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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0000930413-09-001708.txt : 20090331
<SEC-HEADER>0000930413-09-001708.hdr.sgml : 20090331
<ACCEPTANCE-DATETIME>20090331103733
ACCESSION NUMBER:		0000930413-09-001708
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20090131
FILED AS OF DATE:		20090331
DATE AS OF CHANGE:		20090331
EFFECTIVENESS DATE:		20090331

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:		09716504

	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>c56812_nq.htm
<TEXT>

<HTML>
<HEAD>
   <TITLE>bfknqandcerts.htm -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing</TITLE>
</HEAD>

<BODY bgcolor="#ffffff">


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<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><BR>
<BR>
<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><BR>
<BR>
<FONT size=2 face="serif">Name of Fund: BlackRock Municipal Income Trust (BFK) </FONT><BR>
<BR>
<FONT size=2 face="serif">Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809 </FONT></P>


<P STYLE='MARGIN-LEFT:18PT;TEXT-INDENT:-18PT'>
<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>



<P align="left">
<FONT size=2 face="serif">Registrant&#146;s telephone number, including area code: (800) 882-0052, Option 4 </FONT><BR>
<BR>
<FONT size=2 face="serif">Date of fiscal year end: 10/31/2009 </FONT><BR>
<BR>
<FONT size=2 face="serif">Date of reporting period: 11/01/2008 &#150; 01/31/2009 </FONT></P>


<HR noshade align="center" width="100%" size=4>
<P align="left" style="page-break-before:always"></P><PAGE>


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

<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>
        <TD>&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">Schedule of Investments January 31, 2009 (Unaudited)</FONT></B>       </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;     </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">(Percentages shown are based on Net Assets)</FONT></B>        </TD>
</TR>
</TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD width="90%" align=left nowrap>&nbsp;        </TD>
        <TD align=right nowrap>&nbsp;   </TD>
        <TD align=right nowrap>
          <div align="center"><B><FONT size=2 face="sans-serif">Par</FONT></B> </div></TD>
    <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=right 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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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></B>      </TD>
        <TD align=left nowrap 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 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">(000)</FONT></B> </div></TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">&nbsp;</FONT></B>     </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;">
<B><FONT size=2 face="sans-serif">Value</FONT></B>      </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">Alabama - 3.8%</FONT></B>     </TD>
        <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;</TD>
        <TD width="90%" align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Huntsville, Alabama, Health Care Authority Revenue Bonds, Series B,</FONT>       </TD>
        <TD align=right nowrap 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=right 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 align=left nowrap 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">5.75%, 6/01/12 (a)</FONT>        </TD>
        <TD align=right 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">15,000</FONT>    </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;">
<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">17,050,950</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">Arizona - 7.1%</FONT></B>     </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD width="90%" align=left nowrap>
<FONT size=2 face="sans-serif">Phoenix and Pima County, Arizona, IDA, S/F Mortgage Revenue</FONT>       </TD>
        <TD align=right nowrap>&nbsp;   </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=right 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 align=left nowrap>&nbsp;</TD>
        <TD width="90%" align=left nowrap>
<FONT size=2 face="sans-serif">Refunding Bonds, AMT, Series 2007-1, 5.25%, 8/01/38 (b)(c)(d)</FONT>     </TD>
        <TD align=right nowrap>&nbsp;   </TD>
        <TD align=right nowrap>
<FONT size=2 face="sans-serif">4,792</FONT>     </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">4,531,005</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
        <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;</TD>
        <TD width="90%" align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Pima County, Arizona, IDA, Education Revenue Bonds (American</FONT>      </TD>
        <TD align=right nowrap 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=right 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 align=left nowrap bgcolor="#E6E6E6">&nbsp;</TD>
        <TD width="90%" 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">&nbsp; </TD>
        <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">4,590</FONT>     </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">2,942,098</FONT> </TD>
    <TD align=right nowrap bgcolor="#E6E6E6">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD width="90%" align=left nowrap>
<FONT size=2 face="sans-serif">Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds,</FONT>      </TD>
        <TD align=right nowrap>&nbsp;   </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=right 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 align=left nowrap>&nbsp;</TD>
        <TD width="90%" align=left nowrap>
<FONT size=2 face="sans-serif">5%, 12/01/32</FONT>      </TD>
        <TD align=right nowrap>&nbsp;   </TD>
        <TD align=right nowrap>
<FONT size=2 face="sans-serif">10,280</FONT>    </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">6,857,891</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
        <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;</TD>
        <TD width="90%" align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds,</FONT>      </TD>
        <TD align=right nowrap 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=right 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 align=left nowrap 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=right nowrap bgcolor="#E6E6E6">&nbsp; </TD>
        <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">14,395</FONT>    </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">9,340,484</FONT> </TD>
    <TD align=right nowrap bgcolor="#E6E6E6">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD width="90%" align=left nowrap>
<FONT size=2 face="sans-serif">Scottsdale, Arizona, IDA, Hospital Revenue Bonds (Scottsdale</FONT>      </TD>
        <TD align=right nowrap>&nbsp;   </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=right 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 align=left nowrap>&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=right nowrap>&nbsp;   </TD>
        <TD align=right nowrap>
<FONT size=2 face="sans-serif">7,000</FONT>     </TD>
        <TD align=left nowrap>&nbsp;    </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">7,889,210</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
        <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 width="90%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;       </TD>
        <TD align=right 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">31,560,688</FONT>        </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<B><FONT size=2 face="sans-serif">California - 16.0%</FONT></B> </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD width="90%" align=left nowrap>
<FONT size=2 face="sans-serif">California County Tobacco Securitization Agency, Tobacco Revenue</FONT>  </TD>
        <TD align=right nowrap>&nbsp;   </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=right 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 align=left nowrap>&nbsp;</TD>
        <TD width="90%" align=left nowrap>
<FONT size=2 face="sans-serif">Bonds (Stanislaus County Tobacco Funding Corporation), Sub-Series C,</FONT>      </TD>
        <TD align=right nowrap>&nbsp;   </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=right 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 align=left nowrap>&nbsp;</TD>
        <TD width="90%" align=left nowrap>
<FONT size=2 face="sans-serif">6.303%, 6/01/55 (e)</FONT>       </TD>
        <TD align=right nowrap>&nbsp;   </TD>
        <TD align=right nowrap>
<FONT size=2 face="sans-serif">17,855</FONT>    </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">100,881</FONT>   </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD width="90%" align=left nowrap>
<FONT size=2 face="sans-serif">California State, GO, Refunding, 5%, 6/01/32</FONT>      </TD>
        <TD align=right nowrap>&nbsp;   </TD>
        <TD align=right nowrap>
<FONT size=2 face="sans-serif">4,000</FONT>     </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">3,658,120</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD align=left nowrap>&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=right nowrap>&nbsp;   </TD>
        <TD align=right nowrap>
<FONT size=2 face="sans-serif">6,250</FONT>     </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">5,660,562</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
        <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
    <TD width="90%" align=left bgcolor="#E6E6E6"><font size=2 face="sans-serif">California Statewide Communities
    Development Authority, Health</font></TD>
    <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
        <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
    <TD width="90%" align=left bgcolor="#E6E6E6"><font size=2 face="sans-serif">Facility Revenue Bonds (Memorial
    Health Services), Series A, 5.50%,</font></TD>
    <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
        <TD align=left nowrap 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=right nowrap bgcolor="#E6E6E6">&nbsp; </TD>
        <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">5,000</FONT>     </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">4,377,950</FONT> </TD>
    <TD align=right nowrap bgcolor="#E6E6E6">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD width="90%" align=left nowrap>
<FONT size=2 face="sans-serif">Foothill/Eastern Corridor Agency, California, Toll Road Revenue</FONT>   </TD>
        <TD align=right nowrap>&nbsp;   </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=right 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 align=left nowrap>&nbsp;</TD>
        <TD width="90%" align=left nowrap>
<FONT size=2 face="sans-serif">Refunding Bonds, 6.085%, 1/15/32 (e)</FONT>      </TD>
        <TD align=right nowrap>&nbsp;   </TD>
        <TD align=right nowrap>
<FONT size=2 face="sans-serif">54,635</FONT>    </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">6,544,180</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
        <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;</TD>
        <TD width="90%" align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Foothill/Eastern Corridor Agency, California, Toll Road Revenue</FONT>   </TD>
        <TD align=right nowrap 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=right 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 align=left nowrap bgcolor="#E6E6E6">&nbsp;</TD>
        <TD width="90%" align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Refunding Bonds, 6.032%, 1/15/34 (e)</FONT>      </TD>
        <TD align=right nowrap bgcolor="#E6E6E6">&nbsp; </TD>
        <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">20,535</FONT>    </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">2,044,670</FONT> </TD>
    <TD align=right nowrap bgcolor="#E6E6E6">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD width="90%" align=left nowrap>
<FONT size=2 face="sans-serif">Foothill/Eastern Corridor Agency, California, Toll Road Revenue</FONT>   </TD>
        <TD align=right nowrap>&nbsp;   </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=right 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 align=left nowrap>&nbsp;</TD>
        <TD width="90%" align=left nowrap>
<FONT size=2 face="sans-serif">Refunding Bonds, 6.089%, 1/15/38 (e)</FONT>      </TD>
        <TD align=right nowrap>&nbsp;   </TD>
        <TD align=right nowrap>
<FONT size=2 face="sans-serif">75,000</FONT>    </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">5,061,000</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
        <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;</TD>
        <TD width="90%" align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Golden State Tobacco Securitization Corporation of California,</FONT>    </TD>
        <TD align=right nowrap 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=right 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 align=left nowrap 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, 6.625%, 6/01/13 (a)</FONT> </TD>
        <TD align=right nowrap bgcolor="#E6E6E6">&nbsp; </TD>
        <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">10,000</FONT>    </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">11,879,400</FONT>        </TD>
    <TD align=right nowrap bgcolor="#E6E6E6">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=center>&nbsp;</TD>
        <TD align=center>&nbsp;</TD>
    <TD width="90%" align=left><font size=2 face="sans-serif">Lincoln, California, Special
    Tax Bonds (Community Facilities District</font></TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD align=left nowrap>&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=right nowrap>&nbsp;   </TD>
        <TD align=right nowrap>
<FONT size=2 face="sans-serif">3,115</FONT>     </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">3,771,486</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
        <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
    <TD width="90%" align=left bgcolor="#E6E6E6"><font size=2 face="sans-serif">Los Angeles, California,
    Regional Airports Improvement Corporation,</font></TD>
    <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
        <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
    <TD width="90%" align=left bgcolor="#E6E6E6"><font size=2 face="sans-serif">Facilities Lease Revenue
    Refunding Bonds (LAXFUEL Corporation - Los</font></TD>
    <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <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 width="90%" align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Angeles International Airport), AMT, 5.50%, 1/01/32 (f)</FONT>   </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">13,320</FONT>    </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">11,460,262</FONT>        </TD>
    <TD align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
</TABLE>

<br>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom" bgcolor="#E6E6E6">
        <TD height="20" align=left valign="middle" nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000; border-top:1px solid #000000;">
<B><FONT size=2 face="sans-serif">&nbsp;Portfolio Abbreviations</FONT></B>      </TD>
</TR>
</TABLE>

<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="6" align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="6" align=left><font size=2 face="sans-serif">To simplify
      the listings of portfolio holdings in the Schedule of Investments, the
      names and descriptions of many of the securities have been abbreviated
    according to the list below.</font></TD>
  </TR>
<TR valign="bottom">
  <TD align=left nowrap>&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 width="3%" align=left nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
        <TD width="3%" align=left nowrap>
<B><FONT size=2 face="sans-serif">AMT</FONT></B>        </TD>
        <TD width="39%" align=left nowrap>
<FONT size=2 face="sans-serif">Alternative Minimum Tax (subject to)</FONT>      </TD>
        <TD width="4%">&nbsp;   </TD>
        <TD width="3%" align=left nowrap>
<B><FONT size=2 face="sans-serif">IDA</FONT></B>        </TD>
        <TD width="48%" align=left nowrap>
<FONT size=2 face="sans-serif">Industrial Development Authority</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap>
<B><FONT size=2 face="sans-serif">EDA</FONT></B>        </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 align=left nowrap>
<FONT size=2 face="sans-serif">Industrial Development Revenue</FONT>    </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap>
<B><FONT size=2 face="sans-serif">EDR</FONT></B>        </TD>
        <TD align=left nowrap>
<FONT size=2 face="sans-serif">Economic Development Revenue Bonds</FONT>        </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD align=left nowrap>
<FONT size=2 face="sans-serif">Bonds</FONT>     </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap>
<B><FONT size=2 face="sans-serif">GO</FONT></B> </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">M/F</FONT></B>        </TD>
        <TD align=left nowrap>
<FONT size=2 face="sans-serif">Multi-Family</FONT>      </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap>
<B><FONT size=2 face="sans-serif">HDA&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B>  </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">PCR&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B>  </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>&nbsp;</TD>
        <TD align=left nowrap>
<B><FONT size=2 face="sans-serif">HFA</FONT></B>        </TD>
        <TD align=left nowrap>
<FONT size=2 face="sans-serif">Housing Finance Agency</FONT>    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>
<B><FONT size=2 face="sans-serif">S/F</FONT></B>        </TD>
        <TD align=left nowrap>
<FONT size=2 face="sans-serif">Single-Family</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 align="left" style="page-break-before:always"></P><PAGE>
<BR>
<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>
    <TD>&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">Schedule
          of Investments January 31, 2009 (Unaudited)</FONT></B> </TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><B><FONT size=2 face="sans-serif">(Percentages
          shown are based on Net Assets)</FONT></B> </TD>
  </TR>
</TABLE>

<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD width="90%" align=left nowrap>&nbsp;</TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=right nowrap><div align="center"><B><FONT size=2 face="sans-serif">Par</FONT></B> </div></TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right 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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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></B> </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 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">(000)</FONT></B> </div></TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;"><B><FONT size=2 face="sans-serif">&nbsp;</FONT></B> </TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;"><B><FONT size=2 face="sans-serif">Value</FONT></B> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  </TR>

<TR valign="bottom">
        <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
    <TD width=90% align=left bgcolor="#E6E6E6"><font size=2 face="sans-serif">Murrieta, California, Community
    Facilities District Number 2, Special</font></TD>
    <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;    </TD>
    <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Tax Bonds (The Oaks Improvement Area Project), Series A, 6%,</FONT>      </TD>
    <TD align=right nowrap 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=right 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 width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">9/01/34</FONT>   </TD>
    <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">&#36;</FONT>     </TD>
    <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">5,000</FONT>     </TD>
    <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;    </TD>
    <TD bgcolor="#E6E6E6">&nbsp;      </TD>
    <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">&#36;</FONT>     </TD>
    <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">3,619,450</FONT> </TD>
    <TD align=right nowrap bgcolor="#E6E6E6">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">University of California Revenue Bonds, Series B, 4.75%, 5/15/38</FONT>  </TD>
        <TD align=right nowrap>&nbsp;   </TD>
        <TD align=right nowrap>
<FONT size=2 face="sans-serif">10,565</FONT>    </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">9,444,265</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;    </TD>
    <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">West Valley Mission Community College District, California, GO</FONT>    </TD>
    <TD align=right nowrap 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=right 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 width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">(Election of 2004), Series A, 4.75%, 8/01/30 (g)</FONT>  </TD>
    <TD align=right nowrap bgcolor="#E6E6E6">&nbsp;   </TD>
    <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">4,015</FONT>     </TD>
    <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;    </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">3,758,080</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 width=90% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; </TD>
        <TD align=right 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">71,380,306</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">Colorado - 3.6%</FONT></B>    </TD>
    <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Colorado Health Facilities Authority, Revenue Refunding Bonds (Poudre</FONT>     </TD>
    <TD align=right nowrap 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=right 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 width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Valley Health Care), 5.20%, 3/01/31 (g)</FONT>   </TD>
    <TD align=right nowrap bgcolor="#E6E6E6">&nbsp;   </TD>
    <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">1,440</FONT>     </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">1,271,102</FONT> </TD>
    <TD align=right nowrap bgcolor="#E6E6E6">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Colorado Health Facilities Authority, Revenue Refunding Bonds (Poudre</FONT>     </TD>
        <TD align=right nowrap>&nbsp;   </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=right 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 width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Valley Health Care), Series B, 5.25%, 3/01/36 (g)</FONT> </TD>
        <TD align=right nowrap>&nbsp;   </TD>
        <TD align=right nowrap>
<FONT size=2 face="sans-serif">2,875</FONT>     </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">2,494,982</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;    </TD>
    <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Colorado Health Facilities Authority, Revenue Refunding Bonds (Poudre</FONT>     </TD>
    <TD align=right nowrap 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=right 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 width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Valley Health Care), Series C, 5.25%, 3/01/40 (g)</FONT> </TD>
    <TD align=right nowrap bgcolor="#E6E6E6">&nbsp;   </TD>
    <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">5,000</FONT>     </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">4,283,350</FONT> </TD>
    <TD align=right nowrap bgcolor="#E6E6E6">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=center>&nbsp;</TD>
    <TD align=center><div align="left"><font size=2 face="sans-serif">Colorado Springs, Colorado,
    Utilities System Improvement Revenue</font></div></TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Bonds, Subordinate Lien, Series C, 5%, 11/15/45 (g)</FONT>       </TD>
        <TD align=right nowrap>&nbsp;   </TD>
        <TD align=right nowrap>
<FONT size=2 face="sans-serif">2,545</FONT>     </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">2,352,369</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;    </TD>
    <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Denver, Colorado, Health and Hospital Authority, Healthcare Revenue</FONT>       </TD>
    <TD align=right nowrap 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=right 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 width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Bonds, Series A, 6%, 12/01/11 (a)</FONT> </TD>
    <TD align=right nowrap bgcolor="#E6E6E6">&nbsp;   </TD>
    <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">3,500</FONT>     </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">3,925,250</FONT> </TD>
    <TD align=right nowrap bgcolor="#E6E6E6">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Park Creek Metropolitan District, Colorado, Senior Limited Tax</FONT>    </TD>
        <TD align=right nowrap>&nbsp;   </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=right 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 width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Supported Revenue Refunding Bonds, 5.50%, 12/01/37</FONT>        </TD>
        <TD align=right nowrap>&nbsp;   </TD>
        <TD align=right nowrap>
<FONT size=2 face="sans-serif">2,530</FONT>     </TD>
        <TD align=left nowrap>&nbsp;    </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">1,696,213</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 width=90% 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;">&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">16,023,266</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">District of Columbia - 7.4%</FONT></B>        </TD>
        <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">District of Columbia Revenue Bonds (Georgetown University), Series A,</FONT>     </TD>
        <TD align=right nowrap>&nbsp;   </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=right 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 width=90% align=left nowrap>
<FONT size=2 face="sans-serif">6.025%, 4/01/11 (a)(e)(h)</FONT> </TD>
        <TD align=right nowrap>&nbsp;   </TD>
        <TD align=right nowrap>
<FONT size=2 face="sans-serif">15,600</FONT>    </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">3,440,580</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap 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), Series A,</FONT>     </TD>
    <TD align=right nowrap 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=right 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 width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">6.026%, 4/01/11 (a)(e)(h)</FONT> </TD>
    <TD align=right nowrap bgcolor="#E6E6E6">&nbsp;   </TD>
    <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">51,185</FONT>    </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">10,633,684</FONT>        </TD>
    <TD align=right nowrap bgcolor="#E6E6E6">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=center>&nbsp;</TD>
    <TD align=center><div align="left"><font size=2 face="sans-serif">District of Columbia, Revenue
    Refunding Bonds (Friendship Public</font></div></TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Charter School, Inc.), 5.25%, 6/01/33 (i)</FONT> </TD>
        <TD align=right nowrap>&nbsp;   </TD>
        <TD align=right nowrap>
<FONT size=2 face="sans-serif">2,390</FONT>     </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">1,353,146</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;    </TD>
    <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">District of Columbia Tobacco Settlement Financing Corporation, Asset-</FONT>     </TD>
    <TD align=right nowrap 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=right 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 width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Backed Revenue Refunding Bonds, 6.75%, 5/15/40</FONT>    </TD>
    <TD align=right nowrap bgcolor="#E6E6E6">&nbsp;   </TD>
    <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">25,535</FONT>    </TD>
    <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;    </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">17,640,344</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 width=90% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; </TD>
        <TD align=right 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">33,067,754</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">Florida - 9.0%</FONT></B>     </TD>
    <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Heritage Isle at Viera Community Development District, Florida,</FONT>   </TD>
    <TD align=right nowrap 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=right 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 width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Special Assessment Bonds, Series A, 6%, 5/01/35</FONT>   </TD>
    <TD align=right nowrap bgcolor="#E6E6E6">&nbsp;   </TD>
    <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">1,905</FONT>     </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">1,402,728</FONT> </TD>
    <TD align=right nowrap bgcolor="#E6E6E6">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Highlands County, Florida, Health Facilities Authority, Hospital</FONT>  </TD>
        <TD align=right nowrap>&nbsp;   </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=right 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 width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Revenue Bonds (Adventist Health System), Series A,</FONT>        </TD>
        <TD align=right nowrap>&nbsp;   </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=right 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 width=90% align=left nowrap>
<FONT size=2 face="sans-serif">6%, 11/15/11 (a)</FONT>  </TD>
        <TD align=right nowrap>&nbsp;   </TD>
        <TD align=right nowrap>
<FONT size=2 face="sans-serif">9,670</FONT>     </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">10,764,547</FONT>        </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;    </TD>
    <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Martin County, Florida, IDA, IDR, Refunding (Indiantown Cogeneration</FONT>      </TD>
    <TD align=right nowrap 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=right 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 width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Project), AMT, Series A, 7.875%, 12/15/25</FONT> </TD>
    <TD align=right nowrap bgcolor="#E6E6E6">&nbsp;   </TD>
    <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">9,000</FONT>     </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">7,308,810</FONT> </TD>
    <TD align=right nowrap bgcolor="#E6E6E6">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=center>&nbsp;</TD>
    <TD align=center><div align="left"><font size=2 face="sans-serif">Miami Beach, Florida, Health
    Facilities Authority, Hospital Revenue</font></div></TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Refunding Bonds (Mount Sinai Medical Center of Florida), 6.75%,</FONT>   </TD>
        <TD align=right nowrap>&nbsp;   </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=right 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 width=90% align=left nowrap>
<FONT size=2 face="sans-serif">11/15/21</FONT>  </TD>
        <TD align=right nowrap>&nbsp;   </TD>
        <TD align=right nowrap>
<FONT size=2 face="sans-serif">9,540</FONT>     </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">7,243,054</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;    </TD>
    <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Orange County, Florida, Tourist Development, Tax Revenue Refunding</FONT>        </TD>
    <TD align=right nowrap 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=right 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 width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Bonds, 4.75%, 10/01/32 (j)</FONT>        </TD>
    <TD align=right nowrap bgcolor="#E6E6E6">&nbsp;   </TD>
    <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">5,440</FONT>     </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">4,467,165</FONT> </TD>
    <TD align=right nowrap bgcolor="#E6E6E6">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=center>&nbsp;</TD>
    <TD align=center><div align="left"><font size=2 face="sans-serif">Stevens Plantation Community
    Development District, Florida, Special</font></div></TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Assessment Revenue Bonds, Series A, 7.10%, 5/01/35</FONT>        </TD>
        <TD align=right nowrap>&nbsp;   </TD>
        <TD align=right nowrap>
<FONT size=2 face="sans-serif">3,830</FONT>     </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">2,621,597</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=center bgcolor="#E6E6E6"><div align="left"><font size=2 face="sans-serif">Village Community Development
    District Number 5, Florida, Special</font></div></TD>
    <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;    </TD>
    <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Assessment Bonds, 5.625%, 5/01/22</FONT> </TD>
    <TD align=right nowrap bgcolor="#E6E6E6">&nbsp;   </TD>
    <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">7,740</FONT>     </TD>
    <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;    </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">6,402,683</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 width=90% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; </TD>
        <TD align=right 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">40,210,584</FONT>        </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="sans-serif">2</FONT></P>

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



<P align="left" style="page-break-before:always"></P><PAGE>
<BR>
<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>
    <TD>&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">Schedule
          of Investments January 31, 2009 (Unaudited)</FONT></B> </TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><B><FONT size=2 face="sans-serif">(Percentages
          shown are based on Net Assets)</FONT></B> </TD>
  </TR>
</TABLE>

<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD width="90%" align=left nowrap>&nbsp;</TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=right nowrap><div align="center"><B><FONT size=2 face="sans-serif">Par</FONT></B> </div></TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right 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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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></B> </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 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">(000)</FONT></B> </div></TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;"><B><FONT size=2 face="sans-serif">&nbsp;</FONT></B> </TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;"><B><FONT size=2 face="sans-serif">Value</FONT></B> </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">Georgia - 0.8%</FONT></B>     </TD>
    <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Main Street Natural Gas, Inc. Georgia, Gas Project Revenue Bonds,</FONT> </TD>
    <TD align=right nowrap 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=right 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 width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Series A, 6.375%,7/15/38 (k)(l)</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">3,500</FONT>     </TD>
    <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;    </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">691,215</FONT>   </TD>
    <TD align=right nowrap bgcolor="#E6E6E6">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=center>&nbsp;</TD>
    <TD width=90% align=center><div align="left"><font size=2 face="sans-serif">Richmond County, Georgia,
    Development Authority, Environmental</font></div></TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
    <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Improvement Revenue Refunding Bonds (International Paper Co.</FONT>      </TD>
    <TD align=right nowrap>&nbsp;   </TD>
    <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;    </TD>
    <TD>&nbsp;      </TD>
    <TD align=right 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 width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Projects), AMT, Series A, 6%, 2/01/25</FONT>     </TD>
    <TD align=right nowrap>&nbsp;   </TD>
    <TD align=right nowrap>
<FONT size=2 face="sans-serif">4,000</FONT>     </TD>
    <TD align=left nowrap>&nbsp;    </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">2,716,520</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;   </TD>
        <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; </TD>
        <TD align=right 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">3,407,735</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<B><FONT size=2 face="sans-serif">Idaho - 4.1%</FONT></B>       </TD>
    <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">University of Idaho, Student Fee Revenue Bonds (University Housing</FONT>        </TD>
    <TD align=right nowrap>&nbsp;   </TD>
    <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;    </TD>
    <TD>&nbsp;      </TD>
    <TD align=right 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 width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Improvement Projects), 5.40%, 4/01/11 (a)(m)</FONT>      </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">16,970</FONT>    </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">18,518,343</FONT>        </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
        <TD align=left nowrap>
<B><FONT size=2 face="sans-serif">Illinois - 11.3%</FONT></B>   </TD>
        <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Bolingbrook, Illinois, GO, Refunding, Series B, 6.006%,</FONT>   </TD>
        <TD align=right nowrap>&nbsp;   </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>&nbsp;   </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">1/01/33 (e)(h)(m)</FONT> </TD>
        <TD align=right nowrap>&nbsp;   </TD>
        <TD align=right nowrap>
<FONT size=2 face="sans-serif">7,120</FONT>     </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">1,648,921</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
    <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Bolingbrook, Illinois, GO, Refunding, Series B, 6.006%,</FONT>   </TD>
    <TD align=right nowrap>&nbsp;   </TD>
    <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;    </TD>
    <TD>&nbsp;      </TD>
    <TD align=right 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 width=90% align=left nowrap>
<FONT size=2 face="sans-serif">1/01/34 (e)(h)(m)</FONT> </TD>
    <TD align=right nowrap>&nbsp;   </TD>
    <TD align=right nowrap>
<FONT size=2 face="sans-serif">14,085</FONT>    </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">3,002,359</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
        <TD align=center>&nbsp;</TD>
    <TD align=center><div align="left"><font size=2 face="sans-serif">CenterPoint Intermodal Center
    Program Trust, Illinois, Tax Allocation</font></div></TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Bonds, Class A, 8%, 6/15/23 (n)</FONT>   </TD>
        <TD align=right nowrap>&nbsp;   </TD>
        <TD align=right nowrap>
<FONT size=2 face="sans-serif">4,630</FONT>     </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">3,560,238</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&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=right nowrap>&nbsp;   </TD>
    <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;    </TD>
    <TD>&nbsp;      </TD>
    <TD align=right 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 width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Bonds, Third Lien, AMT, Series C-2, 5.25%, 1/01/30 (g)</FONT>    </TD>
    <TD align=right nowrap>&nbsp;   </TD>
    <TD align=right nowrap>
<FONT size=2 face="sans-serif">7,650</FONT>     </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">6,510,073</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
        <TD align=center>&nbsp;</TD>
    <TD align=center><div align="left"><font size=2 face="sans-serif">Illinois Educational Facilities
    Authority, Revenue Refunding Bonds</font></div></TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
        <TD align=left nowrap>&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=right nowrap>&nbsp;   </TD>
        <TD align=right nowrap>
<FONT size=2 face="sans-serif">760</FONT>       </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">760,084</FONT>   </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=center>&nbsp;</TD>
    <TD align=center><div align="left"><font size=2 face="sans-serif">Illinois Educational Facilities
    Authority, Student Housing Revenue</font></div></TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=center>&nbsp;</TD>
    <TD align=center><div align="left"><font size=2 face="sans-serif">Bonds (Education Advancement
    Fund - University Center Project at</font></div></TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
    <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">DePaul), 6.25%, 5/01/12 (a)</FONT>       </TD>
    <TD align=right nowrap>&nbsp;   </TD>
    <TD align=right nowrap>
<FONT size=2 face="sans-serif">10,000</FONT>    </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">11,614,800</FONT>        </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Illinois Health Facilities Authority, Revenue Refunding Bonds (Elmhurst</FONT>   </TD>
        <TD align=right nowrap>&nbsp;   </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>&nbsp;   </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Memorial Healthcare), 5.50%, 1/01/22</FONT>      </TD>
        <TD align=right nowrap>&nbsp;   </TD>
        <TD align=right nowrap>
<FONT size=2 face="sans-serif">5,000</FONT>     </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">4,494,400</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
    <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Illinois Health Facilities Authority, Revenue Refunding Bonds (Elmhurst</FONT>   </TD>
    <TD align=right nowrap>&nbsp;   </TD>
    <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;    </TD>
    <TD>&nbsp;      </TD>
    <TD align=right 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 width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Memorial Healthcare), 5.625%, 1/01/28</FONT>     </TD>
    <TD align=right nowrap>&nbsp;   </TD>
    <TD align=right nowrap>
<FONT size=2 face="sans-serif">6,000</FONT>     </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">4,934,940</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Illinois Municipal Electric Agency, Power Supply Revenue Bonds, 4.50%,</FONT>    </TD>
        <TD align=right nowrap>&nbsp;   </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>&nbsp;   </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">2/01/35 (h)(m)</FONT>    </TD>
        <TD align=right nowrap>&nbsp;   </TD>
        <TD align=right nowrap>
<FONT size=2 face="sans-serif">7,975</FONT>     </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">6,666,462</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=center>&nbsp;</TD>
    <TD align=center><div align="left"><font size=2 face="sans-serif">Illinois State Finance Authority
    Revenue Bonds (Friendship Village of</font></div></TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
    <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Schaumburg), Series A, 5.625%, 2/15/37</FONT>    </TD>
    <TD align=right nowrap>&nbsp;   </TD>
    <TD align=right nowrap>
<FONT size=2 face="sans-serif">1,685</FONT>     </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">923,330</FONT>   </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Illinois State Finance Authority Revenue Bonds (MJH Education</FONT>     </TD>
        <TD align=right nowrap>&nbsp;   </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>&nbsp;   </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Assistance IV LLC), Sub-Series B, 5.375%, 16/01/35 (k)(l)</FONT> </TD>
        <TD align=right nowrap>&nbsp;   </TD>
        <TD align=right nowrap>
<FONT size=2 face="sans-serif">1,675</FONT>     </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">164,986</FONT>   </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&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=right nowrap>&nbsp;   </TD>
    <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;    </TD>
    <TD>&nbsp;      </TD>
    <TD align=right 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 width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Project), Series A, 7%, 12/01/37</FONT>  </TD>
    <TD align=right nowrap>&nbsp;   </TD>
    <TD align=right nowrap>
<FONT size=2 face="sans-serif">2,885</FONT>     </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">1,927,151</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Illinois State Finance Authority Revenue Bonds (Northwestern Memorial</FONT>     </TD>
        <TD align=right nowrap>&nbsp;   </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>&nbsp;   </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Hospital), Series A, 5.50%, 8/15/14 (a)</FONT>   </TD>
        <TD align=right nowrap>&nbsp;   </TD>
        <TD align=right nowrap>
<FONT size=2 face="sans-serif">3,700</FONT>     </TD>
        <TD align=left nowrap>&nbsp;    </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">4,428,234</FONT> </TD>
    <TD align=right nowrap 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 width=90% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; </TD>
    <TD align=right 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">50,635,978</FONT>        </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
        <TD align=left nowrap>
<B><FONT size=2 face="sans-serif">Indiana - 6.1%</FONT></B>     </TD>
        <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Indiana Health Facilities Financing Authority, Hospital Revenue</FONT>   </TD>
        <TD align=right nowrap>&nbsp;   </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>&nbsp;   </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
        <TD align=left nowrap>&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=right nowrap>&nbsp;   </TD>
        <TD align=right nowrap>
<FONT size=2 face="sans-serif">9,000</FONT>     </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">6,452,190</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=center>&nbsp;</TD>
    <TD align=center><div align="left"><font size=2 face="sans-serif">Petersburg,
    Indiana, PCR, Refunding (Indianapolis Power &amp; Light Co.</font></div></TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
    <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Project), AMT, 5.90%, 12/01/24</FONT>    </TD>
    <TD align=right nowrap>&nbsp;   </TD>
    <TD align=right nowrap>
<FONT size=2 face="sans-serif">10,000</FONT>    </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">7,449,300</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
        <TD align=center>&nbsp;</TD>
    <TD align=center><div align="left"><font size=2 face="sans-serif">Petersburg,
    Indiana, PCR, Refunding (Indianapolis Power &amp; Light Co.</font></div></TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
        <TD align=left nowrap>&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=right nowrap>&nbsp;   </TD>
        <TD align=right nowrap>
<FONT size=2 face="sans-serif">16,000</FONT>    </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">11,641,440</FONT>        </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
    <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Vincennes, Indiana, EDR, Refunding, 6.25%, 1/01/24</FONT>        </TD>
    <TD align=right nowrap>&nbsp;   </TD>
    <TD align=right nowrap>
<FONT size=2 face="sans-serif">2,220</FONT>     </TD>
    <TD align=left nowrap>&nbsp;    </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">1,593,405</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;   </TD>
        <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; </TD>
        <TD align=right 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">27,136,335</FONT>        </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<B><FONT size=2 face="sans-serif">Kentucky - 0.2%</FONT></B>    </TD>
    <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Kentucky Housing Corporation, Housing Revenue Bonds, AMT, Series F,</FONT>       </TD>
    <TD align=right nowrap>&nbsp;   </TD>
    <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;    </TD>
    <TD>&nbsp;      </TD>
    <TD align=right 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 width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">5.45%, 1/01/32 (d)(o)</FONT>     </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">900</FONT>       </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">821,016</FONT>   </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</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 align="left" style="page-break-before:always"></P><PAGE>
<BR>
<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>
    <TD>&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">Schedule
          of Investments January 31, 2009 (Unaudited)</FONT></B> </TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><B><FONT size=2 face="sans-serif">(Percentages
          shown are based on Net Assets)</FONT></B> </TD>
  </TR>
</TABLE>

<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD width="90%" align=left nowrap>&nbsp;</TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=right nowrap><div align="center"><B><FONT size=2 face="sans-serif">Par</FONT></B> </div></TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right 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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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></B> </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 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">(000)</FONT></B> </div></TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;"><B><FONT size=2 face="sans-serif">&nbsp;</FONT></B> </TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;"><B><FONT size=2 face="sans-serif">Value</FONT></B> </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">Louisiana - 2.3%</FONT></B>   </TD>
    <TD width="90%" align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Louisiana Local Government Environmental Facilities and Community</FONT> </TD>
    <TD align=right nowrap 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=right 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 width="90%" align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Development Authority, Revenue Bonds (Capital Projects and</FONT>        </TD>
    <TD align=right nowrap 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=right 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 width="90%" align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Equipment Acquisition Program), 6.55%, 9/01/25 (i)</FONT>        </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">9,215</FONT>     </TD>
    <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;    </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">7,061,270</FONT> </TD>
    <TD align=right nowrap bgcolor="#E6E6E6">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=center>&nbsp;</TD>
    <TD align=center><div align="left"><font size=2 face="sans-serif">Saint Tammany Parish, Louisiana,
    Financing Authority, S/F Mortgage</font></div></TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD width="90%" align=left nowrap>
<FONT size=2 face="sans-serif">Revenue Bonds (Home Ownership Program), Series A,</FONT> </TD>
        <TD align=right nowrap>&nbsp;   </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=right 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 width="90%" align=left nowrap>
<FONT size=2 face="sans-serif">5.25%, 12/01/39 (b)(c)(d)</FONT> </TD>
        <TD align=right nowrap>&nbsp;   </TD>
        <TD align=right nowrap>
<FONT size=2 face="sans-serif">3,136</FONT>     </TD>
        <TD align=left nowrap>&nbsp;    </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">3,024,547</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 width="90%" 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;">&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">10,085,817</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">Maryland - 0.5%</FONT></B>    </TD>
        <TD width="90%" align=left nowrap>
<FONT size=2 face="sans-serif">Maryland State Community Development Administration, Department</FONT>   </TD>
        <TD align=right nowrap>&nbsp;   </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=right 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 width="90%" align=left nowrap>
<FONT size=2 face="sans-serif">of Housing and Community Development, Residential Revenue</FONT> </TD>
        <TD align=right nowrap>&nbsp;   </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=right 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 width="90%" align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Refunding Bonds, AMT, Series A, 4.65%, 9/01/32</FONT>    </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">2,665</FONT>     </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">2,130,428</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">Michigan - 0.6%</FONT></B>    </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=right nowrap 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=right 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 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=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">4,230</FONT>     </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">2,747,301</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">Mississippi - 3.6%</FONT></B> </TD>
        <TD width="90%" align=left nowrap>
<FONT size=2 face="sans-serif">Gulfport, Mississippi, Hospital Facility Revenue Bonds (Memorial</FONT>  </TD>
        <TD align=right nowrap>&nbsp;   </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=right 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 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=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">18,680</FONT>    </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">16,207,702</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">Missouri - 0.1%</FONT></B>    </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=right nowrap 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=right 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 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 (h)</FONT>    </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">695</FONT>       </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">458,832</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">Multi-State - 9.6%</FONT></B> </TD>
        <TD width="90%" align=left nowrap>
<FONT size=2 face="sans-serif">Charter Mac Equity Issuer Trust, 6.30%, 6/30/49 (n)(p)</FONT>    </TD>
        <TD align=right nowrap>&nbsp;   </TD>
        <TD align=right nowrap>
<FONT size=2 face="sans-serif">11,000</FONT>    </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">11,129,910</FONT>        </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;    </TD>
    <TD width="90%" align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Charter Mac Equity Issuer Trust, 6.625%, 6/30/49 (n)(p)</FONT>   </TD>
    <TD align=right nowrap bgcolor="#E6E6E6">&nbsp;   </TD>
    <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">1,000</FONT>     </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">1,010,520</FONT> </TD>
    <TD align=right nowrap bgcolor="#E6E6E6">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD width="90%" align=left nowrap>
<FONT size=2 face="sans-serif">Charter Mac Equity Issuer Trust, 6.80%, 11/30/50 (n)(p)</FONT>   </TD>
        <TD align=right nowrap>&nbsp;   </TD>
        <TD align=right nowrap>
<FONT size=2 face="sans-serif">6,500</FONT>     </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">6,768,515</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;    </TD>
    <TD width="90%" align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Charter Mac Equity Issuer Trust, 6.80%, 10/31/52 (n)(p)</FONT>   </TD>
    <TD align=right nowrap bgcolor="#E6E6E6">&nbsp;   </TD>
    <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">16,000</FONT>    </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">17,143,520</FONT>        </TD>
    <TD align=right nowrap bgcolor="#E6E6E6">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD width="90%" align=left nowrap>
<FONT size=2 face="sans-serif">MuniMae TE Bond Subsidiary LLC, 6.875%, 6/30/49 (n)(p)</FONT>    </TD>
        <TD align=right nowrap>&nbsp;   </TD>
        <TD align=right nowrap>
<FONT size=2 face="sans-serif">8,000</FONT>     </TD>
        <TD align=left nowrap>&nbsp;    </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">6,755,120</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 width="90%" 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;">&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">42,807,585</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">Nebraska - 0.7%</FONT></B>    </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=right nowrap>&nbsp;   </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=right 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 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=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">3,695</FONT>     </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">3,340,502</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">Nevada - 1.0%</FONT></B>      </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=right nowrap 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=right 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 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=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">5,260</FONT>     </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">4,585,721</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">New Hampshire - 1.4%</FONT></B>       </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=right nowrap>&nbsp;   </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=right 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 width="90%" align=center nowrap>
      <div align="left"><FONT size=2 face="sans-serif">Bonds (Exeter Hospital Obligated Group), 5.75%, 10/01/31</FONT> </div></TD>
        <TD align=right nowrap>&nbsp;   </TD>
        <TD align=right nowrap>
<FONT size=2 face="sans-serif">3,500</FONT>     </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">3,140,970</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
    <TD width="90%" align=center bgcolor="#E6E6E6"><div align="left"><font size=2 face="sans-serif">New Hampshire State Business
    Finance Authority, PCR, Refunding</font></div></TD>
    <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap 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=right nowrap 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=right 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 width="90%" align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">4.75%, 5/01/21 (h)</FONT>        </TD>
    <TD align=right nowrap bgcolor="#E6E6E6">&nbsp;   </TD>
    <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">4,000</FONT>     </TD>
    <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;    </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">3,157,920</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 width="90%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;       </TD>
        <TD align=right 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">6,298,890</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 Jersey - 7.9%</FONT></B>  </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=right nowrap 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=right 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 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=right nowrap 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=right 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 width="90%" align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">6.25%, 1/01/37</FONT>    </TD>
    <TD align=right nowrap bgcolor="#E6E6E6">&nbsp;   </TD>
    <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">3,680</FONT>     </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">2,077,323</FONT> </TD>
    <TD align=right nowrap bgcolor="#E6E6E6">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&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=right nowrap>&nbsp;   </TD>
        <TD align=right nowrap>
<FONT size=2 face="sans-serif">18,500</FONT>    </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">13,767,515</FONT>        </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap 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 Reclamation</FONT>       </TD>
    <TD align=right nowrap 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=right 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 width="90%" align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Improvement District Project), 6.50%, 4/01/28</FONT>     </TD>
    <TD align=right nowrap bgcolor="#E6E6E6">&nbsp;   </TD>
    <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">8,000</FONT>     </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">5,981,520</FONT> </TD>
    <TD align=right nowrap bgcolor="#E6E6E6">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&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=right nowrap>&nbsp;   </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=right 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 width="90%" align=left nowrap><FONT size=2 face="sans-serif">Inc. Project), AMT, 7%, 11/15/30</FONT>        </TD>
        <TD align=right nowrap>&nbsp;   </TD>
        <TD align=right nowrap>
<FONT size=2 face="sans-serif">15,410</FONT>    </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">10,041,772</FONT>        </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap 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=right nowrap 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=right 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 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=right nowrap bgcolor="#E6E6E6">&nbsp;   </TD>
    <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">4,610</FONT>     </TD>
    <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;    </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">3,360,321</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 width="90%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;       </TD>
        <TD align=right 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">35,228,451</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 - 4.6%</FONT></B>    </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=right nowrap 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=right 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 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=right nowrap bgcolor="#E6E6E6">&nbsp;   </TD>
    <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">1,820</FONT>     </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">1,129,492</FONT> </TD>
    <TD align=right nowrap bgcolor="#E6E6E6">&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="sans-serif">4</FONT></P>

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



<P align="left" style="page-break-before:always"></P><PAGE>
<BR>
<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>
    <TD>&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">Schedule
          of Investments January 31, 2009 (Unaudited)</FONT></B> </TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><B><FONT size=2 face="sans-serif">(Percentages
          shown are based on Net Assets)</FONT></B> </TD>
  </TR>
</TABLE>

<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD width="90%" align=left nowrap>&nbsp;</TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=right nowrap><div align="center"><B><FONT size=2 face="sans-serif">Par</FONT></B> </div></TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right 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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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></B> </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 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">(000)</FONT></B> </div></TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;"><B><FONT size=2 face="sans-serif">&nbsp;</FONT></B> </TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;"><B><FONT size=2 face="sans-serif">Value</FONT></B> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  </TR>

<TR valign="bottom">
        <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
    <TD width="90%" align=center bgcolor="#E6E6E6"><div align="left"><font size=2 face="sans-serif">New York City, New York,
    City IDA, Special Facility Revenue Bonds</font></div></TD>
    <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;    </TD>
    <TD width="90%" align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">(American Airlines, Inc. - JFK International Airport), AMT, 8%, 8/01/28</FONT>   </TD>
    <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">&#36;</FONT>     </TD>
    <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">5,000</FONT>     </TD>
    <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;    </TD>
    <TD bgcolor="#E6E6E6">&nbsp;      </TD>
    <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">&#36;</FONT>     </TD>
    <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">3,614,400</FONT> </TD>
    <TD align=right nowrap bgcolor="#E6E6E6">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=center>&nbsp;</TD>
    <TD width="90%" align=center><div align="left"><font size=2 face="sans-serif">New York City, New York,
    City IDA, Special Facility Revenue Bonds</font></div></TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD width="90%" align=left nowrap>
<FONT size=2 face="sans-serif">(Continental Airlines, Inc. Project), AMT, 7.75%, 8/01/31</FONT> </TD>
        <TD align=right nowrap>&nbsp;   </TD>
        <TD align=right nowrap>
<FONT size=2 face="sans-serif">22,140</FONT>    </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">15,346,784</FONT>        </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
    <TD width="90%" align=center bgcolor="#E6E6E6"><div align="left"><font size=2 face="sans-serif">New York Liberty Development
    Corporation Revenue Bonds (Goldman</font></div></TD>
    <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;    </TD>
    <TD width="90%" align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Sachs Headquarters), 5.25%, 10/01/35</FONT>      </TD>
    <TD align=right nowrap bgcolor="#E6E6E6">&nbsp;   </TD>
    <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">675</FONT>       </TD>
    <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;    </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">542,734</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 width="90%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;       </TD>
        <TD align=right 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">20,633,410</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">North Carolina - 3.5%</FONT></B>      </TD>
    <TD width="90%" align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Gaston County, North Carolina, Industrial Facilities and Pollution</FONT>        </TD>
    <TD align=right nowrap 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=right 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 width="90%" align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Control Financing Authority, Revenue Bonds (National Gypsum</FONT>       </TD>
    <TD align=right nowrap 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=right 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 width="90%" align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Company Project), AMT, 5.75%, 8/01/35</FONT>     </TD>
    <TD align=right nowrap bgcolor="#E6E6E6">&nbsp;   </TD>
    <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">12,130</FONT>    </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">6,336,105</FONT> </TD>
    <TD align=right nowrap bgcolor="#E6E6E6">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=center>&nbsp;</TD>
    <TD align=center><div align="left"><font size=2 face="sans-serif">North Carolina Capital Facilities
    Finance Agency, Revenue Refunding</font></div></TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD width="90%" align=left nowrap>
<FONT size=2 face="sans-serif">Bonds (Duke University Project), Series B,</FONT>        </TD>
        <TD align=right nowrap>&nbsp;   </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=right 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 width="90%" align=left nowrap>
<FONT size=2 face="sans-serif">4.25%, 7/01/42</FONT>    </TD>
        <TD align=right nowrap>&nbsp;   </TD>
        <TD align=right nowrap>
<FONT size=2 face="sans-serif">11,550</FONT>    </TD>
        <TD align=left nowrap>&nbsp;    </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">9,281,349</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 width="90%" 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;">&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">15,617,454</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 - 4.0%</FONT></B>        </TD>
        <TD width="90%" align=left nowrap>
<FONT size=2 face="sans-serif">American Municipal Power, Inc., Ohio, Revenue Refunding Bonds</FONT>     </TD>
        <TD align=right nowrap>&nbsp;   </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=right 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 width="90%" align=left nowrap>
<FONT size=2 face="sans-serif">(Prairie State Energy Campus Project), Series A, 5%, 2/15/38</FONT>      </TD>
        <TD align=right nowrap>&nbsp;   </TD>
        <TD align=right nowrap>
<FONT size=2 face="sans-serif">4,815</FONT>     </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">4,383,528</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap 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=right nowrap 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=right 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 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=right nowrap bgcolor="#E6E6E6">&nbsp;   </TD>
    <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">3,120</FONT>     </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">1,937,489</FONT> </TD>
    <TD align=right nowrap bgcolor="#E6E6E6">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=center>&nbsp;</TD>
    <TD align=center><div align="left"><font size=2 face="sans-serif">Ohio State Air Quality Development
    Authority, Revenue Refunding</font></div></TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD width="90%" align=left nowrap>
<FONT size=2 face="sans-serif">Bonds (Dayton Power and Light Company Project), Series B, 4.80%,</FONT>  </TD>
        <TD align=right nowrap>&nbsp;   </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=right 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 width="90%" align=left nowrap>
<FONT size=2 face="sans-serif">1/01/34 (m)(q)</FONT>    </TD>
        <TD align=right nowrap>&nbsp;   </TD>
        <TD align=right nowrap>
<FONT size=2 face="sans-serif">9,570</FONT>     </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">9,115,329</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;    </TD>
    <TD width="90%" align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Pinnacle Community Infrastructure Financing Authority, Ohio, Revenue</FONT>      </TD>
    <TD align=right nowrap 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=right 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 width="90%" align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Bonds, Series A, 6.25%, 12/01/36</FONT>  </TD>
    <TD align=right nowrap bgcolor="#E6E6E6">&nbsp;   </TD>
    <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">3,760</FONT>     </TD>
    <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;    </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">2,251,526</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 width="90%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;       </TD>
        <TD align=right 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">17,687,872</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">Oklahoma - 1.3%</FONT></B>    </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=right nowrap 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=right 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 width="90%" align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Series A, 7.75%, 6/01/35</FONT>  </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">7,175</FONT>     </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">6,044,938</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">Pennsylvania - 4.1%</FONT></B>        </TD>
        <TD width="90%" align=left nowrap>
<FONT size=2 face="sans-serif">Pennsylvania Economic Development Financing Authority, Exempt</FONT>     </TD>
        <TD align=right nowrap>&nbsp;   </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>&nbsp;   </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=center>&nbsp;</TD>
    <TD align=center><div align="left"><font size=2 face="sans-serif">Facilities Revenue Bonds
    (Amtrak Project), AMT, Series A, 6.375%,</font></div></TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD width="90%" align=left nowrap>
<FONT size=2 face="sans-serif">11/01/41</FONT>  </TD>
        <TD align=right nowrap>&nbsp;   </TD>
        <TD align=right nowrap>
<FONT size=2 face="sans-serif">6,500</FONT>     </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">4,675,710</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=center bgcolor="#E6E6E6"><div align="left"><font size=2 face="sans-serif">Pennsylvania Economic Development
    Financing Authority, Exempt</font></div></TD>
    <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;    </TD>
    <TD width="90%" align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Facilities Revenue Bonds (Reliant Energy), AMT, Series A, 6.75%,</FONT>  </TD>
    <TD align=right nowrap 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=right 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 width="90%" align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">12/01/36</FONT>  </TD>
    <TD align=right nowrap bgcolor="#E6E6E6">&nbsp;   </TD>
    <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">15,580</FONT>    </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">11,592,611</FONT>        </TD>
    <TD align=right nowrap bgcolor="#E6E6E6">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD width="90%" align=left nowrap>
<FONT size=2 face="sans-serif">Pennsylvania HFA, S/F Mortgage Revenue Refunding Bonds, AMT,</FONT>      </TD>
        <TD align=right nowrap>&nbsp;   </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=right 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 width="90%" align=left nowrap>
<FONT size=2 face="sans-serif">Series 97A, 4.60%, 10/01/27</FONT>       </TD>
        <TD align=right nowrap>&nbsp;   </TD>
        <TD align=right nowrap>
<FONT size=2 face="sans-serif">2,500</FONT>     </TD>
        <TD align=left nowrap>&nbsp;    </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">2,070,650</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 width="90%" 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;">&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">18,338,971</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">South Carolina - 8.5%</FONT></B>      </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=right nowrap>&nbsp;   </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=right 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 width="90%" align=left nowrap>
<FONT size=2 face="sans-serif">Hospital Revenue Refunding and Improvement Bonds,</FONT> </TD>
        <TD align=right nowrap>&nbsp;   </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=right 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 width="90%" align=left nowrap>
<FONT size=2 face="sans-serif">5.50%, 11/01/13 (a)</FONT>       </TD>
        <TD align=right nowrap>&nbsp;   </TD>
        <TD align=right nowrap>
<FONT size=2 face="sans-serif">5,000</FONT>     </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">5,862,100</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap 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=right nowrap 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=right 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 width="90%" align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Hospital Revenue Refunding and Improvement Bonds,</FONT> </TD>
    <TD align=right nowrap 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=right 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 width="90%" align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">5.75%, 11/01/13 (a)</FONT>       </TD>
    <TD align=right nowrap bgcolor="#E6E6E6">&nbsp;   </TD>
    <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">10,000</FONT>    </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">11,837,800</FONT>        </TD>
    <TD align=right nowrap bgcolor="#E6E6E6">&nbsp;</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 align="left" style="page-break-before:always"></P><PAGE>
<BR>
<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>
    <TD>&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">Schedule
          of Investments January 31, 2009 (Unaudited)</FONT></B> </TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><B><FONT size=2 face="sans-serif">(Percentages
          shown are based on Net Assets)</FONT></B> </TD>
  </TR>
</TABLE>

<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD width="90%" align=left nowrap>&nbsp;</TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=right nowrap><div align="center"><B><FONT size=2 face="sans-serif">Par</FONT></B> </div></TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right 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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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></B> </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 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">(000)</FONT></B> </div></TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;"><B><FONT size=2 face="sans-serif">&nbsp;</FONT></B> </TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;"><B><FONT size=2 face="sans-serif">Value</FONT></B> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  </TR>

<TR valign="bottom">
        <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=center bgcolor="#E6E6E6"><div align="left"><font size=2 face="sans-serif">Scago Education Facilities
    Corporation for Chesterfield County School</font></div></TD>
    <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;    </TD>
    <TD width="90%" align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">District, South Carolina, Revenue Refunding Bonds,</FONT>        </TD>
    <TD align=right nowrap 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=right 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 width="90%" align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">5%, 12/01/29 (r)</FONT>  </TD>
    <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">&#36;</FONT>     </TD>
    <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">5,345</FONT>     </TD>
    <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;    </TD>
    <TD bgcolor="#E6E6E6">&nbsp;      </TD>
    <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">&#36;</FONT>     </TD>
    <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">5,091,968</FONT> </TD>
    <TD align=right nowrap bgcolor="#E6E6E6">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&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=right nowrap>&nbsp;   </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=right 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 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=right nowrap>&nbsp;   </TD>
        <TD align=right nowrap>
<FONT size=2 face="sans-serif">5,075</FONT>     </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">4,440,016</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap 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=right nowrap 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=right 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 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=right nowrap bgcolor="#E6E6E6">&nbsp;   </TD>
    <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">9,000</FONT>     </TD>
    <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;    </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">10,846,804</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 width="90%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;       </TD>
        <TD align=right 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">38,078,688</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">Tennessee - 2.6%</FONT></B>   </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=right nowrap 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=right 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 width="90%" align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Board, Hospital Facilities Revenue Refunding Bonds (Covenant Health),</FONT>     </TD>
    <TD align=right nowrap 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=right 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 width="90%" align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Series A, 5.698%, 1/01/20 (e)(g)</FONT>  </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">20,825</FONT>    </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">11,442,296</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">Texas - 16.6%</FONT></B>      </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=right nowrap>&nbsp;   </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=right 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 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=right nowrap>&nbsp;   </TD>
        <TD align=right nowrap>
<FONT size=2 face="sans-serif">4,370</FONT>     </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">2,622,175</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=center bgcolor="#E6E6E6"><div align="left"><font size=2 face="sans-serif">Brazos River Authority, Texas,
    PCR, Refunding (TXU Energy Company</font></div></TD>
    <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;    </TD>
    <TD width="90%" align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Project), AMT, Series C, 5.75%, 5/01/36</FONT>   </TD>
    <TD align=right nowrap bgcolor="#E6E6E6">&nbsp;   </TD>
    <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">4,265</FONT>     </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">2,806,370</FONT> </TD>
    <TD align=right nowrap bgcolor="#E6E6E6">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=center>&nbsp;</TD>
    <TD align=center><div align="left"><font size=2 face="sans-serif">Harris County-Houston Sports
    Authority, Texas, Revenue Refunding</font></div></TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD width="90%" align=left nowrap>
<FONT size=2 face="sans-serif">Bonds, Junior Lien, Series H, 6.107%, 11/15/35 (e)(h)</FONT>     </TD>
        <TD align=right nowrap>&nbsp;   </TD>
        <TD align=right nowrap>
<FONT size=2 face="sans-serif">5,000</FONT>     </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">573,200</FONT>   </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=center bgcolor="#E6E6E6"><div align="left"><font size=2 face="sans-serif">Harris County-Houston Sports
    Authority, Texas, Revenue Refunding</font></div></TD>
    <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;    </TD>
    <TD width="90%" align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Bonds, Senior Lien, Series A, 5.927%, 11/15/38 (e)(h)</FONT>     </TD>
    <TD align=right nowrap bgcolor="#E6E6E6">&nbsp;   </TD>
    <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">12,580</FONT>    </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">1,157,863</FONT> </TD>
    <TD align=right nowrap bgcolor="#E6E6E6">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=center>&nbsp;</TD>
    <TD align=center><div align="left"><font size=2 face="sans-serif">Harris County-Houston Sports
    Authority, Texas, Revenue Refunding</font></div></TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD width="90%" align=left nowrap>
<FONT size=2 face="sans-serif">Bonds, Third Lien, Series A-3, 5.969%, 11/15/37 (e)(h)</FONT>    </TD>
        <TD align=right nowrap>&nbsp;   </TD>
        <TD align=right nowrap>
<FONT size=2 face="sans-serif">26,120</FONT>    </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">2,519,274</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;    </TD>
    <TD width="90%" align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Lower Colorado River Authority, Texas, Revenue Refunding Bonds, 5%,</FONT>       </TD>
    <TD align=right nowrap 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=right 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 width="90%" align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">5/15/13 (a)(h)</FONT>    </TD>
    <TD align=right nowrap bgcolor="#E6E6E6">&nbsp;   </TD>
    <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">50</FONT>        </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">57,291</FONT>    </TD>
    <TD align=right nowrap bgcolor="#E6E6E6">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD width="90%" align=left nowrap>
<FONT size=2 face="sans-serif">Lower Colorado River Authority, Texas, Revenue Refunding Bonds, 5%,</FONT>       </TD>
        <TD align=right nowrap>&nbsp;   </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=right 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 width="90%" align=left nowrap>
<FONT size=2 face="sans-serif">5/15/31 (h)</FONT>       </TD>
        <TD align=right nowrap>&nbsp;   </TD>
        <TD align=right nowrap>
<FONT size=2 face="sans-serif">2,345</FONT>     </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">2,128,111</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=center bgcolor="#E6E6E6"><div align="left"><font size=2 face="sans-serif">Lower Colorado River Authority,
    Texas, Revenue Refunding Bonds,</font></div></TD>
    <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap 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)(h)</FONT>      </TD>
    <TD align=right nowrap bgcolor="#E6E6E6">&nbsp;   </TD>
    <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">5</FONT> </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">5,729</FONT>     </TD>
    <TD align=right nowrap bgcolor="#E6E6E6">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD width="90%" align=left nowrap>
<FONT size=2 face="sans-serif">Lower Colorado River Authority, Texas, Transmission Contract Revenue</FONT>      </TD>
        <TD align=right nowrap>&nbsp;   </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>&nbsp;   </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=center>&nbsp;</TD>
    <TD align=center><div align="left"><font size=2 face="sans-serif">Refunding Bonds (LCRA Transmission
    Services Corp. Project), 4.75%,</font></div></TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD width="90%" align=left nowrap>
<FONT size=2 face="sans-serif">5/15/34 (f)</FONT>       </TD>
        <TD align=right nowrap>&nbsp;   </TD>
        <TD align=right nowrap>
<FONT size=2 face="sans-serif">13,305</FONT>    </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">11,669,948</FONT>        </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;    </TD>
    <TD width="90%" align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Montgomery County, Texas, Municipal Utility District Number 46,</FONT>   </TD>
    <TD align=right nowrap 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=right 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 width="90%" align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Waterworks and Sewer System, GO, 4.75%, 3/01/30 (h)</FONT>       </TD>
    <TD align=right nowrap bgcolor="#E6E6E6">&nbsp;   </TD>
    <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">1,700</FONT>     </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">1,545,895</FONT> </TD>
    <TD align=right nowrap bgcolor="#E6E6E6">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<FONT size=2 face="sans-serif"><sup> </sup></FONT>      </TD>
    <TD align=center><div align="left"><font size=2 face="sans-serif">North Texas Tollway Authority,
    System Revenue Refunding Bonds,</font></div></TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&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=right nowrap>&nbsp;   </TD>
        <TD align=right nowrap>
<FONT size=2 face="sans-serif">12,180</FONT>    </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">11,663,081</FONT>        </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=center bgcolor="#E6E6E6"><div align="left"><font size=2 face="sans-serif">San Antonio Energy Acquisition
    Public Facilities Corporation, Texas,</font></div></TD>
    <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;    </TD>
    <TD width="90%" align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Gas Supply Revenue Bonds, 5.50%, 8/01/25</FONT>  </TD>
    <TD align=right nowrap bgcolor="#E6E6E6">&nbsp;   </TD>
    <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">6,540</FONT>     </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">4,894,994</FONT> </TD>
    <TD align=right nowrap bgcolor="#E6E6E6">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=center>&nbsp;</TD>
    <TD align=center><div align="left"><font size=2 face="sans-serif">Texas State Affordable Housing
    Corporation, M/F Housing Revenue</font></div></TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&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=right nowrap>&nbsp;   </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=right 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 width="90%" align=left nowrap>
<FONT size=2 face="sans-serif">8%, 3/01/32 (k)(l)</FONT>        </TD>
        <TD align=right nowrap>&nbsp;   </TD>
        <TD align=right nowrap>
<FONT size=2 face="sans-serif">4,435</FONT>     </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">432,102</FONT>   </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;    </TD>
    <TD width="90%" align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Texas State Turnpike Authority, Central Texas Turnpike System</FONT>     </TD>
    <TD align=right nowrap 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=right 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 width="90%" align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Revenue Bonds, 6.062%, 8/15/32 (e)(f)</FONT>     </TD>
    <TD align=right nowrap bgcolor="#E6E6E6">&nbsp;   </TD>
    <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">35,000</FONT>    </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">6,620,250</FONT> </TD>
    <TD align=right nowrap bgcolor="#E6E6E6">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD width="90%" align=left nowrap>
<FONT size=2 face="sans-serif">Texas State Turnpike Authority, Central Texas Turnpike System</FONT>     </TD>
        <TD align=right nowrap>&nbsp;   </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=right 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 width="90%" align=left nowrap>
<FONT size=2 face="sans-serif">Revenue Bonds, 6.072%, 8/15/33 (e)(f)</FONT>     </TD>
        <TD align=right nowrap>&nbsp;   </TD>
        <TD align=right nowrap>
<FONT size=2 face="sans-serif">62,325</FONT>    </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">10,931,805</FONT>        </TD>
    <TD align=right nowrap>&nbsp;</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 align="left" style="page-break-before:always"></P><PAGE>
<BR>
<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>
    <TD>&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">Schedule
          of Investments January 31, 2009 (Unaudited)</FONT></B> </TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><B><FONT size=2 face="sans-serif">(Percentages
          shown are based on Net Assets)</FONT></B> </TD>
  </TR>
</TABLE>

<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD width="90%" align=left nowrap>&nbsp;</TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=right nowrap><div align="center"><B><FONT size=2 face="sans-serif">Par</FONT></B> </div></TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right 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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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></B> </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 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">(000)</FONT></B> </div></TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;"><B><FONT size=2 face="sans-serif">&nbsp;</FONT></B> </TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;"><B><FONT size=2 face="sans-serif">Value</FONT></B> </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 width="90%" align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Texas State Turnpike Authority, Central Texas Turnpike System</FONT>     </TD>
    <TD align=right nowrap 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=right 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 width="90%" align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Revenue Bonds, 6.072%, 8/15/34 (e)(f)</FONT>     </TD>
    <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">&#36;</FONT>     </TD>
    <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">65,040</FONT>    </TD>
    <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;    </TD>
    <TD bgcolor="#E6E6E6">&nbsp;      </TD>
    <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">&#36;</FONT>     </TD>
    <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">10,548,838</FONT>        </TD>
    <TD align=right nowrap bgcolor="#E6E6E6">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD width="90%" align=left nowrap>
<FONT size=2 face="sans-serif">Texas State Turnpike Authority, Central Texas Turnpike System</FONT>     </TD>
        <TD align=right nowrap>&nbsp;   </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=right 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 width="90%" align=left nowrap>
<FONT size=2 face="sans-serif">Revenue Bonds, First Tier, Series A, 5%, 8/15/42 (f)</FONT>      </TD>
        <TD align=right nowrap>&nbsp;   </TD>
        <TD align=right nowrap>
<FONT size=2 face="sans-serif">5,000</FONT>     </TD>
        <TD align=left nowrap>&nbsp;    </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">4,026,750</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 width="90%" 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;">&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">74,203,676</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">Virginia - 0.4%</FONT></B>    </TD>
        <TD width="90%" align=left nowrap>
<FONT size=2 face="sans-serif">Virginia Commonwealth Transportation Board, Transportation Contract</FONT>       </TD>
        <TD align=right nowrap>&nbsp;   </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=right 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 width="90%" align=left nowrap>
<FONT size=2 face="sans-serif">Revenue Refunding Bonds (U.S. Route 28 Project),</FONT>  </TD>
        <TD align=right nowrap>&nbsp;   </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=right 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 width="90%" align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">5.292%, 4/01/32 (e)(h)</FONT>    </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">8,105</FONT>     </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">1,996,748</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">Washington - 1.7%</FONT></B>  </TD>
    <TD width="90%" align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">King County, Washington, Sewer Revenue Refunding Bonds, 5%,</FONT>       </TD>
    <TD align=right nowrap 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=right 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 width="90%" align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">1/01/36 (g)</FONT>       </TD>
    <TD align=right nowrap bgcolor="#E6E6E6">&nbsp;   </TD>
    <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">3,615</FONT>     </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">3,510,707</FONT> </TD>
    <TD align=right nowrap bgcolor="#E6E6E6">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD width="90%" align=left nowrap>
<FONT size=2 face="sans-serif">Washington State Health Care Facilities Authority, Revenue Refunding</FONT>      </TD>
        <TD align=right nowrap>&nbsp;   </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=right 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 width="90%" align=left nowrap>
<FONT size=2 face="sans-serif">Bonds (Providence Health System), Series A,</FONT>       </TD>
        <TD align=right nowrap>&nbsp;   </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=right 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 width="90%" align=left nowrap>
<FONT size=2 face="sans-serif">4.625%, 10/01/34 (h)(m)</FONT>   </TD>
        <TD align=right nowrap>&nbsp;   </TD>
        <TD align=right nowrap>
<FONT size=2 face="sans-serif">5,095</FONT>     </TD>
        <TD align=left nowrap>&nbsp;    </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">4,037,329</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 width="90%" 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;">&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">7,548,036</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">West Virginia - 0.1%</FONT></B>       </TD>
        <TD width="90%" align=left nowrap>
<FONT size=2 face="sans-serif">West Virginia EDA, Lease Revenue Bonds (Correctional, Juvenile and</FONT>        </TD>
        <TD align=right nowrap>&nbsp;   </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=right 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 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 (h)</FONT>      </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">320</FONT>       </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">303,536</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">Wisconsin - 3.6%</FONT></B>   </TD>
    <TD width="90%" align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Wisconsin State Health and Educational Facilities Authority Revenue</FONT>       </TD>
    <TD align=right nowrap 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=right 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 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=right nowrap bgcolor="#E6E6E6">&nbsp;   </TD>
    <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">7,500</FONT>     </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">5,905,500</FONT> </TD>
    <TD align=right nowrap bgcolor="#E6E6E6">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=center>&nbsp;</TD>
    <TD align=center><div align="left"><font size=2 face="sans-serif">Wisconsin State Health and
    Educational Facilities Authority, Revenue</font></div></TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD width="90%" align=left nowrap>
<FONT size=2 face="sans-serif">Refunding Bonds (Froedtert and Community Health),</FONT> </TD>
        <TD align=right nowrap>&nbsp;   </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=right 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 width="90%" align=left nowrap>
<FONT size=2 face="sans-serif">5.375%, 10/01/30</FONT>  </TD>
        <TD align=right nowrap>&nbsp;   </TD>
        <TD align=right nowrap>
<FONT size=2 face="sans-serif">1,205</FONT>     </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">1,122,518</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=center bgcolor="#E6E6E6"><div align="left"><font size=2 face="sans-serif">Wisconsin State Health and
    Educational Facilities Authority, Revenue</font></div></TD>
    <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;    </TD>
    <TD width="90%" align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Refunding Bonds (Wheaton Franciscan Services, Inc.),</FONT>      </TD>
    <TD align=right nowrap 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=right 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 width="90%" align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">5.75%, 2/15/12 (a)</FONT>        </TD>
    <TD align=right nowrap bgcolor="#E6E6E6">&nbsp;   </TD>
    <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">8,000</FONT>     </TD>
    <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;    </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">9,120,960</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 width="90%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;       </TD>
        <TD align=right 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">16,148,978</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">Wyoming - 0.5%</FONT></B>     </TD>
    <TD width="90%" align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Wyoming Community Development Authority, Housing Revenue Bonds,</FONT>   </TD>
    <TD align=right nowrap 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=right 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 width="90%" align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">AMT, Series 3, 4.65%, 12/01/27</FONT>    </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">2,765</FONT>     </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">2,308,581</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">Puerto Rico - 1.1%</FONT></B> </TD>
        <TD width="90%" align=left nowrap>
<FONT size=2 face="sans-serif">Puerto Rico Commonwealth Highway and Transportation Authority,</FONT>    </TD>
        <TD align=right nowrap>&nbsp;   </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=right 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 width="90%" align=left nowrap>
<FONT size=2 face="sans-serif">Transportation Revenue Refunding Bonds, Series N,</FONT> </TD>
        <TD align=right nowrap>&nbsp;   </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=right 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 width="90%" align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">5.25%, 7/01/36 (r)</FONT>        </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">5,000</FONT>     </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">4,817,000</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap bgcolor="#E6E6E6" 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">Total Municipal Bonds - 149.7%</FONT></B>     </TD>
    <TD align=right 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">668,874,368</FONT>       </TD>
    <TD align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD width="90%" align=left nowrap>
<B><FONT size=2 face="sans-serif">Municipal Bonds Transferred to</FONT></B>     </TD>
        <TD align=right nowrap>&nbsp;   </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=right 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 width="90%" align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Tender Option Bond Trusts (s)</FONT></B>      </TD>
        <TD align=right 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=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">
<B><FONT size=2 face="sans-serif">Alabama - 0.9%</FONT></B>     </TD>
    <TD width="90%" align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Birmingham, Alabama, Special Care Facilities Financing Authority,</FONT> </TD>
    <TD align=right nowrap 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=right 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=center bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=center bgcolor="#E6E6E6"><div align="left"><font size=2 face="sans-serif">Revenue Refunding Bonds (Ascension
    Health Credit), Series C-2, 5%,</font></div></TD>
    <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=center bgcolor="#E6E6E6">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap 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">11/15/36</FONT>  </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">4,548</FONT>     </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">3,908,749</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;">
<B><FONT size=2 face="sans-serif">California - 1.0%</FONT></B>  </TD>
        <TD width="90%" align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">University of California Revenue Bonds, Series C, 4.75%, 5/15/37 (h)</FONT>      </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">5,000</FONT>     </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">4,511,000</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap bgcolor="#E6E6E6">
<B><FONT size=2 face="sans-serif">Colorado - 2.4%</FONT></B>    </TD>
    <TD width="90%" align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Colorado Health Facilities Authority Revenue Bonds (Catholic Health),</FONT>     </TD>
    <TD align=right nowrap 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=right 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 width="90%" align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Series C-3, 5.10%, 10/01/41 (g)</FONT>   </TD>
    <TD align=right nowrap bgcolor="#E6E6E6">&nbsp;   </TD>
    <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">7,600</FONT>     </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">6,557,052</FONT> </TD>
    <TD align=right nowrap bgcolor="#E6E6E6">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD width="90%" align=left nowrap>
<FONT size=2 face="sans-serif">Colorado Health Facilities Authority Revenue Bonds (Catholic Health),</FONT>     </TD>
        <TD align=right nowrap>&nbsp;   </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=right 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 width="90%" align=left nowrap>
<FONT size=2 face="sans-serif">Series C-7, 5%, 9/01/36 (g)</FONT>       </TD>
        <TD align=right nowrap>&nbsp;   </TD>
        <TD align=right nowrap>
<FONT size=2 face="sans-serif">4,860</FONT>     </TD>
        <TD align=left nowrap>&nbsp;    </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">4,202,491</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 width="90%" 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;">&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">10,759,543</FONT>        </TD>
    <TD align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;</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 align="left" style="page-break-before:always"></P><PAGE>
<BR>
<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>
    <TD>&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">Schedule
          of Investments January 31, 2009 (Unaudited)</FONT></B> </TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><B><FONT size=2 face="sans-serif">(Percentages
          shown are based on Net Assets)</FONT></B> </TD>
  </TR>
</TABLE>

<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD width="90%" align=left nowrap><b><font size=2 face="sans-serif">Municipal Bonds Transferred
    to</font></b></TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=right nowrap><div align="center"><B><FONT size=2 face="sans-serif">Par</FONT></B> </div></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;"><B><FONT size=2 face="sans-serif">State&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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></B> </TD>
    <TD width="90%" align=left nowrap style="border-bottom:1px solid #000000;"><b><font size=2 face="sans-serif">Tender
    Option Bond Trusts (s)</font></b></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">(000)</FONT></B> </div></TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;"><B><FONT size=2 face="sans-serif">&nbsp;</FONT></B> </TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp;&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;</TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><B><FONT size=2 face="sans-serif">Value</FONT></B> </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">Connecticut - 4.2%</FONT></B> </TD>
    <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Connecticut State Health and Educational Facilities Authority Revenue</FONT>     </TD>
    <TD align=right nowrap 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>
    <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap 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=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">&#36;</FONT>     </TD>
    <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">9,400</FONT>     </TD>
    <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;    </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">9,412,596</FONT> </TD>
    <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Connecticut State Health and Educational Facilities Authority Revenue</FONT>     </TD>
        <TD align=right nowrap>&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>
        <TD align=left nowrap>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&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=right nowrap>&nbsp;   </TD>
        <TD align=right nowrap>
<FONT size=2 face="sans-serif">9,360</FONT>     </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </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">9,203,594</FONT> </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 width=90% 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;">&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=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">18,616,190</FONT>        </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">Illinois - 1.9%</FONT></B>    </TD>
        <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Chicago, Illinois, Housing Authority, Capital Program Revenue</FONT>     </TD>
        <TD align=right nowrap>&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>
        <TD align=left nowrap>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap 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, 5%, 7/01/24 (g)</FONT>  </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">8,232</FONT>     </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;   </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;     </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">8,374,427</FONT> </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">Massachusetts - 1.4%</FONT></B>       </TD>
    <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Massachusetts State Water Resource Authority, General Revenue</FONT>     </TD>
    <TD align=right nowrap 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>
    <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 width=90% align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Refunding Bonds, Series A, 5%, 8/01/41</FONT>    </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">6,770</FONT>     </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=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">6,579,357</FONT> </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">New York - 1.2%</FONT></B>    </TD>
        <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">New York State Environmental Facilities Corporation, State Clean</FONT>  </TD>
        <TD align=right nowrap>&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>
        <TD align=left nowrap>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD align=center>&nbsp;</TD>
    <TD align=center><div align="left"><font size=2 face="sans-serif">Water and Drinking Revenue
    Bonds (New York City Water Project),</font></div></TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap 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 B, 5%, 6/15/31</FONT>     </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">5,370</FONT>     </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;   </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;     </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">5,291,491</FONT> </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">Virginia - 3.9%</FONT></B>    </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=right nowrap bgcolor="#E6E6E6">&nbsp;   </TD>
    <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">10,750</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=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">10,773,113</FONT>        </TD>
    <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD align=center>&nbsp;</TD>
    <TD align=center><div align="left"><font size=2 face="sans-serif">Virginia State, HDA, Commonwealth
    Mortgage Revenue Bonds, Series</font></div></TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">H, Sub-Series H-1, 5.35%, 7/01/31 (h)</FONT>     </TD>
        <TD align=right nowrap>&nbsp;   </TD>
        <TD align=right nowrap>
<FONT size=2 face="sans-serif">6,810</FONT>     </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </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">6,811,226</FONT> </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 width=90% 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;">&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=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">17,584,339</FONT>        </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">Washington - 1.2%</FONT></B>  </TD>
        <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Central Puget Sound Regional Transportation Authority, Washington,</FONT>        </TD>
        <TD align=right nowrap>&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>
        <TD align=left nowrap>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Sales and Use Tax Revenue Bonds, Series A,</FONT>        </TD>
        <TD align=right nowrap>&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>
        <TD align=left nowrap>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap 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">5%, 11/01/32 (g)</FONT>  </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">5,459</FONT>     </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;   </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;     </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">5,346,971</FONT> </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;    </TD>
    <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<B><FONT size=2 face="sans-serif">Total Municipal Bonds Transferred to</FONT></B>       </TD>
    <TD align=right nowrap 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>
    <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 width=90% align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Tender Option Bond Trusts - 18.1%</FONT></B>  </TD>
    <TD align=right 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=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">80,972,067</FONT>        </TD>
    <TD align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD width=90% align=left nowrap>
<B><FONT size=2 face="sans-serif">Total Long-Term Investments</FONT></B>        </TD>
        <TD align=right nowrap>&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>
        <TD align=left nowrap>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap 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">(Cost - &#36;889,749,125) - 167.8%</FONT></B> </TD>
        <TD align=right 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=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">749,846,435</FONT>       </TD>
        <TD align=left nowrap 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 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=right nowrap 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">Shares</FONT></B>     </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;   </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 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, 0.60% (t)(u)</FONT> </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">27,623,984</FONT>        </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=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">27,623,984</FONT>        </TD>
    <TD align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD width=90% align=left nowrap>
<B><FONT size=2 face="sans-serif">Total Short-Term Securities</FONT></B>        </TD>
        <TD align=right nowrap>&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>
        <TD align=left nowrap>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap 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">(Cost - &#36;27,623,984) - 6.2%</FONT></B>    </TD>
        <TD align=right 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=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">27,623,984</FONT>        </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;    </TD>
    <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<B><FONT size=2 face="sans-serif">Total Investments (Cost - &#36;917,373,109*) - 174.0%</FONT></B>      </TD>
    <TD align=right nowrap 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=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">777,470,419</FONT>       </TD>
    <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD width=90% align=left nowrap>
<B><FONT size=2 face="sans-serif">Other Assets Less Liabilities - 2.0%</FONT></B>       </TD>
        <TD align=right nowrap>&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=right nowrap>
<FONT size=2 face="sans-serif">8,982,195</FONT> </TD>
        <TD align=left nowrap>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap 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=right nowrap 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>
    <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;    </TD>
    <TD width=90% align=right nowrap bgcolor="#E6E6E6">
    <div align="left"><B><FONT size=2 face="sans-serif">Expense and Fees Payable - (10.4)%</FONT></B> </div></TD>
    <TD align=right nowrap 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=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">(46,516,062</FONT>       </TD>
    <TD align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">)</FONT> </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD width=90% align=left nowrap>
<B><FONT size=2 face="sans-serif">Preferred Shares, at Redemption Value - (65.6)%</FONT></B>    </TD>
        <TD align=right nowrap>&nbsp;   </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </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">(293,160,154</FONT>      </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">)</FONT> </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap 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 align=right nowrap 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" style="border-bottom:3px double #000000;">
<FONT size=2 face="sans-serif">&#36;</FONT>     </TD>
    <TD align=right nowrap bgcolor="#E6E6E6" style="border-bottom:3px double #000000;">
<FONT size=2 face="sans-serif">446,776,398</FONT>       </TD>
    <TD align=left 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 nowrap valign=top>
<FONT size=2 face="sans-serif">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
        <TD>
<P align="left"><FONT size=2 face="sans-serif">The cost and unrealized appreciation (depreciation) of investments as of January 31, 2009, 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:28px">
  <table border=0 cellspacing=0 cellpadding=0>
    <tr valign="bottom">
      <td align=left nowrap><font size=2 face="sans-serif">Aggregate cost</font> </td>
      <td nowrap>&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 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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;      867,512,050</font> </td>
      <td align=left nowrap 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=right nowrap><font size=2 face="sans-serif">23,137,220</font> </td>
      <td align=left nowrap>&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap><font size=2 face="sans-serif">Gross unrealized depreciation</font> </td>
      <td>&nbsp;</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">(159,567,710</font> </td>
      <td align=left nowrap style="border-bottom:1px solid #000000;"><font size=2 face="sans-serif">)</font> </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=right nowrap style="border-bottom:3px double #000000;"><font size=2 face="sans-serif">(136,430,490</font> </td>
      <td align=left nowrap style="border-bottom:3px double #000000;"><font size=2 face="sans-serif">)</font> </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;&nbsp;</FONT></TD>
        <TD width=98%>
<P align="left"><FONT size=2 face="sans-serif">US 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 nowrap valign=top>
<FONT size=2 face="sans-serif">(b)</FONT></TD>
        <TD>
<P align="left"><FONT size=2 face="sans-serif">FHLMC Collateralized.</FONT></P>        </TD>
</TR>
<TR>
        <TD nowrap valign=top>
<FONT size=2 face="sans-serif">(c)</FONT></TD>
        <TD>
<P align="left"><FONT size=2 face="sans-serif">GNMA Collateralized.</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 align="left" style="page-break-before:always"></P><PAGE>
<BR>

<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 January 31, 2009 (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">(d)&nbsp;&nbsp;&nbsp;</FONT></TD>
        <TD width=100%>
<P align="left"><FONT size=2 face="sans-serif">FNMA Collateralized.</FONT></P>        </TD>
</TR>
<TR>
        <TD nowrap valign=top>
<FONT size=2 face="sans-serif">(e)</FONT></TD>
        <TD width=100%>
<P align="left"><FONT size=2 face="sans-serif">Represents a zero-coupon bond. Rate shown reflects the effective yield as of report date.</FONT></P>        </TD>
</TR>
<TR>
        <TD nowrap valign=top>
<FONT size=2 face="sans-serif">(f)</FONT></TD>
        <TD width=100%>
<P align="left"><FONT size=2 face="sans-serif">AMBAC Insured.</FONT></P>        </TD>
</TR>
<TR>
        <TD nowrap valign=top>
<FONT size=2 face="sans-serif">(g)</FONT></TD>
        <TD width=100%>
<P align="left"><FONT size=2 face="sans-serif">FSA Insured.</FONT></P>        </TD>
</TR>
<TR>
        <TD nowrap valign=top>
<FONT size=2 face="sans-serif">(h)</FONT></TD>
        <TD width=100%>
<P align="left"><FONT size=2 face="sans-serif">MBIA Insured.</FONT></P>        </TD>
</TR>
<TR>
        <TD nowrap valign=top>
<FONT size=2 face="sans-serif">(i)</FONT></TD>
        <TD width=100%>
<P align="left"><FONT size=2 face="sans-serif">ACA Insured.</FONT></P>        </TD>
</TR>
<TR>
        <TD nowrap valign=top>
<FONT size=2 face="sans-serif">(j)</FONT></TD>
        <TD width=100%>
<P align="left"><FONT size=2 face="sans-serif">XL Capital Insured.</FONT></P>        </TD>
</TR>
<TR>
        <TD nowrap valign=top>
<FONT size=2 face="sans-serif">(k)</FONT></TD>
        <TD width=100%>
<P align="left"><FONT size=2 face="sans-serif">Non-income producing security.</FONT></P>        </TD>
</TR>
<TR>
        <TD nowrap valign=top>
<FONT size=2 face="sans-serif">(l)</FONT></TD>
        <TD width=100%>
<P align="left"><FONT size=2 face="sans-serif">Issuer filed for bankruptcy and/or is in default of interest payments.</FONT></P>        </TD>
</TR>
<TR>
        <TD nowrap valign=top>
<FONT size=2 face="sans-serif">(m)</FONT></TD>
        <TD width=100%>
<P align="left"><FONT size=2 face="sans-serif">FGIC Insured.</FONT></P>        </TD>
</TR>
<TR>
        <TD nowrap valign=top>
<FONT size=2 face="sans-serif">(n)</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.</FONT></P>        </TD>
</TR>
<TR>
        <TD nowrap valign=top>
<FONT size=2 face="sans-serif">(o)</FONT></TD>
        <TD width=100%>
<P align="left"><FONT size=2 face="sans-serif">FHA Insured.</FONT></P>        </TD>
</TR>
<TR>
        <TD nowrap valign=top>
<FONT size=2 face="sans-serif">(p)</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 nowrap valign=top>
<FONT size=2 face="sans-serif">(q)</FONT></TD>
        <TD width=100%>
<P align="left"><FONT size=2 face="sans-serif">BHAC Insured.</FONT></P>        </TD>
</TR>
<TR>
        <TD nowrap valign=top>
<FONT size=2 face="sans-serif">(r)</FONT></TD>
        <TD width=100%>
<P align="left"><FONT size=2 face="sans-serif">Assured Guaranty Insured.</FONT></P>        </TD>
</TR>
<TR>
        <TD nowrap valign=top>
<FONT size=2 face="sans-serif">(s)</FONT></TD>
        <TD width=100%>
<P align="left"><FONT size=2 face="sans-serif">Securities represent underlying bonds transferred to a separate securitization trust established in a tender option bond transaction in which the Trust may have acquired the residual interest
certificates. These securities serve as a collateral in a financing transaction.</FONT></P>        </TD>
</TR>
<TR>
        <TD nowrap valign=top>
<FONT size=2 face="sans-serif">(t)</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 nowrap valign=top>
<FONT size=2 face="sans-serif">(u)</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:28px">
  <table width="95%" border=0 cellpadding=0 cellspacing=0>
    <tr valign="bottom">
      <td width="95%" align=left nowrap>&nbsp;</td>
      <td>&nbsp;</td>
      <td align=center nowrap><b><font size=2 face="sans-serif">Net</font></b> </td>
      <td>&nbsp;</td>
      <td align=right nowrap>&nbsp;</td>
      <td align=left nowrap>&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td width="95%" 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 nowrap style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </td>
      <td colspan="2" align=right 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 width="95%" align=left nowrap style="border-bottom:1px solid #000000;"><font size=2 face="sans-serif">Merrill
          Lynch Institutional Tax-Exempt Fund</font> </td>
      <td style="border-bottom:1px solid #000000;">&nbsp;</td>
      <td align=center nowrap style="border-bottom:1px solid #000000;"><font size=2 face="sans-serif">25,797,030</font> </td>
      <td style="border-bottom:1px solid #000000;">&nbsp;</td>
      <td align=right nowrap style="border-bottom:1px solid #000000;"><font size=2 face="sans-serif">&#36;</font> </td>
      <td align=right nowrap style="border-bottom:1px solid #000000;"><font size=2 face="sans-serif">29,125</font> </td>
    </tr>
  </table>
</div>
<ul style="margin-left:27px">
  <li>
    <FONT size=2 face="sans-serif">Effective November 1, 2008, the Trust adopted
        Financial Accounting Standards Board Statement of Financial Accounting Standards
        No. 157, "Fair Value Measurements" ("FAS 157"). FAS 157 clarifies the definition
        of fair value, establishes a framework for measuring fair values and requires
        additional disclosures about the use of fair value measurements. Various inputs
  are used in determining the fair value of investments, which are as follows:</FONT></li>
</ul>
<ul style="margin-left:80px">
  <li><FONT size=2 face="sans-serif">Level 1 - price quotations in active markets/exchanges
    for identical securities</FONT></li>
  <li><FONT size=2 face="sans-serif">Level 2 - other observable inputs (including,
    but not limited to: quoted prices for similar assets or liabilities in markets
    that are not active, inputs other than quoted prices that are observable
    for the assets or liabilities (such as interest rates, yield curves, volatilities,
    prepayment speeds, loss severities, credit risks, and default rates) or other
    market-corroborated inputs)</FONT></li>
</ul>
<P align="center"><FONT size=2 face="sans-serif">9</FONT></P>
<HR noshade align="center" width="100%" size=4>



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

<div style="border-bottom:1px solid #000000"> <b><font size=4 face="sans-serif">BlackRock
      Municipal Income Trust</font></b><br>
      <b><font size=2 face="sans-serif">Schedule of Investments January 31, 2009
      (Unaudited)</font></b></div>
<ul style="margin-left:80px">
  <li><FONT size=2 face="sans-serif">Level 3 - unobservable inputs based on the best
    information available in the circumstance, to the extent observable inputs are
    not available (including the Trust's own assumption used in determining the fair
    value of investments)</FONT>
  </li>
</ul>
<div style="margin-left:27px">
  <p align="left"><font size=2 face="sans-serif">The inputs or methodology used
      for valuing securities are not necessarily an indication of the risk associated
      with investing in those securities. For information about the Trust's policy
      regarding valuation of investments and other significant accounting policies,
      please refer to the Trust's most recent financial statements as contained
      in its annual report.</font></p>
  <p align="left"> <font size=2 face="sans-serif">The following table summarizes
      the inputs used as of January 31, 2009 in determining the fair valuation
      of the Trust's investments:</font></p>
  <table width="50%" border=0 cellpadding=0 cellspacing=0>
    <tr valign="bottom">
      <td align=center nowrap style="border-top:1px solid #000000;"><b><font size=2 face="sans-serif">Valuation</font></b> </td>
      <td width=90% style="border-top:1px solid #000000;">&nbsp;</td>
      <td align=left nowrap style="border-top:1px solid #000000;">&nbsp;</td>
      <td align=center nowrap style="border-top:1px solid #000000;"><b><font size=2 face="sans-serif">Investments in</font></b> </td>
      <td align=center nowrap style="border-top:1px solid #000000;">&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td align=center nowrap style="border-bottom:1px solid #000000;"><b><font size=2 face="sans-serif">Inputs</font></b> </td>
      <td width=90% style="border-bottom:1px solid #000000;">&nbsp;</td>
      <td align=left nowrap 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">Securities</font></b> </td>
      <td align=center nowrap style="border-bottom:1px solid #000000;">&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap>&nbsp;</td>
      <td width=90% nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </td>
      <td align=left nowrap>&nbsp;</td>
      <td align=center nowrap><b><u><font size=2 face="sans-serif">Assets</font></u></b> </td>
      <td align=center nowrap>&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap><font size=2 face="sans-serif">Level 1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font> </td>
      <td width=90%>&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">27,623,984</font> </td>
      <td align=right nowrap>&nbsp;&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap><font size=2 face="sans-serif">Level 2</font> </td>
      <td width=90%>&nbsp;</td>
      <td align=left nowrap>&nbsp;</td>
      <td align=right nowrap><font size=2 face="sans-serif">749,846,435</font> </td>
      <td align=right nowrap>&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap style="border-bottom:1px solid #000000;"><font size=2 face="sans-serif">Level
          3</font> </td>
      <td width=90% style="border-bottom:1px solid #000000;">&nbsp;</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">-</font> </td>
      <td align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap><b><font size=2 face="sans-serif">Total</font></b> </td>
      <td width=90%>&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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 777,470,419</font> </td>
      <td align=right nowrap style="border-bottom:3px double #000000;">&nbsp;</td>
    </tr>
  </table>
  <BR>
</div>
<P align="left">&nbsp;</P>
<P align="left">&nbsp;</P>
<P align="left">&nbsp;</P>
<P align="left">&nbsp;</P>
<P align="left">&nbsp;</P>
<P align="center"><FONT size=2 face="sans-serif">10</FONT></P>
<HR noshade align="center" width="100%" size=4>
<P align="left" style="page-break-before:always"></P><PAGE>


<!--$$/page=-->


<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR>
     <TD width=5%></TD>
     <TD width=1%></TD>
     <TD width=92%></TD></TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Item 2 &#150; </FONT></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left><FONT size=2 face="serif">Controls and Procedures</FONT></TD>
</TR>
<TR>
  <TD colspan=3>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left valign="top">
<FONT size=2 face="serif">2(a) &#150;</FONT>            </TD>
  <TD>&nbsp;            </TD>
  <TD align=left valign="top"><FONT size=2 face="serif">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 13(a)-15(b) under the Securities Exchange Act of 1934,
as amended.</FONT>  </TD>
</TR>

<TR>
  <TD colspan=3>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left valign="top">
<FONT size=2 face="serif">2(b) &#150;</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left><FONT size=2 face="serif">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></TD>
</TR>
<TR>
  <TD colspan=3>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Item 3 &#150; </FONT>  </TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left><FONT size=2 face="serif">Exhibits</FONT></TD>
</TR>
<TR>
  <TD colspan=3>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left>
<FONT size=2 face="serif">Certifications &#150; Attached hereto</FONT>  </TD>
</TR>
<TR>
  <TD colspan=3>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD 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>  </TD>
</TR>
<TR>
  <TD colspan=3>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left><FONT size=2 face="serif">BlackRock Municipal Income Trust</FONT>  </TD>
</TR>
<TR>
  <TD colspan=3>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left><FONT size=2 face="serif">By: &nbsp;<u>/s/ Donald C. Burke &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</u></FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left>
 &nbsp; &nbsp; &nbsp; <FONT size=2 face="serif">Donald C. Burke</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left>
 &nbsp; &nbsp; &nbsp; <FONT size=2 face="serif">Chief Executive Officer of</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left>
 &nbsp; &nbsp; &nbsp; <FONT size=2 face="serif">BlackRock Municipal Income Trust</FONT>  </TD>
</TR>
<TR>
  <TD colspan=3>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left><FONT size=2 face="serif">Date: March 25, 2009</FONT>  </TD>
</TR>
<TR>
  <TD colspan=3>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD 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>  </TD>
</TR>
<TR>
  <TD colspan=3>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left><FONT size=2 face="serif">By: &nbsp;<u>/s/ Donald C. Burke &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</u></FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left>
 &nbsp; &nbsp; &nbsp; <FONT size=2 face="serif">Donald C. Burke</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left>
 &nbsp; &nbsp; &nbsp; <FONT size=2 face="serif">Chief Executive Officer (principal executive officer) of</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left>
 &nbsp; &nbsp; &nbsp; <FONT size=2 face="serif">BlackRock Municipal Income Trust</FONT>  </TD>
</TR>
<TR>
  <TD colspan=3>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left><FONT size=2 face="serif">Date: March 25, 2009</FONT>  </TD>
</TR>
<TR>
  <TD colspan=3>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left><FONT size=2 face="serif">By: &nbsp;<u>/s/ Neal J. Andrews &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</u></FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left>
 &nbsp; &nbsp; &nbsp; <FONT size=2 face="serif">Neal J. Andrews</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left>
 &nbsp; &nbsp; &nbsp; <FONT size=2 face="serif">Chief Financial Officer (principal financial officer) of</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left>
 &nbsp; &nbsp; &nbsp; <FONT size=2 face="serif">BlackRock Municipal Income Trust</FONT>  </TD>
</TR>
<TR>
  <TD colspan=3>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left><FONT size=2 face="serif">Date: March 25, 2009</FONT>  </TD>
</TR>
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<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>c56812_ex99-cert.htm
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   <TITLE>bfknqandcerts.htm -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing</TITLE>
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<P align="left">
<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></P>

<hr>



<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>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR>
     <TD width=1%></TD>
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  <TD colspan="5" align=left>
<FONT size=2 face="serif">1.</FONT>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I have reviewed this report on Form N-Q of BlackRock Municipal Income Trust;</FONT>  </TD>
  </TR>
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  <TD colspan=5>&nbsp;  </TD>
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  <TD colspan="5" align=left>
<FONT size=2 face="serif">2.</FONT>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &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></TD>
  </TR>
<TR>
  <TD colspan=5>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD colspan="5" align=left>
<FONT size=2 face="serif">3.</FONT>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &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>  </TD>
  </TR>
<TR>
  <TD colspan=5>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD colspan="5" align=left>
<FONT size=2 face="serif">4.</FONT>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &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>  </TD>
  </TR>
<TR>
  <TD colspan=5>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD colspan="3" align=left>
<FONT size=2 face="serif">a)</FONT>
<FONT size=2 face="serif">&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>  </TD>
  </TR>
<TR>
  <TD colspan=5>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD colspan="3" align=left>
<FONT size=2 face="serif">b)</FONT>
<FONT size=2 face="serif">&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>  </TD>
  </TR>
<TR>
  <TD colspan=5>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD colspan="3" align=left>
<FONT size=2 face="serif">c)</FONT>
<FONT size=2 face="serif">&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>  </TD>
  </TR>
<TR>
  <TD colspan=5>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD colspan="3" align=left>
<FONT size=2 face="serif">d)</FONT>
<FONT size=2 face="serif">&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>  </TD>
  </TR>
<TR>
  <TD colspan=5>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD colspan="5" align=left>
<FONT size=2 face="serif">5.</FONT>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &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>  </TD>
  </TR>
<TR>
  <TD colspan=5>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD colspan="3" align=left>
<FONT size=2 face="serif">a)</FONT>
<FONT size=2 face="serif">&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></TD>
  </TR>
<TR>
  <TD colspan=5>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD colspan="3" align=left>
<FONT size=2 face="serif">b)</FONT>
<FONT size=2 face="serif">&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>  </TD>
  </TR>
</TABLE>
<BR>
<P align="left">
<FONT size=2 face="serif">Date: March 25, 2009</FONT><BR>
<BR>
<U><FONT size=2 face="serif">/s/ Donald C. Burke&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT size=2 face="serif"> </FONT><BR>
<FONT size=2 face="serif"> Donald C. Burke </FONT><BR>
<FONT size=2 face="serif">Chief Executive Officer (principal executive officer) of</FONT><BR>
<FONT size=2 face="serif">BlackRock Municipal Income Trust</FONT></P>

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


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<P align="left">
<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></P>
<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>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR>
     <TD width=1%></TD>
     <TD width=5%></TD>
     <TD width=1%></TD>
     <TD width=5%></TD>
     <TD width=85%></TD></TR>
<TR valign="bottom">
  <TD colspan="5" align=left>
<FONT size=2 face="serif">1.</FONT>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I have reviewed this report on Form N-Q of BlackRock Municipal Income Trust;</FONT>  </TD>
  </TR>
<TR>
  <TD colspan=5>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD colspan="5" align=left>
<FONT size=2 face="serif">2.</FONT>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &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>  </TD>
  </TR>
<TR>
  <TD colspan=5>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD colspan="5" align=left>
<FONT size=2 face="serif">3.</FONT>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &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>  </TD>
  </TR>
<TR>
  <TD colspan=5>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD colspan="5" align=left>
<FONT size=2 face="serif">4.</FONT>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &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>  </TD>
  </TR>
<TR>
  <TD colspan=5>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;        </TD>
  <TD>&nbsp;        </TD>
  <TD colspan="3" align=left valign="top">
<FONT size=2 face="serif">a)</FONT>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be</FONT>
<FONT size=2 face="serif">designed under our supervision, to ensure that material information relating to the registrant, including its</FONT>
<FONT size=2 face="serif">consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in</FONT>
<FONT size=2 face="serif">which this report is being prepared;</FONT>  </TD>
  </TR>

<TR>
  <TD colspan=5>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;        </TD>
  <TD>&nbsp;        </TD>
  <TD colspan="3" align=left>
<FONT size=2 face="serif">b)</FONT>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;designed such internal control over financial reporting, or caused such internal control over financial</FONT>
<FONT size=2 face="serif">reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of</FONT>
<FONT size=2 face="serif">financial reporting and the preparation of financial statements for external purposes in accordance with generally</FONT>
<FONT size=2 face="serif">accepted accounting principles;</FONT>  </TD>
  </TR>

<TR>
  <TD colspan=5>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;      </TD>
  <TD>&nbsp;      </TD>
  <TD colspan="3" align=left>
<FONT size=2 face="serif">c)</FONT>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this</FONT>
<FONT size=2 face="serif">report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90</FONT>
<FONT size=2 face="serif">days prior to the filing date of this report, based on such evaluation; and</FONT>  </TD>
  </TR>

<TR>
  <TD colspan=5>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD colspan="3" align=left>
<FONT size=2 face="serif">d)</FONT>
    <FONT size=2 face="serif">&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>  </TD>
  </TR>

<TR>
  <TD colspan=5>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD colspan="5" align=left>
<FONT size=2 face="serif">5.</FONT>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &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>  </TD>
  </TR>
<TR>
  <TD colspan=5>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;      </TD>
  <TD>&nbsp;      </TD>
  <TD colspan="3" align=left>
<FONT size=2 face="serif">a)</FONT>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all significant deficiencies and material weaknesses in the design or operation of internal control over</FONT>
<FONT size=2 face="serif">financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process,</FONT>
<FONT size=2 face="serif">summarize, and report financial information; and</FONT>  </TD>
  </TR>

<TR>
  <TD colspan=5>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;    </TD>
  <TD>&nbsp;    </TD>
  <TD colspan="3" align=left>
<FONT size=2 face="serif">b)</FONT>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any fraud, whether or not material, that involves management or other employees who have a significant</FONT>
<FONT size=2 face="serif">role in the registrant's internal control over financial reporting.</FONT>  </TD>
  </TR>
</TABLE>
<BR>
<P align="left">
<FONT size=2 face="serif">Date: March 25, 2009</FONT><BR>
<BR>
<U><FONT size=2 face="serif">/s/ Neal J. Andrews&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT size=2 face="serif"> </FONT><BR>
<FONT size=2 face="serif"> Neal J. Andrews </FONT><BR>
<FONT size=2 face="serif">Chief Financial Officer (principal financial officer) of</FONT><BR>
<FONT size=2 face="serif">BlackRock Municipal Income Trust</FONT></P>

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