbsp;</b></font></td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Alabama&#151;2.5%</b></font></td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>
<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">A2</font></td>
<td align=right><font size="2">$15,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Huntsville Hlth. Care Auth., GO,
Ser. B, 5.75%, 6/01/32</font></td>
<td align=center><font size="2">06/12 @ 101</font></td>
<td align="right"><font size="2">$</font></td>
<td align=right><font size="2">&nbsp; 16,006,650</font></td>
<td>&nbsp;</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>&nbsp;</b></font></td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Arizona&#151;4.8%</b></font></td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>
<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">AAA</font></td>
<td align=right><font size="2">7,225</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Phoenix Civic Impvt. Corp., Civic
Plaza Expansion Proj., 5.00%, 7/01/35, FGIC</font></td>
<td align=center><font size="2">7/15 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">7,482,571</font></td>
<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">AA</font></td>
<td align=right><font size="2">15,805</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Salt River Proj. Agricultral Impvt.
&amp; Pwr. Dist., Ser. A, 5.00%, 1/01/35</font></td>
<td align=center><font size="2">01/16 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">16,520,809</font></td>
<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">A3</font></td>
<td align=right><font size="2">7,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Scottsdale Ind. Dev. Auth., Scottsdale
Hlth. Care Proj., 5.80%, 12/01/31</font></td>
<td align=center><font size="2">12/11 @ 101</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">7,478,310</font></td>
<td>&nbsp;</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 align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">31,481,690</font></td>
<td>&nbsp;</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>&nbsp;</b></font></td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>California&#151;16.3%</b></font></td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>
<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">&nbsp;</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Foothill/Eastn. Transp. Corridor
Agcy., Toll Road Rev.,</font></td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right></td>
<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">BBB</font></td>
<td align=right><font size="2">54,635</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp; &nbsp; &nbsp;Zero Coupon, 1/15/32</font></td>
<td align=center><font size="2">01/10 @ 27.37</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">11,888,576</font></td>
<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">BBB</font></td>
<td align=right><font size="2">20,535</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp; &nbsp; &nbsp;Zero Coupon, 1/15/34</font></td>
<td align=center><font size="2">01/10 @ 24.228</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,951,755</font></td>
<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">BBB</font></td>
<td align=right><font size="2">75,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp; &nbsp; &nbsp;Zero Coupon, 1/15/38</font></td>
<td align=center><font size="2">01/10 @ 19.014</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">11,306,250</font></td>
<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">&nbsp;</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Golden St. Tobacco Sec. Corp.,</font></td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right></td>
<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">A-</font></td>
<td align=right><font size="2">22,365</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp; &nbsp; &nbsp;Ser. A, 5.00%, 6/01/45</font></td>
<td align=center><font size="2">06/15 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">22,584,848</font></td>
<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">BBB</font></td>
<td align=right><font size="2">10,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp; &nbsp; &nbsp;Ser. A-1, 6.625%, 6/01/40</font></td>
<td align=center><font size="2">06/13 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">11,142,100</font></td>
<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">AAA</font></td>
<td align=right><font size="2">11,760</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Los Angeles Dept. of Wtr. &amp; Pwr.
Sys., 5.00%, 7/01/31, FSA</font></td>
<td align=center><font size="2">07/15 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">12,281,909</font></td>
<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">NR</font></td>
<td align=right><font size="2">3,500</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Lincoln Spl. Tax, Cmnty. Facs. Dist.,
6.00%, 9/01/34</font></td>
<td align=center><font size="2">09/13 @ 102</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,730,160</font></td>
<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">AAA</font></td>
<td align=right><font size="2">13,320</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Los Angeles Regl. Arpt. Impvt. Corp.
Lease Facs. Rev., LAXfuel Corp., L.A. Intl. Proj., </font></td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right></td>
<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">&nbsp;</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp; &nbsp; &nbsp;5.50%, 1/01/32, AMBAC</font></td>
<td align=center><font size="2">01/12 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">13,954,831</font></td>
<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">NR</font></td>
<td align=right><font size="2">5,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Murrieta Cmnty. Facs. Dist., Spl.
Tax No. 2, The Oaks Impvt. Area A Proj., 6.00%, 9/01/34</font></td>
<td align=center><font size="2">09/14 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,222,500</font></td>
<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">A+</font></td>
<td align=right><font size="2">5,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Statewide Cmnty. Dev. Auth., Mem.
Hlth. Svcs. Proj., Ser. A, 5.50%, 10/01/33</font></td>
<td align=center><font size="2">04/13 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,252,900</font></td>
<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">AAA</font></td>
<td align=right><font size="2">5,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Univ. of California, Ser. C, 4.75%,
5/15/37, MBIA</font></td>
<td align=center><font size="2">05/13 @ 101</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,026,900</font></td>
<td>&nbsp;</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 align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">106,342,729</font></td>
<td>&nbsp;</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>&nbsp;</b></font></td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Colorado&#151;1.4%</b></font></td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>
<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">BBB</font></td>
<td align=right><font size="2">3,500</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Denver Hlth. &amp; Hosp. Auth., Hlth.
Care Rev., Ser. A, 6.00%, 12/01/31</font></td>
<td align=center><font size="2">12/11 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,655,015</font></td>
<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">Baa2</font></td>
<td align=right><font size="2">2,530</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Park Creek Met. Dist. Rev., Ppty.
Tax, 5.50%, 12/01/37</font></td>
<td align=center><font size="2">12/15 @ 101</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,605,723</font></td>
<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">AAA</font></td>
<td align=right><font size="2">2,545</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Springs Utils. Rev., Ser. C, 5.00%,
11/15/45, FSA</font></td>
<td align=center><font size="2">11/15 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,614,198</font></td>
<td>&nbsp;</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 align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">8,874,936</font></td>
<td>&nbsp;</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>&nbsp;</b></font></td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>District of Columbia&#151;6.3%</b></font></td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>
<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">&nbsp;</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Georgetown Univ. Proj., </font></td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right></td>
<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">AAA</font></td>
<td align=right><font size="2">15,600</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp; &nbsp; &nbsp;Ser. A, Zero Coupon, 4/01/36,
MBIA</font></td>
<td align=center><font size="2">04/11 @ 22.875</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,744,820</font></td>
<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">AAA</font></td>
<td align=right><font size="2">51,185</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp; &nbsp; &nbsp;Ser. A, Zero Coupon, 4/01/37,
MBIA</font></td>
<td align=center><font size="2">04/11 @ 21.546</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">8,478,795</font></td>
<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">A</font></td>
<td align=right><font size="2">2,390</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Friendship Pub. Charter Sch., Inc.
Proj., 5.25%, 6/01/33, ACA</font></td>
<td align=center><font size="2">06/14 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,413,900</font></td>
<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">BBB</font></td>
<td align=right><font size="2">25,535</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Tobacco Settlement Fin. Corp., 6.75%,
5/15/40</font></td>
<td align=center><font size="2">05/11 @ 101</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">27,564,522</font></td>
<td>&nbsp;</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 align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">41,202,037</font></td>
<td>&nbsp;</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>&nbsp;</b></font></td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Florida&#151;10.5%</b></font></td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>
<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">NR</font></td>
<td align=right><font size="2">4,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Bellalago Ed. Fac. Benefits Dist.,
Ser. B, 5.80%, 5/01/34</font></td>
<td align=center><font size="2">05/14 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,070,960</font></td>
<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">NR</font></td>
<td align=right><font size="2">4,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Bridgewater Cmnty. Dev. Dist., Spl.
Assmt., Ser. A, 6.00%, 5/01/35</font></td>
<td align=center><font size="2">05/12 @ 101</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,114,760</font></td>
<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">NR</font></td>
<td align=right><font size="2">2,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">CFM Cmnty. Dev. Dist., Cap. Impvt.,
Ser. A, 6.25%, 5/01/35</font></td>
<td align=center><font size="2">05/14 @ 101</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,105,320</font></td>
<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">Baa3</font></td>
<td align=right><font size="2">4,600</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Escambia Cnty., PCR, Champion Intl.
Corp. Proj., 6.40%, 9/01/30</font></td>
<td align=center><font size="2">09/06 @ 102</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,779,768</font></td>
<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">NR</font></td>
<td align=right><font size="2">2,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Heritage Isle at Viera Cmnty. Dev.
Dist., Spl. Assmt., Ser. A, 6.00%, 5/01/35</font></td>
<td align=center><font size="2">05/12 @ 101</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,050,280</font></td>
<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">A+</font></td>
<td align=right><font size="2">9,670</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Highlands Cnty. Hlth. Facs. Auth.,
Hosp. Adventist/Sunbelt Proj., Ser. A, 6.00%, 11/15/31</font></td>
<td align=center><font size="2">11/11 @ 101</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">10,449,789</font></td>
<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">BB+</font></td>
<td align=right><font size="2">9,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Martin Cnty. Indl. Dev. Auth., Indiantown
Cogeneration Proj., Ser. A, 7.875%, 12/15/25</font></td>
<td align=center><font size="2">03/06 @ 101</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">9,296,280</font></td>
<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">BB+</font></td>
<td align=right><font size="2">11,685</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Miami Beach Hlth. Facs. Auth., Mt.
Sinai Med. Ctr. Proj., 6.75%, 11/15/21</font></td>
<td align=center><font size="2">11/14 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">13,093,977</font></td>
<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">AAA</font></td>
<td align=right><font size="2">3,680</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Peace River/Manasota Regl. Wtr. Sply.
Auth., 5.00%, 10/01/30, FSA</font></td>
<td align=center><font size="2">10/15 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,843,208</font></td>
<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">NR</font></td>
<td align=right><font size="2">3,970</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Stevens Plantation Cmnty. Dev. Dist.,
Spl. Assmt. Rev., Ser. A, 7.10%, 5/01/35</font></td>
<td align=center><font size="2">05/14 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,150,953</font></td>
<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">NR</font></td>
<td align=right><font size="2">9,970</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Vlg. Cmnty. Dev. Dist. No. 6, Spl.
Assmt. Rev., 5.625%, 5/01/22</font></td>
<td align=center><font size="2">05/13 @ 100</font></td>

<td>&nbsp;</td>
<td align=right><font size="2">10,142,979</font></td>
<td>&nbsp;</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 align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">68,098,274</font></td>
<td>&nbsp;</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>&nbsp;</b></font></td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Georgia&#151;0.6%</b></font></td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>
<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">BBB</font></td>
<td align=right><font size="2">4,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Richmond Cnty. Dev. Auth., Env. Impvt.
Rev., Intl. Paper Co. Proj., Ser. A, 6.00%, 2/01/25</font></td>
<td align=center><font size="2">02/12 @ 101</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,197,560</font></td>
<td>&nbsp;</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>&nbsp;</b></font></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=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>
<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">AAA</font></td>
<td align=right><font size="2">16,970</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Univ. of Idaho, Student Fee Hsg.
Impvt. Proj., 5.40%, 4/01/41, FGIC</font></td>
<td align=center><font size="2">04/11 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">17,760,802</font></td>
<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='8' ><HR noshade size=1></td>
</tr></table>
<p align="center">1</p>
<HR noshade size=4><PAGE>
<br>
<hr noshade size=2>
<font size="3"><font face="serif"><b>BlackRock Municipal Income Trust (BFK) (continued)</b></font></font>
<hr noshade size=2><br>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr valign=top>
    <td align=center></td>
    <td align=center><font size="2"><b>Principal</b></font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><b>&nbsp;</b></font></td>
    <td align=center><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=center></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=center><font size="2"><b>&nbsp;</b></font></td>
    <td align=center><font size="2"><b>Amount</b></font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><b>&nbsp;</b></font></td>
    <td align=center><font size="2"><b>Option Call</b></font></td>
    <td>&nbsp;</td>
    <td align=center></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=center><font size="2"><b>Rating</b><sup><b>1</b></sup></font></td>
    <td align=center><font size="2"><b>(000)</b></font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><b>Description</b></font></td>
    <td align=center><font size="2"><b>Provisions</b><sup><b>2</b></sup></font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><b>Value</b></font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td COLSPAN='8' ><HR noshade size=2></td>
  </tr>
<tr valign=top bgcolor='#DDDDDD'><td width="8%" align=center><font size="2"><b>&nbsp;</b></font></td>
<td width="8%" align=right><font size="2"><b>&nbsp;</b></font></td>
<td width="3%" align="left">&nbsp;</td>
<td width="58%" align=left><font size="2"><b>Illinois&#151;14.4%</b></font></td>
<td width="10%" align=center><font size="2"><b>&nbsp;</b></font></td>
<td width="3%">&nbsp;</td>
<td width="9%" align=right></td>
<td width="1%">&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">&nbsp;</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align=left><font size="2">Bolingbrook,</font></td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right></td>
<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">AAA</font></td>
<td align=right><font size="2">$&nbsp; 7,120</font></td>
<td align="left">&nbsp;</td>
<td align=left><font size="2">&nbsp; &nbsp; &nbsp;Ser. B, Zero Coupon, 1/01/33,
FGIC</font></td>
<td align=center><font size="2">No Opt. Call</font></td>
<td align="right"><font size="2">$</font></td>
<td align=right><font size="2">&nbsp; 1,924,963</font></td>
<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">AAA</font></td>
<td align=right><font size="2">14,085</font></td>
<td align="left">&nbsp;</td>
<td align=left><font size="2">&nbsp; &nbsp; &nbsp;Ser. B, Zero Coupon, 1/01/34,
FGIC</font></td>
<td align=center><font size="2">No Opt. Call</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,607,591</font></td>
<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">NR</font></td>
<td align=right><font size="2">4,630<sup> </sup></font></td>
<td align="left"><font size="2"><sup>3</sup></font></td>
<td align=left><font size="2">Centerpoint Intermodal Ctr. Prog.
Trust, Ser. A, 8.00%, 6/15/23</font></td>
<td align=center><font size="2">No Opt. Call</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,687,366</font></td>
<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">A+</font></td>
<td align=right><font size="2">7,145</font></td>
<td align="left"><font size="2"><sup> 4,5</sup></font></td>
<td align=left><font size="2">Dev. Fin. Auth. Hosp. Rev., Adventist
Hlth. Sys. Sunbelt Oblig. Proj., 5.65%, 11/15/09</font></td>
<td align=center><font size="2">N/A</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">7,749,824</font></td>
<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">Aa1</font></td>
<td align=right><font size="2">760</font></td>
<td align="left">&nbsp;</td>
<td align=left><font size="2">Edl. Facs. Auth. Rev., Bal Union
Chicago Proj., Ser. A, 5.25%, 7/01/41</font></td>
<td align=center><font size="2">07/11 @ 101</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">798,745</font></td>
<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">&nbsp;</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td align="left">&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><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right></td>
<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">BBB</font></td>
<td align=right><font size="2">10,000</font></td>
<td align="left">&nbsp;</td>
<td align=left><font size="2">&nbsp; &nbsp; &nbsp;6.25%, 5/01/30</font></td>
<td align=center><font size="2">05/12 @ 101</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">10,845,400</font></td>
<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">BBB</font></td>
<td align=right><font size="2">7,000</font></td>
<td align="left">&nbsp;</td>
<td align=left><font size="2">&nbsp; &nbsp; &nbsp;6.25%, 5/01/34</font></td>
<td align=center><font size="2">05/07 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">7,189,560</font></td>
<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">BB+</font></td>
<td align=right><font size="2">1,685</font></td>
<td align="left">&nbsp;</td>
<td align=left><font size="2">Fin. Auth. Rev., Friendship Vlg.
Schaumburg Proj., Ser. A, 5.625%, 2/15/37</font></td>
<td align=center><font size="2">02/15 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,691,892</font></td>
<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">&nbsp;</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align=left><font size="2">Fin. Auth. Student Hsg., MJH Ed.
Asst. Living Proj.,</font></td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right></td>
<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">Baa2</font></td>
<td align=right><font size="2">2,100</font></td>
<td align="left">&nbsp;</td>
<td align=left><font size="2">&nbsp; &nbsp; &nbsp;Ser. A, 5.125%, 6/01/35</font></td>
<td align=center><font size="2">06/14 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,083,557</font></td>
<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">Baa3</font></td>
<td align=right><font size="2">1,675</font></td>
<td align="left">&nbsp;</td>
<td align=left><font size="2">&nbsp; &nbsp; &nbsp;Ser. B, 5.375%, 6/01/35</font></td>
<td align=center><font size="2">06/14 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,662,102</font></td>
<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">AA+</font></td>
<td align=right><font size="2">3,700</font></td>
<td align="left">&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><font size="2">08/14 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,927,402</font></td>
<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">&nbsp;</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align=left><font size="2">Hlth. Facs. Auth., Elmhurst Mem.
Hlth. Care Proj.,</font></td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right></td>
<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">A</font></td>
<td align=right><font size="2">5,000</font></td>
<td align="left">&nbsp;</td>
<td align=left><font size="2">&nbsp; &nbsp; &nbsp;5.50%, 1/01/22</font></td>
<td align=center><font size="2">01/13 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,248,550</font></td>
<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">A</font></td>
<td align=right><font size="2">6,000</font></td>
<td align="left">&nbsp;</td>
<td align=left><font size="2">&nbsp; &nbsp; &nbsp;5.625%, 1/01/28</font></td>
<td align=center><font size="2">01/13 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">6,291,540</font></td>
<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">AAA</font></td>
<td align=right><font size="2">40,000</font></td>
<td align="left">&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><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right></td>
<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">&nbsp;</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align=left><font size="2">&nbsp; &nbsp; &nbsp;Ser. A, Zero Coupon, 12/15/34,
MBIA</font></td>
<td align=center><font size="2">No Opt. Call</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">10,258,400</font></td>
<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">&nbsp;</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align=left><font size="2">O&#146;Hare Intl. Arpt.,</font></td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right></td>
<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">AAA</font></td>
<td align=right><font size="2">3,000</font></td>
<td align="left">&nbsp;</td>
<td align=left><font size="2">&nbsp; &nbsp; &nbsp;Ser. A, 5.00%, 1/01/29, MBIA</font></td>
<td align=center><font size="2">01/15 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,113,460</font></td>
<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">AAA</font></td>
<td align=right><font size="2">4,000</font></td>
<td align="left">&nbsp;</td>
<td align=left><font size="2">&nbsp; &nbsp; &nbsp;Ser. A, 5.00%, 1/01/30, MBIA</font></td>
<td align=center><font size="2">01/15 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,145,320</font></td>
<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">AAA</font></td>
<td align=right><font size="2">10,035</font></td>
<td align="left">&nbsp;</td>
<td align=left><font size="2">&nbsp; &nbsp; &nbsp;Ser. A, 5.00%, 1/01/33, FGIC</font></td>
<td align=center><font size="2">01/16 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">10,367,359</font></td>
<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">AAA</font></td>
<td align=right><font size="2">7,645</font></td>
<td align="left">&nbsp;</td>
<td align=left><font size="2">&nbsp; &nbsp; &nbsp;Ser. C-2, 5.25%, 1/01/30, FSA</font></td>
<td align=center><font size="2">01/14 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">7,930,006</font></td>
<td>&nbsp;</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 align=right><font size="2">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">93,523,037</font></td>
<td>&nbsp;</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>&nbsp;</b></font></td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td align="left">&nbsp;</td>
<td align=left><font size="2"><b>Indiana&#151;6.0%</b></font></td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>
<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">A+</font></td>
<td align=right><font size="2">9,000</font></td>
<td align="left">&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><font size="2">09/11 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">9,252,900</font></td>
<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">&nbsp;</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align=left><font size="2">Petersburg, PCR, Pwr. &amp; Lt. Conv.,</font></td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right></td>
<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">BBB+</font></td>
<td align=right><font size="2">10,000</font></td>
<td align="left">&nbsp;</td>
<td align=left><font size="2">&nbsp; &nbsp; &nbsp;5.90%, 12/01/24</font></td>
<td align=center><font size="2">08/11 @ 102</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">10,495,900</font></td>
<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">BBB+</font></td>
<td align=right><font size="2">16,000</font></td>
<td align="left">&nbsp;</td>
<td align=left><font size="2">&nbsp; &nbsp; &nbsp;5.95%, 12/01/29</font></td>
<td align=center><font size="2">08/11 @ 102</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">16,737,120</font></td>
<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">NR</font></td>
<td align=right><font size="2">2,470</font></td>
<td align="left">&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><font size="2">01/09 @ 102</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,464,689</font></td>
<td>&nbsp;</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 align=right><font size="2">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">38,950,609</font></td>
<td>&nbsp;</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>&nbsp;</b></font></td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td align="left">&nbsp;</td>
<td align=left><font size="2"><b>Kentucky&#151;1.4%</b></font></td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>
<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">AAA</font></td>
<td align=right><font size="2">9,060</font></td>
<td align="left">&nbsp;</td>
<td align=left><font size="2">Hsg. Corp., Hsg. Rev., Ser. F, 5.45%,
1/01/32</font></td>
<td align=center><font size="2">07/11 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">9,316,851</font></td>
<td>&nbsp;</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>&nbsp;</b></font></td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td align="left">&nbsp;</td>
<td align=left><font size="2"><b>Louisiana&#151;1.8%</b></font></td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>
<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">A</font></td>
<td align=right><font size="2">10,510</font></td>
<td align="left">&nbsp;</td>
<td align=left><font size="2">Local Gov&#146;t. Env. Facs. &amp;
Cmnty. Dev. Auth. Cap. Projs. &amp; Equip. Acquisition, </font></td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right></td>
<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">&nbsp;</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align=left><font size="2">&nbsp; &nbsp; &nbsp;6.55%, 9/01/25, ACA</font></td>
<td align=center><font size="2">No Opt. Call</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">11,674,298</font></td>
<td>&nbsp;</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>&nbsp;</b></font></td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td align="left">&nbsp;</td>
<td align=left><font size="2"><b>Maine&#151;0.4%</b></font></td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>
<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">AAA</font></td>
<td align=right><font size="2">2,750</font></td>
<td align="left">&nbsp;</td>
<td align=left><font size="2">Hlth. &amp; Higher Edl. Fac. Auth.,
5.00%, 7/01/29</font></td>
<td align=center><font size="2">07/15 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,858,708</font></td>
<td>&nbsp;</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>&nbsp;</b></font></td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td align="left">&nbsp;</td>
<td align=left><font size="2"><b>Maryland&#151;0.7%</b></font></td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>
<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">BBB+</font></td>
<td align=right><font size="2">4,205</font></td>
<td align="left">&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><font size="2">08/14 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,340,653</font></td>
<td>&nbsp;</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>&nbsp;</b></font></td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td align="left">&nbsp;</td>
<td align=left><font size="2"><b>Massachusetts&#151;0.4%</b></font></td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>
<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">AAA</font></td>
<td align=right><font size="2">2,500</font></td>
<td align="left">&nbsp;</td>
<td align=left><font size="2">Wtr. Res. Auth., Ser. B, 5.00%, 8/01/35</font></td>
<td align=center><font size="2">08/17 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,615,800</font></td>
<td>&nbsp;</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>&nbsp;</b></font></td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td align="left">&nbsp;</td>
<td align=left><font size="2"><b>Mississippi&#151;2.9%</b></font></td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>
<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">A</font></td>
<td align=right><font size="2">18,680</font></td>
<td align="left">&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><font size="2">07/11 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">19,175,954</font></td>
<td>&nbsp;</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>&nbsp;</b></font></td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td align="left">&nbsp;</td>
<td align=left><font size="2"><b>Multi-State&#151;7.1%</b></font></td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>
<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">&nbsp;</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align=left><font size="2">Charter Mac Equity Issuer Trust,</font></td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right></td>
<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">A3</font></td>
<td align=right><font size="2">1,000</font></td>
<td align="left"><font size="2"><sup> 3</sup></font></td>
<td align=left><font size="2">&nbsp; &nbsp; &nbsp;Ser. A, 6.625%, 6/30/49</font></td>
<td align=center><font size="2">06/09 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,071,950</font></td>
<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">A3</font></td>
<td align=right><font size="2">11,000<sup> </sup></font></td>
<td align="left"><font size="2"><sup>3</sup></font></td>
<td align=left><font size="2">&nbsp; &nbsp; &nbsp;Ser. A-2, 6.30%, 6/30/49</font></td>
<td align=center><font size="2">06/09 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">11,604,450</font></td>
<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">A3</font></td>
<td align=right><font size="2">16,000</font></td>
<td align="left"><font size="2"><sup> 3</sup></font></td>
<td align=left><font size="2">&nbsp; &nbsp; &nbsp;Ser. A-3, 6.80%, 10/01/52</font></td>
<td align=center><font size="2">10/14 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">18,030,400</font></td>
<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">Baa1</font></td>
<td align=right><font size="2">6,500</font></td>
<td align="left"><font size="2"><sup> 3</sup></font></td>
<td align=left><font size="2">&nbsp; &nbsp; &nbsp;Ser. B-1, 6.80%, 11/30/50</font></td>
<td align=center><font size="2">11/10 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">7,009,925</font></td>
<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">A3</font></td>
<td align=right><font size="2">8,000</font></td>
<td align="left"><font size="2"><sup> 3</sup></font></td>
<td align=left><font size="2">MuniMae TE Bond Subsidiary LLC, Ser.
A, 6.875%, 6/30/49</font></td>
<td align=center><font size="2">06/09 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">8,585,920</font></td>
<td>&nbsp;</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 align=right><font size="2">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">46,302,645</font></td>
<td>&nbsp;</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>&nbsp;</b></font></td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td align="left">&nbsp;</td>
<td align=left><font size="2"><b>Nevada&#151;0.8%</b></font></td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>
<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">AAA</font></td>
<td align=right><font size="2">5,000</font></td>
<td align="left">&nbsp;</td>
<td align=left><font size="2">Clark Cnty. Arpt. Rev., Jet Aviation
Fuel Tax Proj., Ser. C, 5.00%, 7/01/40, AMBAC</font></td>
<td align=center><font size="2">07/15 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,120,450</font></td>
<td>&nbsp;</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>&nbsp;</b></font></td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td align="left">&nbsp;</td>
<td align=left><font size="2"><b>New Hampshire&#151;0.6%</b></font></td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>
<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">A+</font></td>
<td align=right><font size="2">3,500</font></td>
<td align="left">&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><font size="2">10/11 @ 101</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,694,985</font></td>
<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='8' ><HR noshade size=1></td>
</tr></table>
<p align='center'>2<HR noshade size=4><PAGE><br>

<hr noshade size=2>
<font size="3"><font face="serif"><b>BlackRock Municipal Income Trust (BFK) (continued)</b></font></font>
<hr noshade size=2><br>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr valign=top>
    <td align=center></td>
    <td align=center><font size="2"><b>Principal</b></font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><b>&nbsp;</b></font></td>
    <td align=center><font size="2"><b>&nbsp;</b></font></td>
    <td>&nbsp;</td>
    <td align=center></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=center><font size="2"><b>&nbsp;</b></font></td>
    <td align=center><font size="2"><b>Amount</b></font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><b>&nbsp;</b></font></td>
    <td align=center><font size="2"><b>Option Call</b></font></td>
    <td>&nbsp;</td>
    <td align=center></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=center><font size="2"><b>Rating</b><sup><b>1</b></sup></font></td>
    <td align=center><font size="2"><b>(000)</b></font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><b>Description</b></font></td>
    <td align=center><font size="2"><b>Provisions</b><sup><b>2</b></sup></font></td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><b>Value</b></font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td COLSPAN='8' ><HR noshade size=2></td>
  </tr>
<tr valign=top bgcolor='#DDDDDD'><td width="8%" align=center><font size="2"><b>&nbsp;</b></font></td>
<td width="8%" align=right><font size="2"><b>&nbsp;</b></font></td>
<td width="3%">&nbsp;</td>
<td width="55%" align=left><font size="2"><b>New Jersey&#151;7.4%</b></font></td>
<td width="13%" align=center><font size="2"><b>&nbsp;</b></font></td>
<td width="3%">&nbsp;</td>
<td width="9%" align=right></td>
<td width="1%">&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">&nbsp;</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Econ. Dev. Auth.,</font></td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right></td>
<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">BBB</font></td>
<td align=right><font size="2">$18,500</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp; &nbsp; &nbsp;Cigarette Tax Rev., 5.75%,
6/15/29</font></td>
<td align=center><font size="2">06/14 @ 100</font></td>
<td align="right"><font size="2">$</font></td>
<td align=right><font size="2">&nbsp; 19,635,715</font></td>
<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">B</font></td>
<td align=right><font size="2">15,410</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp; &nbsp; &nbsp;Continental Airlines, Inc.
Proj., 7.00%, 11/15/30</font></td>
<td align=center><font size="2">11/10 @ 101</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">15,297,353</font></td>
<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">Baa3</font></td>
<td align=right><font size="2">8,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp; &nbsp; &nbsp;Kapkowski Rd. Landfill Proj.,
6.50%, 4/01/28</font></td>
<td align=center><font size="2">No Opt. Call</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">9,385,600</font></td>
<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">NR</font></td>
<td align=right><font size="2">3,680</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Middlesex Cnty. Imprt. Auth., Heldrich
Ctr. Hotel Proj., Ser. B, 6.25%, 1/01/37</font></td>
<td align=center><font size="2">01/15 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,640,661</font></td>
<td>&nbsp;</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 align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">47,959,329</font></td>
<td>&nbsp;</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>&nbsp;</b></font></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;18.1%</b></font></td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>
<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">NR</font></td>
<td align=right><font size="2">1,820</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Albany Indl. Dev. Agcy., New Covenant
Charter Sch. Proj., Ser. A, 7.00%, 5/01/35</font></td>
<td align=center><font size="2">05/15 @ 102</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,720,228</font></td>
<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">AAA</font></td>
<td align=right><font size="2">5,375</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Env. Facs. Corp., St. Clean Wtr.
&amp; Drinking Wtr. Rev., NYC Mun. Wtr. Proj., Ser. B, 5.00%, 6/15/31</font></td>
<td align=center><font size="2">06/12 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,564,200</font></td>
<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">AA-</font></td>
<td align=right><font size="2">48,220</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Liberty Dev. Corp. Proj., 5.25%,
10/01/35</font></td>
<td align=center><font size="2">No Opt. Call</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">53,513,591</font></td>
<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">AAA</font></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><font size="2">07/12 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">7,354,989</font></td>
<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">&nbsp;</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">New York City Ind. Dev. Agcy.,</font></td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right></td>
<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">B-</font></td>
<td align=right><font size="2">27,400</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp; &nbsp; &nbsp;American Airlines, JFK Intl.
Arpt. Proj., 7.75%, 8/01/31</font></td>
<td align=center><font size="2">08/16 @ 101</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">28,513,536</font></td>
<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">B-</font></td>
<td align=right><font size="2">5,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp; &nbsp; &nbsp;American Airlines, JFK Intl.
Arpt. Proj., 8.00%, 8/01/28</font></td>
<td align=center><font size="2">08/16 @ 101</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,294,800</font></td>
<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">BBB</font></td>
<td align=right><font size="2">21,845</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">New York Cntys. Tobacco Trust III,
Zero Coupon, 6/01/38</font></td>
<td align=center><font size="2">06/15 @ 26.186</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,325,683</font></td>
<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">&nbsp;</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Sales Tax Asset Receivable Corp.,</font></td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right></td>
<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">AAA</font></td>
<td align=right><font size="2">7,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp; &nbsp; &nbsp;Ser. A, 5.00%, 10/15/29, AMBAC</font></td>
<td align=center><font size="2">10/14 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">7,326,200</font></td>
<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">AAA</font></td>
<td align=right><font size="2">5,075</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp; &nbsp; &nbsp;Ser. A, 5.00%, 10/15/32, AMBAC</font></td>
<td align=center><font size="2">10/14 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,289,063</font></td>
<td>&nbsp;</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 align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">117,902,290</font></td>
<td>&nbsp;</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>&nbsp;</b></font></td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>North Carolina&#151;5.4%</b></font></td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>
<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">NR</font></td>
<td align=right><font size="2">12,130</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Gaston Cnty. Indl. Facs. &amp; Poll.
Ctrl. Fin. Auth., 5.75%, 8/01/35</font></td>
<td align=center><font size="2">08/15 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">12,724,491</font></td>
<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">AA+</font></td>
<td align=right><font size="2">21,460</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Univ. of NC, Chapel Hill Rev., Ser.
A, 5.00%, 12/01/34</font></td>
<td align=center><font size="2">12/15 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">22,459,607</font></td>
<td>&nbsp;</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 align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">35,184,098</font></td>
<td>&nbsp;</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>&nbsp;</b></font></td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Ohio&#151;9.6%</b></font></td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>
<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">AAA</font></td>
<td align=right><font size="2">23,820</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Air Qual. Dev. Auth., 4.80%, 1/01/34,
FGIC</font></td>
<td align=center><font size="2">07/15 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">23,998,412</font></td>
<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">BBB</font></td>
<td align=right><font size="2">14,500</font></td>
<td>&nbsp;</td>
<td align=left><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><font size="2">08/07 @ 102</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">15,112,335</font></td>
<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">AAA</font></td>
<td align=right><font size="2">10,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Madeira City Sch. Dist., 5.00%, 12/01/32,
MBIA</font></td>
<td align=center><font size="2">12/14 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">10,404,700</font></td>
<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">NR</font></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. Facs., Ser. A, 6.25%, 12/01/36</font></td>
<td align=center><font size="2">12/14 @ 101</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,947,549</font></td>
<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">AAA</font></td>
<td align=right><font size="2">9,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Wtr. Dev. Auth. Poll. Ctrl. Facs.
Rev., Dayton Pwr. &amp; Lt. Proj., Ser. A, 4.80%, 1/01/34, FGIC</font></td>
<td align=center><font size="2">07/15 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">8,999,640</font></td>
<td>&nbsp;</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 align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">62,462,636</font></td>
<td>&nbsp;</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>&nbsp;</b></font></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=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>
<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">B-</font></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><font size="2">No Opt. Call</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">7,567,329</font></td>
<td>&nbsp;</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>&nbsp;</b></font></td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Pennsylvania&#151;4.9%</b></font></td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>
<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">&nbsp;</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Econ. Dev. Fin. Auth.,</font></td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right></td>
<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">A3</font></td>
<td align=right><font size="2">6,500</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp; &nbsp; &nbsp;Amtrak Proj., Ser. A, 6.375%,
11/01/41</font></td>
<td align=center><font size="2">05/11 @ 101</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">6,951,165</font></td>
<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">BB-</font></td>
<td align=right><font size="2">19,750</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp; &nbsp; &nbsp;Exempt Facs. Rev., Reliant
Energy Conv. Proj., Ser. A, 6.75%, 12/01/36</font></td>
<td align=center><font size="2">12/09 @ 103</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">21,103,863</font></td>
<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">BBB+</font></td>
<td align=right><font size="2">4,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Higher Edl. Facs. Auth., La Salle
Univ. Proj., 5.50%, 5/01/34</font></td>
<td align=center><font size="2">05/13 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,194,240</font></td>
<td>&nbsp;</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 align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">32,249,268</font></td>
<td>&nbsp;</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>&nbsp;</b></font></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;4.9%</b></font></td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>
<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">&nbsp;</font></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.,</font></td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right></td>
<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">BBB+</font></td>
<td align=right><font size="2">8,010</font></td>
<td><font size="2"><sup> 4</sup></font></td>
<td align=left><font size="2">&nbsp; &nbsp; &nbsp;Palmetto Hlth. Proj., 6.875%,
8/01/27</font></td>
<td align=center><font size="2">N/A</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">9,562,899</font></td>
<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">BBB+</font></td>
<td align=right><font size="2">990</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp; &nbsp; &nbsp;Palmetto Hlth. Proj., 6.875%,
8/01/27</font></td>
<td align=center><font size="2">08/13 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,139,530</font></td>
<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">BBB+</font></td>
<td align=right><font size="2">5,075</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp; &nbsp; &nbsp;Palmetto Hlth. Alliance Proj.,
Ser. A, 6.25%, 8/01/31</font></td>
<td align=center><font size="2">08/13 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,490,490</font></td>
<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">&nbsp;</font></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><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right></td>
<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">A</font></td>
<td align=right><font size="2">5,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp; &nbsp; &nbsp;5.50%, 11/01/32</font></td>
<td align=center><font size="2">11/13 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,276,700</font></td>
<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">A</font></td>
<td align=right><font size="2">10,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp; &nbsp; &nbsp;5.75%, 11/01/28</font></td>
<td align=center><font size="2">11/13 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">10,781,900</font></td>
<td>&nbsp;</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 align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">32,251,519</font></td>
<td>&nbsp;</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>&nbsp;</b></font></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=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>
<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">AAA</font></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, 1/01/20, FSA</font></td>
<td align=center><font size="2">01/13 @ 67.474</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">9,968,303</font></td>
<td>&nbsp;</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>&nbsp;</b></font></td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Texas&#151;9.7%</b></font></td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>
<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">&nbsp;</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Affordable Hsg. Corp., Multi-Fam.
Hsg. Rev.,</font></td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right></td>
<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">NR</font></td>
<td align=right><font size="2">4,435<sup> </sup></font></td>
<td><font size="2"><sup>6,7</sup></font></td>
<td align=left><font size="2">&nbsp; &nbsp; &nbsp;Amer. Oppty. Hsg. Portfolio,
Ser. B, 8.00%, 3/01/32</font></td>
<td align=center><font size="2">09/12 @ 102</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">665,250</font></td>
<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">BB-</font></td>
<td align=right><font size="2">6,410</font></td>
<td><font size="2"><sup> 6</sup></font></td>
<td align=left><font size="2">&nbsp; &nbsp; &nbsp;So. Texas Pptys. Corp., Ser.
B, 8.00%, 3/01/32</font></td>
<td align=center><font size="2">09/12 @ 102</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">6,046,489</font></td>
<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">BBB</font></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><font size="2">10/13 @ 101</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,038,631</font></td>
<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">AAA</font></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><font size="2">12/11 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,897,423</font></td>
<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">&nbsp;</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Harris Cnty. Houston Sports Auth.,</font></td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right></td>
<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">AAA</font></td>
<td align=right><font size="2">12,580</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp; &nbsp; &nbsp;Ser. A, Zero Coupon, 11/15/38,
MBIA</font></td>
<td align=center><font size="2">11/30 @ 61.166</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,069,284</font></td>
<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">AAA</font></td>
<td align=right><font size="2">26,120</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp; &nbsp; &nbsp;Ser. A-3, Zero Coupon, 11/15/37,
MBIA</font></td>
<td align=center><font size="2">11/24 @ 46.545</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,677,831</font></td>
<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">AAA</font></td>
<td align=right><font size="2">5,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp; &nbsp; &nbsp;Ser. H, Zero Coupon, 11/15/35,
MBIA</font></td>
<td align=center><font size="2">11/31 @ 78.178</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">996,950</font></td>
<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">AAA</font></td>
<td align=right><font size="2">9,085</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">North Texas Tollway Auth., 5.00%,
1/01/40, FSA</font></td>
<td align=center><font size="2">01/15 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">9,334,474</font></td>
<td>&nbsp;</td></tr></table>
<p align='center'>3<HR noshade size=4><PAGE><br>

<hr noshade size=2>
<font size="3"><font face="serif"><b>BlackRock Municipal Income Trust (BFK) (continued)</b></font></font>
<hr noshade size=2><br>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
<tr valign=top>
  <td width="8%" align=center></td>
  <td width="8%" align=center><font size="2"><b>Principal</b></font></td>
  <td width="3%">&nbsp;</td>
  <td width="54%" align=center><font size="2"><b>&nbsp;</b></font></td>
  <td width="14%" align=center><font size="2"><b>&nbsp;</b></font></td>
  <td width="3%">&nbsp;</td>
  <td width="9%" align=center></td>
  <td width="1%">&nbsp;</td>
</tr>
<tr valign=top>
  <td align=center><font size="2"><b>&nbsp;</b></font></td>
  <td align=center><font size="2"><b>Amount</b></font></td>
  <td>&nbsp;</td>
  <td align=center><font size="2"><b>&nbsp;</b></font></td>
  <td align=center><font size="2"><b>Option Call</b></font></td>
  <td>&nbsp;</td>
  <td align=center></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top>
  <td align=center><font size="2"><b>Rating</b><sup><b>1</b></sup></font></td>
  <td align=center><font size="2"><b>(000)</b></font></td>
  <td>&nbsp;</td>
  <td align=center><font size="2"><b>Description</b></font></td>
  <td align=center><font size="2"><b>Provisions</b><sup><b>2</b></sup></font></td>
  <td>&nbsp;</td>
  <td align=center><font size="2"><b>Value</b></font></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top>
  <td COLSPAN='8' ><HR noshade size=2></td>
</tr>
<tr valign=top>
  <td align=center>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left><font size="2"><b>Texas&#151;(cont&#146;d)</b></font></td>
  <td align=center>&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
</tr>
<tr valign=top>
  <td align=center>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left><font size="2">Tpke. Auth., Central Sys. Rev.</font></td>
  <td align=center>&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
</tr>
<tr valign=top>
  <td align=center><font size="2">AAA</font></td>
  <td align=right><font size="2">$35,000</font></td>
  <td>&nbsp;</td>
  <td align=left><font size="2">&nbsp; &nbsp; &nbsp;Zero Coupon, 8/15/32, AMBAC</font></td>
  <td align=center><font size="2">08/12 @ 30.846 </font></td>
  <td align="right">&nbsp;</td>
  <td align=right><font size="2">$&nbsp;&nbsp;7,938,700</font></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top>
  <td align=center><font size="2">AAA</font></td>
  <td align=right><font size="2">62,325</font></td>
  <td>&nbsp;</td>
  <td align=left><font size="2">&nbsp; &nbsp; &nbsp;Zero Coupon, 8/15/33, AMBAC</font></td>
  <td align=center><font size="2">08/12 @ 28.997</font></td>
  <td align="right">&nbsp;</td>
  <td align=right><font size="2">13,280,211</font></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top><td align=center><font size="2">AAA</font></td>
<td align=right><font size="2">65,040</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp; &nbsp; &nbsp;Zero Coupon, 8/15/34, AMBAC</font></td>
<td align=center><font size="2">08/12 @ 27.31</font></td>
<td align="right">&nbsp;</td>
<td align=right><font size="2">13,041,821</font></td>
<td>&nbsp;</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 align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td align=center><font size="2">&nbsp;</font></td>
<td align="right">&nbsp;</td>
<td align=right><font size="2">62,987,064</font></td>
<td>&nbsp;</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>&nbsp;</b></font></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=center><font size="2"><b>&nbsp;</b></font></td>
<td align="right">&nbsp;</td>
<td align=right></td>
<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">AAA</font></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><font size="2">04/12 @ 34.99</font></td>
<td align="right">&nbsp;</td>
<td align=right><font size="2">2,057,049</font></td>
<td>&nbsp;</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>&nbsp;</b></font></td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Washington&#151;0.4%</b></font></td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td align="right">&nbsp;</td>
<td align=right></td>
<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">A-</font></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">Energy Northwest Wind Proj., Ser.
B, 6.00%, 1/01/07</font></td>
<td align=center><font size="2">N/A</font></td>
<td align="right">&nbsp;</td>
<td align=right><font size="2">2,304,909</font></td>
<td>&nbsp;</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>&nbsp;</b></font></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=center><font size="2"><b>&nbsp;</b></font></td>
<td align="right">&nbsp;</td>
<td align=right></td>
<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">AAA</font></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 Proj., Ser. A, 5.00%, 6/01/29, MBIA</font></td>
<td align=center><font size="2">06/14 @ 100</font></td>
<td align="right">&nbsp;</td>
<td align=right><font size="2">2,152,759</font></td>
<td>&nbsp;</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>&nbsp;</b></font></td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Wisconsin&#151;6.2%</b></font></td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td align="right">&nbsp;</td>
<td align=right></td>
<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">&nbsp;</font></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><font size="2">&nbsp;</font></td>
<td align="right">&nbsp;</td>
<td align=right></td>
<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">A-</font></td>
<td align=right><font size="2">7,500</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp; &nbsp; &nbsp;Aurora Hlth. Care Proj., 6.40%,
4/15/33</font></td>
<td align=center><font size="2">04/13 @ 100</font></td>
<td align="right">&nbsp;</td>
<td align=right><font size="2">8,270,550</font></td>
<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">AA-</font></td>
<td align=right><font size="2">13,750</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp; &nbsp; &nbsp;Froedert &amp; Cmnty. Hlth.
Oblig. Proj., 5.375%, 10/01/30</font></td>
<td align=center><font size="2">10/11 @ 101</font></td>
<td align="right">&nbsp;</td>
<td align=right><font size="2">14,203,200</font></td>
<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">A</font></td>
<td align=right><font size="2">15,000</font></td>
<td><font size="2"><sup> 4</sup></font></td>
<td align=left><font size="2">&nbsp; &nbsp; &nbsp;Wheaton Franciscan Svcs. Proj.,
5.75%, 8/15/30</font></td>
<td align=center><font size="2">N/A</font></td>
<td align="right">&nbsp;</td>
<td align=right><font size="2">15,896,850</font></td>
<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">AAA</font></td>
<td align=right><font size="2">2,110</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Pub. Pwr, Inc. Sys., Ser. A, 5.00%,
7/01/37, AMBAC</font></td>
<td align=center><font size="2">07/15 @ 100</font></td>
<td align="right">&nbsp;</td>
<td align=right><font size="2">2,178,680</font></td>
<td>&nbsp;</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 align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td align=center><font size="2">&nbsp;</font></td>
<td align="right">&nbsp;</td>
<td align=right><font size="2">40,549,280</font></td>
<td>&nbsp;</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 align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Total Long-Term Investments (cost
$939,868,093)</b></font></td>
<td align=center><font size="2">&nbsp;</font></td>
<td align="right">&nbsp;</td>
<td align=right><font size="2">987,134,501</font></td>
<td>&nbsp;</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>&nbsp;</b></font></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;6.1%</b></font></td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td align="right">&nbsp;</td>
<td align=right></td>
<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><b>&nbsp;</b></font></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;1.6%</b></font></td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td align="right">&nbsp;</td>
<td align=right></td>
<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">A-1+</font></td>
<td align=right><font size="2">10,000</font></td>
<td><font size="2"><sup> 8</sup></font></td>
<td align=left><font size="2">New York St. Loc Govt Asst., 2.88%,
2/01/06, FRWD</font></td>
<td align=center><font size="2">N/A</font></td>
<td align="right">&nbsp;</td>
<td align=right><font size="2">10,000,000</font></td>
<td>&nbsp;</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>&nbsp;</b></font></td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Ohio&#151;1.2%</b></font></td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td align="right">&nbsp;</td>
<td align=right></td>
<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">VMIG1</font></td>
<td align=right><font size="2">7,800</font></td>
<td><font size="2"><sup> 8</sup></font></td>
<td align=left><font size="2">Hamilton Cnty. Hosp. Facs., Ser.
A, 3.10%, 2/01/06, FRWD</font></td>
<td align=center><font size="2">N/A</font></td>
<td align="right">&nbsp;</td>
<td align=right><font size="2">7,800,000</font></td>
<td>&nbsp;</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>&nbsp;</b></font></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=center><font size="2"><b>&nbsp;</b></font></td>
<td align="right">&nbsp;</td>
<td align=right></td>
<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">A-1</font></td>
<td align=right><font size="2">100</font></td>
<td><font size="2"><sup> 8</sup></font></td>
<td align=left><font size="2">Gov&#146;t. Dev. Bank, 3.01%, 2/01/06,
FRWD, MBIA</font></td>
<td align=center><font size="2">N/A</font></td>
<td align="right">&nbsp;</td>
<td align=right><font size="2">100,000</font></td>
<td>&nbsp;</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>&nbsp;</b></font></td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Texas&#151;0.0%</b></font></td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td align="right">&nbsp;</td>
<td align=right></td>
<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">A-1+</font></td>
<td align=right><font size="2">50<sup> </sup></font></td>
<td><font size="2"><sup>8</sup></font></td>
<td align=left><font size="2">Wtr. Dev. Board Rev., 2.90%, 2/01/06,
FRDD</font></td>
<td align=center><font size="2">N/A</font></td>
<td align="right">&nbsp;</td>
<td align=right><font size="2">50,000</font></td>
<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=top><td >&nbsp;</td>
  <td ><hr noshade size=1></td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
</tr>
<tr valign=top><td align=center></td>
<td align=center><font size="2"><b>Shares</b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>
<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2"><b>&nbsp;</b></font></td>
<td align=center><font size="2"><b>(000)</b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>
<td>&nbsp;</td></tr>
<tr valign=top><td >&nbsp;</td>
  <td ><hr noshade size=1></td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td width="0%" >&nbsp;</td>
  <td width="0%" >&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><b>&nbsp;</b></font></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;3.3%</b></font></td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td align="right">&nbsp;</td>
<td align=right></td>
<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">&nbsp;</font></td>
<td align=right><font size="2">21,550</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">AIM Tax Free Investment Co. Cash
Reserve Portfolio</font></td>
<td align=center><font size="2">N/A</font></td>
<td align="right">&nbsp;</td>
<td align=right><font size="2">21,550,000</font></td>
<td>&nbsp;</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 align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Total Short-Term Investments (cost
$39,500,000)</b></font></td>
<td align=center><font size="2">&nbsp;</font></td>
<td align="right">&nbsp;</td>
<td align=right><font size="2">39,500,000</font></td>
<td>&nbsp;</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 align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Total Investments&#151;157.6%
(cost $979,368,093</b><sup><b>9</b></sup><b>)</b></font></td>
<td align=center><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">$</font></td>
<td align=right><font size="2">1,026,634,501</font></td>
<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">&nbsp;</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Other assets in excess of liabilities&#151;0.0%</font></td>
<td align=center><font size="2">&nbsp;</font></td>
<td align="right">&nbsp;</td>
<td align=right><font size="2">129,522</font></td>
<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">&nbsp;</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Preferred shares at redemption value,
including dividends payable&#151;(57.6)%</font></td>
<td align=center><font size="2">&nbsp;</font></td>
<td align="right">&nbsp;</td>
<td align=right><font size="2">(375,251,312</font></td>
<td align=left><font size="2">)</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 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 align=center><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">$</font></td>
<td align=right><font size="2">&nbsp; 651,512,711</font></td>
<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='8' ><HR noshade size=3></td>
</tr>
</table>
<br>
<table width="100%"  border="0" cellspacing="3" cellpadding="0">
  <tr>
    <td colspan="2"><HR align="left" width="10%" size=1 noshade></td>
  </tr>
  <tr valign="top">
    <td width="3%"><font size="2"><font face="serif"><sup>1</sup></font></font></td>
    <td width="97%"><font size="2"><font face="serif">Using the higher of Standard &amp;&nbsp;Poor&#146;s, Moody&#146;s Investors Service or Fitch ratings.</font></font></td>
  </tr>
  <tr valign="top">
    <td><font size="2"><font face="serif"><sup>2</sup></font></font></td>
    <td><font size="2"><font face="serif">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></font></td>
  </tr>
  <tr valign="top">
    <td><font size="2"><font face="serif"><sup>3</sup></font></font></td>
    <td><font size="2"><font face="serif">Security is not registered under the Securities Act of 1933. These securities may be resold in transactions in accordance with Rule 144A under that Act, to qualified institutional buyers. As of January 31, 2006, the Trust held 7.8% of its net assets, with a current market value of $50,990,011, in securities restricted as to resale.</font></font></td>
  </tr>
  <tr valign="top">
    <td><font size="2"><font face="serif"><sup>4</sup></font></font></td>
    <td><font size="2"><font face="serif">This bond is prerefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated, typically at a premium to par.</font></font></td>
  </tr>
  <tr valign="top">
    <td><font size="2"><font face="serif"><sup>5</sup></font></font></td>
    <td><font size="2"><font face="serif">Security, or a portion thereof, pledged as collateral with a value of $4,495,970 on 670 short U.S. Treasury Note futures contracts expiring March 2006 and 907 short U.S. Treasury Bond futures contracts expiring March 2006. The value of such contracts on January 31, 2006 was $175,002,406, with an unrealized gain of $79,788.</font></font></td>
  </tr>
  <tr valign="top">
    <td><font size="2"><font face="serif"><sup>6</sup></font></font></td>
    <td><font size="2"><font face="serif">Illiquid Security. As of January 31, 2006, the Trust held 1.0% of its net assets, with a current market value of $6,711,739. </font></font></td>
  </tr>
  <tr valign="top">
    <td><font size="2"><font face="serif"><sup>7</sup></font></font></td>
    <td><font size="2"><font face="serif">Issuer is in default and/or bankruptcy.</font></font></td>
  </tr>
  <tr valign="top">
    <td><font size="2"><font face="serif"><sup>8</sup></font></font></td>
    <td><font size="2"><font face="serif">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.&nbsp;Rate shown is rate as of January 31, 2006. </font></font></td>
  </tr>
  <tr valign="top">
    <td><font size="2"><font face="serif"><sup>9</sup></font></font></td>
    <td><font size="2"><font face="serif">Cost for Federal income tax purposes is $979,177,458. The net unrealized appreciation on a tax basis is $47,457,043, consisting of $52,727,648 gross unrealized appreciation and $5,270,605 gross unrealized depreciation.</font></font> </td>
  </tr>
</table>
<p><table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr valign=top>
    <td colspan="6" align=center><hr noshade size=1></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr valign=top>
    <td colspan="6" align=center><font size="2"><font face="serif"><b>KEY TO ABBREVIATIONS</b></font></font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top><td width="7%" align=left><font size="2"><font face="serif">ACA</font></font></td>
<td width="4%" align=center><font size="2"><font face="sans serif">&#151;</font></font></td>
<td width="39%" align=left><font size="2"><font face="serif">American
Capital Access</font></font></td>
<td width="5%" align=left><font size="2">FSA</font></td>
<td width="4%" align=center><font size="2"><font face="sans serif">&#151;</font></font></td>
<td width="39%" align=left><font size="2"><font face="serif">Financial
Security Assurance</font></font></td>
<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">AMBAC</font></td>
<td align=center><font size="2"><font face="sans serif">&#151;</font></font></td>
<td align=left><font size="2"><font face="serif">American
Municipal Bond Assurance Corp.</font></font></td>
<td align=left><font size="2">GO</font></td>
<td align=center><font size="2"><font face="sans serif">&#151;</font></font></td>
<td align=left><font size="2"><font face="serif">General
Obligation</font></font></td>
<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">FGIC</font></td>
<td align=center><font size="2"><font face="sans serif">&#151;</font></font></td>
<td align=left><font size="2"><font face="serif">Financial
Guaranty Insurance Co.</font></font></td>
<td align=left><font size="2">MBIA</font></td>
<td align=center><font size="2"><font face="sans serif">&#151;</font></font></td>
<td align=left><font size="2"><font face="serif">Municipal
Bond Insurance Assoc.</font></font></td>
<td>&nbsp;</td></tr>
<tr valign=top>
  <td align=left><font size="2">FRDD</font></td>
  <td align=center><font size="2"><font face="sans serif">&#151;</font></font></td>
  <td align=left><font size="2"><font face="serif">Floating Rate Daily Demand</font></font></td>
  <td align=left><font size="2">PCR</font></td>
  <td align=center><font size="2"><font face="sans serif">&#151;</font></font></td>
  <td align=left><font size="2"><font face="serif">Pollution Control Revenue</font></font></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top><td align=left><font size="2">FRWD</font></td>
<td align=center><font size="2"><font face="sans serif">&#151;</font></font></td>
<td align=left><font size="2"><font face="serif">Floating Rate Weekly Demand</font></font></td>
<td align=left>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td></tr>
<tr valign=top>
  <td colspan="6" align=left><hr noshade size=1></td>
  <td>&nbsp;</td>
</tr>
</table>

<p><p align='center'>4<HR noshade size=4>

<P align="left" style="page-break-before:always"></P><PAGE>
<P>
<B><FONT face="serif">Item 2. Controls and Procedures.</FONT></B><FONT face="serif"> <br><br>

</FONT><FONT 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 its principal executive and principal financial officers,
as appropriate to allow timely decisions regarding required disclosure. </FONT></P>
<P>
<FONT 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>
<B><FONT face="serif">Item 3. Exhibits.</FONT></B><FONT face="serif"> </FONT></P>
<P>
<FONT face="serif">Separate certifications of the Registrant&#146;s Principal Executive and Financial Officers pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are attached as EX-99.CERT. </FONT></P>

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


<P align="center">
<B><FONT face="serif">SIGNATURES</FONT></B><FONT face="serif"> </FONT></P>
<P>
<FONT face="serif"> Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
</FONT></P>
<P>
<FONT face="serif">(Registrant)</FONT><U><FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Municipal
Income Trust&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U></P>
<FONT face="serif">By:<u> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Henry Gabbay&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><BR>
</FONT><FONT face="serif">Name: Henry Gabbay </FONT><BR>
<FONT face="serif">Title: Treasurer and Principal Financial Officer </FONT><BR>
<FONT face="serif">Date: March 31, 2006 </FONT><BR>
<P>
<FONT face="serif"> Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the
dates indicated. </FONT></P>
<FONT face="serif">By:<u> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Robert S. Kapito&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></FONT><BR>
<FONT face="serif">Name: Robert S. Kapito </FONT><BR>
<FONT face="serif">Title: President and Principal Executive Officer </FONT><BR>
<FONT face="serif">Date: March 31, 2006 </FONT><br>
<BR>
<FONT face="serif">By:<u> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Henry Gabbay&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></FONT><BR>
<FONT face="serif">Name: Henry Gabbay </FONT><BR>
<FONT face="serif">Title: Treasurer and Principal Financial Officer </FONT><BR>
<FONT face="serif">Date: March 31, 2006 </FONT><BR>

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<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>c41092_ex99-cert.htm
<TEXT>

<HTML>
<HEAD>
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<BODY bgcolor="#ffffff">


<P align="right">
<B><FONT face="serif">EX-99.CERT </FONT></B></P>
<P align="center">
<B><FONT face="serif">CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER </FONT></B></P>
<P align="center">
<B><U><FONT face="serif">CERTIFICATIONS</FONT></U></B><B><FONT face="serif"> </FONT></B></P>
<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>

<P>
<FONT face="serif">5. The Registrant's other certifying officer(s) and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions): </FONT></P>
<P>
<FONT face="serif">(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process,
summarize, and report financial information; and </FONT></P>
<P>
<FONT face="serif">(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting. </FONT></P>
<P>
<FONT face="serif">Date: March 31, 2006 </FONT></P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="77%">&nbsp;</td>
    <td width="23%" nowrap><center>
      <FONT face="serif"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/
      Robert S. Kapito&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><br>
      Robert S. Kapito </FONT><BR>
        <FONT face="serif">President and Principal Executive Officer </FONT>
    </center></td>
  </tr>
</table>
<BR>

<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>
<P align="center">
<B><FONT face="serif">CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER </FONT></B></P>
<P align="center">
<B><U><FONT face="serif">CERTIFICATIONS</FONT></U></B><B><FONT face="serif"> </FONT></B></P>
<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>

<P>
<FONT face="serif">5. The Registrant's other certifying officer(s) and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions): </FONT></P>
<P>
<FONT face="serif">(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process,
summarize, and report financial information; and </FONT></P>
<P>
<FONT face="serif">(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting. </FONT></P>
<P>
<FONT face="serif">Date: March 31, 2006 </FONT></P>
<FONT face="serif"> </FONT>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="77%">&nbsp;</td>
    <td width="23%" nowrap><center>
        <FONT face="serif"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Henry
        Gabbay&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><br>
        </FONT><FONT face="serif">Henry Gabbay </FONT><BR>
        <FONT face="serif">Treasurer and Principal Financial Officer </FONT>
    </center></td>
  </tr>
</table>
<BR>

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