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<SEC-DOCUMENT>0000930413-06-007047.txt : 20060929
<SEC-HEADER>0000930413-06-007047.hdr.sgml : 20060929
<ACCEPTANCE-DATETIME>20060929132234
ACCESSION NUMBER:		0000930413-06-007047
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20060731
FILED AS OF DATE:		20060929
DATE AS OF CHANGE:		20060929
EFFECTIVENESS DATE:		20060929

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:		061116522

	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>c44395_nq.htm
<TEXT>

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

<BODY bgcolor="#ffffff">
<center>
  <p><FONT face="serif">UNITED STATES </FONT><BR>
      <FONT face="serif">SECURITIES AND EXCHANGE COMMISSION </FONT><BR>
      <FONT face="serif">Washington, D.C. 20549 </FONT></p>
  <p><BR>
      <B><FONT size=4 face="serif">FORM N-Q </FONT></B></p>
  <p>
    <B><FONT face="serif">QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED </FONT></B><BR>
    <B><FONT face="serif">MANAGEMENT INVESTMENT COMPANY </FONT></B><BR>
  </p>
</center>
<P>
<FONT face="serif">Investment Company Act file number:&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;811-10339&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></FONT></P>
<P align="center">
<FONT face="serif"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Municipal Income Trust&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><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=68% align=center><div style="border-bottom:1px solid #000000">
	  <center>
	    <font face="serif">100
      Bellevue Parkway, Wilmington, DE</font>&nbsp;
	    </center>
	</div></TD>
	<TD width=29% align=center><div style="border-bottom:1px solid #000000">
	  <center>
	    <font face="serif">19809</font>&nbsp;
	    </center>
	</div></TD>
</TR>
<TR valign="bottom">
	<TD width=68% align=right>
      <center>
        <FONT face="serif">(Address of principal executive offices)</FONT>&nbsp;
      </center></TD>
	<TD width=29% align=right>
      <center>
        <FONT face="serif">(Zip code)</FONT>&nbsp;
      </center></TD>
</TR>
</TABLE>
<center>
  <p><BR>
      <FONT face="serif">Robert S. Kapito, President <br>
    </FONT>  <FONT face="sans-serif"><b>BlackRock Municipal Income Trust</b></FONT>
</p>
  <table width="100%"  border="0" cellspacing="0" cellpadding="0">
    <tr>
      <td><center>
        <div style="border-bottom:1px solid #000000"> <font face="serif">40 East
            52nd Street, New York, NY 10022 </font> </div>
      </center></td>
    </tr>
    <tr>
      <td>        <center>
        <FONT face="serif"> (Name and address of agent for service)</FONT>
      </center></td>
    </tr>
  </table>
  <p>&nbsp;</p>
</center>
<P>
<FONT face="serif">Registrant's telephone number, including area code:</FONT><U><FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;888-825-2257&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT face="serif"></FONT></P>
<P>
<FONT face="serif">Date of fiscal year end:</FONT><U><FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;October 31, 2006&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT face="serif"> <br>
Date of reporting period:</FONT><U><FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;July 31, 2006&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U></P>

<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"> </FONT></P>
<P>
<FONT face="serif">The Registrant&#146;s unaudited schedule of investments as of the close of the reporting period pursuant to Rule 30b1-5 under the Investment Company Act of 1940 is as follows: </FONT></P>
<P>


<p><font size="3"><b>PORTFOLIO OF INVESTMENTS </b><b>(unaudited)</b><b><br>JULY
31, 2006</b></font>
<p><font size="3"><b> BlackRock Municipal Income Trust (BFK)</b></font>
<p><p><table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign=top><td width="7%" align=center></td>
<td colspan="2" align=center><font size="2"><b>Principal</b></font></td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td width="9%" align=center nowrap><font size="2"><b>&nbsp;</b></font></td>
<td width="1%">&nbsp;</td>
<td width="9%" align=center nowrap></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top>
  <td width="7%" align=center><font size="2"><b>&nbsp;</b></font></td>
<td colspan="2" align=center><font size="2"><b>Amount</b></font></td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td align=center nowrap><font size="2"><b>Option Call</b></font></td>
<td>&nbsp;</td>
<td align=center></td>

<td>&nbsp;</td></tr>
<tr valign=top><td width="7%" align=center><font size="2"><b>Rating</b><sup><b>1</b></sup></font></td>
<td colspan="2" align=center><font size="2"><b>(000)</b></font></td>
<td align=center><font size="2"><b>Description</b></font></td>
<td align=center nowrap><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=1>
<tr valign=top><td width="7%" align=center></td>
<td width="6%" align=right><font size="2"><b>&nbsp;</b></font></td>
<td width="4%">&nbsp;</td>
<td align=left><font size="2"><b>LONG-TERM INVESTMENTS&#151;153.8%</b></font></td>
<td align=center nowrap><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 width="7%" align=center><font size="2"><b>&nbsp;</b></font></td>
<td width="6%" align=right bgcolor="#DDDDDD"><font size="2"><b>&nbsp;</b></font></td>
<td width="4%" bgcolor="#DDDDDD">&nbsp;</td>
<td align=left bgcolor="#DDDDDD"><font size="2"><b>Alabama&#151;2.7%</b></font></td>
<td align=center nowrap bgcolor="#DDDDDD"><font size="2"><b>&nbsp;</b></font></td>
<td bgcolor="#DDDDDD">&nbsp;</td>
<td align=right bgcolor="#DDDDDD"></td>

<td bgcolor="#DDDDDD">&nbsp;</td></tr>
<tr valign=top><td width="7%" align=center><font size="2"><font size="2">AAA</font></font></td>
<td width="6%" align=right><font size="2">$ 1,865</font></td>
<td width="4%">&nbsp;</td>
<td align=left><font size="2">Birmingham Wtr. Wks. &amp; Swr. Brd.
RB, Ser. A, 4.50%, 1/01/35, FSA</font></td>
<td align=center nowrap><font size="2">01/16 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">$&nbsp;&nbsp; 1,812,463</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td width="7%" align=center><font size="2">A2</font></td>
<td width="6%" align=right bgcolor="#DDDDDD"><font size="2">15,000</font></td>
<td width="4%" bgcolor="#DDDDDD">&nbsp;</td>
<td align=left bgcolor="#DDDDDD"><font size="2">Huntsville Hlth. Care Auth. RB, Ser.
B, 5.75%, 6/01/32</font></td>
<td align=center nowrap bgcolor="#DDDDDD"><font size="2">06/12 @ 101</font></td>
<td bgcolor="#DDDDDD">&nbsp;</td>
<td align=right bgcolor="#DDDDDD"><font size="2">15,947,550</font></td>

<td bgcolor="#DDDDDD">&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=top><td width="7%" align=center><font size="2">&nbsp;</font></td>
<td width="6%" align=right><font size="2">&nbsp;</font></td>
<td width="4%">&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td align=center nowrap><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">17,760,013</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="7%" align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td width="6%" align=right bgcolor="#DDDDDD"><font size="2"><b>&nbsp;</b></font></td>
<td width="4%" bgcolor="#DDDDDD">&nbsp;</td>
<td align=left bgcolor="#DDDDDD"><font size="2"><b>Arizona&#151;1.2%</b></font></td>
<td align=center nowrap bgcolor="#DDDDDD"><font size="2"><b>&nbsp;</b></font></td>
<td bgcolor="#DDDDDD">&nbsp;</td>
<td align=right bgcolor="#DDDDDD"></td>

<td bgcolor="#DDDDDD">&nbsp;</td></tr>
<tr valign=top><td width="7%" align=center><font size="2"><font size="2">A3</font></font></td>
<td width="6%" align=right><font size="2">7,000</font></td>
<td width="4%"><font size="2"><sup>3</sup></font></td>
<td align=left><font size="2">Scottsdale Ind. Dev. Auth. RB, Scottsdale
Hlth. Care Proj., 5.80%, 12/01/11</font></td>
<td align=center nowrap><font size="2">N/A</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">7,712,110</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="7%" align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td width="6%" align=right bgcolor="#DDDDDD"><font size="2"><b>&nbsp;</b></font></td>
<td width="4%" bgcolor="#DDDDDD">&nbsp;</td>
<td align=left bgcolor="#DDDDDD"><font size="2"><b>California&#151;16.9%</b></font></td>
<td align=center nowrap bgcolor="#DDDDDD"><font size="2"><b>&nbsp;</b></font></td>
<td bgcolor="#DDDDDD">&nbsp;</td>
<td align=right bgcolor="#DDDDDD"></td>

<td bgcolor="#DDDDDD">&nbsp;</td></tr>
<tr valign=top><td width="7%" align=center><font size="2"><font size="2">A+</font></font></td>
<td width="6%" align=right><font size="2">7,000</font></td>
<td width="4%">&nbsp;</td>
<td align=left><font size="2">California St. GO, 5.00%, 6/01/34</font></td>
<td align=center nowrap><font size="2">12/14 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">7,142,870</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td width="7%" align=center><font size="2">&nbsp;</font></td>
<td width="6%" align=right bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td width="4%" bgcolor="#DDDDDD">&nbsp;</td>
<td align=left bgcolor="#DDDDDD"><font size="2">Cnty. Tobacco Sec. Agcy. RB,</font></td>
<td align=center nowrap bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td bgcolor="#DDDDDD">&nbsp;</td>
<td align=right bgcolor="#DDDDDD"></td>

<td bgcolor="#DDDDDD">&nbsp;</td></tr>
<tr valign=top><td width="7%" align=center><font size="2">BBB-</font></td>
<td width="6%" align=right><font size="2">3,385</font></td>
<td width="4%">&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Ser. B, Zero Coupon, 6/01/46
</font></td>
<td align=center nowrap><font size="2">06/16 @ 17.602</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">290,636</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td width="7%" align=center><font size="2">BB</font></td>
<td width="6%" align=right bgcolor="#DDDDDD"><font size="2">17,855</font></td>
<td width="4%" bgcolor="#DDDDDD">&nbsp;</td>
<td align=left bgcolor="#DDDDDD"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Ser. C, Zero Coupon, 6/01/55
</font></td>
<td align=center nowrap bgcolor="#DDDDDD"><font size="2">06/16 @ 8.9</font></td>
<td bgcolor="#DDDDDD">&nbsp;</td>
<td align=right bgcolor="#DDDDDD"><font size="2">694,917</font></td>

<td bgcolor="#DDDDDD">&nbsp;</td></tr>
<tr valign=top><td width="7%" align=center><font size="2">NR</font></td>
<td width="6%" align=right><font size="2">22,825</font></td>
<td width="4%">&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Stanislaus Cnty., Ser. D, Zero
Coupon, 6/01/55</font></td>
<td align=center nowrap><font size="2">06/16 @ 6.219</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">595,048</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td width="7%" align=center><font size="2">&nbsp;</font></td>
<td width="6%" align=right bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td width="4%" bgcolor="#DDDDDD">&nbsp;</td>
<td align=left bgcolor="#DDDDDD"><font size="2">Foothill/Eastn. Transp. Corridor
Agcy. RB,</font></td>
<td align=center nowrap bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td bgcolor="#DDDDDD">&nbsp;</td>
<td align=right bgcolor="#DDDDDD"></td>

<td bgcolor="#DDDDDD">&nbsp;</td></tr>
<tr valign=top><td width="7%" align=center><font size="2">BBB</font></td>
<td width="6%" align=right><font size="2">54,635</font></td>
<td width="4%">&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Toll Road, Zero Coupon, 1/15/32
</font></td>
<td align=center nowrap><font size="2">01/10 @ 27.37</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">12,179,780</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td width="7%" align=center><font size="2">BBB</font></td>
<td width="6%" align=right bgcolor="#DDDDDD"><font size="2">20,535</font></td>
<td width="4%" bgcolor="#DDDDDD">&nbsp;</td>
<td align=left bgcolor="#DDDDDD"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Toll Road, Zero Coupon, 1/15/34
</font></td>
<td align=center nowrap bgcolor="#DDDDDD"><font size="2">01/10 @ 24.228</font></td>
<td bgcolor="#DDDDDD">&nbsp;</td>
<td align=right bgcolor="#DDDDDD"><font size="2">4,048,680</font></td>

<td bgcolor="#DDDDDD">&nbsp;</td></tr>
<tr valign=top><td width="7%" align=center><font size="2">BBB</font></td>
<td width="6%" align=right><font size="2">75,000</font></td>
<td width="4%">&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Toll Road, Zero Coupon, 1/15/38
</font></td>
<td align=center nowrap><font size="2">01/10 @ 19.014</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">11,585,250</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td width="7%" align=center><font size="2">&nbsp;</font></td>
<td width="6%" align=right bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td width="4%" bgcolor="#DDDDDD">&nbsp;</td>
<td align=left bgcolor="#DDDDDD"><font size="2">Golden St. Tobacco Sec. Corp. RB,</font></td>
<td align=center nowrap bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td bgcolor="#DDDDDD">&nbsp;</td>
<td align=right bgcolor="#DDDDDD"></td>

<td bgcolor="#DDDDDD">&nbsp;</td></tr>
<tr valign=top><td width="7%" align=center><font size="2">AAA</font></td>
<td width="6%" align=right><font size="2">10,180</font></td>
<td width="4%">&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/01/45, AMBAC</font></td>
<td align=center nowrap><font size="2">06/15 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">10,383,193</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td width="7%" align=center><font size="2">A</font></td>
<td width="6%" align=right bgcolor="#DDDDDD"><font size="2">5,000</font></td>
<td width="4%" bgcolor="#DDDDDD">&nbsp;</td>
<td align=left bgcolor="#DDDDDD"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 5.00%, 6/01/45 </font></td>
<td align=center nowrap bgcolor="#DDDDDD"><font size="2">06/15 @ 100</font></td>
<td bgcolor="#DDDDDD">&nbsp;</td>
<td align=right bgcolor="#DDDDDD"><font size="2">5,023,400</font></td>

<td bgcolor="#DDDDDD">&nbsp;</td></tr>
<tr valign=top><td width="7%" align=center><font size="2">BBB</font></td>
<td width="6%" align=right><font size="2">10,000</font></td>
<td width="4%">&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Ser. A-1, 6.625%, 6/01/40 </font></td>
<td align=center nowrap><font size="2">06/13 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">11,143,100</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td width="7%" align=center><font size="2">NR</font></td>
<td width="6%" align=right bgcolor="#DDDDDD"><font size="2">3,500</font></td>
<td width="4%" bgcolor="#DDDDDD">&nbsp;</td>
<td align=left bgcolor="#DDDDDD"><font size="2">Lincoln ST, Cmnty. Facs. Dist., 6.00%,
9/01/34</font></td>
<td align=center nowrap bgcolor="#DDDDDD"><font size="2">09/13 @ 102</font></td>
<td bgcolor="#DDDDDD">&nbsp;</td>
<td align=right bgcolor="#DDDDDD"><font size="2">3,704,645</font></td>

<td bgcolor="#DDDDDD">&nbsp;</td></tr>
<tr valign=top><td width="7%" align=center><font size="2">AAA</font></td>
<td width="6%" align=right><font size="2">13,320</font></td>
<td width="4%">&nbsp;</td>
<td align=left><font size="2">Los Angeles Regl. Arpt. Impvt. Corp.
Lease RB, Facs. Laxfuel Corp., L.A. Intl., 5.50%, </font></td>
<td align=center nowrap><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td width="7%" align=center><font size="2">&nbsp;</font></td>
<td width="6%" align=right bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td width="4%" bgcolor="#DDDDDD">&nbsp;</td>
<td align=left bgcolor="#DDDDDD"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;1/01/32, AMBAC</font></td>
<td align=center nowrap bgcolor="#DDDDDD"><font size="2">01/12 @ 100</font></td>
<td bgcolor="#DDDDDD">&nbsp;</td>
<td align=right bgcolor="#DDDDDD"><font size="2">13,816,836</font></td>

<td bgcolor="#DDDDDD">&nbsp;</td></tr>
<tr valign=top><td width="7%" align=center><font size="2">NR</font></td>
<td width="6%" align=right><font size="2">5,000</font></td>
<td width="4%">&nbsp;</td>
<td align=left><font size="2">Murrieta Cmnty. Facs. Dist. ST, No.
2, The Oaks Impvt. Area A, 6.00%, 9/01/34</font></td>
<td align=center nowrap><font size="2">09/14 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,191,500</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td width="7%" align=center><font size="2">A+</font></td>
<td width="6%" align=right bgcolor="#DDDDDD"><font size="2">5,000</font></td>
<td width="4%" bgcolor="#DDDDDD">&nbsp;</td>
<td align=left bgcolor="#DDDDDD"><font size="2">Statewide Cmnty. Dev. Auth. RB Mem.
Hlth. Svcs. Proj., Ser. A, 5.50%, 10/01/33</font></td>
<td align=center nowrap bgcolor="#DDDDDD"><font size="2">04/13 @ 100</font></td>
<td bgcolor="#DDDDDD">&nbsp;</td>
<td align=right bgcolor="#DDDDDD"><font size="2">5,226,150</font></td>

<td bgcolor="#DDDDDD">&nbsp;</td></tr>
<tr valign=top><td width="7%" align=center><font size="2">&nbsp;</font></td>
<td width="6%" align=right><font size="2">&nbsp;</font></td>
<td width="4%">&nbsp;</td>
<td align=left><font size="2">Univ. of California RB, </font></td>
<td align=center nowrap><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td width="7%" align=center><font size="2">AA-</font></td>
<td width="6%" align=right bgcolor="#DDDDDD"><font size="2">10,565</font></td>
<td width="4%" bgcolor="#DDDDDD">&nbsp;</td>
<td align=left bgcolor="#DDDDDD"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Ltd. Proj., Ser. B, 4.75%,
5/15/38</font></td>
<td align=center nowrap bgcolor="#DDDDDD"><font size="2">05/13 @ 101</font></td>
<td bgcolor="#DDDDDD">&nbsp;</td>
<td align=right bgcolor="#DDDDDD"><font size="2">10,571,128</font></td>

<td bgcolor="#DDDDDD">&nbsp;</td></tr>
<tr valign=top><td width="7%" align=center><font size="2">AAA</font></td>
<td width="6%" align=right><font size="2">5,000</font></td>
<td width="4%">&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Ser. C, 4.75%, 5/15/37, MBIA</font></td>
<td align=center nowrap><font size="2">05/13 @ 101</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,022,300</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td width="7%" align=center><font size="2">AAA</font></td>
<td width="6%" align=right bgcolor="#DDDDDD"><font size="2">4,015</font></td>
<td width="4%" bgcolor="#DDDDDD">&nbsp;</td>
<td align=left bgcolor="#DDDDDD"><font size="2">West Valley-Mission Cmnty. Coll.
Dist. GO, Election 2004 A, 4.75%, 8/01/30, FSA</font></td>
<td align=center nowrap bgcolor="#DDDDDD"><font size="2">08/16 @ 100</font></td>
<td bgcolor="#DDDDDD">&nbsp;</td>
<td align=right bgcolor="#DDDDDD"><font size="2">4,034,031</font></td>

<td bgcolor="#DDDDDD">&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=top><td width="7%" align=center><font size="2">&nbsp;</font></td>
<td width="6%" align=right><font size="2">&nbsp;</font></td>
<td width="4%">&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td align=center nowrap><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">110,653,464</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="7%" align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td width="6%" align=right bgcolor="#DDDDDD"><font size="2"><b>&nbsp;</b></font></td>
<td width="4%" bgcolor="#DDDDDD">&nbsp;</td>
<td align=left bgcolor="#DDDDDD"><font size="2"><b>Colorado&#151;1.3%</b></font></td>
<td align=center nowrap bgcolor="#DDDDDD"><font size="2"><b>&nbsp;</b></font></td>
<td bgcolor="#DDDDDD">&nbsp;</td>
<td align=right bgcolor="#DDDDDD"></td>

<td bgcolor="#DDDDDD">&nbsp;</td></tr>
<tr valign=top><td width="7%" align=center><font size="2"><font size="2">AAA</font></font></td>
<td width="6%" align=right><font size="2">2,545</font></td>
<td width="4%">&nbsp;</td>
<td align=left><font size="2">Colorado Springs Utils. RB Sub.,
Ser. C, 5.00%, 11/15/45, FSA</font></td>
<td align=center nowrap><font size="2">11/15 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,592,134</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td width="7%" align=center><font size="2">BBB</font></td>
<td width="6%" align=right bgcolor="#DDDDDD"><font size="2">3,500</font></td>
<td width="4%" bgcolor="#DDDDDD">&nbsp;</td>
<td align=left bgcolor="#DDDDDD"><font size="2">Denver Hlth. &amp; Hosp. Auth., Hlth.
Care RB, Ser. A, 6.00%, 12/01/31</font></td>
<td align=center nowrap bgcolor="#DDDDDD"><font size="2">12/11 @ 100</font></td>
<td bgcolor="#DDDDDD">&nbsp;</td>
<td align=right bgcolor="#DDDDDD"><font size="2">3,636,780</font></td>

<td bgcolor="#DDDDDD">&nbsp;</td></tr>
<tr valign=top><td width="7%" align=center><font size="2">Baa2</font></td>
<td width="6%" align=right><font size="2">2,530</font></td>
<td width="4%">&nbsp;</td>
<td align=left><font size="2">Park Creek Met. Dist. RB, Ppty. Tax,
5.50%, 12/01/37</font></td>
<td align=center nowrap><font size="2">12/15 @ 101</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,583,484</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="7%" align=center><font size="2">&nbsp;</font></td>
<td width="6%" align=right bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td width="4%" bgcolor="#DDDDDD">&nbsp;</td>
<td align=left bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td align=center nowrap bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td bgcolor="#DDDDDD">&nbsp;</td>
<td align=right bgcolor="#DDDDDD"><font size="2">8,812,398</font></td>

<td bgcolor="#DDDDDD">&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=top><td width="7%" align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td width="6%" align=right><font size="2"><b>&nbsp;</b></font></td>
<td width="4%">&nbsp;</td>
<td align=left><font size="2"><b>District of Columbia&#151;6.3%</b></font></td>
<td align=center nowrap><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 width="7%" align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td width="6%" align=right bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td width="4%" bgcolor="#DDDDDD">&nbsp;</td>
<td align=left bgcolor="#DDDDDD"><font size="2">District of Columbia RB,</font></td>
<td align=center nowrap bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td bgcolor="#DDDDDD">&nbsp;</td>
<td align=right bgcolor="#DDDDDD"></td>

<td bgcolor="#DDDDDD">&nbsp;</td></tr>
<tr valign=top><td width="7%" align=center><font size="2">A</font></td>
<td width="6%" align=right><font size="2">2,390</font></td>
<td width="4%">&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Friendship Pub. Charter Sch.
Income Proj., 5.25%, 6/01/33, ACA</font></td>
<td align=center nowrap><font size="2">06/14 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,412,729</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td width="7%" align=center><font size="2">AAA</font></td>
<td width="6%" align=right bgcolor="#DDDDDD"><font size="2">15,600</font></td>
<td width="4%" bgcolor="#DDDDDD">&nbsp;</td>
<td align=left bgcolor="#DDDDDD"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Georgetown Univ. Proj., Ser.
A, Zero Coupon, 4/01/36, MBIA</font></td>
<td align=center nowrap bgcolor="#DDDDDD"><font size="2">04/11 @ 22.875</font></td>
<td bgcolor="#DDDDDD">&nbsp;</td>
<td align=right bgcolor="#DDDDDD"><font size="2">2,812,992</font></td>

<td bgcolor="#DDDDDD">&nbsp;</td></tr>
<tr valign=top><td width="7%" align=center><font size="2">AAA</font></td>
<td width="6%" align=right><font size="2">51,185</font></td>
<td width="4%">&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Georgetown Univ. Proj., Ser.
A, Zero Coupon, 4/01/37, MBIA</font></td>
<td align=center nowrap><font size="2">04/11 @ 21.546</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">8,689,677</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td width="7%" align=center><font size="2">BBB</font></td>
<td width="6%" align=right bgcolor="#DDDDDD"><font size="2">25,535</font></td>
<td width="4%" bgcolor="#DDDDDD">&nbsp;</td>
<td align=left bgcolor="#DDDDDD"><font size="2">Tobacco Settlement Fin. Corp. RB,
6.75%, 5/15/40</font></td>
<td align=center nowrap bgcolor="#DDDDDD"><font size="2">05/11 @ 101</font></td>
<td bgcolor="#DDDDDD">&nbsp;</td>
<td align=right bgcolor="#DDDDDD"><font size="2">27,525,964</font></td>

<td bgcolor="#DDDDDD">&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=top><td width="7%" align=center><font size="2">&nbsp;</font></td>
<td width="6%" align=right><font size="2">&nbsp;</font></td>
<td width="4%">&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td align=center nowrap><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">41,441,362</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="7%" align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td width="6%" align=right bgcolor="#DDDDDD"><font size="2"><b>&nbsp;</b></font></td>
<td width="4%" bgcolor="#DDDDDD">&nbsp;</td>
<td align=left bgcolor="#DDDDDD"><font size="2"><b>Florida&#151;13.9%</b></font></td>
<td align=center nowrap bgcolor="#DDDDDD"><font size="2"><b>&nbsp;</b></font></td>
<td bgcolor="#DDDDDD">&nbsp;</td>
<td align=right bgcolor="#DDDDDD"></td>

<td bgcolor="#DDDDDD">&nbsp;</td></tr>
<tr valign=top><td width="7%" align=center><font size="2"><font size="2">NR</font></font></td>
<td width="6%" align=right><font size="2">3,945</font></td>
<td width="4%">&nbsp;</td>
<td align=left><font size="2">Bellalago Edu. Fac. Benefit Dist.
SA, Ser. B, 5.80%, 5/01/34</font></td>
<td align=center nowrap><font size="2">05/14 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,998,652</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td width="7%" align=center><font size="2">Baa3</font></td>
<td width="6%" align=right bgcolor="#DDDDDD"><font size="2">4,600</font></td>
<td width="4%" bgcolor="#DDDDDD">&nbsp;</td>
<td align=left bgcolor="#DDDDDD"><font size="2">Escambia Cnty. PCRB, Champion Intl.
Corp. Proj., 6.40%, 9/01/30</font></td>
<td align=center nowrap bgcolor="#DDDDDD"><font size="2">09/06 @ 102</font></td>
<td bgcolor="#DDDDDD">&nbsp;</td>
<td align=right bgcolor="#DDDDDD"><font size="2">4,703,546</font></td>

<td bgcolor="#DDDDDD">&nbsp;</td></tr>
<tr valign=top><td width="7%" align=center><font size="2">NR</font></td>
<td width="6%" align=right><font size="2">1,975</font></td>
<td width="4%">&nbsp;</td>
<td align=left><font size="2">Heritage Isle at Viera Cmnty. Dev.
Dist. SA, Ser. A, 6.00%, 5/01/35</font></td>
<td align=center nowrap><font size="2">05/12 @ 101</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,015,962</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td width="7%" align=center><font size="2">A+</font></td>
<td width="6%" align=right bgcolor="#DDDDDD"><font size="2">9,670</font></td>
<td width="4%" bgcolor="#DDDDDD"><font size="2"><sup>3</sup></font></td>
<td align=left bgcolor="#DDDDDD"><font size="2">Highlands Cnty. Hlth. Facs. Auth.
RB, Adventist/Sunbelt Hosp. Proj., Ser. A, 6.00%, 11/15/11</font></td>
<td align=center nowrap bgcolor="#DDDDDD"><font size="2">N/A</font></td>
<td bgcolor="#DDDDDD">&nbsp;</td>
<td align=right bgcolor="#DDDDDD"><font size="2">10,738,632</font></td>

<td bgcolor="#DDDDDD">&nbsp;</td></tr>
<tr valign=top><td width="7%" align=center><font size="2">&nbsp;</font></td>
<td width="6%" align=right><font size="2">&nbsp;</font></td>
<td width="4%">&nbsp;</td>
<td align=left><font size="2">JEA RB,</font></td>
<td nowrap>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td width="7%" align=center><font size="2">AAA</font></td>
<td width="6%" align=right bgcolor="#DDDDDD"><font size="2">11,035</font></td>
<td width="4%" bgcolor="#DDDDDD">&nbsp;</td>
<td align=left bgcolor="#DDDDDD"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Elec. Sys., Ser. 3A, 4.75%,
10/01/34, FSA</font></td>
<td align=center nowrap bgcolor="#DDDDDD"><font size="2">04/10 @ 100</font></td>
<td bgcolor="#DDDDDD">&nbsp;</td>
<td align=right bgcolor="#DDDDDD"><font size="2">11,037,979</font></td>

<td bgcolor="#DDDDDD">&nbsp;</td></tr>
<tr valign=top><td width="7%" align=center><font size="2">AAA</font></td>
<td width="6%" align=right><font size="2">3,070</font></td>
<td width="4%">&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Wtr. &amp; Swr. Sys., Ser.
A, 4.75%, 10/01/36, MBIA</font></td>
<td align=center nowrap><font size="2">04/11 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,060,053</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td width="7%" align=center><font size="2">AAA</font></td>
<td width="6%" align=right bgcolor="#DDDDDD"><font size="2">2,900</font></td>
<td width="4%" bgcolor="#DDDDDD">&nbsp;</td>
<td align=left bgcolor="#DDDDDD"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Wtr. &amp; Swr. Sys., Ser.
A, 4.75%, 10/01/41, MBIA</font></td>
<td align=center nowrap bgcolor="#DDDDDD"><font size="2">04/11 @ 100</font></td>
<td bgcolor="#DDDDDD">&nbsp;</td>
<td align=right bgcolor="#DDDDDD"><font size="2">2,889,995</font></td>

<td bgcolor="#DDDDDD">&nbsp;</td></tr>
<tr valign=top><td width="7%" align=center><font size="2">BB+</font></td>
<td width="6%" align=right><font size="2">9,000</font></td>
<td width="4%">&nbsp;</td>
<td align=left><font size="2">Martin Cnty. Indl. Dev. Auth. RB,
Indiantown Cogeneration Proj., Ser. A, 7.875%, 12/15/25</font></td>
<td align=center nowrap><font size="2">08/06 @ 101</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">9,136,350</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td width="7%" align=center><font size="2">BB+</font></td>
<td width="6%" align=right bgcolor="#DDDDDD"><font size="2">11,685</font></td>
<td width="4%" bgcolor="#DDDDDD">&nbsp;</td>
<td align=left bgcolor="#DDDDDD"><font size="2">Miami Beach Hlth. Facs. Auth. RB,
Mt. Sinai Med. Ctr. Proj., 6.75%, 11/15/21</font></td>
<td align=center nowrap bgcolor="#DDDDDD"><font size="2">11/14 @ 100</font></td>
<td bgcolor="#DDDDDD">&nbsp;</td>
<td align=right bgcolor="#DDDDDD"><font size="2">13,052,846</font></td>

<td bgcolor="#DDDDDD">&nbsp;</td></tr>
<tr valign=top><td width="7%" align=center><font size="2">NR</font></td>
<td width="6%" align=right><font size="2">6,000</font></td>
<td width="4%">&nbsp;</td>
<td align=left><font size="2">New Port Tampa Bay Cmnty. Dev. Dist.
SA, Ser. A, 5.875%, 5/01/38</font></td>
<td align=center nowrap><font size="2">05/16 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">6,039,720</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td width="7%" align=center><font size="2">AAA</font></td>
<td width="6%" align=right bgcolor="#DDDDDD"><font size="2">10,830</font></td>
<td width="4%" bgcolor="#DDDDDD">&nbsp;</td>
<td align=left bgcolor="#DDDDDD"><font size="2">Orange Cnty. Tourist Dev. Tax RB,
4.75%, 10/01/32, XLCA</font></td>
<td align=center nowrap bgcolor="#DDDDDD"><font size="2">10/16 @ 100</font></td>
<td bgcolor="#DDDDDD">&nbsp;</td>
<td align=right bgcolor="#DDDDDD"><font size="2">10,872,670</font></td>

<td bgcolor="#DDDDDD">&nbsp;</td></tr>
<tr valign=top><td width="7%" align=center><font size="2">NR</font></td>
<td width="6%" align=right><font size="2">3,925</font></td>
<td width="4%">&nbsp;</td>
<td align=left><font size="2">Stevens Plantation Cmnty. Dev. Dist.
SA, Ser. A, 7.10%, 5/01/35</font></td>
<td align=center nowrap><font size="2">05/14 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,082,824</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td width="7%" align=center><font size="2">NR</font></td>
<td width="6%" align=right bgcolor="#DDDDDD"><font size="2">9,545</font></td>
<td width="4%" bgcolor="#DDDDDD">&nbsp;</td>
<td align=left bgcolor="#DDDDDD"><font size="2">Vlg. Cmnty. Dev. Dist. No. 6 SA,
5.625%, 5/01/22</font></td>
<td align=center nowrap bgcolor="#DDDDDD"><font size="2">05/13 @ 100</font></td>
<td bgcolor="#DDDDDD">&nbsp;</td>
<td align=right bgcolor="#DDDDDD"><font size="2">9,656,486</font></td>

<td bgcolor="#DDDDDD">&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=top><td width="7%" align=center><font size="2">&nbsp;</font></td>
<td width="6%" align=right><font size="2">&nbsp;</font></td>
<td width="4%">&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td align=center nowrap><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">91,285,715</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='8' ><HR noshade size=1></table>
<p align='center'>1
<HR noshade size=4><PAGE><p>
<p><font size="3"><b> BlackRock Municipal Income Trust (BFK) (continued)</b></font>
<p><table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr valign=top><td width="7%" align=center></td>
<td width="6%" colspan="2" align=center><font size="2"><b>Principal</b></font><font size="2"><b>&nbsp;</b></font></td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td width="9%" nowrap>&nbsp;</td>
<td width="1%" align=center></td>

<td width="9%">&nbsp;</td><td>&nbsp;</td></tr>
<tr valign=top><td width="7%" align=center><font size="2"><b>&nbsp;</b></font></td>
<td width="6%" colspan="2" align=center><font size="2"><b>Amount</b></font></td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td align=center nowrap><font size="2"><b>Option Call</b></font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td align=center></td>
</tr>
<tr valign=top><td width="7%" align=center><font size="2"><b>Rating</b><sup><b>1</b></sup></font></td>
<td width="6%" colspan="2" align=center><font size="2"><b>(000)</b></font></td>
<td align=center><font size="2"><b>Description</b></font></td>
<td align=center nowrap><font size="2"><b>Provisions</b><sup><b>2</b></sup></font></td>
<td>&nbsp;</td>
<td><center>
  <font size="2"><b>Value</b></font>
</center></td>
<td align=center><font size="2">&nbsp;</font></td>
</tr>
<tr valign=top><td COLSPAN='8' ><HR noshade size=1>

<tr valign=top><td width="7%" align=center></td>
<td width="6%" align=right><font size="2"><b>&nbsp;</b></font></td>
<td width="4%">&nbsp;</td>
<td align=left><font size="2"><b>Georgia&#151;0.6%</b></font></td>
<td align=center nowrap><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>

<td width="1%">&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="7%" align=center><font size="2"><font size="2">BBB</font></font></td>
<td width="6%" align=right bgcolor="#DDDDDD"><font size="2">$ 4,000</font></td>
<td width="4%" bgcolor="#DDDDDD">&nbsp;</td>
<td align=left bgcolor="#DDDDDD"><font size="2">Richmond Cnty. Dev. Auth. RB, Env.
Impvt., Intl. Paper Co. Proj., Ser. A, 6.00%, 2/01/25</font></td>
<td align=center nowrap bgcolor="#DDDDDD"><font size="2">02/12 @ 101</font></td>
<td bgcolor="#DDDDDD">&nbsp;</td>
<td align=right bgcolor="#DDDDDD"><font size="2">$&nbsp;&nbsp; 4,194,640</font></td>

<td bgcolor="#DDDDDD">&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=top><td width="7%" align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td width="6%" align=right><font size="2"><b>&nbsp;</b></font></td>
<td width="4%">&nbsp;</td>
<td align=left><font size="2"><b>Idaho&#151;2.7%</b></font></td>
<td align=center nowrap><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 width="7%" align=center><font size="2"><font size="2">AAA</font></font></td>
<td width="6%" align=right bgcolor="#DDDDDD"><font size="2">16,970</font></td>
<td width="4%" bgcolor="#DDDDDD">&nbsp;</td>
<td align=left bgcolor="#DDDDDD"><font size="2">Univ. of Idaho RB, Student Fee Hsg.
Impvt. Proj., 5.40%, 4/01/41, FGIC</font></td>
<td align=center nowrap bgcolor="#DDDDDD"><font size="2">04/11 @ 100</font></td>
<td bgcolor="#DDDDDD">&nbsp;</td>
<td align=right bgcolor="#DDDDDD"><font size="2">17,626,400</font></td>

<td bgcolor="#DDDDDD">&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=top><td width="7%" align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td width="6%" align=right><font size="2"><b>&nbsp;</b></font></td>
<td width="4%">&nbsp;</td>
<td align=left><font size="2"><b>Illinois&#151;12.9%</b></font></td>
<td align=center nowrap><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 width="7%" align=center><font size="2"><font size="2">NR</font></font></td>
<td width="6%" align=right bgcolor="#DDDDDD"><font size="2">4,630</font></td>
<td width="4%" bgcolor="#DDDDDD"><font size="2"><sup>4</sup></font></td>
<td align=left bgcolor="#DDDDDD"><font size="2">Centerpoint Intermodal Ctr. Prog.
Trust TA, Ser. A, 8.00%, 6/15/23</font></td>
<td align=center nowrap bgcolor="#DDDDDD"><font size="2">No Opt. Call</font></td>
<td bgcolor="#DDDDDD">&nbsp;</td>
<td align=right bgcolor="#DDDDDD"><font size="2">4,643,288</font></td>

<td bgcolor="#DDDDDD">&nbsp;</td></tr>
<tr valign=top><td width="7%" align=center><font size="2">&nbsp;</font></td>
<td width="6%" align=right><font size="2">&nbsp;</font></td>
<td width="4%">&nbsp;</td>
<td align=left><font size="2">Edl. Facs. Auth. RB,</font></td>
<td nowrap>&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="7%" align=center><font size="2">AA+</font></td>
<td width="6%" align=right bgcolor="#DDDDDD"><font size="2">760</font></td>
<td width="4%" bgcolor="#DDDDDD">&nbsp;</td>
<td align=left bgcolor="#DDDDDD"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Bal Union Chicago Proj., Ser.
A, 5.25%, 7/01/41 </font></td>
<td align=center nowrap bgcolor="#DDDDDD"><font size="2">07/11 @ 101</font></td>
<td bgcolor="#DDDDDD">&nbsp;</td>
<td align=right bgcolor="#DDDDDD"><font size="2">792,467</font></td>

<td bgcolor="#DDDDDD">&nbsp;</td></tr>
<tr valign=top><td width="7%" align=center><font size="2">BBB</font></td>
<td width="6%" align=right><font size="2">10,000</font></td>
<td width="4%">&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Student Hsg., Edl. Advancement
Fund Univ. Ctr. Proj., 6.25%, 5/01/30 </font></td>
<td align=center nowrap><font size="2">05/12 @ 101</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">10,791,600</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td width="7%" align=center><font size="2">BBB</font></td>
<td width="6%" align=right bgcolor="#DDDDDD"><font size="2">7,000</font></td>
<td width="4%" bgcolor="#DDDDDD">&nbsp;</td>
<td align=left bgcolor="#DDDDDD"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Student Hsg., Edl. Advancement
Fund Univ. Ctr. Proj., 6.25%, 5/01/34 </font></td>
<td align=center nowrap bgcolor="#DDDDDD"><font size="2">05/07 @ 100</font></td>
<td bgcolor="#DDDDDD">&nbsp;</td>
<td align=right bgcolor="#DDDDDD"><font size="2">7,110,180</font></td>

<td bgcolor="#DDDDDD">&nbsp;</td></tr>
<tr valign=top><td width="7%" align=center><font size="2">&nbsp;</font></td>
<td width="6%" align=right><font size="2">&nbsp;</font></td>
<td width="4%">&nbsp;</td>
<td align=left><font size="2">Fin. Auth. RB,</font></td>
<td align=center nowrap><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td width="7%" align=center><font size="2">A+</font></td>
<td width="6%" align=right bgcolor="#DDDDDD"><font size="2">7,145</font></td>
<td width="4%" bgcolor="#DDDDDD"><font size="2"><sup>3</sup></font></td>
<td align=left bgcolor="#DDDDDD"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Adventist Hlth. Sys. Sunbelt
Oblig. Proj., 5.65%, 11/15/09 </font></td>
<td align=center nowrap bgcolor="#DDDDDD"><font size="2">N/A</font></td>
<td bgcolor="#DDDDDD">&nbsp;</td>
<td align=right bgcolor="#DDDDDD"><font size="2">7,591,634</font></td>

<td bgcolor="#DDDDDD">&nbsp;</td></tr>
<tr valign=top><td width="7%" align=center><font size="2">BB+</font></td>
<td width="6%" align=right><font size="2">1,685</font></td>
<td width="4%">&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Evangelical Retirement Homes
Proj., Ser. A, 5.625%, 2/15/37 </font></td>
<td align=center nowrap><font size="2">02/15 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,697,570</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td width="7%" align=center><font size="2">AA+</font></td>
<td width="6%" align=right bgcolor="#DDDDDD"><font size="2">3,700</font></td>
<td width="4%" bgcolor="#DDDDDD">&nbsp;</td>
<td align=left bgcolor="#DDDDDD"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Northwestern Mem. Hosp. Proj.,
Ser. A, 5.50%, 8/15/43 </font></td>
<td align=center nowrap bgcolor="#DDDDDD"><font size="2">08/14 @ 100</font></td>
<td bgcolor="#DDDDDD">&nbsp;</td>
<td align=right bgcolor="#DDDDDD"><font size="2">3,906,201</font></td>

<td bgcolor="#DDDDDD">&nbsp;</td></tr>
<tr valign=top><td width="7%" align=center><font size="2">Baa2</font></td>
<td width="6%" align=right><font size="2">2,100</font></td>
<td width="4%">&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Student Hsg., MJH Ed. Asst.
Living Proj., Ser. A, 5.125%, 6/01/35 </font></td>
<td align=center nowrap><font size="2">06/14 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,106,300</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td width="7%" align=center><font size="2">Baa3</font></td>
<td width="6%" align=right bgcolor="#DDDDDD"><font size="2">1,675</font></td>
<td width="4%" bgcolor="#DDDDDD">&nbsp;</td>
<td align=left bgcolor="#DDDDDD"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Student Hsg., MJH Ed. Asst.
Living Proj., Ser. B, 5.375%, 6/01/35 </font></td>
<td align=center nowrap bgcolor="#DDDDDD"><font size="2">06/14 @ 100</font></td>
<td bgcolor="#DDDDDD">&nbsp;</td>
<td align=right bgcolor="#DDDDDD"><font size="2">1,679,707</font></td>

<td bgcolor="#DDDDDD">&nbsp;</td></tr>
<tr valign=top><td width="7%" align=center><font size="2">&nbsp;</font></td>
<td width="6%" align=right><font size="2">&nbsp;</font></td>
<td width="4%">&nbsp;</td>
<td align=left><font size="2">Hlth. Facs. Auth. RB, Elmhurst Mem.
Hosp. Proj.,</font></td>
<td align=center nowrap><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td width="7%" align=center><font size="2">A</font></td>
<td width="6%" align=right bgcolor="#DDDDDD"><font size="2">5,000</font></td>
<td width="4%" bgcolor="#DDDDDD">&nbsp;</td>
<td align=left bgcolor="#DDDDDD"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 1/01/22 </font></td>
<td align=center nowrap bgcolor="#DDDDDD"><font size="2">01/13 @ 100</font></td>
<td bgcolor="#DDDDDD">&nbsp;</td>
<td align=right bgcolor="#DDDDDD"><font size="2">5,190,950</font></td>

<td bgcolor="#DDDDDD">&nbsp;</td></tr>
<tr valign=top><td width="7%" align=center><font size="2">A</font></td>
<td width="6%" align=right><font size="2">6,000</font></td>
<td width="4%">&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;5.625%, 1/01/28 </font></td>
<td align=center nowrap><font size="2">01/13 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">6,246,600</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td width="7%" align=center><font size="2">AAA</font></td>
<td width="6%" align=right bgcolor="#DDDDDD"><font size="2">40,000</font></td>
<td width="4%" bgcolor="#DDDDDD">&nbsp;</td>
<td align=left bgcolor="#DDDDDD"><font size="2">Met. Pier &amp; Exposition Auth.
RB, Dedicated St. Tax, McCormick Place Expansion Proj., </font></td>
<td align=center nowrap bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td bgcolor="#DDDDDD">&nbsp;</td>
<td align=right bgcolor="#DDDDDD"></td>

<td bgcolor="#DDDDDD">&nbsp;</td></tr>
<tr valign=top><td width="7%" align=center><font size="2">&nbsp;</font></td>
<td width="6%" align=right><font size="2">&nbsp;</font></td>
<td width="4%">&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Ser. A, Zero Coupon, 12/15/34,
MBIA</font></td>
<td align=center nowrap><font size="2">No Opt. Call</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">9,909,600</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td width="7%" align=center><font size="2">AAA</font></td>
<td width="6%" align=right bgcolor="#DDDDDD"><font size="2">10,090</font></td>
<td width="4%" bgcolor="#DDDDDD">&nbsp;</td>
<td align=left bgcolor="#DDDDDD"><font size="2">Mun. Elec. Agcy. Pwr. Sply. RB, 4.50%,
2/01/35, FGIC</font></td>
<td align=center nowrap bgcolor="#DDDDDD"><font size="2">02/16 @ 100</font></td>
<td bgcolor="#DDDDDD">&nbsp;</td>
<td align=right bgcolor="#DDDDDD"><font size="2">9,683,070</font></td>

<td bgcolor="#DDDDDD">&nbsp;</td></tr>
<tr valign=top><td width="7%" align=center><font size="2">AAA</font></td>
<td width="6%" align=right><font size="2">7,645</font></td>
<td width="4%">&nbsp;</td>
<td align=left><font size="2">O&#146;Hare Intl. Arpt. RB, Ser.
C-2, 5.25%, 1/01/30, FSA</font></td>
<td align=center nowrap><font size="2">01/14 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">7,900,420</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td width="7%" align=center><font size="2">&nbsp;</font></td>
<td width="6%" align=right bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td width="4%" bgcolor="#DDDDDD">&nbsp;</td>
<td align=left bgcolor="#DDDDDD"><font size="2">Vlg. of Bolingbrook GO,</font></td>
<td align=center nowrap bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td bgcolor="#DDDDDD">&nbsp;</td>
<td align=right bgcolor="#DDDDDD"></td>

<td bgcolor="#DDDDDD">&nbsp;</td></tr>
<tr valign=top><td width="7%" align=center><font size="2">AAA</font></td>
<td width="6%" align=right><font size="2">7,120</font></td>
<td width="4%">&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Ser. B, Zero Coupon, 1/01/33,
FGIC</font></td>
<td align=center nowrap><font size="2">No Opt. Call</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,932,083</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td width="7%" align=center><font size="2">AAA</font></td>
<td width="6%" align=right bgcolor="#DDDDDD"><font size="2">14,085</font></td>
<td width="4%" bgcolor="#DDDDDD">&nbsp;</td>
<td align=left bgcolor="#DDDDDD"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Ser. B, Zero Coupon, 1/01/34,
FGIC</font></td>
<td align=center nowrap bgcolor="#DDDDDD"><font size="2">No Opt. Call</font></td>
<td bgcolor="#DDDDDD">&nbsp;</td>
<td align=right bgcolor="#DDDDDD"><font size="2">3,637,874</font></td>

<td bgcolor="#DDDDDD">&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=top><td width="7%" align=center><font size="2">&nbsp;</font></td>
<td width="6%" align=right><font size="2">&nbsp;</font></td>
<td width="4%">&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td align=center nowrap><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">84,819,544</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="7%" align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td width="6%" align=right bgcolor="#DDDDDD"><font size="2"><b>&nbsp;</b></font></td>
<td width="4%" bgcolor="#DDDDDD">&nbsp;</td>
<td align=left bgcolor="#DDDDDD"><font size="2"><b>Indiana&#151;7.1%</b></font></td>
<td align=center nowrap bgcolor="#DDDDDD"><font size="2"><b>&nbsp;</b></font></td>
<td bgcolor="#DDDDDD">&nbsp;</td>
<td align=right bgcolor="#DDDDDD"></td>

<td bgcolor="#DDDDDD">&nbsp;</td></tr>
<tr valign=top><td width="7%" align=center><font size="2"><font size="2">A-</font></font></td>
<td width="6%" align=right><font size="2">9,000</font></td>
<td width="4%">&nbsp;</td>
<td align=left><font size="2">Hlth. Fac. Fin. Auth. RB, Methodist
Hosp., Inc. Proj., 5.50%, 9/15/31</font></td>
<td align=center nowrap><font size="2">09/11 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">9,216,720</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td width="7%" align=center><font size="2">AAA</font></td>
<td width="6%" align=right bgcolor="#DDDDDD"><font size="2">7,750</font></td>
<td width="4%" bgcolor="#DDDDDD">&nbsp;</td>
<td align=left bgcolor="#DDDDDD"><font size="2">Mun. Pwr. Agcy., Pwr. Sply. Sys.
RB, Ser. A, 4.50%, 1/01/32, AMBAC</font></td>
<td align=center nowrap bgcolor="#DDDDDD"><font size="2">01/16 @ 100</font></td>
<td bgcolor="#DDDDDD">&nbsp;</td>
<td align=right bgcolor="#DDDDDD"><font size="2">7,454,493</font></td>

<td bgcolor="#DDDDDD">&nbsp;</td></tr>
<tr valign=top><td width="7%" align=center><font size="2">&nbsp;</font></td>
<td width="6%" align=right><font size="2">&nbsp;</font></td>
<td width="4%">&nbsp;</td>
<td align=left><font size="2">Petersburg PCRB, Indianapolis Pwr.
&amp; Lt. Conv.,</font></td>
<td nowrap>&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="7%" align=center><font size="2">BBB+</font></td>
<td width="6%" align=right bgcolor="#DDDDDD"><font size="2">10,000</font></td>
<td width="4%" bgcolor="#DDDDDD">&nbsp;</td>
<td align=left bgcolor="#DDDDDD"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;5.90%, 12/01/24 </font></td>
<td align=center nowrap bgcolor="#DDDDDD"><font size="2">08/11 @ 102</font></td>
<td bgcolor="#DDDDDD">&nbsp;</td>
<td align=right bgcolor="#DDDDDD"><font size="2">10,584,000</font></td>

<td bgcolor="#DDDDDD">&nbsp;</td></tr>
<tr valign=top><td width="7%" align=center><font size="2">BBB+</font></td>
<td width="6%" align=right><font size="2">16,000</font></td>
<td width="4%">&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 12/01/29 </font></td>
<td align=center nowrap><font size="2">08/11 @ 102</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">16,932,960</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td width="7%" align=center><font size="2">NR</font></td>
<td width="6%" align=right bgcolor="#DDDDDD"><font size="2">2,470</font></td>
<td width="4%" bgcolor="#DDDDDD">&nbsp;</td>
<td align=left bgcolor="#DDDDDD"><font size="2">Vincennes Econ. Dev. RB, Southwest
Indiana Regl. Youth Proj., 6.25%, 1/01/24</font></td>
<td align=center nowrap bgcolor="#DDDDDD"><font size="2">01/09 @ 102</font></td>
<td bgcolor="#DDDDDD">&nbsp;</td>
<td align=right bgcolor="#DDDDDD"><font size="2">2,412,424</font></td>

<td bgcolor="#DDDDDD">&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=top><td width="7%" align=center><font size="2">&nbsp;</font></td>
<td width="6%" align=right><font size="2">&nbsp;</font></td>
<td width="4%">&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td align=center nowrap><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">46,600,597</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="7%" align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td width="6%" align=right bgcolor="#DDDDDD"><font size="2"><b>&nbsp;</b></font></td>
<td width="4%" bgcolor="#DDDDDD">&nbsp;</td>
<td align=left bgcolor="#DDDDDD"><font size="2"><b>Kentucky&#151;1.4%</b></font></td>
<td align=center nowrap bgcolor="#DDDDDD"><font size="2"><b>&nbsp;</b></font></td>
<td bgcolor="#DDDDDD">&nbsp;</td>
<td align=right bgcolor="#DDDDDD"></td>

<td bgcolor="#DDDDDD">&nbsp;</td></tr>
<tr valign=top><td width="7%" align=center><font size="2"><font size="2">AAA</font></font></td>
<td width="6%" align=right><font size="2">9,060</font></td>
<td width="4%">&nbsp;</td>
<td align=left><font size="2">Hsg. Corp. RB, Ser. F, 5.45%, 1/01/32</font></td>
<td align=center nowrap><font size="2">07/11 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">9,275,900</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="7%" align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td width="6%" align=right bgcolor="#DDDDDD"><font size="2"><b>&nbsp;</b></font></td>
<td width="4%" bgcolor="#DDDDDD">&nbsp;</td>
<td align=left bgcolor="#DDDDDD"><font size="2"><b>Louisiana&#151;1.8%</b></font></td>
<td align=center nowrap bgcolor="#DDDDDD"><font size="2"><b>&nbsp;</b></font></td>
<td bgcolor="#DDDDDD">&nbsp;</td>
<td align=right bgcolor="#DDDDDD"></td>

<td bgcolor="#DDDDDD">&nbsp;</td></tr>
<tr valign=top><td width="7%" align=center><font size="2"><font size="2">A</font></font></td>
<td width="6%" align=right><font size="2">10,510</font></td>
<td width="4%">&nbsp;</td>
<td align=left><font size="2">Local Gov&#146;t. Env. Facs. &amp;
Cmnty. Dev. Auth. RB, Cap. Projs. &amp; Equip. Acquisition, </font></td>
<td align=center nowrap><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td width="7%" align=center><font size="2">&nbsp;</font></td>
<td width="6%" align=right bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td width="4%" bgcolor="#DDDDDD">&nbsp;</td>
<td align=left bgcolor="#DDDDDD"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;6.55%, 9/01/25, ACA</font></td>
<td align=center nowrap bgcolor="#DDDDDD"><font size="2">No Opt. Call</font></td>
<td bgcolor="#DDDDDD">&nbsp;</td>
<td align=right bgcolor="#DDDDDD"><font size="2">11,527,263</font></td>

<td bgcolor="#DDDDDD">&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=top><td width="7%" align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td width="6%" align=right><font size="2"><b>&nbsp;</b></font></td>
<td width="4%">&nbsp;</td>
<td align=left><font size="2"><b>Maryland&#151;0.7%</b></font></td>
<td align=center nowrap><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 width="7%" align=center><font size="2"><font size="2">BBB+</font></font></td>
<td width="6%" align=right bgcolor="#DDDDDD"><font size="2">4,205</font></td>
<td width="4%" bgcolor="#DDDDDD">&nbsp;</td>
<td align=left bgcolor="#DDDDDD"><font size="2">Hlth. &amp; Higher Edl. Facs. Auth.
RB, Medstar Hlth., Inc. Proj., 5.50%, 8/15/33</font></td>
<td align=center nowrap bgcolor="#DDDDDD"><font size="2">08/14 @ 100</font></td>
<td bgcolor="#DDDDDD">&nbsp;</td>
<td align=right bgcolor="#DDDDDD"><font size="2">4,365,168</font></td>

<td bgcolor="#DDDDDD">&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=top><td width="7%" align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td width="6%" align=right><font size="2"><b>&nbsp;</b></font></td>
<td width="4%">&nbsp;</td>
<td align=left><font size="2"><b>Massachusetts&#151;1.1%</b></font></td>
<td align=center nowrap><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 width="7%" align=center><font size="2"><font size="2">AA</font></font></td>
<td width="6%" align=right bgcolor="#DDDDDD"><font size="2">6,770</font></td>
<td width="4%" bgcolor="#DDDDDD">&nbsp;</td>
<td align=left bgcolor="#DDDDDD"><font size="2">Wtr. Res. Auth. RB, Ser. A, 5.00%,
8/01/41</font></td>
<td align=center nowrap bgcolor="#DDDDDD"><font size="2">08/16 @ 100</font></td>
<td bgcolor="#DDDDDD">&nbsp;</td>
<td align=right bgcolor="#DDDDDD"><font size="2">6,946,765</font></td>

<td bgcolor="#DDDDDD">&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=top><td width="7%" align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td width="6%" align=right><font size="2"><b>&nbsp;</b></font></td>
<td width="4%">&nbsp;</td>
<td align=left><font size="2"><b>Michigan&#151;1.6%</b></font></td>
<td align=center nowrap><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 width="7%" align=center><font size="2"><font size="2">AAA</font></font></td>
<td width="6%" align=right bgcolor="#DDDDDD"><font size="2">1,680</font></td>
<td width="4%" bgcolor="#DDDDDD">&nbsp;</td>
<td align=left bgcolor="#DDDDDD"><font size="2">Detroit Wtr. Sply. Sys. RB, Ser.
C, 5.00%, 7/01/33, FSA</font></td>
<td align=center nowrap bgcolor="#DDDDDD"><font size="2">07/16 @ 100</font></td>
<td bgcolor="#DDDDDD">&nbsp;</td>
<td align=right bgcolor="#DDDDDD"><font size="2">1,734,281</font></td>

<td bgcolor="#DDDDDD">&nbsp;</td></tr>
<tr valign=top><td width="7%" align=center><font size="2">&nbsp;</font></td>
<td width="6%" align=right><font size="2">&nbsp;</font></td>
<td width="4%">&nbsp;</td>
<td align=left><font size="2">St. Hosp. Fin. Auth. RB, Henry Ford
Hlth. Sys. Proj.,</font></td>
<td nowrap>&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="7%" align=center><font size="2">A1</font></td>
<td width="6%" align=right bgcolor="#DDDDDD"><font size="2">4,230</font></td>
<td width="4%" bgcolor="#DDDDDD">&nbsp;</td>
<td align=left bgcolor="#DDDDDD"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 5.00%, 11/15/38 </font></td>
<td align=center nowrap bgcolor="#DDDDDD"><font size="2">11/16 @ 100</font></td>
<td bgcolor="#DDDDDD">&nbsp;</td>
<td align=right bgcolor="#DDDDDD"><font size="2">4,266,928</font></td>

<td bgcolor="#DDDDDD">&nbsp;</td></tr>
<tr valign=top><td width="7%" align=center><font size="2">A1</font></td>
<td width="6%" align=right><font size="2">4,230</font></td>
<td width="4%">&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 5.25%, 11/15/46 </font></td>
<td align=center nowrap><font size="2">11/16 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,344,717</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="7%" align=center><font size="2">&nbsp;</font></td>
<td width="6%" align=right bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td width="4%" bgcolor="#DDDDDD">&nbsp;</td>
<td align=left bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td align=center nowrap bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td bgcolor="#DDDDDD">&nbsp;</td>
<td align=right bgcolor="#DDDDDD"><font size="2">10,345,926</font></td>

<td bgcolor="#DDDDDD">&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=top><td width="7%" align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td width="6%" align=right><font size="2"><b>&nbsp;</b></font></td>
<td width="4%">&nbsp;</td>
<td align=left><font size="2"><b>Mississippi&#151;2.9%</b></font></td>
<td align=center nowrap><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 width="7%" align=center><font size="2"><font size="2">A</font></font></td>
<td width="6%" align=right bgcolor="#DDDDDD"><font size="2">18,680</font></td>
<td width="4%" bgcolor="#DDDDDD">&nbsp;</td>
<td align=left bgcolor="#DDDDDD"><font size="2">Gulfport Hosp. Fac. RB, Mem. Hosp.
at Gulfport Proj., Ser. A, 5.75%, 7/01/31</font></td>
<td align=center nowrap bgcolor="#DDDDDD"><font size="2">07/11 @ 100</font></td>
<td bgcolor="#DDDDDD">&nbsp;</td>
<td align=right bgcolor="#DDDDDD"><font size="2">19,103,102</font></td>

<td bgcolor="#DDDDDD">&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=top><td width="7%" align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td width="6%" align=right><font size="2"><b>&nbsp;</b></font></td>
<td width="4%">&nbsp;</td>
<td align=left><font size="2"><b>Missouri&#151;0.1%</b></font></td>
<td align=center nowrap><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 width="7%" align=center><font size="2"><font size="2">AAA</font></font></td>
<td width="6%" align=right bgcolor="#DDDDDD"><font size="2">695</font></td>
<td width="4%" bgcolor="#DDDDDD">&nbsp;</td>
<td align=left bgcolor="#DDDDDD"><font size="2">Joint Mun. Elec. Util. Comm. RB,
Plum Point Proj., 4.60%, 1/01/36, MBIA</font></td>
<td align=center nowrap bgcolor="#DDDDDD"><font size="2">01/16 @ 100</font></td>
<td bgcolor="#DDDDDD">&nbsp;</td>
<td align=right bgcolor="#DDDDDD"><font size="2">694,972</font></td>

<td bgcolor="#DDDDDD">&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
</table>
<p align="center">2
<HR noshade size=4><PAGE><p>
<p><font size="3"><b> BlackRock Municipal Income Trust (BFK) (continued)</b></font>
<p><table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign=top><td width="7%" align=center><font size="2"><font size="2"></font></font></td>
<td width="6%" colspan="2" align=center><font size="2"><b>Principal</b></font></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><font size="2"></font></td>

<td>&nbsp;</td></tr>
  <tr valign=top>
    <td align=center><font size="2"><b>&nbsp;</b></font></td>
    <td colspan="2" align=center><font size="2"><b>Amount</b></font></td>
    <td align=center><font size="2"><b>&nbsp;</b></font></td>
    <td align=center nowrap><font size="2"><b>Option Call</b></font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=center></td>
  </tr>
<tr valign=top><td width="7%" align=center><font size="2"><b>Rating</b><sup><b>1</b></sup></font></td>
<td width="6%" colspan="2" align=center><font size="2"><b>(000)</b></font></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=1>

<tr valign=top><td width="7%" align=center><font size="2"><font size="2"></font></font></td>
<td width="6%" align=right><font size="2"><b>&nbsp;</b></font></td>
<td width="6%">&nbsp;</td>
<td align=left><font size="2"><b>Multi-State&#151;7.0%</b></font></td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"></font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td width="7%" align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td width="6%" align=right><font size="2">&nbsp;</font></td>
<td width="6%">&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><font size="2"></font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td width="7%" align=center><font size="2">A3</font></td>
<td width="6%" align=right><font size="2">$ 1,000</font></td>
<td width="6%"><font size="2"><sup>4</sup></font></td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 6.625%, 6/30/49 </font></td>
<td align=center><font size="2">No Opt. Call</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">$&nbsp;&nbsp;&nbsp;&nbsp; 1,057,830</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td width="7%" align=center><font size="2">A3</font></td>
<td width="6%" align=right><font size="2">11,000</font></td>
<td width="6%"><font size="2"><sup>4</sup></font></td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Ser. A-2, 6.30%, 6/30/49 </font></td>
<td align=center><font size="2">No Opt. Call</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">11,539,660</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td width="7%" align=center><font size="2">A3</font></td>
<td width="6%" align=right><font size="2">16,000</font></td>
<td width="6%"><font size="2"><sup>4</sup></font></td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Ser. A-3, 6.80%, 10/01/52 </font></td>
<td align=center><font size="2">No Opt. Call</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">17,924,800</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td width="7%" align=center><font size="2">Baa1</font></td>
<td width="6%" align=right><font size="2">6,500</font></td>
<td width="6%"><font size="2"><sup>4</sup></font></td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Ser. B-1, 6.80%, 11/30/50 </font></td>
<td align=center><font size="2">No Opt. Call</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">6,910,475</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td width="7%" align=center><font size="2">A3</font></td>
<td width="6%" align=right><font size="2">8,000</font></td>
<td width="6%"><font size="2"><sup>4</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">8,516,640</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="7%" align=center><font size="2">&nbsp;</font></td>
<td width="6%" align=right><font size="2">&nbsp;</font></td>
<td width="6%">&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">45,949,405</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=top><td width="7%" align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td width="6%" align=right><font size="2"><b>&nbsp;</b></font></td>
<td width="6%">&nbsp;</td>
<td align=left><font size="2"><b>Nebraska&#151;1.1%</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 width="7%" align=center><font size="2"><font size="2">AA</font></font></td>
<td width="6%" align=right><font size="2">6,990</font></td>
<td width="6%">&nbsp;</td>
<td align=left><font size="2">Omaha Pub. Pwr. Dist. RB, Elec. Sys.,
Ser. A, 4.75%, 2/01/44</font></td>
<td align=center><font size="2">02/14 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">6,869,772</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=top><td width="7%" align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td width="6%" align=right><font size="2"><b>&nbsp;</b></font></td>
<td width="6%">&nbsp;</td>
<td align=left><font size="2"><b>Nevada&#151;1.6%</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 bgcolor='#DDDDDD'><td width="7%" align=center><font size="2"><font size="2">AAA</font></font></td>
<td width="6%" align=right><font size="2">5,000</font></td>
<td width="6%">&nbsp;</td>
<td align=left><font size="2">Clark Cnty. Arpt. RB, Jet Aviation
Fuel Tax, 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">5,122,600</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td width="7%" align=center><font size="2">A+</font></td>
<td width="6%" align=right><font size="2">5,260</font></td>
<td width="6%">&nbsp;</td>
<td align=left><font size="2">Clark Cnty. Econ. Dev. RB, Alexander
Dawson Sch. Proj., 5.00%, 5/15/29</font></td>
<td align=center><font size="2">05/16 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,308,234</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="7%" align=center><font size="2">&nbsp;</font></td>
<td width="6%" align=right><font size="2">&nbsp;</font></td>
<td width="6%">&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">10,430,834</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=top><td width="7%" align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td width="6%" align=right><font size="2"><b>&nbsp;</b></font></td>
<td width="6%">&nbsp;</td>
<td align=left><font size="2"><b>New Hampshire&#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 width="7%" align=center><font size="2"><font size="2">Aaa</font></font></td>
<td width="6%" align=right><font size="2">4,000</font></td>
<td width="6%">&nbsp;</td>
<td align=left><font size="2">Bus. Fin. Auth. PCRB, Pub. Svc. Co.
Proj., Ser. B, 4.75%, 5/01/21, MBIA</font></td>
<td align=center><font size="2">06/13 @ 102</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,019,960</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td width="7%" align=center><font size="2">A+</font></td>
<td width="6%" align=right><font size="2">3,500</font></td>
<td width="6%">&nbsp;</td>
<td align=left><font size="2">Hlth. &amp; Edl. Facs. Auth. RB,
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">3,675,910</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="7%" align=center><font size="2">&nbsp;</font></td>
<td width="6%" align=right><font size="2">&nbsp;</font></td>
<td width="6%">&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">7,695,870</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=top><td width="7%" align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td width="6%" align=right><font size="2"><b>&nbsp;</b></font></td>
<td width="6%">&nbsp;</td>
<td align=left><font size="2"><b>New Jersey&#151;7.4%</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 width="7%" align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td width="6%" align=right><font size="2">&nbsp;</font></td>
<td width="6%">&nbsp;</td>
<td align=left><font size="2">Econ. Dev. Auth. RB,</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 width="7%" align=center><font size="2">BBB</font></td>
<td width="6%" align=right><font size="2">18,500</font></td>
<td width="6%">&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Cigarette Tax, 5.75%, 6/15/29
</font></td>
<td align=center><font size="2">06/14 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">19,553,760</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td width="7%" align=center><font size="2">B</font></td>
<td width="6%" align=right><font size="2">15,410</font></td>
<td width="6%">&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Continental Airlines, Inc.
Proj., 7.00%, 11/15/30 </font></td>
<td align=center><font size="2">11/10 @ 101</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">15,938,717</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td width="7%" align=center><font size="2">Baa3</font></td>
<td width="6%" align=right><font size="2">8,000</font></td>
<td width="6%">&nbsp;</td>
<td align=left><font size="2">Econ. Dev. Auth. SA, 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">9,462,960</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td width="7%" align=center><font size="2">NR</font></td>
<td width="6%" align=right><font size="2">3,680</font></td>
<td width="6%">&nbsp;</td>
<td align=left><font size="2">Middlesex Cnty. Impvt. Auth. RB,
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">3,742,781</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=top><td width="7%" align=center><font size="2">&nbsp;</font></td>
<td width="6%" align=right><font size="2">&nbsp;</font></td>
<td width="6%">&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">48,698,218</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="7%" align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td width="6%" align=right><font size="2"><b>&nbsp;</b></font></td>
<td width="6%">&nbsp;</td>
<td align=left><font size="2"><b>New York&#151;15.1%</b></font></td>
<td>&nbsp;</td><td>&nbsp;</td><td>&nbsp;</td><td>&nbsp;</td></tr>
<tr valign=top><td width="7%" align=center><font size="2"><font size="2">NR</font></font></td>
<td width="6%" align=right><font size="2">1,820</font></td>
<td width="6%">&nbsp;</td>
<td align=left><font size="2">Albany Indl. Dev. Agcy. RB, 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">1,773,390</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td width="7%" align=center><font size="2">AA-</font></td>
<td width="6%" align=right><font size="2">43,015</font></td>
<td width="6%">&nbsp;</td>
<td align=left><font size="2">Liberty Dev. Corp. RB, 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">47,110,028</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td width="7%" align=center><font size="2">AAA</font></td>
<td width="6%" align=right><font size="2">7,115</font></td>
<td width="6%">&nbsp;</td>
<td align=left><font size="2">Met. Transp. Auth. RB 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">7,312,441</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td width="7%" align=center><font size="2">&nbsp;</font></td>
<td width="6%" align=right><font size="2">&nbsp;</font></td>
<td width="6%">&nbsp;</td>
<td align=left><font size="2">New York City Indl. Dev. Agcy. RB,</font></td>
<td>&nbsp;</td><td>&nbsp;</td><td>&nbsp;</td><td>&nbsp;</td></tr>
<tr valign=top><td width="7%" align=center><font size="2">B</font></td>
<td width="6%" align=right><font size="2">27,400</font></td>
<td width="6%">&nbsp;</td>
<td align=left><font size="2">&nbsp;&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">31,518,494</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td width="7%" align=center><font size="2">B</font></td>
<td width="6%" align=right><font size="2">5,000</font></td>
<td width="6%">&nbsp;</td>
<td align=left><font size="2">&nbsp;&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">5,866,300</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td width="7%" align=center><font size="2">AAA</font></td>
<td width="6%" align=right><font size="2">5,375</font></td>
<td width="6%">&nbsp;</td>
<td align=left><font size="2">St. Env. Facs. Corp., St. Clean Wtr.
&amp; Drinking Wtr. RB, NYC Mun. Wtr. Proj., Ser. B, </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 width="7%" align=center><font size="2">&nbsp;</font></td>
<td width="6%" align=right><font size="2">&nbsp;</font></td>
<td width="6%">&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;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">5,537,056</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=top><td width="7%" align=center><font size="2">&nbsp;</font></td>
<td width="6%" align=right><font size="2">&nbsp;</font></td>
<td width="6%">&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">99,117,709</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="7%" align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td width="6%" align=right><font size="2"><b>&nbsp;</b></font></td>
<td width="6%">&nbsp;</td>
<td align=left><font size="2"><b>North Carolina&#151;1.9%</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 width="7%" align=center><font size="2"><font size="2">NR</font></font></td>
<td width="6%" align=right><font size="2">12,130</font></td>
<td width="6%">&nbsp;</td>
<td align=left><font size="2">Gaston Cnty. Indl. Facs. Fin. Auth.
PCRB, 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">12,711,876</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="7%" align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td width="6%" align=right><font size="2"><b>&nbsp;</b></font></td>
<td width="6%">&nbsp;</td>
<td align=left><font size="2"><b>Ohio&#151;7.9%</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 width="7%" align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td width="6%" align=right><font size="2">&nbsp;</font></td>
<td width="6%">&nbsp;</td>
<td align=left><font size="2">Air Qual. Dev. Auth. PCRB,</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 width="7%" align=center><font size="2">BBB</font></td>
<td width="6%" align=right><font size="2">14,500</font></td>
<td width="6%">&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;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">14,999,525</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td width="7%" align=center><font size="2">AAA</font></td>
<td width="6%" align=right><font size="2">23,820</font></td>
<td width="6%">&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Dayton Pwr. &amp; Lt. Co. Proj.,
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">23,819,047</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td width="7%" align=center><font size="2">NR</font></td>
<td width="6%" align=right><font size="2">3,760</font></td>
<td width="6%">&nbsp;</td>
<td align=left><font size="2">Pinnacle Cmnty. Infrastructure Fin.
Auth. RB, Ohio 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">3,914,837</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td width="7%" align=center><font size="2">AAA</font></td>
<td width="6%" align=right><font size="2">9,000</font></td>
<td width="6%">&nbsp;</td>
<td align=left><font size="2">St. Wtr. Dev. Auth. PCRB, Dayton
Pwr. &amp; Lt. Co. 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">9,032,040</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="7%" align=center><font size="2">&nbsp;</font></td>
<td width="6%" align=right><font size="2">&nbsp;</font></td>
<td width="6%">&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">51,765,449</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=top><td width="7%" align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td width="6%" align=right><font size="2"><b>&nbsp;</b></font></td>
<td width="6%">&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 width="7%" align=center><font size="2"><font size="2">B</font></font></td>
<td width="6%" align=right><font size="2">7,175</font></td>
<td width="6%">&nbsp;</td>
<td align=left><font size="2">Tulsa Mun. Arpt. Trust RB, 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">7,920,195</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=top><td width="7%" align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td width="6%" align=right><font size="2"><b>&nbsp;</b></font></td>
<td width="6%">&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 width="7%" align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td width="6%" align=right><font size="2">&nbsp;</font></td>
<td width="6%">&nbsp;</td>
<td align=left><font size="2">Econ. Dev. Fin. Auth. RB,</font></td>
<td>&nbsp;</td><td>&nbsp;</td><td>&nbsp;</td><td>&nbsp;</td></tr>
<tr valign=top><td width="7%" align=center><font size="2">A3</font></td>
<td width="6%" align=right><font size="2">6,500</font></td>
<td width="6%">&nbsp;</td>
<td align=left><font size="2">&nbsp;&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">6,995,430</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td width="7%" align=center><font size="2">BB-</font></td>
<td width="6%" align=right><font size="2">19,750</font></td>
<td width="6%">&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Exempt Facs., 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">21,184,640</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td width="7%" align=center><font size="2">BBB+</font></td>
<td width="6%" align=right><font size="2">4,000</font></td>
<td width="6%">&nbsp;</td>
<td align=left><font size="2">Higher Edl. Facs. Auth. RB, 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">4,171,080</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="7%" align=center><font size="2">&nbsp;</font></td>
<td width="6%" align=right><font size="2">&nbsp;</font></td>
<td width="6%">&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">32,351,150</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=top><td width="7%" align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td width="6%" align=right><font size="2"><b>&nbsp;</b></font></td>
<td width="6%">&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 width="7%" align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td width="6%" align=right><font size="2">&nbsp;</font></td>
<td width="6%">&nbsp;</td>
<td align=left><font size="2">Jobs Econ. Dev. Auth., Hosp. Facs.
RB,</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td><td>&nbsp;</td><td>&nbsp;</td></tr>
<tr valign=top><td width="7%" align=center><font size="2">BBB+</font></td>
<td width="6%" align=right><font size="2">8,010</font></td>
<td width="6%"><font size="2"> <sup>3</sup></font></td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Palmetto Hlth. Alliance Proj.,
6.875%, 8/01/13 </font></td>
<td align=center><font size="2">N/A</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">9,413,672</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td width="7%" align=center><font size="2">BBB+</font></td>
<td width="6%" align=right><font size="2">990</font></td>
<td width="6%">&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Palmetto Hlth. Alliance 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">1,124,670</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td width="7%" align=center><font size="2">BBB+</font></td>
<td width="6%" align=right><font size="2">5,075</font></td>
<td width="6%">&nbsp;</td>
<td align=left><font size="2">&nbsp;&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">5,454,864</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td width="7%" align=center><font size="2">&nbsp;</font></td>
<td width="6%" align=right><font size="2">&nbsp;</font></td>
<td width="6%">&nbsp;</td>
<td align=left><font size="2">Lexington Cnty. Hlth. Svcs. Dist.,
Hosp. RB,</font></td>
<td>&nbsp;</td><td>&nbsp;</td><td>&nbsp;</td><td>&nbsp;</td></tr>
<tr valign=top><td width="7%" align=center><font size="2">A</font></td>
<td width="6%" align=right><font size="2">5,000</font></td>
<td width="6%">&nbsp;</td>
<td align=left><font size="2">&nbsp;&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">5,249,050</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td width="7%" align=center><font size="2">A</font></td>
<td width="6%" align=right><font size="2">10,000</font></td>
<td width="6%">&nbsp;</td>
<td align=left><font size="2">&nbsp;&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">10,707,300</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=top><td width="7%" align=center><font size="2">&nbsp;</font></td>
<td width="6%" align=right><font size="2">&nbsp;</font></td>
<td width="6%">&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">31,949,556</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='8' ><HR noshade size=1></table>
<p align='center'>3<HR noshade size=4><PAGE><p>
<p><font size="3"><b> BlackRock Municipal Income Trust (BFK) (continued)</b></font>
<p><table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr valign=top><td width="7%" align=center></td>
<td colspan="2" align=center><font size="2"><b>Principal</b></font><font size="2"><b>&nbsp;</b></font></td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td width="9%" nowrap>&nbsp;</td>
<td width="1%" align=center></td>

<td width="9%">&nbsp;</td><td width="1%">&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=center><font size="2"><b>&nbsp;</b></font></td>
    <td colspan="2" align=center><font size="2"><b>Amount</b></font><font size="2"><b>&nbsp;</b></font></td>
    <td align=center nowrap><font size="2">&nbsp;</font></td>
    <td nowrap><center>
      <font size="2"><b>Option Call</b></font>
    </center></td>
    <td>&nbsp;</td><td>&nbsp;</td>
    <td align=center></td>
  </tr>
<tr valign=top><td align=center><font size="2"><b>Rating</b><sup><b>1</b></sup></font></td>
<td colspan="2" align=center><font size="2"><b>(000)</b></font></td>
<td align=center><font size="2"><b>Description</b></font></td>
<td align=center nowrap><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=1>

<tr valign=top><td align=center></td>
<td width="6%" align=right><font size="2"><b>&nbsp;</b></font></td>
<td width="4%">&nbsp;</td>
<td align=left><font size="2"><b>Tennessee&#151;1.5%</b></font></td>
<td align=center nowrap><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 bgcolor="#DDDDDD"><font size="2"><font size="2">AAA</font></font></td>
<td width="6%" align=right bgcolor="#DDDDDD"><font size="2">$&nbsp;&nbsp;&nbsp;&nbsp;20,825</font></td>
<td width="4%">&nbsp;</td>
<td align=left bgcolor="#DDDDDD"><font size="2">Knox Cnty. Hlth. Edl. &amp; Hsg.
Facs. Brd., Hosp. Facs. RB, Ser. A, Zero Coupon, 1/01/20, FSA</font></td>
<td align=center nowrap bgcolor="#DDDDDD"><font size="2">01/13 @ 67.474</font></td>
<td bgcolor="#DDDDDD">&nbsp;</td>
<td align=right bgcolor="#DDDDDD"><font size="2">$&nbsp;&nbsp;&nbsp;&nbsp;10,129,905</font></td>

<td bgcolor="#DDDDDD">&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='8' bgcolor="#DDDDDD" ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td width="6%" align=right><font size="2"><b>&nbsp;</b></font></td>
<td width="4%">&nbsp;</td>
<td align=left><font size="2"><b>Texas&#151;14.3%</b></font></td>
<td align=center nowrap><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 bgcolor="#DDDDDD"><font size="2"><font size="2">&nbsp;</font></font></td>
<td width="6%" align=right bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td width="4%">&nbsp;</td>
<td align=left bgcolor="#DDDDDD"><font size="2">Affordable Hsg. Corp., Multi-Fam.
Hsg. RB,</font></td>
<td align=center nowrap bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td bgcolor="#DDDDDD">&nbsp;</td>
<td align=right bgcolor="#DDDDDD"></td>

<td bgcolor="#DDDDDD">&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">NR</font></td>
<td width="6%" align=right><font size="2">4,435</font></td>
<td width="4%"><font size="2"> <sup>5</sup></font></td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Amer. Oppty. Hsg. Portfolio,
Ser. B, 8.00%, 3/01/32 </font></td>
<td align=center nowrap><font size="2">09/12 @ 102</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">665,250</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center bgcolor="#DDDDDD"><font size="2">B</font></td>
<td width="6%" align=right bgcolor="#DDDDDD"><font size="2">6,375</font></td>
<td width="4%"><font size="2"><sup> 5</sup></font></td>
<td align=left bgcolor="#DDDDDD"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;So. Texas Pptys. Corp., Ser.
B, 8.00%, 3/01/32 </font></td>
<td align=center nowrap bgcolor="#DDDDDD"><font size="2">09/12 @ 102</font></td>
<td bgcolor="#DDDDDD">&nbsp;</td>
<td align=right bgcolor="#DDDDDD"><font size="2">5,661,128</font></td>

<td bgcolor="#DDDDDD">&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">AAA</font></td>
<td width="6%" align=right><font size="2">3,805</font></td>
<td width="4%">&nbsp;</td>
<td align=left><font size="2">Dallas Area Rapid Trans. RB, 5.00%,
12/01/31, AMBAC</font></td>
<td align=center nowrap><font size="2">12/11 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,875,963</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td width="6%" align=right bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td width="4%">&nbsp;</td>
<td align=left bgcolor="#DDDDDD"><font size="2">Harris Cnty. Houston Sports Auth.
RB,</font></td>
<td align=center nowrap bgcolor="#DDDDDD"></td>

<td bgcolor="#DDDDDD">&nbsp;</td><td bgcolor="#DDDDDD">&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">AAA</font></td>
<td width="6%" align=right><font size="2">12,580</font></td>
<td width="4%">&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Ser. A, Zero Coupon, 11/15/38,
MBIA</font></td>
<td align=center nowrap><font size="2">11/30 @ 61.166</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,206,909</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center bgcolor="#DDDDDD"><font size="2">AAA</font></td>
<td width="6%" align=right bgcolor="#DDDDDD"><font size="2">26,120</font></td>
<td width="4%">&nbsp;</td>
<td align=left bgcolor="#DDDDDD"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Ser. A-3, Zero Coupon, 11/15/37,
MBIA</font></td>
<td align=center nowrap bgcolor="#DDDDDD"><font size="2">11/24 @ 46.545</font></td>
<td bgcolor="#DDDDDD">&nbsp;</td>
<td align=right bgcolor="#DDDDDD"><font size="2">4,755,930</font></td>

<td bgcolor="#DDDDDD">&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">AAA</font></td>
<td width="6%" align=right><font size="2">5,000</font></td>
<td width="4%">&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Ser. H, Zero Coupon, 11/15/35,
MBIA</font></td>
<td align=center nowrap><font size="2">11/31 @ 78.178</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,072,800</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td width="6%" align=right bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td width="4%">&nbsp;</td>
<td align=left bgcolor="#DDDDDD"><font size="2">Lower Colorado River Auth. RB,</font></td>
<td align=center nowrap bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td bgcolor="#DDDDDD">&nbsp;</td>
<td align=right bgcolor="#DDDDDD"></td>

<td bgcolor="#DDDDDD">&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">AAA</font></td>
<td width="6%" align=right><font size="2">5</font></td>
<td width="4%"><font size="2"> <sup>3</sup></font></td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 5.00%, 5/15/13, MBIA</font></td>
<td align=center nowrap><font size="2">N/A</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,331</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center bgcolor="#DDDDDD"><font size="2">AAA</font></td>
<td width="6%" align=right bgcolor="#DDDDDD"><font size="2">2,395</font></td>
<td width="4%">&nbsp;</td>
<td align=left bgcolor="#DDDDDD"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 5.00%, 5/15/31, MBIA</font></td>
<td align=center nowrap bgcolor="#DDDDDD"><font size="2">05/13 @ 100</font></td>
<td bgcolor="#DDDDDD">&nbsp;</td>
<td align=right bgcolor="#DDDDDD"><font size="2">2,454,324</font></td>

<td bgcolor="#DDDDDD">&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">AAA</font></td>
<td width="6%" align=right><font size="2">13,305</font></td>
<td width="4%">&nbsp;</td>
<td align=left><font size="2">Lower Colorado River Auth. RB, Transm.
Svcs. Proj., 4.75%, 5/15/34, AMBAC</font></td>
<td align=center nowrap><font size="2">05/11 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">13,304,069</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center bgcolor="#DDDDDD"><font size="2">AAA</font></td>
<td width="6%" align=right bgcolor="#DDDDDD"><font size="2">1,700</font></td>
<td width="4%">&nbsp;</td>
<td align=left bgcolor="#DDDDDD"><font size="2">Montgomery Cnty. Mun. Util. Dist.
No. 46, Wtr. Wks. &amp; Swr. Sys. GO, 4.75%, 3/01/30, MBIA</font></td>
<td align=center nowrap bgcolor="#DDDDDD"><font size="2">03/14 @ 100</font></td>
<td bgcolor="#DDDDDD">&nbsp;</td>
<td align=right bgcolor="#DDDDDD"><font size="2">1,692,775</font></td>

<td bgcolor="#DDDDDD">&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">AAA</font></td>
<td width="6%" align=right><font size="2">9,085</font></td>
<td width="4%">&nbsp;</td>
<td align=left><font size="2">North Texas Tollway Auth. RB, 5.00%,
1/01/40, FSA</font></td>
<td align=center nowrap><font size="2">01/15 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">9,272,151</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center bgcolor="#DDDDDD"><font size="2">AAA</font></td>
<td width="6%" align=right bgcolor="#DDDDDD"><font size="2">5,060</font></td>
<td width="4%">&nbsp;</td>
<td align=left bgcolor="#DDDDDD"><font size="2">Pearland GO, 4.75%, 3/01/29, FGIC</font></td>
<td align=center nowrap bgcolor="#DDDDDD"><font size="2">03/16 @ 100</font></td>
<td bgcolor="#DDDDDD">&nbsp;</td>
<td align=right bgcolor="#DDDDDD"><font size="2">5,075,281</font></td>

<td bgcolor="#DDDDDD">&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">&nbsp;</font></td>
<td width="6%" align=right><font size="2">&nbsp;</font></td>
<td width="4%">&nbsp;</td>
<td align=left><font size="2">St. Tpke. Auth. RB, Central Sys.,</font></td>
<td align=center nowrap><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 bgcolor="#DDDDDD"><font size="2">AAA</font></td>
<td width="6%" align=right bgcolor="#DDDDDD"><font size="2">35,000</font></td>
<td width="4%">&nbsp;</td>
<td align=left bgcolor="#DDDDDD"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Zero Coupon, 8/15/32, AMBAC</font></td>
<td align=center nowrap bgcolor="#DDDDDD"><font size="2">08/12 @ 30.846</font></td>
<td bgcolor="#DDDDDD">&nbsp;</td>
<td align=right bgcolor="#DDDDDD"><font size="2">8,098,650</font></td>

<td bgcolor="#DDDDDD">&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">AAA</font></td>
<td width="6%" align=right><font size="2">62,325</font></td>
<td width="4%">&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Zero Coupon, 8/15/33, AMBAC</font></td>
<td align=center nowrap><font size="2">08/12 @ 28.997</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">13,548,209</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center bgcolor="#DDDDDD"><font size="2">AAA</font></td>
<td width="6%" align=right bgcolor="#DDDDDD"><font size="2">65,040</font></td>
<td width="4%">&nbsp;</td>
<td align=left bgcolor="#DDDDDD"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Zero Coupon, 8/15/34, AMBAC</font></td>
<td align=center nowrap bgcolor="#DDDDDD"><font size="2">08/12 @ 27.31</font></td>
<td bgcolor="#DDDDDD">&nbsp;</td>
<td align=right bgcolor="#DDDDDD"><font size="2">13,305,883</font></td>

<td bgcolor="#DDDDDD">&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">AAA</font></td>
<td width="6%" align=right><font size="2">8,390</font></td>
<td width="4%">&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 5.00%, 8/15/42, AMBAC</font></td>
<td align=center nowrap><font size="2">08/12 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">8,520,716</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 bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td width="6%" align=right bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td width="4%">&nbsp;</td>
<td align=left bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td align=center nowrap bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td bgcolor="#DDDDDD">&nbsp;</td>
<td align=right bgcolor="#DDDDDD"><font size="2">93,515,369</font></td>

<td bgcolor="#DDDDDD">&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='8' bgcolor="#DDDDDD" ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td width="6%" align=right><font size="2"><b>&nbsp;</b></font></td>
<td width="4%">&nbsp;</td>
<td align=left><font size="2"><b>Virginia&#151;0.4%</b></font></td>
<td align=center nowrap><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 bgcolor="#DDDDDD"><font size="2"><font size="2">AAA</font></font></td>
<td width="6%" align=right bgcolor="#DDDDDD"><font size="2">8,105</font></td>
<td width="4%">&nbsp;</td>
<td align=left bgcolor="#DDDDDD"><font size="2">Comnwlth. Transp. Brd. RB, Zero Coupon,
4/01/32, MBIA</font></td>
<td align=center nowrap bgcolor="#DDDDDD"><font size="2">04/12 @ 34.99</font></td>
<td bgcolor="#DDDDDD">&nbsp;</td>
<td align=right bgcolor="#DDDDDD"><font size="2">2,101,464</font></td>

<td bgcolor="#DDDDDD">&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">NR</font></td>
<td width="6%" align=right><font size="2">425</font></td>
<td width="4%">&nbsp;</td>
<td align=left><font size="2">Suffolk Indl. Dev. Auth. RB, Lake
Prince Ctr. Proj., 5.30%, 9/01/31</font></td>
<td align=center nowrap><font size="2">09/16 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">420,929</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 bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td width="6%" align=right bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td width="4%">&nbsp;</td>
<td align=left bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td align=center nowrap bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td bgcolor="#DDDDDD">&nbsp;</td>
<td align=right bgcolor="#DDDDDD"><font size="2">2,522,393</font></td>

<td bgcolor="#DDDDDD">&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='8' bgcolor="#DDDDDD" ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=center><font size="2">&nbsp;</font></td>
<td width="6%" align=right><font size="2"><b>&nbsp;</b></font></td>
<td width="4%">&nbsp;</td>
<td align=left><font size="2"><b><font size="2">Washington&#151;2.0%</font></b></font></td>
<td align=center nowrap><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 bgcolor="#DDDDDD"><font size="2"><font size="2">A-</font></font></td>
<td width="6%" align=right bgcolor="#DDDDDD"><font size="2">2,190</font></td>
<td width="4%"><font size="2"> <sup>3</sup></font></td>
<td align=left bgcolor="#DDDDDD"><font size="2">Energy Northwest RB, Wind Proj.,
Ser. B, 6.00%, 1/01/07</font></td>
<td align=center nowrap bgcolor="#DDDDDD"><font size="2">N/A</font></td>
<td bgcolor="#DDDDDD">&nbsp;</td>
<td align=right bgcolor="#DDDDDD"><font size="2">2,274,009</font></td>

<td bgcolor="#DDDDDD">&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">AAA</font></td>
<td width="6%" align=right><font size="2">680</font></td>
<td width="4%">&nbsp;</td>
<td align=left><font size="2">King Cnty. Swr. GO, 5.00%, 1/01/35,
FGIC</font></td>
<td align=center nowrap><font size="2">01/15 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">696,381</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center bgcolor="#DDDDDD"><font size="2">AAA</font></td>
<td width="6%" align=right bgcolor="#DDDDDD"><font size="2">3,615</font></td>
<td width="4%">&nbsp;</td>
<td align=left bgcolor="#DDDDDD"><font size="2">King Cnty. Swr. RB, 5.00%, 1/01/36,
FSA</font></td>
<td align=center nowrap bgcolor="#DDDDDD"><font size="2">01/16 @ 100</font></td>
<td bgcolor="#DDDDDD">&nbsp;</td>
<td align=right bgcolor="#DDDDDD"><font size="2">3,710,400</font></td>

<td bgcolor="#DDDDDD">&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">AAA</font></td>
<td width="6%" align=right><font size="2">6,730</font></td>
<td width="4%">&nbsp;</td>
<td align=left><font size="2">St. Hlth. Care Facs. Auth. RB, Providence
Hlth. Care Svcs. Proj., Ser. A, 4.625%, 10/01/34, <br>&nbsp;&nbsp;&nbsp;&nbsp;FGIC</font></td>
<td align=center nowrap><font size="2"><br>10/16 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><br>6,599,707</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 bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td width="6%" align=right bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td width="4%">&nbsp;</td>
<td align=left bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td align=center nowrap bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td bgcolor="#DDDDDD">&nbsp;</td>
<td align=right bgcolor="#DDDDDD"><font size="2">13,280,497</font></td>

<td bgcolor="#DDDDDD">&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='8' bgcolor="#DDDDDD" ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td width="6%" align=right><font size="2"><b>&nbsp;</b></font></td>
<td width="4%">&nbsp;</td>
<td align=left><font size="2"><b>West Virginia&#151;0.3%</b></font></td>
<td align=center nowrap><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 bgcolor="#DDDDDD"><font size="2"><font size="2">AAA</font></font></td>
<td width="6%" align=right bgcolor="#DDDDDD"><font size="2">2,070</font></td>
<td width="4%">&nbsp;</td>
<td align=left bgcolor="#DDDDDD"><font size="2">Econ. Dev. Auth. RB, Correctional
Juvenile Safety, Ser. A, 5.00%, 6/01/29, MBIA</font></td>
<td align=center nowrap bgcolor="#DDDDDD"><font size="2">06/14 @ 100</font></td>
<td bgcolor="#DDDDDD">&nbsp;</td>
<td align=right bgcolor="#DDDDDD"><font size="2">2,137,523</font></td>

<td bgcolor="#DDDDDD">&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='8' bgcolor="#DDDDDD" ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td width="6%" align=right><font size="2"><b>&nbsp;</b></font></td>
<td width="4%">&nbsp;</td>
<td align=left><font size="2"><b>Wisconsin&#151;5.9%</b></font></td>
<td align=center nowrap><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 bgcolor="#DDDDDD"><font size="2"><font size="2">&nbsp;</font></font></td>
<td width="6%" align=right bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td width="4%">&nbsp;</td>
<td align=left bgcolor="#DDDDDD"><font size="2">Hlth. &amp; Edl. Facs. Auth. RB,</font></td>
<td align=center nowrap bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td bgcolor="#DDDDDD">&nbsp;</td>
<td align=right bgcolor="#DDDDDD"></td>

<td bgcolor="#DDDDDD">&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">A-</font></td>
<td width="6%" align=right><font size="2">7,500</font></td>
<td width="4%">&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Aurora Hlth. Care Proj., 6.40%,
4/15/33 </font></td>
<td align=center nowrap><font size="2">04/13 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">8,243,025</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center bgcolor="#DDDDDD"><font size="2">AA-</font></td>
<td width="6%" align=right bgcolor="#DDDDDD"><font size="2">12,545</font></td>
<td width="4%"><font size="2"><sup> 3</sup></font></td>
<td align=left bgcolor="#DDDDDD"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Froedtert &amp; Cmnty. Hlth.
Oblig. Grp., 5.375%, 10/01/11 </font></td>
<td align=center nowrap bgcolor="#DDDDDD"><font size="2">N/A</font></td>
<td bgcolor="#DDDDDD">&nbsp;</td>
<td align=right bgcolor="#DDDDDD"><font size="2">13,571,808</font></td>

<td bgcolor="#DDDDDD">&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">AA-</font></td>
<td width="6%" align=right><font size="2">1,205</font></td>
<td width="4%">&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Froedtert &amp; Cmnty. Hlth.
Oblig. Grp., 5.375%, 10/01/30 </font></td>
<td align=center nowrap><font size="2">10/11 @ 101</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,249,296</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center bgcolor="#DDDDDD"><font size="2">A</font></td>
<td width="6%" align=right bgcolor="#DDDDDD"><font size="2">15,000</font></td>
<td width="4%"><font size="2"><sup> 3</sup></font></td>
<td align=left bgcolor="#DDDDDD"><font size="2">Wheaton Franciscan Svcs., 5.75%,
8/15/30 </font></td>
<td align=center nowrap bgcolor="#DDDDDD"><font size="2">02/12 @ 101</font></td>
<td bgcolor="#DDDDDD">&nbsp;</td>
<td align=right bgcolor="#DDDDDD"><font size="2">15,867,750</font></td>

<td bgcolor="#DDDDDD">&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='8' bgcolor="#DDDDDD" ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=center><font size="2">&nbsp;</font></td>
<td width="6%" align=right><font size="2">&nbsp;</font></td>
<td width="4%">&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td align=center nowrap><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">38,931,879</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 bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td width="6%" align=right bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td width="4%">&nbsp;</td>
<td align=left bgcolor="#DDDDDD"><font size="2"><b>Total Long-Term Investments (cost
$960,712,537)</b></font></td>
<td align=center nowrap bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td bgcolor="#DDDDDD">&nbsp;</td>
<td align=right bgcolor="#DDDDDD"><font size="2">1,009,142,939</font></td>

<td bgcolor="#DDDDDD">&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='8' bgcolor="#DDDDDD" ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td width="6%" align=right><font size="2"><b>&nbsp;</b></font></td>
<td width="4%">&nbsp;</td>
<td align=left><font size="2"><b>SHORT-TERM INVESTMENTS&#151;2.1%</b></font></td>
<td align=center nowrap><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 bgcolor="#DDDDDD"><font size="2"><b>&nbsp;</b></font></td>
<td width="6%" align=right bgcolor="#DDDDDD"><font size="2"><b>&nbsp;</b></font></td>
<td width="4%">&nbsp;</td>
<td align=left bgcolor="#DDDDDD"><font size="2"><b>Puerto Rico&#151;0.0%</b></font></td>
<td align=center nowrap bgcolor="#DDDDDD"><font size="2"><b>&nbsp;</b></font></td>
<td bgcolor="#DDDDDD">&nbsp;</td>
<td align=right bgcolor="#DDDDDD"></td>

<td bgcolor="#DDDDDD">&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2"><font size="2">A-1+</font></font></td>
<td width="6%" align=right><font size="2">100</font></td>
<td width="4%"><font size="2"><sup> 6</sup></font></td>
<td align=left><font size="2">Gov&#146;t. Dev. Bank RB, 3.53%,
8/02/06, MBIA, FRWD</font></td>
<td align=center nowrap><font size="2">N/A</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">100,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center bgcolor="#DDDDDD"><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td width="6%" align=right bgcolor="#DDDDDD"><font size="2"><b>&nbsp;</b></font></td>
<td width="4%">&nbsp;</td>
<td align=left bgcolor="#DDDDDD"><font size="2"><b>Texas&#151;0.0%</b></font></td>
<td align=center nowrap bgcolor="#DDDDDD"><font size="2"><b>&nbsp;</b></font></td>
<td bgcolor="#DDDDDD">&nbsp;</td>
<td align=right bgcolor="#DDDDDD"></td>

<td bgcolor="#DDDDDD">&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2"><font size="2">A-1+</font></font></td>
<td width="6%" align=right><font size="2">50</font></td>
<td width="4%"><font size="2"><sup> 6</sup></font></td>
<td align=left><font size="2">Wtr. Dev. Board RB, 3.67%, 8/01/06,
FRDD</font></td>
<td align=center nowrap><font size="2">N/A</font></td>
<td>&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 COLSPAN='8' ><HR noshade size=3></td>
</tr>
<tr valign=top><td align=center><font size="2"><font size="2"><b>&nbsp;</b></font></font></td>
<td width="6%" colspan="2" align=center><font size="2"><b>Shares</b></font></td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td nowrap>&nbsp;</td>
<td align=center></td>

<td>&nbsp;</td><td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2"><b>&nbsp;</b></font></td>
<td width="6%" colspan="2" align=center><font size="2"><b>(000)</b></font></td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td nowrap>&nbsp;</td>
<td align=center></td>

<td>&nbsp;</td><td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='10' ><HR noshade size=3></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center bgcolor="#DDDDDD"><font size="2"><font size="2"><b>&nbsp;</b></font></font></td>
<td width="6%" align=right bgcolor="#DDDDDD"><font size="2"><b>&nbsp;</b></font></td>
<td width="4%">&nbsp;</td>
<td align=left bgcolor="#DDDDDD"><font size="2"><b>Money Market Fund&#151;2.1%</b></font></td>
<td align=center nowrap bgcolor="#DDDDDD"><font size="2"><b>&nbsp;</b></font></td>
<td bgcolor="#DDDDDD">&nbsp;</td>
<td align=right bgcolor="#DDDDDD"></td>

<td bgcolor="#DDDDDD">&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2"><font size="2">NR</font></font></td>
<td width="6%" align=right><font size="2">13,900</font></td>
<td width="4%">&nbsp;</td>
<td align=left><font size="2">AIM Tax Free Investment Co. Cash
Reserve Portfolio </font></td>
<td align=center nowrap><font size="2">N/A</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">13,900,000</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 bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td width="6%" align=right bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td width="4%">&nbsp;</td>
<td align=left bgcolor="#DDDDDD"><font size="2"><b>Total Short-Term Investments (cost
$14,050,000)</b></font></td>
<td align=center nowrap bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td bgcolor="#DDDDDD">&nbsp;</td>
<td align=right bgcolor="#DDDDDD"><font size="2">14,050,000</font></td>

<td bgcolor="#DDDDDD">&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='8' bgcolor="#DDDDDD" ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=center><font size="2">&nbsp;</font></td>
<td width="6%" align=right><font size="2"></font></table>
<p align="center">4
<HR noshade size=4><PAGE><p>
<p><font size="3"><b> BlackRock Municipal Income Trust (BFK) (continued)</b></font>
<p><table width="100%" border="0" cellspacing="0" cellpadding="0">
<tr valign=top>
  <td width="7%">&nbsp;</td>
  <td width="6%" align=center>&nbsp;</td>
  <td width="4%">&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td width="9%" nowrap>&nbsp;</td>
  <td width="1%" align=center>&nbsp;</td>
  <td width="9%" nowrap>&nbsp;</td>
  <td width="1%" align=center>&nbsp;</td>
  </tr>
<tr valign=top><td width="7%">&nbsp;</td>
<td width="6%" align=center><font size="2"><b>&nbsp;</b></font></td>
<td width="4%">&nbsp;</td>
<td align=center><font size="2"><b>Description</b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td nowrap><center>
  <font size="2"><b>Value</b></font>
</center></td>
<td align=center><font size="2">&nbsp;</font></td>
</tr>
<tr valign=top><td COLSPAN='8' ><HR noshade size=1>

<tr valign=top><td width="7%">&nbsp;</td>
<td width="6%" align=right><font size="2">&nbsp;</font></td>
<td width="4%">&nbsp;</td>
<td align=left><font size="2"><b>Total Investments&#151;155.9%
(cost $974,762,537</b><sup><b>7</b></sup>)</font></td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right nowrap><font size="2">$1,023,192,939</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td width="7%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="6%" align=right bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td width="4%">&nbsp;</td>
<td align=left bgcolor="#DDDDDD"><font size="2">Other assets in excess of liabilities&#151;1.3%</font></td>
<td align=center bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td bgcolor="#DDDDDD">&nbsp;</td>
<td align=right nowrap bgcolor="#DDDDDD"><font size="2">8,249,274</font></td>

<td bgcolor="#DDDDDD">&nbsp;</td></tr>
<tr valign=top><td width="7%">&nbsp;</td>
<td width="6%" align=right><font size="2">&nbsp;</font></td>
<td width="4%">&nbsp;</td>
<td align=left><font size="2">Preferred shares at redemption value,
including dividends payable&#151;(57.2)%</font></td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right nowrap><font size="2">(375,290,321</font></td>

<td><font size="2">)</font></td></tr>
<tr valign=top><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="7%" bgcolor="#DDDDDD">&nbsp;</td>
<td width="6%" align=right bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td width="4%">&nbsp;</td>
<td align=left bgcolor="#DDDDDD"><font size="2"><b>Net Assets&#151;100% </b></font></td>
<td align=center bgcolor="#DDDDDD"><font size="2">&nbsp;</font></td>
<td bgcolor="#DDDDDD">&nbsp;</td>
<td align=right nowrap bgcolor="#DDDDDD"><font size="2">$ 656,151,892</font></td>

<td bgcolor="#DDDDDD">&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='8' bgcolor="#DDDDDD" ><HR noshade size=3></td>
</tr>
</table>

<p><p><table width="100%" border="0" cellpadding="0" cellspacing="0"><tr valign=top><td COLSPAN='3' ><hr align="left" noshade width="100" size="1"></td></tr>
<tr valign=top><td width="4%" align=left><font size="2"><font size="2"></font><font size="2"><sup>1</sup></font></font></td>
<td align=left><font size="2">Using the highest of Standard &amp;
Poor&#146;s, Moody&#146;s Investment Services or Fitch&#146;s ratings.</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td width="4%" align=left><font size="2"><sup>2</sup></font></td>
<td align=left><font size="2">Date (month/year) and price of the
earliest optional call or redemption. There may be other call provisions at varying
prices at later dates.</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td width="4%" align=left><font size="2"><sup>3</sup></font></td>
<td align=left><font size="2">This bond is prerefunded. U.S. government
securities, held in escrow, are used to pay interest on this security, as well as
retire the bond in full at the date indicated, typically at a premium to par.</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td width="4%" align=left><font size="2"><sup>4</sup></font></td>
<td align=left><font size="2">Security is not registered under
the Securities Act of 1933. These securities may be resold in transactions in accordance
with Rule 144A under that Act, to qualified institutional buyers. As of July 31,
2006, the Trust held 7.7% of its net assets, with a current market value of $50,592,693,
in securities restricted as to resale.</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td width="4%" align=left><font size="2"><sup>5</sup></font></td>
<td align=left><font size="2">Illiquid security. As of July 31,
2006, the Trust held 1.0% of its net assets, with a current market value of $6,326,378
in these securities.</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td width="4%" align=left><font size="2"><sup>6</sup></font></td>
<td align=left><font size="2">For purposes of amortized cost valuation,
the maturity date of this instrument is considered to be the earlier of the next
date on which the security can be redeemed at par, or the next date on which the
rate of interest is adjusted. Rate shown is rate as of July 31, 2006.</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td width="4%" align=left><font size="2"><sup>7</sup></font></td>
<td align=left><font size="2">Cost for Federal income tax purposes
is $974,611,988. The net unrealized appreciation on a tax basis is $48,580,951,
consisting of $54,861,473 gross unrealized appreciation and $6,280,522 gross unrealized
depreciation.</font></td><td>&nbsp;</td></tr></table>
<p><p>
<table width="95%" border="0" cellspacing="0" cellpadding="0">
  <div style="border-bottom:1px solid #000000">
    <tr valign=top>
      <td colspan="7" align=left><hr size="1" noshade>
      </td>
    </tr>
    <tr valign=top>
      <td colspan="7" align=left><center>
        </center>
          <center>
            <font size="2"><b>&nbsp;&nbsp;KEY TO ABBREVIATIONS</b></font>
        </center></td>
    </tr>
    <tr valign=top>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>
    <tr valign=top>
      <td align=left><font size="2"><font size="2">ACA</font></font></td>
      <td align=left><font size="2">&#151;</font></td>
      <td align=left><font size="2">American Capital Access</font></td>
      <td>&nbsp;</td>
      <td align=left><font size="2">MBIA</font></td>
      <td align=left><font size="2">&#151;</font></td>
      <td align=left><font size="2">Municipal Bond Insurance Assoc.</font></td>
    </tr>
    <tr valign=top>
      <td align=left><font size="2">AMBAC</font></td>
      <td align=left><font size="2">&#151;</font></td>
      <td align=left><font size="2">American Municipal Bond Assurance Corp.</font></td>
      <td>&nbsp;</td>
      <td align=left><font size="2">PCRB</font></td>
      <td align=left><font size="2">&#151;</font></td>
      <td align=left><font size="2">Pollution Control Revenue Bond</font></td>
    </tr>
    <tr valign=top>
      <td align=left><font size="2">FGIC</font></td>
      <td align=left><font size="2">&#151;</font></td>
      <td align=left><font size="2">Financial Guaranty Insurance Co.</font></td>
      <td>&nbsp;</td>
      <td align=left><font size="2">RB</font></td>
      <td align=left><font size="2">&#151;</font></td>
      <td align=left><font size="2">Revenue Bond</font></td>
    </tr>
    <tr valign=top>
      <td align=left><font size="2">FRDD</font></td>
      <td align=left><font size="2">&#151;</font></td>
      <td align=left><font size="2">Floating Rate Daily Demand</font></td>
      <td>&nbsp;</td>
      <td align=left><font size="2">SA</font></td>
      <td align=left><font size="2">&#151;</font></td>
      <td align=left><font size="2">Special Assessment</font></td>
    </tr>
    <tr valign=top>
      <td align=left><font size="2">FRWD</font></td>
      <td align=left><font size="2">&#151;</font></td>
      <td align=left><font size="2">Floating Rate Weekly Demand</font></td>
      <td>&nbsp;</td>
      <td align=left><font size="2">ST</font></td>
      <td align=left><font size="2">&#151;</font></td>
      <td align=left><font size="2">Special Tax</font></td>
    </tr>
    <tr valign=top>
      <td align=left><font size="2">FSA</font></td>
      <td align=left><font size="2">&#151;</font></td>
      <td align=left><font size="2">Financial Security Assurance</font></td>
      <td>&nbsp;</td>
      <td align=left><font size="2">TA</font></td>
      <td align=left><font size="2">&#151;</font></td>
      <td align=left><font size="2">Tax Allocation</font></td>
    </tr>
    <tr valign=top>
      <td align=left><font size="2">GO</font></td>
      <td align=left><font size="2">&#151;</font></td>
      <td align=left><font size="2">General Obligation</font></td>
      <td>&nbsp;</td>
      <td align=left><font size="2">XLCA</font></td>
      <td align=left><font size="2">&#151;</font></td>
      <td align=left><font size="2">XL Capital Assurance</font></td>
    </tr>
    <tr valign=top>
      <td colspan="7" align=left><hr size="1" noshade>
      </td>
    </tr>
  </div>
</table>
<p align="center">5


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

<P align="left" style="page-break-before:always"></P><PAGE>
<BR><B><FONT face="serif">Item 2. Controls and Procedures.</FONT></B><FONT face="serif"> </FONT><p></P>
<P>
<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>
<B><FONT face="serif">Item 3. Exhibits.</FONT></B><BR>
<P>
<FONT face="serif">Separate certifications of the Registrant&#146;s Principal Executive and Financial Officers pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are attached as EX-99.CERT.</FONT></P>

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

<P align="left" style="page-break-before:always"></P><PAGE>
<BR><center>
  <B><FONT face="serif">SIGNATURES</FONT></B><BR>
</center>
<P>
<FONT face="serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
</FONT></P>
<P>
<FONT face="serif">(Registrant)</FONT><U><FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Municipal Income Trust&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT face="serif"></FONT></P>
<P>
<FONT face="serif">By:&nbsp;<u>&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; </u><BR>
Name: Henry Gabbay <br>
Title: Treasurer and Principal Financial Officer <br>
Date: September 27, 2006 </FONT></P>
<P>
<FONT face="serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the
dates indicated. </FONT></P>
<P>
<FONT face="serif">By:&nbsp;<u>&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;</u> <BR>
Name: Robert S. Kapito <br>
Title: President and Principal Executive Officer <br>
Date: September 27, 2006 </FONT></P>
<P>
<FONT face="serif">By:&nbsp;<u>&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; </u><BR>
Name: Henry Gabbay <br>
Title: Treasurer and Principal Financial Officer <br>
Date: September 27, 2006 </FONT></P>

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</BODY>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>c44395_ex-99cert.htm
<TEXT>

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

<BODY bgcolor="#ffffff">
<div align="right"><B><FONT face="serif">EX-99.CERT</FONT></B><BR>
</div>
  <div align="right"></div>
<P align="center">
<B><FONT face="serif">CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER</FONT></B></P>
<center>
  <TABLE>
    <TR><TD nowrap>
    <B><U><FONT face="serif">CERTIFICATIONS</FONT></U></B><BR>
    </TD></TR>
  </TABLE>
  <p align="left"> <FONT face="serif">I, Robert S. Kapito, certify that:</FONT></p>
</center>
<P>
<FONT face="serif">1. I have reviewed this report on Form N-Q of BlackRock Municipal Income Trust; </FONT></P>
<P>
<FONT face="serif">2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were
made, not misleading with respect to the period covered by this report; </FONT></P>
<P>
<FONT face="serif">3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the Registrant as of the end of the fiscal quarter for which the report is filed; </FONT></P>
<P>
<FONT face="serif">4. The Registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control
over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have: </FONT></P>
<P>
<FONT face="serif">(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its
consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; </FONT></P>
<P>
<FONT face="serif">(b) 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>
<TABLE><TR><TD nowrap>
<FONT face="serif">Date: September 27, 2006</FONT><BR>
</TD></TR></TABLE>
<TABLE width="100%"><TR>
  <TD width="69%" nowrap>&nbsp;</TD>
  <TD width="31%" nowrap>
    <center>
        <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ <FONT face="serif">Robert
        S. Kapito&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></u><BR>
      <FONT face="serif">Robert S. Kapito </FONT><BR>
      <FONT face="serif">President and Principal Executive Officer</FONT><BR>
    </center></TD></TR></TABLE>

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

<P align="left" style="page-break-before:always"></P><PAGE>
<BR><div align="right"><B><FONT face="serif">EX-99.CERT</FONT></B><BR>
</div>
<P align="center">
<B><FONT face="serif">CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER</FONT></B></P>
<center>
  <TABLE>
    <TR><TD nowrap>
    <B><U><FONT face="serif">CERTIFICATIONS</FONT></U></B><BR>
    </TD></TR>
  </TABLE>
</center>
<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>
<TABLE><TR><TD nowrap>
<FONT face="serif">Date: September 27, 2006</FONT><BR>
</TD></TR></TABLE>
<TABLE width="100%"><TR>
  <TD width="69%" nowrap>&nbsp;</TD>
  <TD width="31%" nowrap>
    <center>
      <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ <FONT face="serif">Henry
      Gabbay&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT> </u><BR>
      <FONT face="serif">Henry Gabbay </FONT><BR>
      <FONT face="serif">Treasurer and Principal Financial Officer</FONT><BR>
    </center></TD></TR></TABLE>

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