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<SEC-DOCUMENT>0000930413-08-005709.txt : 20080925
<SEC-HEADER>0000930413-08-005709.hdr.sgml : 20080925
<ACCEPTANCE-DATETIME>20080925105113
ACCESSION NUMBER:		0000930413-08-005709
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20080731
FILED AS OF DATE:		20080925
DATE AS OF CHANGE:		20080925
EFFECTIVENESS DATE:		20080925

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:		081087886

	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>c54717_n-q.htm
<TEXT>

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

<BODY bgcolor="#ffffff">
<P align="center">
<FONT face="serif">UNITED STATES </FONT><BR>
<FONT face="serif"> SECURITIES AND EXCHANGE COMMISSION</FONT><BR>
<FONT face="serif">Washington, D.C. 20549 </FONT></P>
<P align="center">
<B><FONT face="serif">FORM N-Q </FONT></B></P>
<P align="center">
<B><FONT face="serif">QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED </FONT></B><BR>
<B><FONT face="serif">MANAGEMENT INVESTMENT COMPANY </FONT></B></P>
<P align="left">
<FONT size=2 face="serif">Investment Company Act file number 811-10339 </FONT></P>
<P align="left">
<FONT size=2 face="serif">Name of Fund: BlackRock Municipal Income Trust (BFK) </FONT></P>
<P align="left">
<FONT size=2 face="serif">Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809 </FONT></P>
<div style="margin-left:20px;text-indent:-20px">
  <p align="left"><font size=2 face="serif">Name and address of agent for service:
      Donald C. Burke, Chief Executive Officer, BlackRock Municipal Income Trust,
      800 Scudders Mill Road, Plainsboro, NJ, 08536. Mailing address: P.O. Box
      9011, Princeton, NJ, 08543-9011 </font></p>
</div>
<P align="left"><FONT size=2 face="serif">Registrant&#146;s telephone number, including area code: (800) 882-0052, Option 4 </FONT></P>
<P align="left">
<FONT size=2 face="serif">Date of fiscal year end: 10/31/2008 </FONT></P>
<P align="left">
<FONT size=2 face="serif">Date of reporting period: 05/01/2008 &#150; 07/31/2008 </FONT></P>

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



<P STYLE="page-break-before:always"></P><PAGE>

<P align="left">
<FONT size=2 face="serif">Item 1 &#150; Schedule of Investments </FONT></P>

<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left nowrap colspan=3>
<B><FONT size=4 face="sans-serif">BlackRock Municipal Income Trust</FONT></B>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap colspan=3 style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Schedule of Investments July 31, 2008 (Unaudited)</FONT></B>  </TD>
  <TD align=right nowrap colspan=5 style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">(Percentages shown are based on Net Assets)</FONT></B>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD width=90% align=left nowrap>&nbsp;  </TD>
  <TD colspan="2" align=left nowrap>
    <div align="center"><B><FONT size=2 face="sans-serif">Par</FONT></B> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">State</FONT></B>  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Municipal Bonds</FONT></B>  </TD>
  <TD colspan="2" align=left nowrap style="border-bottom:1px solid #000000;">
    <div align="center"><B><FONT size=2 face="sans-serif">(000)</FONT></B> </div></TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
    <div align="center"><B><FONT size=2 face="sans-serif">Value</FONT></B> </div></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">
<B><FONT size=2 face="sans-serif">Alabama - 2.9%</FONT></B>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD colspan=2 align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Huntsville, Alabama, Health Care Authority Revenue Bonds,</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Series B, 5.75%, 6/01/12 (a)</FONT>  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
    <div align="left"><FONT size=2 face="sans-serif">&#36;</FONT> </div></TD>
  <TD align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
    <div align="right"><FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;    15,000 </FONT> </div></TD>
  <TD bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;"><div align="left"><FONT size=2 face="sans-serif">&#36;</FONT></div></TD>
  <TD align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">16,551,450</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<B><FONT size=2 face="sans-serif">Arizona - 6.7%</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap colspan=2>
<FONT size=2 face="sans-serif">Phoenix and Pima County, Arizona, IDA, S/F Mortgage Revenue</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap colspan=2>
<FONT size=2 face="sans-serif">Refunding Bonds, AMT, Series 2007-1, 5.25%, 8/01/38 (b)(c)</FONT>  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">5,213</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">5,135,002</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD colspan=2 align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Pima County, Arizona, IDA, Education Revenue Bonds (American</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD colspan=2 align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Charter Schools Foundation), Series A, 5.625%, 7/01/38</FONT>  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">4,590</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">4,038,466</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap colspan=2>
<FONT size=2 face="sans-serif">Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds,</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">5%, 12/01/32</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">10,280</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">8,739,748</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD colspan=2 align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds,</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">5%, 12/01/37</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">14,395</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">11,971,458</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap colspan=2>
<FONT size=2 face="sans-serif">Scottsdale, Arizona, IDA, Hospital Revenue Bonds (Scottsdale</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Healthcare), 5.80%, 12/01/11 (a)</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">7,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7,711,620</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">37,596,294</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<B><FONT size=2 face="sans-serif">California - 17.1%&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp; </FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap colspan=2>
<FONT size=2 face="sans-serif">California County Tobacco Securitization Agency, Tobacco Revenue</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap colspan=2>
<FONT size=2 face="sans-serif">Bonds (Stanislaus County Tobacco Funding Corporation), Sub-Series C,</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">6.30%, 6/01/55 (d)</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">17,855</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">349,244</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">California State, GO, Refunding, 5%, 6/01/32</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">11,670</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">11,430,415</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">California State, GO, Refunding, 5%, 6/01/34</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">7,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">6,817,300</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD colspan=2 align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">California Statewide Communities Development Authority, Health</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD colspan=2 align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Facility Revenue Bonds (Memorial Health Services), Series A, 5.50%,</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">10/01/33</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">5,000</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">4,925,900</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap colspan=2>
<FONT size=2 face="sans-serif">Foothill/Eastern Corridor Agency, California, Toll Road Revenue</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Refunding Bonds, 6.09%, 1/15/32 (d)</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">54,635</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">11,645,450</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD colspan=2 align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Foothill/Eastern Corridor Agency, California, Toll Road Revenue</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Refunding Bonds, 6.019%, 1/15/34 (d)</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">20,535</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">3,836,554</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap colspan=2>
<FONT size=2 face="sans-serif">Foothill/Eastern Corridor Agency, California, Toll Road Revenue</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Refunding Bonds, 6.09%, 1/15/38 (d)</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">75,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">10,492,500</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD colspan=2 align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Golden State Tobacco Securitization Corporation of California,</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Tobacco Settlement Revenue Bonds, Series A-1,</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">6.625%, 6/01/13 (a)</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">10,000</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">11,371,700</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap colspan=2>
<FONT size=2 face="sans-serif">Lincoln, California, Special Tax Bonds (Community Facilities District</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Number 2003-1), 6%, 9/01/13 (a)</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">3,115</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">3,558,763</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD colspan=2 align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Los Angeles, California, Regional Airports Improvement</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD colspan=2 align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Corporation, Facilities Lease Revenue Refunding Bonds</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD colspan=2 align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">(LAXFUEL Corporation - Los Angeles International Airport),</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">AMT, 5.50%, 1/01/32 (e)</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">13,320</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">13,044,675</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap colspan=2>
<FONT size=2 face="sans-serif">Murrieta, California, Community Facilities District Number 2, Special</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap colspan=2>
<FONT size=2 face="sans-serif">Special Tax Bonds (The Oaks Improvement Area Project),</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Series A, 6%, 9/01/34</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">5,000</FONT>  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">4,833,600</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD colspan=3 align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;"><B><FONT size=2 face="sans-serif">Portfolio Abbreviations</FONT></B>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
</TR>
</TABLE>
<BR>
<P align="left">
<FONT size=2 face="sans-serif">To simplify the listings of portfolio holdings
in the Schedule of Investments, the names
of many of the securities have been abbreviated according to the list below.</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left nowrap>
<B><FONT size=2 face="sans-serif">AMT</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=2 face="sans-serif">Alternative Minimum Tax (subject to)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="sans-serif">IDA</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=2 face="sans-serif">Industrial Development Authority</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<B><FONT size=2 face="sans-serif">EDA</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=2 face="sans-serif">Economic Development Authority</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="sans-serif">IDR</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=2 face="sans-serif">Industrial Development Revenue Bonds</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<B><FONT size=2 face="sans-serif">EDR</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=2 face="sans-serif">Economic Development Revenue Bonds</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="sans-serif">M/F</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=2 face="sans-serif">Multi-Family</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<B><FONT size=2 face="sans-serif">GO</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=2 face="sans-serif">General Obligation Bonds</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="sans-serif">PCR</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=2 face="sans-serif">Pollution Control Revenue Bonds</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<B><FONT size=2 face="sans-serif">HFA</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=2 face="sans-serif">Housing Finance Authority</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="sans-serif">S/F</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=2 face="sans-serif">Single-Family</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<B><FONT size=2 face="sans-serif">HDA</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=2 face="sans-serif">Housing Development Authority</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="sans-serif">SIFMA</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=2 face="sans-serif">Securities Industry and Financial Markets</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=2 face="sans-serif">Association</FONT>  </TD>
</TR>
</TABLE><BR>
<P align="center">
<FONT size=2 face="sans-serif">1</FONT></P>

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



<p style='page-break-before:always'></p><PAGE>


<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left nowrap colspan=3>
<B><FONT size=4 face="sans-serif">BlackRock Municipal Income Trust</FONT></B>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap colspan=3 style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Schedule of Investments July 31, 2008 (Unaudited)</FONT></B>  </TD>
  <TD align=right nowrap colspan=5 style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">(Percentages shown are based on Net Assets)</FONT></B>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>&nbsp;  </TD>
  <TD colspan="2" align=left nowrap>
    <div align="center"><B><FONT size=2 face="sans-serif">Par</FONT></B> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">State</FONT></B>  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Municipal Bonds</FONT></B>  </TD>
  <TD colspan="2" align=left nowrap style="border-bottom:1px solid #000000;">
    <div align="center"><B><FONT size=2 face="sans-serif">(000)</FONT></B> </div></TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
    <div align="center"><B><FONT size=2 face="sans-serif">Value</FONT></B> </div></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">University of California Revenue Bonds, Series B, 4.75%, 5/15/38</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">&#36;</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">
    <div align="right"><FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;    10,565 </FONT> </div></TD>
  <TD bgcolor="#E6E6E6">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD align=right nowrap bgcolor="#E6E6E6"><div align="left"><FONT size=2 face="sans-serif">&#36;</FONT></div></TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">10,125,707</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">West Valley Mission Community College District, California, GO</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">(Election of 2004), Series A, 4.75%, 8/01/30 (f)</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">4,015</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">3,950,399</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">96,382,207</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<B><FONT size=2 face="sans-serif">Colorado - 1.8%</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Colorado Health Facilities Authority, Revenue Refunding Bonds</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">(Poudre Valley Health Care), 5.20%, 3/01/31 (f)</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">1,440</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,451,505</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Colorado Springs, Colorado, Utilities System Improvement Revenue</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Bonds, Subordinate Lien, Series C, 5%, 11/15/45 (f)</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">2,545</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">2,515,096</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Denver, Colorado, Health and Hospital Authority, Healthcare Revenue</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Bonds, Series A, 6%, 12/01/11 (a)</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">3,500</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">3,849,580</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Park Creek Metropolitan District, Colorado, Senior Limited Tax</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Supported Revenue Refunding Bonds, 5.50%, 12/01/37</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">2,530</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">2,307,613</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">10,123,794</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">
<B><FONT size=2 face="sans-serif">District of Columbia - 7.2%</FONT></B>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">District of Columbia Revenue Bonds (Georgetown University),</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Series A, 6.013%, 4/01/11 (a)(d)(g)</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">15,600</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">3,287,388</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">District of Columbia Revenue Bonds (Georgetown University),</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Series A, 6.015%, 4/01/11 (a)(d)(g)</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">51,185</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">10,160,222</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">District of Columbia, Revenue Refunding Bonds (Friendship Public</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Charter School, Inc.), 5.25%, 6/01/33 (h)</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">2,390</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">1,975,717</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap colspan=2>
<FONT size=2 face="sans-serif">District of Columbia Tobacco Settlement Financing Corporation, Asset-</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Backed Revenue Refunding Bonds, 6.75%, 5/15/40</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">25,535</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">25,267,648</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">40,690,975</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<B><FONT size=2 face="sans-serif">Florida - 9.8%</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Heritage Isle at Viera Community Development District, Florida,</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Special Assessment Bonds, Series A, 6%, 5/01/35</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">1,905</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">1,855,336</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Highlands County, Florida, Health Facilities Authority, Hospital</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Revenue Bonds (Adventist Health System), Series A,</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">6%, 11/15/11 (a)</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">9,670</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">10,675,293</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Martin County, Florida, IDA, IDR, Refunding (Indiantown Cogeneration</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Project), AMT, Series A, 7.875%, 12/15/25</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">9,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">9,016,650</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Miami Beach, Florida, Health Facilities Authority, Hospital Revenue</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Refunding Bonds (Mount Sinai Medical Center of Florida), 6.75%,</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">11/15/21</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">11,685</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">11,886,449</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Orange County, Florida, Tourist Development, Tax Revenue Refunding</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Bonds, 4.75%, 10/01/32 (i)</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">10,830</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">10,092,585</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Stevens Plantation Community Development District, Florida, Special</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Assessment Revenue Bonds, Series A, 7.10%, 5/01/35</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">3,830</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">3,832,987</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Village Community Development District Number 5, Florida, Special</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Assessment Bonds, 5.625%, 5/01/22</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">7,965</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">7,796,461</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">55,155,761</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<B><FONT size=2 face="sans-serif">Georgia - 1.2%</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Main Street Natural Gas, Inc., Georgia, Gas Project Revenue Bonds,</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Series A, 6.375%, 7/15/38</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">3,500</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">3,190,670</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Richmond County, Georgia, Development Authority, Environmental</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Improvement Revenue Refunding Bonds (International Paper Co.</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Projects), AMT, Series A, 6%, 2/01/25</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">4,000</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">3,648,600</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">6,839,270</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">
<B><FONT size=2 face="sans-serif">Idaho - 3.2%</FONT></B>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">University of Idaho, Student Fee Revenue Bonds (University Housing</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Improvement Projects), 5.40%, 4/01/11 (a)(j)</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">16,970</FONT>  </TD>
  <TD bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">18,163,161</FONT>  </TD>
</TR>
</TABLE>
<BR>
<P align="center">
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<TR valign="bottom">
  <TD align=left nowrap colspan=3>
<B><FONT size=4 face="sans-serif">BlackRock Municipal Income Trust</FONT></B>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap colspan=3 style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Schedule of Investments as of July 31, 2008 (Unaudited)</FONT></B>  </TD>
  <TD align=right nowrap colspan=5 style="border-bottom:1px solid #000000;">
    <b><FONT size=2 face="sans-serif">(Percentages shown are based on Net Assets)</FONT> </b></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>&nbsp;  </TD>
  <TD colspan="2" align=left nowrap>
    <div align="center"><B><FONT size=2 face="sans-serif">Par</FONT></B> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">State</FONT></B>  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Municipal Bonds</FONT></B>  </TD>
  <TD colspan="2" align=left nowrap style="border-bottom:1px solid #000000;">
    <div align="center"><B><FONT size=2 face="sans-serif">(000)</FONT></B> </div></TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
    <div align="center"><B><FONT size=2 face="sans-serif">Value</FONT></B> </div></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6e6">
<B><FONT size=2 face="sans-serif">Illinois - 8.5%&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B>  </TD>
  <TD bgcolor="#E6E6e6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6e6">
<FONT size=2 face="sans-serif">Bolingbrook, Illinois, GO, Refunding, Series B, 6%, 1/01/33 (d)(j)</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6e6">
<FONT size=2 face="sans-serif">&#36;</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6e6"> <div align="right"><FONT size=2 face="sans-serif">7,120 </FONT> </div></TD>
  <TD bgcolor="#E6E6e6">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD align=right nowrap bgcolor="#E6E6e6"><div align="left"><FONT size=2 face="sans-serif">&#36;</FONT></div></TD>
  <TD align=right nowrap bgcolor="#E6E6e6">
<FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,796,590</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Bolingbrook, Illinois, GO, Refunding, Series B, 6%, 1/01/34 (d)(j)</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14,085</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">3,309,693</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6e6">&nbsp;  </TD>
  <TD bgcolor="#E6E6e6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6e6">
<FONT size=2 face="sans-serif">Centerpoint Intermodal Center Program Trust, Illinois, Tax Allocation</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6e6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6e6">&nbsp;  </TD>
  <TD bgcolor="#E6E6e6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6e6">&nbsp;</TD>
  <TD align=left nowrap bgcolor="#E6E6e6">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6e6">&nbsp;  </TD>
  <TD bgcolor="#E6E6e6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6e6">
<FONT size=2 face="sans-serif">Bonds, Class A, 8%, 6/15/23 (k)</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6e6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6e6">
<FONT size=2 face="sans-serif">4,630</FONT>  </TD>
  <TD bgcolor="#E6E6e6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6e6">&nbsp;</TD>
  <TD align=right nowrap bgcolor="#E6E6e6">
<FONT size=2 face="sans-serif">4,229,737</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Illinois Educational Facilities Authority, Revenue Refunding Bonds</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">(University of Chicago), Series A, 5.25%, 7/01/41</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">760</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">766,194</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6e6">&nbsp;  </TD>
  <TD bgcolor="#E6E6e6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6e6">
<FONT size=2 face="sans-serif">Illinois Educational Facilities Authority, Student Housing Revenue</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6e6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6e6">&nbsp;  </TD>
  <TD bgcolor="#E6E6e6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6e6">&nbsp;</TD>
  <TD align=left nowrap bgcolor="#E6E6e6">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6e6">&nbsp;  </TD>
  <TD bgcolor="#E6E6e6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6e6">
<FONT size=2 face="sans-serif">Bonds (Education Advancement Fund - University Center Project at</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6e6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6e6">&nbsp;  </TD>
  <TD bgcolor="#E6E6e6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6e6">&nbsp;</TD>
  <TD align=left nowrap bgcolor="#E6E6e6">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6e6">&nbsp;  </TD>
  <TD bgcolor="#E6E6e6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6e6">
<FONT size=2 face="sans-serif">DePaul), 6.25%, 5/01/12 (a)</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6e6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6e6">
<FONT size=2 face="sans-serif">10,000</FONT>  </TD>
  <TD bgcolor="#E6E6e6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6e6">&nbsp;</TD>
  <TD align=right nowrap bgcolor="#E6E6e6">
<FONT size=2 face="sans-serif">11,227,000</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Illinois Health Facilities Authority, Revenue Refunding Bonds</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">(Elmhurst Memorial Healthcare), 5.50%, 1/01/22</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">5,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">4,929,850</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6e6">&nbsp;  </TD>
  <TD bgcolor="#E6E6e6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6e6">
<FONT size=2 face="sans-serif">Illinois Health Facilities Authority, Revenue Refunding Bonds</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6e6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6e6">&nbsp;  </TD>
  <TD bgcolor="#E6E6e6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6e6">&nbsp;</TD>
  <TD align=left nowrap bgcolor="#E6E6e6">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6e6">&nbsp;  </TD>
  <TD bgcolor="#E6E6e6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6e6">
<FONT size=2 face="sans-serif">(Elmhurst Memorial Healthcare), 5.625%, 1/01/28</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6e6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6e6">
<FONT size=2 face="sans-serif">6,000</FONT>  </TD>
  <TD bgcolor="#E6E6e6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6e6">&nbsp;</TD>
  <TD align=right nowrap bgcolor="#E6E6e6">
<FONT size=2 face="sans-serif">5,864,640</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Illinois Municipal Electric Agency, Power Supply Revenue Bonds,</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">4.50%, 2/01/35 (j)</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">7,975</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">7,000,216</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6e6">&nbsp;  </TD>
  <TD bgcolor="#E6E6e6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6e6">
<FONT size=2 face="sans-serif">Illinois State Finance Authority Revenue Bonds (Friendship Village of</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6e6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6e6">&nbsp;  </TD>
  <TD bgcolor="#E6E6e6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6e6">&nbsp;</TD>
  <TD align=left nowrap bgcolor="#E6E6e6">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6e6">&nbsp;  </TD>
  <TD bgcolor="#E6E6e6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6e6">
<FONT size=2 face="sans-serif">Schaumburg), Series A, 5.625%, 2/15/37</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6e6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6e6">
<FONT size=2 face="sans-serif">1,685</FONT>  </TD>
  <TD bgcolor="#E6E6e6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6e6">&nbsp;</TD>
  <TD align=right nowrap bgcolor="#E6E6e6">
<FONT size=2 face="sans-serif">1,325,808</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Illinois State Finance Authority Revenue Bonds (Monarch Landing, Inc.</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Project), Series A, 7%, 12/01/37</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">2,885</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">2,777,130</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6e6">&nbsp;  </TD>
  <TD bgcolor="#E6E6e6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6e6">
<FONT size=2 face="sans-serif">Illinois State Finance Authority Revenue Bonds (Northwestern</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6e6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6e6">&nbsp;  </TD>
  <TD bgcolor="#E6E6e6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6e6">&nbsp;</TD>
  <TD align=left nowrap bgcolor="#E6E6e6">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6e6">&nbsp;  </TD>
  <TD bgcolor="#E6E6e6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6e6">
<FONT size=2 face="sans-serif">Memorial Hospital), Series A, 5.50%, 8/15/14 (a)</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6e6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6e6">
<FONT size=2 face="sans-serif">3,700</FONT>  </TD>
  <TD bgcolor="#E6E6e6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6e6">&nbsp;</TD>
  <TD align=right nowrap bgcolor="#E6E6e6">
<FONT size=2 face="sans-serif">4,112,365</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Illinois State Finance Authority, Student Housing Revenue Bonds (MJH</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Education Assistance IV LLC), Sub-Series B, 5.375%, 6/01/35</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">1,675</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">494,041</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6e6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD bgcolor="#E6E6e6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6e6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6e6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6e6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD bgcolor="#E6E6e6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6e6" style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap bgcolor="#E6E6e6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">47,833,264</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<B><FONT size=2 face="sans-serif">Indiana - 6.1%</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Indiana Health Facilities Financing Authority, Hospital Revenue</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Refunding Bonds (Methodist Hospital, Inc.), 5.50%, 9/15/31</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">9,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">7,833,510</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6e6">&nbsp;  </TD>
  <TD bgcolor="#E6E6e6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6e6">
<FONT size=2 face="sans-serif">Petersburg, Indiana, PCR, Refunding (Indianapolis Power &amp; Light Co.</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6e6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6e6">&nbsp;  </TD>
  <TD bgcolor="#E6E6e6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6e6">&nbsp;</TD>
  <TD align=left nowrap bgcolor="#E6E6e6">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6e6">&nbsp;  </TD>
  <TD bgcolor="#E6E6e6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6e6">
<FONT size=2 face="sans-serif">Project), AMT, 5.90%, 12/01/24</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6e6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6e6">
<FONT size=2 face="sans-serif">10,000</FONT>  </TD>
  <TD bgcolor="#E6E6e6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6e6">&nbsp;</TD>
  <TD align=right nowrap bgcolor="#E6E6e6">
<FONT size=2 face="sans-serif">9,531,900</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Petersburg, Indiana, PCR, Refunding (Indianapolis Power &amp; Light Co.</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Project), AMT, 5.95%, 12/01/29</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">16,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">15,095,840</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6e6">&nbsp;  </TD>
  <TD bgcolor="#E6E6e6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6e6">
<FONT size=2 face="sans-serif">Vincennes, Indiana, EDR, Refunding, 6.25%, 1/01/24</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6e6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6e6">
<FONT size=2 face="sans-serif">2,305</FONT>  </TD>
  <TD bgcolor="#E6E6e6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6e6" style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap bgcolor="#E6E6e6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">2,061,315</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">34,522,565</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6e6">
<B><FONT size=2 face="sans-serif">Kentucky - 0.2%</FONT></B>  </TD>
  <TD bgcolor="#E6E6e6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6e6">
<FONT size=2 face="sans-serif">Kentucky Housing Corporation, Housing Revenue Bonds, AMT,</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6e6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6e6">&nbsp;  </TD>
  <TD bgcolor="#E6E6e6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6e6">&nbsp;</TD>
  <TD align=left nowrap bgcolor="#E6E6e6">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6e6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD bgcolor="#E6E6e6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6e6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Series F, 5.45%, 1/01/32 (l)(m)</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6e6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6e6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">1,365</FONT>  </TD>
  <TD bgcolor="#E6E6e6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6e6" style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap bgcolor="#E6E6e6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">1,276,015</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<B><FONT size=2 face="sans-serif">Louisiana - 2.1%</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Louisiana Local Government Environmental Facilities and</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Community Development Authority, Revenue Bonds (Capital</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Projects and Equipment Acquisition Program), 6.55%, 9/01/25 (h)</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">9,215</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">8,787,147</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6e6">&nbsp;  </TD>
  <TD bgcolor="#E6E6e6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6e6">
<FONT size=2 face="sans-serif">Saint Tammany Parish, Louisiana, Financing Authority, S/F</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6e6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6e6">&nbsp;  </TD>
  <TD bgcolor="#E6E6e6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6e6">&nbsp;</TD>
  <TD align=left nowrap bgcolor="#E6E6e6">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6e6">&nbsp;  </TD>
  <TD bgcolor="#E6E6e6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6e6">
<FONT size=2 face="sans-serif">Mortgage Revenue Bonds (Home Ownership Program),</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6e6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6e6">&nbsp;  </TD>
  <TD bgcolor="#E6E6e6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6e6">&nbsp;</TD>
  <TD align=left nowrap bgcolor="#E6E6e6">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6e6">&nbsp;  </TD>
  <TD bgcolor="#E6E6e6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6e6">
<FONT size=2 face="sans-serif">Series A, 5.25%, 12/01/39 (b)(c)</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6e6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6e6">
<FONT size=2 face="sans-serif">3,187</FONT>  </TD>
  <TD bgcolor="#E6E6e6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6e6" style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap bgcolor="#E6E6e6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">3,114,926</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,902,073</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6e6">
<B><FONT size=2 face="sans-serif">Maryland - 0.6%</FONT></B>  </TD>
  <TD bgcolor="#E6E6e6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6e6">
<FONT size=2 face="sans-serif">Maryland State Community Development Administration,</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6e6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6e6">&nbsp;  </TD>
  <TD bgcolor="#E6E6e6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6e6">&nbsp;</TD>
  <TD align=left nowrap bgcolor="#E6E6e6">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6e6">&nbsp;  </TD>
  <TD bgcolor="#E6E6e6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6e6">
<FONT size=2 face="sans-serif">Department of Housing and Community Development, Residential</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6e6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6e6">&nbsp;  </TD>
  <TD bgcolor="#E6E6e6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6e6">&nbsp;</TD>
  <TD align=left nowrap bgcolor="#E6E6e6">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6e6">&nbsp;  </TD>
  <TD bgcolor="#E6E6e6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6e6">
<FONT size=2 face="sans-serif">Revenue Refunding Bonds, AMT, Series A, 4.65%, 9/01/32</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6e6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6e6">
<FONT size=2 face="sans-serif">2,665</FONT>  </TD>
  <TD bgcolor="#E6E6e6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6e6">&nbsp;</TD>
  <TD align=right nowrap bgcolor="#E6E6e6">
<FONT size=2 face="sans-serif">2,180,690</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Maryland State Health and Higher Educational Facilities Authority,</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Revenue Refunding Bonds (MedStar Health, Inc.), 5.50%, 8/15/33</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">1,205</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">1,163,693</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6e6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD bgcolor="#E6E6e6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6e6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6e6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6e6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD bgcolor="#E6E6e6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6e6" style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap bgcolor="#E6E6e6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">3,344,383</FONT>  </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="sans-serif">3</FONT></P>

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



<p style='page-break-before:always'></p><PAGE>


<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left nowrap colspan=3>
<B><FONT size=4 face="sans-serif">BlackRock Municipal Income Trust</FONT></B>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap colspan=3 style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Schedule of Investments July 31, 2008 (Unaudited)</FONT></B>  </TD>
  <TD align=right nowrap colspan=5 style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">(Percentages shown are based on Net Assets)</FONT></B>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD width=90% align=left nowrap>&nbsp;  </TD>
  <TD colspan="2" align=left nowrap>
    <div align="center"><B><FONT size=2 face="sans-serif">Par</FONT></B> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">State</FONT></B>  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Municipal Bonds</FONT></B>  </TD>
  <TD colspan="2" align=left nowrap style="border-bottom:1px solid #000000;">
    <div align="center"><B><FONT size=2 face="sans-serif">(000)</FONT></B> </div></TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
    <div align="center"><B><FONT size=2 face="sans-serif">Value</FONT></B> </div></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">
<B><FONT size=2 face="sans-serif">Michigan - 0.7%</FONT></B>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Michigan State Hospital Finance Authority, Revenue Refunding Bonds</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">(Henry Ford Health System), Series A, 5.25%, 11/15/46</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">&#36;</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;"> <div align="right"><FONT size=2 face="sans-serif">4,230</FONT> </div></TD>
  <TD bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;"><div align="left"><FONT size=2 face="sans-serif">&#36;</FONT></div></TD>
  <TD align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,795,156</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<B><FONT size=2 face="sans-serif">Mississippi - 3.3%&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; </FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Gulfport, Mississippi, Hospital Facility Revenue Bonds (Memorial</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Hospital at Gulfport Project), Series A, 5.75%, 7/01/31</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18,680</FONT>  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">18,514,682</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">
<B><FONT size=2 face="sans-serif">Missouri - 0.1%</FONT></B>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Missouri Joint Municipal Electric Utility Commission, Power Project</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Revenue Bonds (Plum Point Project), 4.60%, 1/01/36</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">695</FONT>  </TD>
  <TD bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">577,024</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<B><FONT size=2 face="sans-serif">Nebraska - 1.2%</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Omaha Public Power District, Nebraska, Electric System Revenue</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Bonds, Series A, 4.75%, 2/01/44</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">6,990</FONT>  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">6,579,687</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">
<B><FONT size=2 face="sans-serif">Nevada - 0.9%</FONT></B>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Clark County, Nevada, EDR, Refunding (Alexander Dawson School of</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Nevada Project), 5%, 5/15/29</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">5,260</FONT>  </TD>
  <TD bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">5,049,390</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<B><FONT size=2 face="sans-serif">New Hampshire - 1.3%</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">New Hampshire Health and Education Facilities Authority Revenue</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Bonds (Exeter Hospital Obligated Group), 5.75%, 10/01/31</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">3,500</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">3,512,075</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">New Hampshire State Business Finance Authority, PCR, Refunding</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">(Public Service Company Project), AMT, Series B,</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">4.75%, 5/01/21 (g)</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">4,000</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">3,706,560</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">7,218,635</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">
<B><FONT size=2 face="sans-serif">New Jersey - 7.9%</FONT></B>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Middlesex County, New Jersey, Improvement Authority, Subordinate</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Revenue Bonds (Heldrich Center Hotel/Conference Project), Series B,</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">6.25%, 1/01/37</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">3,680</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">3,073,904</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">New Jersey EDA, Cigarette Tax Revenue Bonds, 5.75%, 6/15/29</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">18,500</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">17,325,805</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">New Jersey EDA, EDR, Refunding (Kapkowski Road Landfill</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Reclamation Improvement District Project), 6.50%, 4/01/28</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">8,000</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">7,924,640</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">New Jersey EDA, Special Facility Revenue Bonds (Continental Airlines</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Inc. Project), AMT, 7%, 11/15/30</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">15,410</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">12,039,217</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Tobacco Settlement Financing Corporation of New Jersey, Asset-</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Backed Revenue Refunding Bonds, Series 1A, 4.50%, 6/01/23</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">4,620</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">4,120,763</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">44,484,329</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">
<B><FONT size=2 face="sans-serif">New York - 4.5%</FONT></B>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Albany, New York, IDA, Civic Facility Revenue Bonds (New Covenant</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Charter School Project), Series A, 7%, 5/01/35</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">1,820</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">1,376,776</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">New York City, New York, City IDA, Special Facility Revenue</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Bonds (American Airlines, Inc. - JFK International Airport),</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">AMT, 8%, 8/01/28</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">5,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">4,382,000</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">New York City, New York, City IDA, Special Facility Revenue Bonds</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">(Continental Airlines Inc. Project), AMT, 7.75%, 8/01/31</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">22,140</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">18,759,886</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">New York Liberty Development Corporation Revenue Bonds (Goldman</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Sachs Headquarters), 5.25%, 10/01/35</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">675</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">689,749</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">25,208,411</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<B><FONT size=2 face="sans-serif">North Carolina - 3.5%</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Gaston County, North Carolina, Industrial Facilities and Pollution</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Control Financing Authority, Revenue Bonds (National Gypsum</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Company Project), AMT, 5.75%, 8/01/35</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">12,130</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">9,412,637</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">North Carolina Capital Facilities Finance Agency, Revenue</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Refunding Bonds (Duke University Project),</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Series B, 4.25%, 7/01/42</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">12,550</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">10,529,701</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">19,942,338</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">
<B><FONT size=2 face="sans-serif">Ohio - 2.3%</FONT></B>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">American Municipal Power, Inc., Ohio, Revenue Refunding Bonds</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">(Prairie State Energy Campus Project), Series A, 5%, 2/15/38</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">7,150</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">6,810,947</FONT>  </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="sans-serif">4</FONT></P>

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<p style='page-break-before:always'></p><PAGE>


<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left nowrap colspan=3>
<B><FONT size=4 face="sans-serif">BlackRock Municipal Income Trust</FONT></B>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap colspan=3 style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Schedule of Investments July 31, 2008 (Unaudited)</FONT></B>  </TD>
  <TD align=right nowrap colspan=5 style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">(Percentages shown are based on Net Assets)</FONT></B>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>&nbsp;  </TD>
  <TD colspan="2" align=left nowrap>
    <div align="center"><B><FONT size=2 face="sans-serif">Par</FONT></B> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">State</FONT></B>  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Municipal Bonds</FONT></B>  </TD>
  <TD colspan="2" align=left nowrap style="border-bottom:1px solid #000000;">
    <div align="center"><B><FONT size=2 face="sans-serif">(000)</FONT></B> </div></TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
    <div align="center"><B><FONT size=2 face="sans-serif">Value</FONT></B> </div></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Settlement Asset-Backed Bonds, Series A-2, 6.50%, 6/01/47</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">&#36;</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6"> <div align="right"><FONT size=2 face="sans-serif">3,120 </FONT> </div></TD>
  <TD bgcolor="#E6E6E6">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD align=right nowrap bgcolor="#E6E6E6"><div align="left"><FONT size=2 face="sans-serif">&#36;</FONT></div></TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,773,462</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Pinnacle Community Infrastructure Financing Authority, Ohio,</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Revenue Bonds, Series A, 6.25%, 12/01/36</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">3,760</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">3,444,160</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">13,028,569</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<B><FONT size=2 face="sans-serif">Oklahoma - 1.7%</FONT></B>  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Oklahoma State Development Finance Authority, Revenue Refunding</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Bonds (Saint John Health System), 5%, 2/15/42</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">3,505</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">3,299,081</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Tulsa, Oklahoma, Municipal Airport Trust, Revenue Refunding Bonds,</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Series A, 7.75%, 6/01/35</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">7,175</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">6,515,905</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">9,814,986</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">
<B><FONT size=2 face="sans-serif">Pennsylvania - 4.3%</FONT></B>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Pennsylvania Economic Development Financing Authority, Exempt</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Facilities Revenue Bonds (Amtrak Project), AMT, Series A, 6.375%,</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">11/01/41</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">6,500</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">6,437,145</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Pennsylvania Economic Development Financing Authority, Exempt</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Facilities Revenue Bonds (Reliant Energy), AMT,</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Series A, 6.75%, 12/01/36</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">15,580</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">15,622,689</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Pennsylvania HFA, S/F Mortgage Revenue Refunding Bonds, AMT,</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Series 97A, 4.60%, 10/01/27</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">2,500</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">2,109,375</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">24,169,209</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">
<B><FONT size=2 face="sans-serif">South Carolina - 6.8%</FONT></B>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Lexington County, South Carolina, Health Services District Inc.,</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Hospital Revenue Refunding and Improvement Bonds,</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">5.50%, 11/01/13 (a)</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">5,000</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">5,477,000</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Lexington County, South Carolina, Health Services District Inc.,</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Hospital Revenue Refunding and Improvement Bonds,</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">5.75%, 11/01/13 (a)</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">10,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">11,073,000</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Scago Education Facilities Corporation for Chesterfield County</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">School District, South Carolina, Revenue Refunding Bonds,</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">5%, 12/01/29 (o)</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">6,345</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">6,254,520</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">South Carolina Jobs EDA, Hospital Facilities Revenue Refunding Bonds</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">(Palmetto Health Alliance), Series A, 6.25%, 8/01/31</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">5,075</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">5,122,604</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">South Carolina Jobs EDA, Hospital Facilities Revenue Refunding Bonds</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">(Palmetto Health Alliance), Series C, 6.875%, 8/01/13 (a)</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">9,000</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">10,486,430</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">38,413,554</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">
<B><FONT size=2 face="sans-serif">Tennessee - 2.6%</FONT></B>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Knox County, Tennessee, Health, Educational and Housing Facilities</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Board, Hospital Facilities Revenue Refunding Bonds (Covenant</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Health), Series A, 5.70%, 1/01/20 (d)(f)</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">20,825</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">11,244,459</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Shelby County, Tennessee, Health, Educational and Housing Facility</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Board, Hospital Revenue Refunding Bonds (Saint Jude Children's</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Research Hospital), 5%, 7/01/25</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">3,475</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">3,474,861</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">14,719,320</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<B><FONT size=2 face="sans-serif">Texas - 15.2%</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Brazos River Authority, Texas, PCR, Refunding (TXU Energy Company</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">LLC Project), AMT, Series A, 8.25%, 10/01/30</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">4,370</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">4,308,908</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Harris County-Houston Sports Authority, Texas, Revenue Refunding</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Bonds, Junior Lien, Series H, 6.065%, 11/15/35 (d)(g)</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">5,000</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">891,400</FONT>  </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="sans-serif">5</FONT></P>

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



<p style='page-break-before:always'></p><PAGE>


<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left nowrap colspan=3>
<B><FONT size=4 face="sans-serif">BlackRock Municipal Income Trust</FONT></B>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap colspan=3 style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Schedule of Investments July 31, 2008 (Unaudited)</FONT></B>  </TD>
  <TD align=right nowrap colspan=5 style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">(Percentages shown are based on Net Assets)</FONT></B>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>&nbsp;  </TD>
  <TD colspan="2" align=left nowrap>
    <div align="center"><B><FONT size=2 face="sans-serif">Par</FONT></B> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">State</FONT></B>  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Municipal Bonds</FONT></B>  </TD>
  <TD colspan="2" align=left nowrap style="border-bottom:1px solid #000000;">
    <div align="center"><B><FONT size=2 face="sans-serif">(000)</FONT></B> </div></TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
    <div align="center"><B><FONT size=2 face="sans-serif">Value</FONT></B> </div></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD colspan=2 align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Harris County-Houston Sports Authority, Texas, Revenue Refunding</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Bonds, Senior Lien, Series A, 5.832%, 11/15/38 (d)(g)</FONT>  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
    <div align="left"><FONT size=2 face="sans-serif">&#36;</FONT> </div></TD>
  <TD align=left nowrap bgcolor="#E6E6E6">
    <div align="right"><FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;    12,580 </FONT> </div></TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6"><div align="left"><FONT size=2 face="sans-serif">&#36;</FONT></div></TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,871,904</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap colspan=2>
<FONT size=2 face="sans-serif">Harris County-Houston Sports Authority, Texas, Revenue Refunding</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Bonds, Third Lien, Series A-3, 5.97%, 11/15/37 (d)(g)</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">26,120</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">4,089,870</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD colspan=2 align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Lower Colorado River Authority, Texas, Revenue Refunding Bonds, 5%,</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">5/15/13 (a)(g)</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">50</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">54,122</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap colspan=2>
<FONT size=2 face="sans-serif">Lower Colorado River Authority, Texas, Revenue Refunding Bonds, 5%,</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">5/15/31 (g)</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">2,345</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">2,301,031</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD colspan=2 align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Lower Colorado River Authority, Texas, Revenue Refunding Bonds,</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Series A, 5%, 5/15/13 (a)(g)</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">5</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">5,412</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap colspan=2>
<FONT size=2 face="sans-serif">Lower Colorado River Authority, Texas, Transmission Contract</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap colspan=2>
<FONT size=2 face="sans-serif">Revenue Refunding Bonds (LCRA Transmission Services Corp. Project),</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">4.75%, 5/15/34 (e)</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">13,305</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">12,459,068</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD colspan=2 align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Montgomery County, Texas, Municipal Utility District Number 46,</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Waterworks and Sewer System, GO, 4.75%, 3/01/30 (g)</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">1,700</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">1,616,207</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap colspan=2>
<FONT size=2 face="sans-serif">North Texas Tollway Authority, System Revenue Refunding Bonds,</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Second Tier, Series F, 6.125%, 1/01/31</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">12,180</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">12,327,378</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD colspan=2 align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">SA Energy Acquisition Public Facilities Corporation, Texas, Gas Supply</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Revenue Bonds, 5.50%, 8/01/25</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">6,540</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">6,214,504</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap colspan=2>
<FONT size=2 face="sans-serif">Texas State Affordable Housing Corporation, M/F Housing Revenue</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Bonds (Amern Opportunity Housing Portfolio), Series B,</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">8%, 3/01/32 (p)</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">4,435</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">443,766</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD colspan=2 align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Texas State Turnpike Authority, Central Texas Turnpike System</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Revenue Bonds, 6.07%, 8/15/32 (d)(e)</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">35,000</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">8,009,050</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap colspan=2>
<FONT size=2 face="sans-serif">Texas State Turnpike Authority, Central Texas Turnpike System</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Revenue Bonds, 6.08%, 8/15/33 (d)(e)</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">62,325</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">13,315,736</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD colspan=2 align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Texas State Turnpike Authority, Central Texas Turnpike System</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Revenue Bonds, 6.08%, 8/15/34 (d)(e)</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">65,040</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">13,065,235</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap colspan=2>
<FONT size=2 face="sans-serif">Texas State Turnpike Authority, Central Texas Turnpike System</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Revenue Bonds, First Tier, Series A, 5%, 8/15/42 (e)</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">5,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">4,774,400</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">85,747,991</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<B><FONT size=2 face="sans-serif">Virginia - 0.4%</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap colspan=2>
<FONT size=2 face="sans-serif">Virginia Commonwealth Transportation Board, Transportation</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap colspan=2>
<FONT size=2 face="sans-serif">Contract Revenue Refunding Bonds (U.S. Route 28 Project), 5.287%,</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">4/01/32 (d)</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">8,105</FONT>  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">2,173,113</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">
<B><FONT size=2 face="sans-serif">Washington - 0.8%</FONT></B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD colspan=2 align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Washington State Health Care Facilities Authority, Revenue</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Refunding Bonds (Providence Health System), Series A,</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">4.625%, 10/01/34 (j)</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">5,095</FONT>  </TD>
  <TD bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">4,569,094</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<B><FONT size=2 face="sans-serif">West Virginia - 0.4%</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap colspan=2>
<FONT size=2 face="sans-serif">West Virginia EDA, Lease Revenue Bonds (Correctional, Juvenile and</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Public Safety Facilities), Series A, 5%, 6/01/29 (g)</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">2,070</FONT>  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">2,033,051</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">
<B><FONT size=2 face="sans-serif">Wisconsin - 6.9%</FONT></B>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD colspan=2 align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Wisconsin State Health and Educational Facilities Authority Revenue</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Bonds (Aurora Health Care, Inc.), 6.40%, 4/15/33</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">7,500</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">7,625,475</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap colspan=2>
<FONT size=2 face="sans-serif">Wisconsin State Health and Educational Facilities Authority, Revenue</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap colspan=2>
<FONT size=2 face="sans-serif">Refunding Bonds (Froedtert and Community Health), 5.375%,</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">10/01/11 (a)</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">12,545</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">13,647,706</FONT>  </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="sans-serif">6</FONT></P>

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



<p style='page-break-before:always'></p><PAGE>


<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left nowrap colspan=3>
<B><FONT size=4 face="sans-serif">BlackRock Municipal Income Trust</FONT></B>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap colspan=3 style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Schedule of Investments July 31, 2008 (Unaudited)</FONT></B>  </TD>
  <TD align=right nowrap colspan=5 style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">(Percentages shown are based on Net Assets)</FONT></B>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>&nbsp;  </TD>
  <TD colspan="2" align=left nowrap>
    <div align="center"><B><FONT size=2 face="sans-serif">Par</FONT></B> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">State</FONT></B>  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Municipal Bonds</FONT></B>  </TD>
  <TD colspan="2" align=left nowrap style="border-bottom:1px solid #000000;">
    <div align="center"><B><FONT size=2 face="sans-serif">(000)</FONT></B> </div></TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
    <div align="center"><B><FONT size=2 face="sans-serif">Value</FONT></B> </div></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD colspan=2 align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Wisconsin State Health and Educational Facilities Authority, Revenue</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD colspan=2 align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Refunding Bonds (Froedtert and Community Health), 5.375%,</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">10/01/30</FONT>  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
    <div align="left"><FONT size=2 face="sans-serif">&#36;</FONT> </div></TD>
  <TD align=left nowrap bgcolor="#E6E6E6"> <div align="right"><FONT size=2 face="sans-serif">1,205 </FONT> </div></TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6"><div align="left"><FONT size=2 face="sans-serif">&#36;</FONT></div></TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,220,810</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD colspan=2 align=left nowrap>
<FONT size=2 face="sans-serif">Wisconsin State Health and Educational Facilities Authority, Revenue</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap colspan=2>
<FONT size=2 face="sans-serif">Refunding Bonds (Wheaton Franciscan Services, Inc.),</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">5.75%, 2/15/12 (a)</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">16,552,650</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">39,046,641</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<B><FONT size=2 face="sans-serif">Wyoming - 0.8%</FONT></B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp; </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap colspan=2>
<FONT size=2 face="sans-serif">Wyoming Community Development Authority, Housing Revenue Bonds,</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">AMT, Series 3, 4.65%, 12/01/27</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">2,765</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">2,356,250</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD colspan=2 align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Wyoming Community Development Authority, Housing Revenue Bonds,</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">AMT, Series 3, 4.70%, 12/01/32</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">2,605</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">2,143,186</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">4,499,436</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">
<B><FONT size=2 face="sans-serif">Multi-State - 8.0%</FONT></B>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD colspan=2 align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Charter Mac Equity Issuer Trust, 6.30%, 6/30/49 (k)(q)</FONT>  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">11,000</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">11,336,050</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap colspan=2>
<FONT size=2 face="sans-serif">Charter Mac Equity Issuer Trust, 6.625%, 6/30/49 (k)(q)</FONT>  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">1,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">1,032,720</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD colspan=2 align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Charter Mac Equity Issuer Trust, 6.80%, 11/30/50 (k)(q)</FONT>  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">6,500</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">6,960,395</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap colspan=2>
<FONT size=2 face="sans-serif">Charter Mac Equity Issuer Trust, 6.80%, 10/31/52 (k)(q)</FONT>  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">16,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">17,746,400</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD colspan=2 align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">MuniMae TE Bond Subsidiary LLC, 6.875%, 6/30/49 (k)(q)</FONT>  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">8,000</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">8,213,120</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">45,288,685</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">
<B><FONT size=2 face="sans-serif">Puerto Rico - 1.0%</FONT></B>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD colspan=2 align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Puerto Rico Commonwealth Highway and Transportation Authority,</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Transportation Revenue Refunding Bonds, Series N,</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">5.25%, 7/01/36 (o)</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">5,000</FONT>  </TD>
  <TD bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">5,118,300</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Total Municipal Bonds - 142.0%</FONT></B>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">800,372,813</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<B><FONT size=2 face="sans-serif">Municipal Bonds Transferred to</FONT></B>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Tender Option Bond Trusts (r)</FONT></B>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<B><FONT size=2 face="sans-serif">Alabama - 0.8%</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap colspan=2>
<FONT size=2 face="sans-serif">Birmingham, Alabama, Special Care Facilities Financing Authority,</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Revenue Refunding Bonds (Ascension Health Credit),</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Series C-2, 5%, 11/15/36</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">4,548</FONT>  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">4,387,472</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">
<B><FONT size=2 face="sans-serif">California - 1.9%</FONT></B>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD colspan=2 align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Sacramento County, California, Airport System Revenue Bonds, AMT,</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Senior Series B, 5.25%, 7/01/39 (f)</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">6,223</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">5,957,051</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap colspan=2>
<FONT size=2 face="sans-serif">University of California Revenue Bonds, Series C, 4.75%, 5/15/37 (g)</FONT>  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">5,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">4,722,600</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">10,679,651</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<B><FONT size=2 face="sans-serif">Colorado -3.5 %</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap colspan=2>
<FONT size=2 face="sans-serif">Colorado Health Facilities Authority Revenue Bonds (Catholic Health),</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Series C-3, 5.10%, 10/01/41 (f)</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">7,604</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">7,531,422</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD colspan=2 align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Colorado Health Facilities Authority Revenue Bonds (Catholic Health),</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Series C-7, 5%, 9/01/36 (f)</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">4,859</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">4,786,663</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap colspan=2>
<FONT size=2 face="sans-serif">Colorado Health Facilities Authority, Revenue Refunding Bonds</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap colspan=2>
<FONT size=2 face="sans-serif">(Poudre Valley Health Care), Series B, 5.25%, 3/01/36 (f)</FONT>  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">2,878</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">2,885,215</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD colspan=2 align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Colorado Health Facilities Authority, Revenue Refunding Bonds</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD colspan=2 align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">(Poudre Valley Health Care), Series C, 5.25%, 3/01/40 (f)</FONT>  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">4,994</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">4,992,194</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">20,195,494</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">
<B><FONT size=2 face="sans-serif">Connecticut - 3.3%</FONT></B>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD colspan=2 align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Connecticut State Health and Educational Facilities Authority Revenue</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Bonds (Yale University), Series T-1, 4.70%, 7/01/29</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">9,404</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">9,400,862</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap colspan=2>
<FONT size=2 face="sans-serif">Connecticut State Health and Educational Facilities Authority Revenue</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Bonds (Yale University), Series X-3, 4.85%, 7/01/37</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">9,358</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">9,378,236</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">18,779,098</FONT>  </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="sans-serif">7</FONT></P>

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



<p style='page-break-before:always'></p><PAGE>


<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left nowrap colspan=3>
<B><FONT size=4 face="sans-serif">BlackRock Municipal Income Trust</FONT></B>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap colspan=3 style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Schedule of Investments July 31, 2008 (Unaudited)</FONT></B>  </TD>
  <TD align=right nowrap colspan=6 style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">(Percentages shown are based on Net Assets)</FONT></B>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>&nbsp;  </TD>
  <TD colspan="2" align=left nowrap>
    <div align="center"><B><FONT size=2 face="sans-serif">Par</FONT></B> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">State</FONT></B>  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Municipal Bonds Transferred to Tender Option Bond Trusts (r)</FONT></B>  </TD>
  <TD colspan="2" align=left nowrap style="border-bottom:1px solid #000000;">
    <div align="center"><B><FONT size=2 face="sans-serif">(000)</FONT></B> </div></TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;"><div align="center"><B><FONT size=2 face="sans-serif">Value</FONT></B> </div></TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">
<B><FONT size=2 face="sans-serif">Illinois - 2.8%</FONT></B>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Chicago, Illinois, Housing Authority, Capital Program Revenue</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Refunding Bonds, 5%, 7/01/24 (f)</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">&#36;</FONT>  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">8,234</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6"><div align="left"><FONT size=2 face="sans-serif">&#36;</FONT></div></TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif"> 8,438,934</FONT>  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Chicago, Illinois, O'Hare International Airport Revenue Refunding</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Bonds, Third Lien, AMT, Series C-2, 5.25%, 1/01/30 (f)</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">7,648</FONT>  </TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">7,251,486</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">15,690,420</FONT>  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<B><FONT size=2 face="sans-serif">Massachusetts - 1.2%</FONT></B>&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Massachusetts State Water Resource Authority, General Revenue</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Refunding Bonds, Series A, 5%, 8/01/41</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">6,763</FONT>  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">6,708,889</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">
<B><FONT size=2 face="sans-serif">New York - 1.0%</FONT></B>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">New York State Environmental Facilities Corporation, State Clean</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Water and Drinking Revenue Bonds (New York City Water</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Project), Series B, 5%, 6/15/31</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">5,370</FONT>  </TD>
  <TD bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">5,411,027</FONT>  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<B><FONT size=2 face="sans-serif">Ohio - 3.2%</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Ohio State Air Quality Development Authority, Revenue Refunding</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Bonds (Dayton Power and Light Company Project), Series B,</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">4.80%, 1/01/34 (j)(s)</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18,818</FONT>  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">18,069,543</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">
<B><FONT size=2 face="sans-serif">Virginia - 3.2%</FONT></B>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">University of Virginia, Revenue Refunding Bonds, 5%, 6/01/40</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">10,755</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">10,955,151</FONT>  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Virginia State, HDA, Commonwealth Mortgage Revenue Bonds,</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Series H, Sub-Series H-1, 5.35%, 7/01/31 (g)</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">6,810</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">6,861,143</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">17,816,294</FONT>  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<B><FONT size=2 face="sans-serif">Washington - 1.6%</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Central Puget Sound Regional Transportation Authority,</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Washington, Sales and Use Tax Revenue Bonds,</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Series A, 5%, 11/01/32 (f)</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">5,460</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">5,524,100</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">King County, Washington, Sewer Revenue Refunding Bonds,</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">5%, 1/01/36 (f)</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">3,613</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">3,607,819</FONT>  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">9,131,919</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<B><FONT size=2 face="sans-serif">Total Municipal Bonds Transferred to Tender Option Bond</FONT></B>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Trusts - 22.5%</FONT></B>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">126,869,807</FONT>  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Total Long-Term Investments (Cost - &#36;955,993,376) - 164.5%</FONT></B>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">927,242,620</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=9>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Short-Term Securities</FONT></B>  </TD>
  <TD align=left nowrap colspan=2 style="border-bottom:1px solid #000000;"><div align="center"><B><FONT size=2 face="sans-serif">Shares</FONT></B> </div></TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Merrill Lynch Institutional Tax-Exempt Fund, 2.08% (n)(t)</FONT>  </TD>
  <TD colspan=2 align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">5,500,000</FONT>  </TD>
  <TD bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">5,500,000</FONT>  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Total Short-Term Securities (Cost - &#36;5,500,000) - 1.0%</FONT></B>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">5,500,000</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<B><FONT size=2 face="sans-serif">Total Investments (Cost - &#36;961,493,376*) - 165.5%</FONT></B>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">932,742,620</FONT>  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<B><FONT size=2 face="sans-serif">Other Assets Less Liabilities - 1.1%</FONT></B>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">6,262,731</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<B><FONT size=2 face="sans-serif">Liability for Trust Certificates, Including Interest</FONT></B>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<B><FONT size=2 face="sans-serif">Expense and Fees Payable - (14.6)%</FONT></B>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">(82,170,250</FONT>  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6"><div align="left"><FONT size=2 face="sans-serif">)</FONT></div></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<B><FONT size=2 face="sans-serif">Preferred Shares, at Redemption Value - (52.0)%</FONT></B>  </TD>
  <TD colspan="3" align=left nowrap>&nbsp;      </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">(293,259,911</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;"><div align="left"><FONT size=2 face="sans-serif">)</FONT></div></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<B><FONT size=2 face="sans-serif">Net Assets Applicable to Common Shares - 100.0%</FONT></B>  </TD>
  <TD colspan="3" align=left nowrap bgcolor="#E6E6E6">&nbsp;    </TD>
  <TD align=right nowrap bgcolor="#E6E6E6" style="border-bottom:3px double #000000;"><div align="left"><FONT size=2 face="sans-serif">&#36;</FONT></div></TD>
  <TD align=right nowrap bgcolor="#E6E6E6" style="border-bottom:3px double #000000;">
<FONT size=2 face="sans-serif">563,575,190</FONT>  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6" style="border-bottom:3px double #000000;">&nbsp;</TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
  <TD width="1%" valign=top nowrap>
<FONT size=2 face="sans-serif">*&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=99%>
<P align="left"><FONT size=2 face="sans-serif">The cost and unrealized appreciation (depreciation) of investments as of July 31, 2008, as computed for federal income tax purposes, were as follows:</FONT></P>
  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>
<div style="margin-left:20px">
  <table border=0 cellspacing=0 cellpadding=0>
    <tr valign="bottom">
      <td align=left nowrap bgcolor="#E6E6E6"><font size=2 face="sans-serif">Aggregate
          cost</font> </td>
      <td nowrap bgcolor="#E6E6E6">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </td>
      <td align=left nowrap bgcolor="#E6E6E6" style="border-bottom:3px double #000000;"><font size=2 face="sans-serif">&#36;</font> </td>
      <td align=left nowrap bgcolor="#E6E6E6" style="border-bottom:3px double #000000;"><div align="right"><font size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;879,243,906</font> </div></td>
      <td align=left nowrap bgcolor="#E6E6E6" style="border-bottom:3px double #000000;">&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap><font size=2 face="sans-serif">Gross unrealized
          appreciation</font> </td>
      <td>&nbsp;</td>
      <td align=left nowrap><font size=2 face="sans-serif">&#36;</font> </td>
      <td align=center nowrap><div align="right"><font size=2 face="sans-serif">22,720,305</font> </div></td>
      <td align=center nowrap>&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap bgcolor="#E6E6E6"><font size=2 face="sans-serif">Gross unrealized
          depreciation</font> </td>
      <td bgcolor="#E6E6E6">&nbsp;</td>
      <td align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;</td>
      <td align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;"><div align="right"><font size=2 face="sans-serif">(51,184,617</font> </div></td>
      <td align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;"><div align="left"><font size=2 face="sans-serif">)</font></div></td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap><font size=2 face="sans-serif">Net unrealized
          depreciation</font> </td>
      <td>&nbsp;</td>
      <td align=left nowrap style="border-bottom:3px double #000000;"><font size=2 face="sans-serif">&#36;</font> </td>
      <td align=left nowrap style="border-bottom:3px double #000000;"><div align="right"><font size=2 face="sans-serif">(28,464,312</font> </div></td>
      <td align=left nowrap style="border-bottom:3px double #000000;"><div align="left"><font size=2 face="sans-serif">)</font></div></td>
    </tr>
  </table>
</div>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
  <TD width="2%" valign=top nowrap>
<FONT size=2 face="sans-serif">(a)&nbsp;&nbsp;</FONT></TD>
  <TD width=98%>
<P align="left"><FONT size=2 face="sans-serif">U.S. government securities, held in escrow, are used to pay interest on this security as well as to retire the bond in full at the date indicated, typically at a premium to par.</FONT></P>
  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>
<FONT size=2 face="sans-serif">(b)&nbsp;&nbsp;</FONT></TD>
  <TD>
<P align="left"><FONT size=2 face="sans-serif">FHLMC Collateralized.</FONT></P>
  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>
<FONT size=2 face="sans-serif">(c)&nbsp;&nbsp;</FONT></TD>
  <TD>
<P align="left"><FONT size=2 face="sans-serif">FNMA/GNMA Collateralized.</FONT></P>
  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>
<FONT size=2 face="sans-serif">(d)&nbsp;&nbsp;</FONT></TD>
  <TD>
<P align="left"><FONT size=2 face="sans-serif">Represents a zero-coupon bond. Rate shown reflects the effective yield at time of purchase.</FONT></P>
  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>
<FONT size=2 face="sans-serif">(e)&nbsp;&nbsp;</FONT></TD>
  <TD>
<P align="left"><FONT size=2 face="sans-serif">AMBAC Insured.</FONT></P>
  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>
<FONT size=2 face="sans-serif">(f)&nbsp;&nbsp;</FONT></TD>
  <TD>
<P align="left"><FONT size=2 face="sans-serif">FSA Insured.</FONT></P>
  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>
<P align="center">
<FONT size=2 face="sans-serif">8</FONT></P>

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



<p style='page-break-before:always'></p><PAGE>


<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left nowrap>
<B><FONT size=4 face="sans-serif">BlackRock Municipal Income Trust</FONT></B>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Schedule of Investments July 31, 2008 (Unaudited)</FONT></B>  </TD>
</TR>
</TABLE><BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD nowrap valign=top>
<FONT size=2 face="sans-serif">(g)&nbsp;&nbsp;</FONT></TD>
  <TD width=100%>
<P align="left"><FONT size=2 face="sans-serif">MBIA Insured.</FONT></P>  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>
<FONT size=2 face="sans-serif">(h)&nbsp;&nbsp;</FONT></TD>
  <TD width=100%>
<P align="left"><FONT size=2 face="sans-serif">ACA Insured.</FONT></P>  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>
<FONT size=2 face="sans-serif">(i)&nbsp;&nbsp;</FONT></TD>
  <TD width=100%>
<P align="left"><FONT size=2 face="sans-serif">XL Capital Insured.</FONT></P>  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>
<FONT size=2 face="sans-serif">(j)&nbsp;&nbsp;</FONT></TD>
  <TD width=100%>
<P align="left"><FONT size=2 face="sans-serif">FGIC Insured.</FONT></P>  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>
<FONT size=2 face="sans-serif">(k)&nbsp;&nbsp;</FONT></TD>
  <TD width=100%>
<P align="left"><FONT size=2 face="sans-serif">Security exempt from registration under Rule 144a of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional investors. Unless
otherwise indicated, these securities are considered to be liquid.</FONT></P>  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>
<FONT size=2 face="sans-serif">(l)&nbsp;&nbsp;</FONT></TD>
  <TD width=100%>
<P align="left"><FONT size=2 face="sans-serif">FHA Insured.</FONT></P>  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>
<FONT size=2 face="sans-serif">(m)&nbsp;&nbsp;</FONT></TD>
  <TD width=100%>
<P align="left"><FONT size=2 face="sans-serif">FNMA Collateralized.</FONT></P>  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>
<FONT size=2 face="sans-serif">(n)&nbsp;&nbsp;</FONT></TD>
  <TD width=100%>
<P align="left"><FONT size=2 face="sans-serif">Represents the current yield as of report date.</FONT></P>  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>
<FONT size=2 face="sans-serif">(o)&nbsp;&nbsp;</FONT></TD>
  <TD width=100%>
<P align="left"><FONT size=2 face="sans-serif">Assured Guaranty Insured.</FONT></P>  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>
<FONT size=2 face="sans-serif">(p)&nbsp;&nbsp;</FONT></TD>
  <TD width=100%>
<P align="left"><FONT size=2 face="sans-serif">Issuer filed for bankruptcy or is in default of interest payments.</FONT></P>  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>
<FONT size=2 face="sans-serif">(q)&nbsp;&nbsp;</FONT></TD>
  <TD width=100%>
<P align="left"><FONT size=2 face="sans-serif">Security represents a beneficial interest in a trust. The collateral deposited into the trust is federally tax-exempt revenue bonds issued by various state or local governments, or their respective
agencies or authorities. The security is subject to remarketing prior to its stated maturity, and is subject to mandatory redemption at maturity.</FONT></P>  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>
<FONT size=2 face="sans-serif">(r)&nbsp;&nbsp;</FONT></TD>
  <TD width=100%>
<P align="left"><FONT size=2 face="sans-serif">Securities represent underlying bonds transferred to a tender option bond trust in exchange for which the the Fund acquired the residual interest certificates. These securities serve as collateral in a
financing transaction.</FONT></P>  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>
<FONT size=2 face="sans-serif">(s)&nbsp;&nbsp;</FONT></TD>
  <TD width=100%>
<P align="left"><FONT size=2 face="sans-serif">BHAC Insured.</FONT></P>  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>
<FONT size=2 face="sans-serif">(t)&nbsp;&nbsp;</FONT></TD>
  <TD width=100%>
<P align="left"><FONT size=2 face="sans-serif">Investments in companies considered to be an affiliate of the Trust, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as follows:</FONT></P>  </TD>
</TR>
</TABLE>
<div style="margin-left:20px">
  <table border=0 cellspacing=0 cellpadding=0>
    <tr valign="bottom">
      <td colspan="6" align=left nowrap><div style="border-bottom:1px solid #000000"> &nbsp;</div></td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap>&nbsp;</td>
      <td>&nbsp;</td>
      <td align=left nowrap><div align="center"><b><font size=2 face="sans-serif">Net</font></b> </div></td>
      <td>&nbsp;</td>
      <td align=left nowrap>&nbsp;</td>
      <td align=left nowrap>&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap style="border-bottom:1px solid #000000;"><b><font size=2 face="sans-serif">Affiliate</font></b> </td>
      <td style="border-bottom:1px solid #000000;">&nbsp;</td>
      <td align=center nowrap style="border-bottom:1px solid #000000;"><b><font size=2 face="sans-serif">Activity</font></b> </td>
      <td style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </td>
      <td colspan="2" align=left nowrap style="border-bottom:1px solid #000000;"><div align="center"><b><font size=2 face="sans-serif">Income</font></b> </div></td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap style="border-bottom:1px solid #000000;"><font size=2 face="sans-serif">Merrill
          Lynch Institutional Tax-Exempt Fund</font> </td>
      <td nowrap style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </td>
      <td align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; &nbsp;<font size=2 face="sans-serif">2,900,000</font> </td>
      <td style="border-bottom:1px solid #000000;">&nbsp;</td>
      <td align=left nowrap style="border-bottom:1px solid #000000;"><font size=2 face="sans-serif">&#36;</font> </td>
      <td align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<font size=2 face="sans-serif">340,576</font> </td>
    </tr>
  </table>
</div>
<BR>
<ul style="margin-left:20px">
  <li>
    <FONT size=2 face="sans-serif">Forward interest rate swaps outstanding
    as of July 31, 2008 were as follows:</FONT></li>
</ul>
<div style="margin-left:20px">
  <table border=0 cellspacing=0 cellpadding=0>
    <tr valign="bottom">
      <td colspan="7" align=left nowrap><div style="border-bottom:1px solid #000000"> &nbsp;</div></td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap>&nbsp;</td>
      <td>&nbsp;</td>
      <td align=left nowrap colspan=2><div align="center"><b><font size=2 face="sans-serif">Notional</font></b> </div></td>
      <td>&nbsp;</td>
      <td align=left nowrap>&nbsp;</td>
      <td align=left nowrap>&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap>&nbsp;</td>
      <td>&nbsp;</td>
      <td align=left nowrap colspan=2><div align="center"><b><font size=2 face="sans-serif">Amount</font></b> </div></td>
      <td>&nbsp;</td>
      <td colspan="2" align=left nowrap><div align="center"><b><font size=2 face="sans-serif">Unrealized</font></b> </div></td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</td>
      <td style="border-bottom:1px solid #000000;">&nbsp;</td>
      <td colspan="2" align=left nowrap style="border-bottom:1px solid #000000;"><div align="center"><b><font size=2 face="sans-serif">(000)</font></b> </div></td>
      <td style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </td>
      <td align=right nowrap colspan=2 style="border-bottom:1px solid #000000;"><div align="center"><b><font size=2 face="sans-serif">(Depreciation)</font></b> </div></td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap bgcolor="#E6E6E6"><font size=2 face="sans-serif">Pay a fixed rate of
          3.639% and receive a floating rate</font> </td>
      <td nowrap bgcolor="#E6E6E6">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </td>
      <td align=left nowrap bgcolor="#E6E6E6">&nbsp;</td>
      <td align=left nowrap bgcolor="#E6E6E6">&nbsp;</td>
      <td bgcolor="#E6E6E6">&nbsp;</td>
      <td align=left nowrap bgcolor="#E6E6E6">&nbsp;</td>
      <td align=left nowrap bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap bgcolor="#E6E6E6"><font size=2 face="sans-serif">based on 1-week SIFMA
          Municipal Swap Index Rate</font> </td>
      <td bgcolor="#E6E6E6">&nbsp;</td>
      <td align=left nowrap bgcolor="#E6E6E6">&nbsp;</td>
      <td align=left nowrap bgcolor="#E6E6E6">&nbsp;</td>
      <td bgcolor="#E6E6E6">&nbsp;</td>
      <td align=left nowrap bgcolor="#E6E6E6">&nbsp;</td>
      <td align=left nowrap bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap bgcolor="#E6E6E6"><font size=2 face="sans-serif">Broker, JPMorgan Chase</font> </td>
      <td bgcolor="#E6E6E6">&nbsp;</td>
      <td align=left nowrap bgcolor="#E6E6E6">&nbsp;</td>
      <td align=left nowrap bgcolor="#E6E6E6">&nbsp;</td>
      <td bgcolor="#E6E6E6">&nbsp;</td>
      <td align=left nowrap bgcolor="#E6E6E6">&nbsp;</td>
      <td align=left nowrap bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap bgcolor="#E6E6E6"><font size=2 face="sans-serif">Expires September
          2018</font> </td>
      <td bgcolor="#E6E6E6">&nbsp;</td>
      <td align=left nowrap bgcolor="#E6E6E6"><font size=2 face="sans-serif">&#36;</font> </td>
      <td align=right nowrap bgcolor="#E6E6E6"><font size=2 face="sans-serif">48,310</font> </td>
      <td bgcolor="#E6E6E6">&nbsp;</td>
      <td align=left nowrap bgcolor="#E6E6E6"><font size=2 face="sans-serif">&#36;</font> </td>
      <td align=right nowrap bgcolor="#E6E6E6"><font size=2 face="sans-serif">(793,009)</font> </td>
    </tr>
    <tr>
      <td colspan=7>&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap><font size=2 face="sans-serif">Pay a fixed rate of
          3.762% and receive a floating rate</font> </td>
      <td>&nbsp;</td>
      <td align=left nowrap>&nbsp;</td>
      <td align=left nowrap>&nbsp;</td>
      <td>&nbsp;</td>
      <td align=left nowrap>&nbsp;</td>
      <td align=left nowrap>&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap><font size=2 face="sans-serif">based on 1-week SIFMA
          Municipal Swap Index Rate</font> </td>
      <td>&nbsp;</td>
      <td align=left nowrap>&nbsp;</td>
      <td align=left nowrap>&nbsp;</td>
      <td>&nbsp;</td>
      <td align=left nowrap>&nbsp;</td>
      <td align=left nowrap>&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap><font size=2 face="sans-serif">Broker, JPMorgan Chase</font> </td>
      <td>&nbsp;</td>
      <td align=left nowrap>&nbsp;</td>
      <td align=left nowrap>&nbsp;</td>
      <td>&nbsp;</td>
      <td align=left nowrap>&nbsp;</td>
      <td align=left nowrap>&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap><font size=2 face="sans-serif">Expires October 2023</font> </td>
      <td>&nbsp;</td>
      <td align=left nowrap><font size=2 face="sans-serif">&#36;</font> </td>
      <td align=right nowrap><font size=2 face="sans-serif">50,000</font> </td>
      <td>&nbsp;</td>
      <td align=left nowrap>&nbsp;</td>
      <td align=right nowrap><font size=2 face="sans-serif">(475,500)</font> </td>
    </tr>
    <tr>
      <td colspan=7>&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap bgcolor="#E6E6E6"><font size=2 face="sans-serif">Pay a fixed rate of
          3.919% and receive a floating rate</font> </td>
      <td bgcolor="#E6E6E6">&nbsp;</td>
      <td align=left nowrap bgcolor="#E6E6E6">&nbsp;</td>
      <td align=left nowrap bgcolor="#E6E6E6">&nbsp;</td>
      <td bgcolor="#E6E6E6">&nbsp;</td>
      <td align=left nowrap bgcolor="#E6E6E6">&nbsp;</td>
      <td align=left nowrap bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap bgcolor="#E6E6E6"><font size=2 face="sans-serif">based on 1-week SIFMA
          Municipal Swap Index Rate</font> </td>
      <td bgcolor="#E6E6E6">&nbsp;</td>
      <td align=left nowrap bgcolor="#E6E6E6">&nbsp;</td>
      <td align=left nowrap bgcolor="#E6E6E6">&nbsp;</td>
      <td bgcolor="#E6E6E6">&nbsp;</td>
      <td align=left nowrap bgcolor="#E6E6E6">&nbsp;</td>
      <td align=left nowrap bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap bgcolor="#E6E6E6"><font size=2 face="sans-serif">Broker, Citibank NA</font> </td>
      <td bgcolor="#E6E6E6">&nbsp;</td>
      <td align=left nowrap bgcolor="#E6E6E6">&nbsp;</td>
      <td align=left nowrap bgcolor="#E6E6E6">&nbsp;</td>
      <td bgcolor="#E6E6E6">&nbsp;</td>
      <td align=left nowrap bgcolor="#E6E6E6">&nbsp;</td>
      <td align=left nowrap bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;"><font size=2 face="sans-serif">Expires
          September 2028</font> </td>
      <td bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;</td>
      <td align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;"><font size=2 face="sans-serif">&#36;</font> </td>
      <td align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;"><font size=2 face="sans-serif">17,160</font> </td>
      <td bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;</td>
      <td align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;</td>
      <td align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;"><font size=2 face="sans-serif">(308,605)</font> </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap><b><font size=2 face="sans-serif">Total</font></b> </td>
      <td>&nbsp;</td>
      <td align=left nowrap>&nbsp;</td>
      <td align=left nowrap>&nbsp;</td>
      <td>&nbsp;</td>
      <td align=left nowrap style="border-bottom:3px double #000000;"><font size=2 face="sans-serif">&#36;</font> </td>
      <td align=right nowrap style="border-bottom:3px double #000000;"><font size=2 face="sans-serif">(1,577,114)</font> </td>
    </tr>
  </table>
</div>
<BR>
<P align="center">
<FONT size=2 face="sans-serif">9</FONT></P>

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<P STYLE="page-break-before:always"></P><PAGE>


<P align="left">
<FONT size=2 face="serif">Item 2 &#150; Controls and Procedures </FONT></P>
<div style="margin-left:50px;text-indent:-50px">
  <font size=2 face="serif">2(a) &#150; &nbsp;&nbsp;&nbsp;&nbsp;The
      registrant&#146;s principal executive and principal financial officers
      or persons performing similar functions have concluded that the registrant&#146;s
      disclosure controls and procedures (as defined in Rule 30a-3(c) under the
      Investment Company Act of 1940, as amended (the &#147;1940 Act&#148;))
      are effective as of a date within 90 days of the filing of this report
      based on the evaluation of these controls and procedures required by Rule
      30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Securities Exchange
      Act of 1934, as amended. </font>
  <p align="left"> <font size=2 face="serif">2(b) &#150; &nbsp;&nbsp;&nbsp;&nbsp;There
      were no changes in the registrant&#146;s internal control over financial
      reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred
      during the registrant&#146;s last fiscal quarter that have materially affected,
      or are reasonably likely to materially affect, the registrant&#146;s internal
      control over financial reporting. </font></p>
</div>
<P align="left"><FONT size=2 face="serif">Item 3 &#150; Exhibits </FONT></P>
<div style="margin-left:50px">
  <p align="left"><font size=2 face="serif">Certifications &#150; Attached hereto </font></p>
  <p align="left"> <font size=2 face="serif">Pursuant to the requirements of
      the Securities Exchange Act of 1934 and the Investment Company Act of 1940,
      the registrant has duly caused this report to be signed on its behalf by
      the undersigned, thereunto duly authorized. </font></p>
  <p align="left"> <font size=2 face="serif">BlackRock Municipal Income Trust </font></p>
  <table border=0 cellspacing=0 cellpadding=0>
    <tr valign="bottom">
      <td align=left nowrap><font size=2 face="serif">By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font> </td>
      <td align=left nowrap style="border-bottom:1px solid #000000;"><font size=2 face="serif">/s/
          Donald C. Burke</font> </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap>&nbsp;</td>
      <td align=left nowrap><font size=2 face="serif">Donald C. Burke</font> </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap>&nbsp;</td>
      <td align=left nowrap><font size=2 face="serif">Chief Executive Officer
          of</font> </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap>&nbsp;</td>
      <td align=left nowrap><font size=2 face="serif">BlackRock Municipal Income
          Trust&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font> </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap>&nbsp;</td>
      <td align=left nowrap>&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap>&nbsp;</td>
      <td align=left nowrap><font size=2 face="serif">Date: September 19, 2008 </font></td>
    </tr>
  </table>
  <br>
  <p align="left"> <font size=2 face="serif">Pursuant to the requirements of
      the Securities Exchange Act of 1934 and the Investment Company Act of 1940,
      this report has been signed below by the following persons on behalf of
      the registrant and in the capacities and on the dates indicated. </font></p>
  <table border=0 cellspacing=0 cellpadding=0>
    <tr valign="bottom">
      <td align=left nowrap><font size=2 face="serif">By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></td>
      <td align=left nowrap style="border-bottom:1px solid #000000"><font size=2 face="serif">/s/
          Donald C. Burke</font> </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap>&nbsp;</td>
      <td align=left nowrap><font size=2 face="serif">Donald C. Burke</font> </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap>&nbsp;</td>
      <td align=left nowrap><font size=2 face="serif">Chief Executive Officer
          (principal executive officer) of</font> </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap>&nbsp;</td>
      <td align=left nowrap><font size=2 face="serif">BlackRock Municipal Income
          Trust</font> </td>
    </tr>
    <tr>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap>&nbsp;</td>
      <td align=left nowrap><font size=2 face="serif">Date: September 19, 2008</font> </td>
    </tr>
    <tr>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap><font size=2 face="serif">By:</font></td>
      <td align=left nowrap style="border-bottom:1px solid #000000"><font size=2 face="serif">/s/
          Neal J. Andrews</font> </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap>&nbsp;</td>
      <td align=left nowrap><font size=2 face="serif">Neal J. Andrews</font> </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap>&nbsp;</td>
      <td align=left nowrap><font size=2 face="serif">Chief Financial Officer
          (principal financial officer) of</font> </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap>&nbsp;</td>
      <td align=left nowrap><font size=2 face="serif">BlackRock Municipal Income
          Trust</font> </td>
    </tr>
    <tr>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap>&nbsp;</td>
      <td align=left nowrap><font size=2 face="serif">Date: September 19, 2008</font> </td>
    </tr>
  </table>
</div>
<P align="left">&nbsp;</P>
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<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>c54717_ex99-cert.htm
<TEXT>

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<div style="border-bottom:1px solid #000000"> <b><font size=2 face="serif">EX-99.
      CERT </font></b><br>
    <b><font size=2 face="serif">CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER
    THE 1940 ACT AND SECTION 302 OF </font></b><br>
    <b><font size=2 face="serif">THE SARBANES-OXLEY ACT OF 2002 </font></b></div>
<P align="left">
<FONT size=2 face="serif">I, Donald C. Burke, Chief Executive Officer (principal executive officer) of BlackRock Municipal Income Trust, certify that: </FONT></P>
<P align="left">
<FONT size=2 face="serif">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I have reviewed this report on Form N-Q of BlackRock Municipal Income Trust; </FONT></P>
<P align="left">
<FONT size=2 face="serif">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 align="left">
<FONT size=2 face="serif">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 align="left">
<FONT size=2 face="serif">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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>
<div style="margin-left:25px">
  <p align="left"><font size=2 face="serif">a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 align="left"> <font size=2 face="serif">b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 align="left"> <font size=2 face="serif">c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;evaluated
      the effectiveness of the registrant's disclosure controls and procedures
      and presented in this report our conclusions about the effectiveness of
      the disclosure controls and procedures, as of a date within 90 days prior
      to the filing date of this report, based on such evaluation; and </font></p>
  <p align="left"> <font size=2 face="serif">d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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>
</div>
<P align="left"><FONT size=2 face="serif">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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>
<div style="margin-left:25px">
  <font size=2 face="serif">a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 align="left"> <font size=2 face="serif">b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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>
</div>
<P align="left"><FONT size=2 face="serif">Date: September 19, 2008</FONT></P>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left nowrap STYLE="border-bottom:1px solid #000000"><FONT size=2 face="serif">/s/ Donald C. Burke</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD align=left nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">Donald C. Burke</FONT>  </TD>
  </TR>
<TR valign="bottom">
  <TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">Chief Executive Officer (principal executive officer) of</FONT>  </TD>
  </TR>
<TR valign="bottom">
  <TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">BlackRock Municipal Income Trust</FONT>  </TD>
  </TR>
</TABLE>
<BR>

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



<P STYLE="page-break-before:always"></P><PAGE>
<div style="border-bottom:1px solid #000000"> <b><font size=2 face="serif">EX-99.
      CERT </font></b><br>
    <b><font size=2 face="serif">CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER
    THE 1940 ACT AND SECTION 302 OF </font></b><br>
    <b><font size=2 face="serif">THE SARBANES-OXLEY ACT OF 2002 </font></b></div>
<P align="left">
<FONT size=2 face="serif">I, Neal J. Andrews, Chief Financial Officer (principal financial officer) of BlackRock Municipal Income Trust, certify that: </FONT></P>
<P align="left">
<FONT size=2 face="serif">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I have reviewed this report on Form N-Q of BlackRock Municipal Income Trust; </FONT></P>
<P align="left">
<FONT size=2 face="serif">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 align="left">
<FONT size=2 face="serif">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 align="left">
<FONT size=2 face="serif">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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>
<div style="margin-left:25px">
  <font size=2 face="serif">a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 align="left"> <font size=2 face="serif">b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 align="left"> <font size=2 face="serif">c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;evaluated
      the effectiveness of the registrant's disclosure controls and procedures
      and presented in this report our conclusions about the effectiveness of
      the disclosure controls and procedures, as of a date within 90 days prior
      to the filing date of this report, based on such evaluation; and </font></p>
  <p align="left"> <font size=2 face="serif">d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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>
</div>
<P align="left"><FONT size=2 face="serif">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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>
<div style="margin-left:25px">
  <font size=2 face="serif">a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 align="left"> <font size=2 face="serif">b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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>
</div>
<P align="left"><FONT size=2 face="serif">Date: September 19, 2008</FONT></P>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left nowrap STYLE="border-bottom:1px solid #000000"><FONT size=2 face="serif">/s/ Neal J. Andrews</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD align=left nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp; </TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">Neal J. Andrews</FONT>  </TD>
  </TR>
<TR valign="bottom">
  <TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">Chief Financial Officer (principal financial officer) of</FONT>  </TD>
  </TR>
<TR valign="bottom">
  <TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">BlackRock Municipal Income Trust</FONT>  </TD>
  </TR>
</TABLE>
<BR>

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