<SEC-DOCUMENT>0000891092-12-005508.txt : 20120925
<SEC-HEADER>0000891092-12-005508.hdr.sgml : 20120925
<ACCEPTANCE-DATETIME>20120925154454
ACCESSION NUMBER:		0000891092-12-005508
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20120731
FILED AS OF DATE:		20120925
DATE AS OF CHANGE:		20120925
EFFECTIVENESS DATE:		20120925

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:		121108910

	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>e50003nq.htm
<DESCRIPTION>QUARTERLY REPORT
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><FONT STYLE="font-weight: normal; vertical-align: baseline">UNITED
STATES</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><FONT STYLE="font-weight: normal; vertical-align: baseline">SECURITIES
AND EXCHANGE COMMISSION </FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><FONT STYLE="font-weight: normal; vertical-align: baseline">Washington,
D.C. 20549</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><B>FORM N-Q</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><B>QUARTERLY SCHEDULE OF PORTFOLIO
HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: center; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Investment Company Act file number 811-10339</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">Name of Fund: BlackRock Municipal
Income Trust (BFK)</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"></TD><TD></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">Fund Address: 100 Bellevue Parkway,
Wilmington, DE 19809</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">Name and address of agent for service:
John M. Perlowski, Chief Executive Officer, BlackRock Municipal Income Trust, 55 East 52<SUP>nd</SUP> Street, New York, NY 10055</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">Registrant&rsquo;s telephone number,
including area code: (800) 882-0052, Option 4</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">Date of fiscal year end: 04/30/2013</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">Date of reporting period: 07/31/2012</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt">Item 1 &ndash; Schedule of Investments</P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Black 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<div style="font-family: 'Arial';font-size: 10pt;">
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="border-top: rgb(98,151,204) 5pt solid; font: 12pt Arial, Helvetica, Sans-Serif; tab-stops: center 3.0in right 6.0in; color: navy; width: 50%; text-align: left; vertical-align: bottom"><FONT STYLE="font-size: 14pt">Schedule
    of Investments</FONT> <FONT STYLE="font-size: 9pt; color: #000080">July 31, 2012 (Unaudited)&nbsp;</FONT></TD>
    <TD STYLE="border-top: rgb(98,151,204) 5pt solid; font: 12pt Arial, Helvetica, Sans-Serif; tab-stops: center 3.0in right 6.0in; color: navy; width: 50%; text-align: right">&nbsp;<FONT STYLE="font-size: 8pt"><B>BlackRock Municipal Income Trust (BFK)<BR>
    </B></FONT><B><FONT STYLE="font-size: 7pt; color: #000080">(Percentages shown are based on Net Assets)</FONT></B></TD></TR>
</TABLE><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">



<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" STYLE="width: 100%; font: 8pt Arial">



<TR vAlign=bottom>

   <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><B>Municipal Bonds</B>&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><B>Par</B><BR><B>(000)</B></TD>

   <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><B>Value</B></TD></TR>



<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#000080>Alabama &#8212; 1.1%</FONT></B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Alabama State Docks Department,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">Refunding RB, 6.00%, 10/01/40</TD>

   <TD STYLE="width: 3%; text-align: center">$</TD>
   <TD STYLE="width: 10%; text-align: right">&nbsp; 4,080 </TD>

   <TD STYLE="width: 3%; text-align: right">$</TD>
   <TD STYLE="width: 10%; text-align: right"> 4,729,740</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">County of Jefferson Alabama, RB, Series</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">A, 5.25%, 1/01/19</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">2,910</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">2,913,201</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">7,642,941</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#000080>Arizona &#8212; 3.0%</FONT></B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Salt Verde Financial Corp., RB:</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 14.27pt; text-align: left">5.00%, 12/01/32</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">10,030</TD>

   <TD COLSPAN="2" STYLE="text-align: right">10,434,008</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 14.27pt; text-align: left">5.00%, 12/01/37</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">9,460</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">9,819,953</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">20,253,961</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#000080>California &#8212; 18.5%</FONT></B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">Bay Area Toll Authority, Refunding RB,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.19pt; text-align: left">San Francisco Bay Area, Series F-1,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">5.63%, 4/01/44</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">4,445</TD>

   <TD COLSPAN="2" STYLE="text-align: right">5,145,087</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">California County Tobacco Securitization</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">Agency, RB, CAB, Stanislaus, Sub-</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">Series C, 11.01%, 6/01/55 (a)</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">17,855</TD>

   <TD COLSPAN="2" STYLE="text-align: right">181,407</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">California Health Facilities Financing</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">Authority, RB:</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 14.27pt; text-align: left">Stanford Hospital and Clinics,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 21pt; text-align: left">Series A, 5.00%, 8/15/51</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">2,305</TD>

   <TD COLSPAN="2" STYLE="text-align: right">2,527,986</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 14.27pt; text-align: left">Sutter Health, Series B,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 21pt; text-align: left">6.00%, 8/15/42</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">6,230</TD>

   <TD COLSPAN="2" STYLE="text-align: right">7,482,230</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">California State Public Works Board, RB,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.19pt; text-align: left">Various Capital Projects, Sub-Series 1,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">6.38%, 11/01/34</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">2,315</TD>

   <TD COLSPAN="2" STYLE="text-align: right">2,812,146</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">California Statewide Communities</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.19pt; text-align: left">Development Authority, RB, 5.00%,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">4/01/42</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">4,295</TD>

   <TD COLSPAN="2" STYLE="text-align: right">4,701,221</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">City of Los Angeles Department of</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">Airports, Refunding RB, Series A,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">5.25%, 5/15/39</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">1,560</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,757,730</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">Foothill Eastern Transportation Corridor</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.19pt; text-align: left">Agency California, Refunding RB, CAB</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">(a):</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 14.27pt; text-align: left">6.07%, 1/15/32</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">54,635</TD>

   <TD COLSPAN="2" STYLE="text-align: right">17,070,159</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 14.27pt; text-align: left">6.09%, 1/15/38</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">75,000</TD>

   <TD COLSPAN="2" STYLE="text-align: right">16,285,500</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Foothill-De Anza Community College</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">District, GO, Series C, 5.00%,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">8/01/40</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">7,000</TD>

   <TD COLSPAN="2" STYLE="text-align: right">8,097,110</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Los Angeles Regional Airports</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">Improvement Corp. California,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">Refunding RB, Facilities LAXFUEL</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.19pt; text-align: left">Corp., LA International, AMT (AMBAC),</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">5.50%, 1/01/32</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">13,320</TD>

   <TD COLSPAN="2" STYLE="text-align: right">13,331,322</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">Murrieta Community Facilities District</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">Special Tax California, Special Tax</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">Bonds, District No. 2, The Oaks</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.19pt; text-align: left">Improvement Area A, 6.00%, 9/01/34</TD>

   <TD STYLE="text-align: right">5,000</TD>

   <TD COLSPAN="2" STYLE="text-align: right">5,075,800</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">San Marcos Unified School District, GO,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.19pt; text-align: left">CAB, Election of 2010, Series B (a):</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 14.27pt; text-align: left">4.99%, 8/01/34</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">3,500</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,183,455</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 14.27pt; text-align: left">5.12%, 8/01/36</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">4,000</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,188,800</TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-indent: 14.27pt; text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: right">&nbsp;</TD>
   <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><B>Municipal Bonds</B>&nbsp;</TD>

   <TD STYLE="text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD>

   <TD STYLE="text-align: center; border-bottom: Black 1pt solid"><B>Par</B><BR><B>(000)</B></TD>

   <TD COLSPAN="2" STYLE="text-indent: 23.64pt; text-align: center; border-bottom: Black 1pt solid"><B>Value</B></TD></TR>



<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#000080>California (concluded)</FONT></B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">State of California, GO:</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 14.28pt; text-align: left">6.00%, 3/01/33</TD>

   <TD STYLE="text-align: right; width: 3%">$</TD>
   <TD STYLE="text-align: right; width: 10%"> 4,970</TD>

   <TD STYLE="width: 3%; text-align: right">$ </TD>
   <TD STYLE="width: 10%; text-align: right">6,122,245</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 14.28pt; text-align: left">6.50%, 4/01/33</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">20,410</TD>

   <TD COLSPAN="2" STYLE="text-align: right">25,493,315</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">State of California, GO, Refunding,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">5.00%, 10/01/41</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">5,935</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">6,476,806</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">124,932,319</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#000080>Colorado &#8212; 2.0%</FONT></B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">City of Colorado Springs Colorado, RB,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">Subordinate Lien, Improvement,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.2pt; text-align: left">Series C (AGM), 5.00%, 11/15/45</TD>

   <TD STYLE="text-align: right">2,115</TD>

   <TD COLSPAN="2" STYLE="text-align: right">2,224,747</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">Colorado Health Facilities Authority,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">Refunding RB:</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 14.28pt; text-align: left">Evangelical Lutheran Good</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 21pt; text-align: left">Samaritan Society Project,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 21pt; text-align: left">5.00%, 12/01/42</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">3,450</TD>

   <TD COLSPAN="2" STYLE="text-align: right">3,656,000</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 14.28pt; text-align: left">Catholic Health, Series A,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 21pt; text-align: left">5.50%, 7/01/34</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">4,205</TD>

   <TD COLSPAN="2" STYLE="text-align: right">4,806,315</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Park Creek Metropolitan District</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">Colorado, Refunding RB, Senior,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.2pt; text-align: left">Limited Tax, Property Tax, 5.50%,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">12/01/37</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">2,530</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">2,679,118</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">13,366,180</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#000080>Connecticut &#8212; 2.3%</FONT></B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">Connecticut State Health &amp; Educational</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">Facility Authority, RB, Ascension</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">Health Senior Credit, 5.00%,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">11/15/40</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">2,710</TD>

   <TD COLSPAN="2" STYLE="text-align: right">2,984,035</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">State of Connecticut, GO, Refunding:</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 14.64pt; text-align: left">Series C, 5.00%, 6/01/23</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">6,160</TD>

   <TD COLSPAN="2" STYLE="text-align: right">7,772,565</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 14.28pt; text-align: left">Series C, 5.00%, 6/01/24</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">3,925</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">4,906,878</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">15,663,478</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#000080>Delaware &#8212; 1.6%</FONT></B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">County of Sussex Delaware, RB, NRG</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.2pt; text-align: left">Energy, Inc., Indian River Project,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">6.00%, 10/01/40</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">2,225</TD>

   <TD COLSPAN="2" STYLE="text-align: right">2,526,554</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Delaware State EDA, RB, Exempt</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.2pt; text-align: left">Facilities, Indian River Power, 5.38%,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">10/01/45</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">7,950</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">8,605,716</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">11,132,270</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#000080>District of Columbia &#8212; 4.0%</FONT></B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">District of Columbia Tobacco Settlement</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.2pt; text-align: left">Financing Corp., Refunding RB, Asset-</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">Backed, 6.75%, 5/15/40</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">23,035</TD>

   <TD COLSPAN="2" STYLE="text-align: right">23,495,470</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Metropolitan Washington Airports</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.2pt; text-align: left">Authority, Refunding RB, First Senior</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">Lien, Series A:</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 14.28pt; text-align: left">5.00%, 10/01/39</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">990</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,087,307</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 14.28pt; text-align: left">5.25%, 10/01/44</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">2,465</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">2,729,642</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>

   <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>

   <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">27,312,419</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"></P></DIV>
<!-- Field: Page; Sequence: 1; Options: NewSection -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 6pt; padding-bottom: 3pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: left; width: 33%">BLACKROCK MUNICIPAL INCOME TRUST</TD><TD STYLE="text-align: center; width: 34%">JULY 31, 2012</TD><TD STYLE="text-align: right; width: 33%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<A name="page_2"></A><BR>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="border-top: rgb(98,151,204) 5pt solid; font: 12pt Arial, Helvetica, Sans-Serif; tab-stops: center 3.0in right 6.0in; color: navy; width: 50%; text-align: left; vertical-align: bottom"><FONT STYLE="font-size: 14pt">Schedule
    of Investments</FONT> <FONT STYLE="font-size: 9pt; color: #000080">(continued)&nbsp;</FONT></TD>
    <TD STYLE="border-top: rgb(98,151,204) 5pt solid; font: 12pt Arial, Helvetica, Sans-Serif; tab-stops: center 3.0in right 6.0in; color: navy; width: 50%; text-align: right">&nbsp;<FONT STYLE="font-size: 8pt"><B>BlackRock Municipal Income Trust (BFK)<BR>
    </B></FONT><B><FONT STYLE="font-size: 7pt; color: #000080">(Percentages shown are based on Net Assets)</FONT></B></TD></TR>
</TABLE><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">



<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" STYLE="width: 100%; font: 8pt Arial">



<TR vAlign=bottom>

   <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><B>Municipal Bonds</B>&nbsp;</TD>

   <TD STYLE="text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD>

   <TD STYLE="text-align: center; border-bottom: Black 1pt solid"><B>Par</B><BR><B>(000)</B></TD>

   <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><B>Value</B></TD></TR>



<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#000080>Florida &#8212; 5.6%</FONT></B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">Citizens Property Insurance Corp., RB,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">Senior Secured, Series A-1:</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 14.27pt; text-align: left">5.00%, 6/01/19</TD>

   <TD STYLE="text-align: right; width: 3%">$</TD>
   <TD STYLE="text-align: right; width: 10%"> 5,465</TD>

   <TD STYLE="width: 3%; text-align: right">$</TD>
   <TD STYLE="width: 10%; text-align: right"> 6,276,334</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 14.27pt; text-align: left">5.00%, 6/01/21</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">3,330</TD>

   <TD COLSPAN="2" STYLE="text-align: right">3,841,621</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">County of Miami-Dade Florida,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.19pt; text-align: left">Refunding RB, Miami International</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.19pt; text-align: left">Airport, Series A-1, 5.38%, 10/01/41</TD>

   <TD STYLE="text-align: right">2,280</TD>

   <TD COLSPAN="2" STYLE="text-align: right">2,589,943</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Highlands County Florida Health</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.19pt; text-align: left">Facilities Authority, RB, Series 2006-</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">G, 5.13%, 11/15/32 (b)</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">1,000</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,066,610</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">Miami Beach Health Facilities Authority,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.19pt; text-align: left">RB, Mount Sinai Medical Center of</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">Florida, 6.75%, 11/15/21</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">6,575</TD>

   <TD COLSPAN="2" STYLE="text-align: right">7,185,817</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">Mid-Bay Bridge Authority, RB, Series A,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">7.25%, 10/01/40</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">4,450</TD>

   <TD COLSPAN="2" STYLE="text-align: right">5,616,835</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Orange County Health Facilities</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">Authority, Refunding RB:</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 14.27pt; text-align: left">5.00%, 6/01/32</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">600</TD>

   <TD COLSPAN="2" STYLE="text-align: right">616,344</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 14.27pt; text-align: left">Mayflower Retirement Center,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 21pt; text-align: left">5.00%, 6/01/36</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">125</TD>

   <TD COLSPAN="2" STYLE="text-align: right">127,135</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 14.27pt; text-align: left">Mayflower Retirement Center,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 21pt; text-align: left">5.13%, 6/01/42</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">1,925</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,979,266</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Stevens Plantation Community</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">Development District, Special</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.19pt; text-align: left">Assessment Bonds, Series A, 7.10%,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">5/01/35</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">3,590</TD>

   <TD COLSPAN="2" STYLE="text-align: right">2,692,895</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">Village Community Development District</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.19pt; text-align: left">No. 6, Special Assessment Bonds,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">5.63%, 5/01/22</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">5,575</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">5,620,715</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">37,613,515</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#000080>Georgia &#8212; 1.7%</FONT></B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">DeKalb Private Hospital Authority,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.19pt; text-align: left">Refunding RB, Children's Healthcare,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">5.25%, 11/15/39</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">1,650</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,825,312</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Metropolitan Atlanta Rapid Transit</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.19pt; text-align: left">Authority, RB, Third Series, 5.00%,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">7/01/39</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">5,000</TD>

   <TD COLSPAN="2" STYLE="text-align: right">5,583,900</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Richmond County Development</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.19pt; text-align: left">Authority, Refunding RB, International</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.19pt; text-align: left">Paper Co. Project, Series A, AMT,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">6.00%, 2/01/25</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">4,000</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">4,053,320</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">11,462,532</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#000080>Hawaii &#8212; 0.5%</FONT></B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">State of Hawaii, RB, Series A, 5.25%,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 7.19pt; text-align: left">7/01/30</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">2,660</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">3,115,685</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#000080>Illinois &#8212; 11.0%</FONT></B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">Chicago Board of Education Illinois, GO,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">Series A, 5.50%, 12/01/39</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">4,110</TD>

   <TD COLSPAN="2" STYLE="text-align: right">4,791,520</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">Chicago Transit Authority, RB, Sales Tax</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.19pt; text-align: left">Receipts Revenue, 5.25%, 12/01/40</TD>

   <TD STYLE="text-align: right">2,055</TD>

   <TD COLSPAN="2" STYLE="text-align: right">2,344,406</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">City of Chicago Illinois, GO, Project,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">Series A:</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 14.27pt; text-align: left">5.00%, 1/01/33</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">4,435</TD>

   <TD COLSPAN="2" STYLE="text-align: right">5,002,591</TD></TR>                                                                <TR STYLE="vertical-align: bottom">
   <TD STYLE="text-indent: 14.27pt; text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: right">&nbsp;</TD>
   <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><B>Municipal Bonds</B>&nbsp;</TD>

   <TD STYLE="text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD>

   <TD STYLE="text-align: center; border-bottom: Black 1pt solid"><B>Par</B><BR><B>(000)</B></TD>

   <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><B>Value</B></TD></TR>



<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#000080>Illinois (concluded)</FONT></B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">City of Chicago Illinois, GO, Project,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">Series A (concluded):</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 14.28pt; text-align: left">5.00%, 1/01/34</TD>

   <TD STYLE="text-align: right">$</TD>
   <TD STYLE="text-align: right"> 4,430</TD>

   <TD STYLE="text-align: right">$</TD>
   <TD STYLE="text-align: right"> 4,959,031</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">City of Chicago Illinois, Refunding RB,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">Series A, 5.25%, 1/01/38</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">1,605</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,842,508</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">City of Chicago Illinois O'Hare</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.2pt; text-align: left">International Airport, RB, Third Lien,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">Series C, 6.50%, 1/01/41</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">11,385</TD>

   <TD COLSPAN="2" STYLE="text-align: right">13,977,137</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Illinois Finance Authority, RB:</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 14.28pt; text-align: left">Advocate Health Care, Series</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 21.48pt; text-align: left">C, 5.38%, 4/01/44</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">10,630</TD>

   <TD COLSPAN="2" STYLE="text-align: right">11,712,453</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 14.28pt; text-align: left">MJH Education Assistance IV</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 21.48pt; text-align: left">LLC, Sub-Series B, 5.38%,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 21.48pt; text-align: left">6/01/35 (c)(d)</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">1,675</TD>

   <TD COLSPAN="2" STYLE="text-align: right">167,450</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 14.28pt; text-align: left">Navistar International</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 21.48pt; text-align: left">Recovery Zone, 6.50%,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 21.48pt; text-align: left">10/15/40</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">1,780</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,840,306</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">Illinois Finance Authority, Refunding RB:</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 14.28pt; text-align: left">5.00%, 11/15/37</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">1,895</TD>

   <TD COLSPAN="2" STYLE="text-align: right">2,110,708</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 14.28pt; text-align: left">5.00%, 11/15/42</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">3,450</TD>

   <TD COLSPAN="2" STYLE="text-align: right">3,819,668</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 14.28pt; text-align: left">Central Dupage Health, Series</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 21.48pt; text-align: left">B, 5.50%, 11/01/39</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">3,160</TD>

   <TD COLSPAN="2" STYLE="text-align: right">3,557,117</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 14.28pt; text-align: left">Friendship Village</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 21.48pt; text-align: left">Schaumburg, Series A,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 21.48pt; text-align: left">5.63%, 2/15/37</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">470</TD>

   <TD COLSPAN="2" STYLE="text-align: right">471,969</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">Metropolitan Pier &amp; Exposition Authority,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">Refunding RB, McCormick Place</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">Expansion Project (AGM):</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 14.28pt; text-align: left">Series B, 5.00%, 6/15/50</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">3,905</TD>

   <TD COLSPAN="2" STYLE="text-align: right">4,223,843</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 14.28pt; text-align: left">Series B-2, 5.00%, 6/15/50</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">6,155</TD>

   <TD COLSPAN="2" STYLE="text-align: right">6,659,710</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Railsplitter Tobacco Settlement</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">Authority, RB:</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 14.28pt; text-align: left">5.50%, 6/01/23</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">2,625</TD>

   <TD COLSPAN="2" STYLE="text-align: right">3,063,165</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 14.28pt; text-align: left">6.00%, 6/01/28</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">2,245</TD>

   <TD COLSPAN="2" STYLE="text-align: right">2,612,529</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">State of Illinois, RB, Build Illinois, Series</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">B, 5.25%, 6/15/34</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">1,240</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">1,408,764</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">74,564,875</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#000080>Indiana &#8212; 1.3%</FONT></B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">City of Vincennes Indiana, Refunding</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.2pt; text-align: left">RB, Southwest Indiana Regional Youth</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">Village, 6.25%, 1/01/24</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">1,925</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,176,521</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Indiana Finance Authority, RB:</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 14.28pt; text-align: left">First Lien, CWA Authority,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 21.48pt; text-align: left">Series A, 5.25%, 10/01/38</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">3,080</TD>

   <TD COLSPAN="2" STYLE="text-align: right">3,564,792</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 14.28pt; text-align: left">Sisters of St. Francis Health,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 21.48pt; text-align: left">5.25%, 11/01/39</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">1,655</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,818,928</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">Indiana Municipal Power Agency, RB,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">Series B, 6.00%, 1/01/39</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">2,150</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">2,507,502</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">9,067,743</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>
<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 6pt; padding-bottom: 3pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: left; width: 33%">BLACKROCK MUNICIPAL INCOME TRUST</TD><TD STYLE="text-align: center; width: 34%">JULY 31, 2012</TD><TD STYLE="text-align: right; width: 33%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<A name="page_3"></A><BR>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="border-top: rgb(98,151,204) 5pt solid; font: 12pt Arial, Helvetica, Sans-Serif; tab-stops: center 3.0in right 6.0in; color: navy; width: 50%; text-align: left; vertical-align: bottom"><FONT STYLE="font-size: 14pt">Schedule
    of Investments</FONT> <FONT STYLE="font-size: 9pt; color: #000080">(continued)&nbsp;</FONT></TD>
    <TD STYLE="border-top: rgb(98,151,204) 5pt solid; font: 12pt Arial, Helvetica, Sans-Serif; tab-stops: center 3.0in right 6.0in; color: navy; width: 50%; text-align: right">&nbsp;<FONT STYLE="font-size: 8pt"><B>BlackRock Municipal Income Trust (BFK)<BR>
    </B></FONT><B><FONT STYLE="font-size: 7pt; color: #000080">(Percentages shown are based on Net Assets)</FONT></B></TD></TR>
</TABLE><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

</DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" STYLE="width: 100%; font: 8pt Arial">



<TR vAlign=bottom>

   <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><B>Municipal Bonds</B>&nbsp;</TD>

   <TD STYLE="text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD>

   <TD STYLE="text-align: center; border-bottom: Black 1pt solid"><B>Par</B><BR><B>(000)</B></TD>

   <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><B>Value</B></TD></TR>



<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#000080>Iowa &#8212; 0.6%</FONT></B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Iowa Student Loan Liquidity Corp.,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.19pt; text-align: left">Refunding RB, Senior Series A-1, AMT,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 7.19pt; text-align: left">5.15%, 12/01/22</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: center; width: 3%">$</TD>
   <TD STYLE="border-bottom: #000000 1px solid; text-align: right; width: 10%"> 3,830</TD>

   <TD STYLE="width: 3%; text-align: right; border-bottom: #000000 1px solid">$</TD>
   <TD STYLE="width: 10%; text-align: right; border-bottom: #000000 1px solid"> 4,321,427</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#000080>Kansas &#8212; 0.5%</FONT></B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">Kansas Development Finance Authority,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.19pt; text-align: left">Refunding RB, Sisters of Leavenworth,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 7.19pt; text-align: left">Series A, 5.00%, 1/01/40</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">3,275</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">3,573,254</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#000080>Kentucky &#8212; 0.3%</FONT></B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Kentucky Economic Development</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">Finance Authority, RB, Owensboro</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">Medical Health System, Series A,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 7.19pt; text-align: left">6.38%, 6/01/40</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">1,490</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">1,753,268</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#000080>Louisiana &#8212; 2.9%</FONT></B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Louisiana Local Government</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.19pt; text-align: left">Environmental Facilities &amp; Community</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.19pt; text-align: left">Development Authority, RB, Westlake</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.19pt; text-align: left">Chemical Corp., Series A-1, 6.50%,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">11/01/35</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">6,535</TD>

   <TD COLSPAN="2" STYLE="text-align: right">7,570,405</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Parish of Saint John the Baptist</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">Louisiana, RB, Marathon Oil Corp.,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">Series A, 5.13%, 6/01/37</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">4,340</TD>

   <TD COLSPAN="2" STYLE="text-align: right">4,609,210</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">State of Louisiana Gasoline &amp; Fuels Tax,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">RB, Second Lien, Series B, 5.00%,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">5/01/45</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">6,355</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">7,148,295</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">19,327,910</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#000080>Maine &#8212; 0.3%</FONT></B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Maine State Turnpike Authority, RB,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 7.19pt; text-align: left">5.00%, 7/01/42</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">1,715</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">1,972,353</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#000080>Maryland &#8212; 1.3%</FONT></B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Maryland EDC, RB, Transportation</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">Facilities Project, Series A, 5.75%,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">6/01/35</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">855</TD>

   <TD COLSPAN="2" STYLE="text-align: right">932,207</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Maryland EDC, Refunding RB, CNX</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">Marine Terminals, Inc., 5.75%,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">9/01/25</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">1,760</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,905,147</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">Maryland Health &amp; Higher Educational</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">Facilities Authority, Refunding RB,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">Charlestown Community, 6.25%,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">1/01/41</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">4,295</TD>

   <TD COLSPAN="2" STYLE="text-align: right">4,903,859</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Montgomery County Housing</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.19pt; text-align: left">Opportunities Commission, RB, Series</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">D, AMT, 5.50%, 1/01/38</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">825</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">868,725</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">8,609,938</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#000080>Massachusetts &#8212; 0.6%</FONT></B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">Massachusetts Health &amp; Educational</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">Facilities Authority, Refunding RB,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">Partners Healthcare, Series J1,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left; border-bottom: Black 1pt solid">5.00%, 7/01/39</TD>

   <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>

   <TD STYLE="text-align: right; border-bottom: Black 1pt solid">3,535</TD>

   <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">3,853,610</TD></TR>                                                                <TR STYLE="vertical-align: bottom">
   <TD STYLE="text-indent: 7.19pt; text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: right">&nbsp;</TD>
   <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><B>Municipal Bonds</B>&nbsp;</TD>

   <TD STYLE="text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD>

   <TD STYLE="text-align: center; border-bottom: Black 1pt solid"><B>Par</B><BR><B>(000)</B></TD>

   <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><B>Value</B></TD></TR>



<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#000080>Michigan &#8212; 2.5%</FONT></B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">City of Detroit Michigan Water Supply</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">System, RB, Series A, 5.25%,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">7/01/41</TD>

   <TD STYLE="text-align: center; width: 3%">$</TD>
   <TD STYLE="text-align: center; width: 10%"> 6,015</TD>

   <TD STYLE="width: 3%; text-align: right">$</TD>
   <TD STYLE="width: 10%; text-align: right"> 6,311,539</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">Kalamazoo Hospital Finance Authority,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">Refunding RB, Bronson Methodist</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">Hospital, 5.50%, 5/15/36</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">2,700</TD>

   <TD COLSPAN="2" STYLE="text-align: right">2,997,189</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">Lansing Board of Water &amp; Light Utilities,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">RB, Series A, 5.50%, 7/01/41</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">2,870</TD>

   <TD COLSPAN="2" STYLE="text-align: right">3,400,491</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Michigan State Hospital Finance</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.2pt; text-align: left">Authority, Refunding RB, Henry Ford</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">Health System, Series A, 5.25%,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">11/15/46</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">4,230</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">4,459,774</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">17,168,993</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#000080>Minnesota &#8212; 2.1%</FONT></B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Tobacco Securitization Authority</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.2pt; text-align: left">Minnesota, Refunding RB, Series B:</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 14.28pt; text-align: left">5.25%, 3/01/25</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">8,780</TD>

   <TD COLSPAN="2" STYLE="text-align: right">10,187,522</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 14.28pt; text-align: left">5.25%, 3/01/31</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">3,700</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">4,162,241</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">14,349,763</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#000080>Mississippi &#8212; 2.1%</FONT></B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">City of Gulfport Mississippi, RB,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.2pt; text-align: left">Memorial Hospital at Gulfport Project,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 7.2pt; text-align: left">Series A, 5.75%, 7/01/31</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">14,025</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">14,045,757</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#000080>Missouri &#8212; 0.3%</FONT></B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Missouri State Health &amp; Educational</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.2pt; text-align: left">Facilities Authority, RB, Senior Living</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">Facilities, Lutheran Senior Home,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 7.2pt; text-align: left">5.50%, 2/01/42</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">2,035</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">2,160,661</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#000080>Multi-State &#8212; 2.6%</FONT></B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">Centerline Equity Issuer Trust, 6.80%,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 7.2pt; text-align: left">10/31/52 (e)(f)</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">16,000</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">17,596,160</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#000080>Nebraska &#8212; 1.3%</FONT></B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">Central Plains Energy Project Nebraska,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">RB, Gas Project No. 3:</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 14.28pt; text-align: left">5.25%, 9/01/37</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">1,610</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,708,419</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 14.28pt; text-align: left">5.00%, 9/01/42</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">2,815</TD>

   <TD COLSPAN="2" STYLE="text-align: right">2,895,763</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">Douglas County Hospital Authority No. 2,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">RB, Health Facilities, Immanuel</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.2pt; text-align: left">Obligation Group, 5.63%, 1/01/40</TD>

   <TD STYLE="text-align: right">3,280</TD>

   <TD COLSPAN="2" STYLE="text-align: right">3,652,411</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">Lancaster County Hospital Authority No.</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.2pt; text-align: left">1, Refunding RB, Immanuel Obligation</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">Group, 5.63%, 1/01/40</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">600</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">668,124</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">8,924,717</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#000080>Nevada &#8212; 0.7%</FONT></B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">County of Clark Nevada, Refunding RB,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">Alexander Dawson School Nevada</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 7.2pt; text-align: left">Project, 5.00%, 5/15/29</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">4,550</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">4,776,772</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#000080>New Jersey &#8212; 7.1%</FONT></B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Middlesex County Improvement</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.2pt; text-align: left">Authority, RB, Heldrich Center Hotel,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">Series B, 6.25%, 1/01/37 (c)(d)</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">3,680</TD>

   <TD COLSPAN="2" STYLE="text-align: right">275,963</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>
<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 6pt; padding-bottom: 3pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: left; width: 33%">BLACKROCK MUNICIPAL INCOME TRUST</TD><TD STYLE="text-align: center; width: 34%">JULY 31, 2012</TD><TD STYLE="text-align: right; width: 33%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<A name="page_4"></A><BR>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="border-top: rgb(98,151,204) 5pt solid; font: 12pt Arial, Helvetica, Sans-Serif; tab-stops: center 3.0in right 6.0in; color: navy; width: 50%; text-align: left; vertical-align: bottom"><FONT STYLE="font-size: 14pt">Schedule
    of Investments</FONT> <FONT STYLE="font-size: 9pt; color: #000080">(continued)&nbsp;</FONT></TD>
    <TD STYLE="border-top: rgb(98,151,204) 5pt solid; font: 12pt Arial, Helvetica, Sans-Serif; tab-stops: center 3.0in right 6.0in; color: navy; width: 50%; text-align: right">&nbsp;<FONT STYLE="font-size: 8pt"><B>BlackRock Municipal Income Trust (BFK)<BR>
    </B></FONT><B><FONT STYLE="font-size: 7pt; color: #000080">(Percentages shown are based on Net Assets)</FONT></B></TD></TR>
</TABLE><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">



<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" STYLE="width: 100%; font: 8pt Arial">



<TR vAlign=bottom>

   <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><B>Municipal Bonds</B>&nbsp;</TD>

   <TD STYLE="text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD>

   <TD STYLE="text-align: center; border-bottom: Black 1pt solid"><B>Par</B><BR><B>(000)</B></TD>

   <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><B>Value</B></TD></TR>



<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#000080>New Jersey (concluded)</FONT></B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">New Jersey EDA, RB, AMT:</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 14.27pt; text-align: left">Continental Airlines, Inc.</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 21pt; text-align: left">Project, 6.25%, 9/15/29</TD>

   <TD STYLE="text-align: right; width: 3%">$</TD>
   <TD STYLE="text-align: right; width: 10%"> 3,000</TD>

   <TD STYLE="width: 3%; text-align: right">$</TD>
   <TD STYLE="width: 10%; text-align: right"> 3,011,970</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 14.27pt; text-align: left">Continental Airlines, Inc. Project,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 21pt; text-align: left">7.00%, 11/15/30 (b)</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">15,410</TD>

   <TD COLSPAN="2" STYLE="text-align: right">15,468,404</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">New Jersey EDA, Refunding Special</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.19pt; text-align: left">Assignment, Kapkowski Road Landfill</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">Project, 6.50%, 4/01/28</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">8,000</TD>

   <TD COLSPAN="2" STYLE="text-align: right">9,558,720</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">New Jersey EDA, Cigarette Tax,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">Refunding RB, 5.00%, 6/15/24</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">1,905</TD>

   <TD COLSPAN="2" STYLE="text-align: right">2,158,384</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">New Jersey Transportation Trust Fund</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">Authority, RB:</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 14.27pt; text-align: left">Transportation System, Series</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 21pt; text-align: left">A, 5.50%, 6/15/41</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">8,000</TD>

   <TD COLSPAN="2" STYLE="text-align: right">9,350,560</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 14.27pt; text-align: left">Series B, 5.25%, 6/15/36</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">4,810</TD>

   <TD COLSPAN="2" STYLE="text-align: right">5,542,130</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">Tobacco Settlement Financing Corp.</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.19pt; text-align: left">New Jersey, Refunding RB, Series 1A,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">4.50%, 6/01/23</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">3,080</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">2,929,912</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">48,296,043</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#000080>New York &#8212; 6.6%</FONT></B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">Albany Industrial Development Agency,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.19pt; text-align: left">RB, New Covenant Charter School</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.19pt; text-align: left">Project, Series A, 7.00%, 5/01/35</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">(c)(d)</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">1,820</TD>

   <TD COLSPAN="2" STYLE="text-align: right">409,482</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">Metropolitan Transportation Authority,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">RB, Series E, 5.00%, 11/15/42</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">1,055</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,185,830</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">Metropolitan Transportation Authority,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.19pt; text-align: left">Refunding RB, Transportation, Series</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">D, 5.25%, 11/15/40</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">2,375</TD>

   <TD COLSPAN="2" STYLE="text-align: right">2,684,439</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">New York City Industrial Development</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.19pt; text-align: left">Agency, RB, American Airlines, Inc., JFK</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.19pt; text-align: left">International Airport, AMT (b)(c)(d):</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 14.27pt; text-align: left">7.75%, 8/01/31</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">22,140</TD>

   <TD COLSPAN="2" STYLE="text-align: right">23,579,100</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 14.27pt; text-align: left">8.00%, 8/01/28</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">5,000</TD>

   <TD COLSPAN="2" STYLE="text-align: right">5,324,900</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">New York Liberty Development Corp.,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.19pt; text-align: left">Refunding RB, Second Priority, Bank</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.19pt; text-align: left">of America Tower at One Bryant Park</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">Project, 6.38%, 7/15/49</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">2,400</TD>

   <TD COLSPAN="2" STYLE="text-align: right">2,737,560</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">New York State Thruway Authority, RB,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">Series I, 5.00%, 1/01/42</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">3,465</TD>

   <TD COLSPAN="2" STYLE="text-align: right">3,905,471</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Port Authority of New York &amp; New</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">Jersey, RB, JFK International Air</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">Terminal:</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 14.27pt; text-align: left">6.00%, 12/01/36</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">2,525</TD>

   <TD COLSPAN="2" STYLE="text-align: right">2,869,182</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 14.27pt; text-align: left">6.00%, 12/01/42</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">1,960</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">2,219,759</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">44,915,723</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#000080>North Carolina &#8212; 3.8%</FONT></B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">Gaston County Industrial Facilities &amp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.19pt; text-align: left">Pollution Control Financing Authority</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.19pt; text-align: left">North Carolina, RB, Exempt Facilities,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.19pt; text-align: left">National Gypsum Co. Project, AMT,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">5.75%, 8/01/35</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">12,130</TD>

   <TD COLSPAN="2" STYLE="text-align: right">10,958,363</TD></TR>                                                                 <TR STYLE="vertical-align: bottom">
   <TD STYLE="text-indent: 7.19pt; text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: right">&nbsp;</TD>
   <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><B>Municipal Bonds</B>&nbsp;</TD>

   <TD STYLE="text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD>

   <TD STYLE="text-align: center; border-bottom: Black 1pt solid"><B>Par</B><BR><B>(000)</B></TD>

   <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><B>Value</B></TD></TR>



<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#000080>North Carolina (concluded)</FONT></B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">North Carolina Capital Facilities Finance</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.2pt; text-align: left">Agency, RB, Duke University Project,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">Series B, 5.00%, 10/01/38</TD>

   <TD STYLE="text-align: center; width: 3%">$</TD>
   <TD STYLE="text-align: right; width: 10%"> 10,000</TD>

   <TD STYLE="width: 3%; text-align: right">$</TD>
   <TD STYLE="width: 10%; text-align: right"> 11,630,500</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">North Carolina Medical Care</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">Commission, RB, Duke University</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">Health System, Series A, 5.00%,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">6/01/42</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">2,750</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">3,037,348</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">25,626,211</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#000080>Ohio &#8212; 2.9%</FONT></B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">County of Allen Ohio, Refunding RB,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.2pt; text-align: left">Catholic Healthcare, Series A, 5.25%,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">6/01/38</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">6,125</TD>

   <TD COLSPAN="2" STYLE="text-align: right">6,769,595</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">County of Hamilton Ohio, RB, Christ</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">Hospital Project, 5.00%, 6/01/42</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">3,580</TD>

   <TD COLSPAN="2" STYLE="text-align: right">3,743,928</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">County of Montgomery Ohio, Refunding</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">RB, Catholic Healthcare, Series A,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">5.00%, 5/01/39</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">5,450</TD>

   <TD COLSPAN="2" STYLE="text-align: right">5,866,108</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Pinnacle Community Infrastructure</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">Financing Authority, RB, Facilities,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">Series A, 6.25%, 12/01/36</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">3,760</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">3,498,379</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">19,878,010</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#000080>Oregon &#8212; 0.1%</FONT></B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">City of Tigard Washington County</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.2pt; text-align: left">Oregon, Refunding RB, Water System,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 7.2pt; text-align: left">5.00%, 8/01/37</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">495</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">574,413</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#000080>Pennsylvania &#8212; 0.9%</FONT></B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">Allegheny County Hospital Development</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">Authority, Refunding RB, Health</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.2pt; text-align: left">System, West Penn, Series A, 5.38%,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">11/15/40</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">2,255</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,841,433</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">Pennsylvania Economic Development</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">Financing Authority, RB, Aqua</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">Pennsylvania, Inc. Project, 5.00%,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">11/15/40</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">3,725</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">4,155,088</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">5,996,521</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#000080>Puerto Rico &#8212; 4.0%</FONT></B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">Puerto Rico Sales Tax Financing Corp.,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">RB:</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 14.27pt; text-align: left">CAB, Series A, 5.39%,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 21pt; text-align: left">8/01/33 (a)</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">11,400</TD>

   <TD COLSPAN="2" STYLE="text-align: right">3,729,510</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 14.27pt; text-align: left">CAB, Series A, 5.64%,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 21pt; text-align: left">8/01/36 (a)</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">40,000</TD>

   <TD COLSPAN="2" STYLE="text-align: right">10,532,800</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 14.27pt; text-align: left">First Sub-Series A, 6.50%,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 21pt; text-align: left">8/01/44</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">10,900</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">13,011,657</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">27,273,967</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#000080>South Carolina &#8212; 1.9%</FONT></B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">South Carolina Jobs-EDA, Refunding RB,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.2pt; text-align: left">Palmetto Health Alliance, Series A,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">6.25%, 8/01/31</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">5,075</TD>

   <TD COLSPAN="2" STYLE="text-align: right">5,485,872</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>
<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 6pt; padding-bottom: 3pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: left; width: 33%">BLACKROCK MUNICIPAL INCOME TRUST</TD><TD STYLE="text-align: center; width: 34%">JULY 31, 2012</TD><TD STYLE="text-align: right; width: 33%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<A name="page_5"></A><BR>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="border-top: rgb(98,151,204) 5pt solid; font: 12pt Arial, Helvetica, Sans-Serif; tab-stops: center 3.0in right 6.0in; color: navy; width: 50%; text-align: left; vertical-align: bottom"><FONT STYLE="font-size: 14pt">Schedule
    of Investments</FONT> <FONT STYLE="font-size: 9pt; color: #000080">(continued)&nbsp;</FONT></TD>
    <TD STYLE="border-top: rgb(98,151,204) 5pt solid; font: 12pt Arial, Helvetica, Sans-Serif; tab-stops: center 3.0in right 6.0in; color: navy; width: 50%; text-align: right">&nbsp;<FONT STYLE="font-size: 8pt"><B>BlackRock Municipal Income Trust (BFK)<BR>
    </B></FONT><B><FONT STYLE="font-size: 7pt; color: #000080">(Percentages shown are based on Net Assets)</FONT></B></TD></TR>
</TABLE><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">



<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" STYLE="width: 100%; font: 8pt Arial">



<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><B>&nbsp;Municipal Bonds</B></TD>

   <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><B>Par</B><BR><B>(000)</B></TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center"><B>Value</B></TD></TR>



<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#000080>South Carolina (concluded)</FONT></B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">South Carolina State Ports Authority, RB,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">5.25%, 7/01/40</TD>

   <TD STYLE="text-align: center; width: 3%">$</TD>
   <TD STYLE="text-align: right; width: 10%"> 6,455</TD>

   <TD STYLE="width: 3%; text-align: right; border-bottom: #000000 1px solid">$</TD>
   <TD STYLE="width: 10%; text-align: right; border-bottom: #000000 1px solid"> 7,263,231</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">12,749,103</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#000080>Tennessee &#8212; 0.6%</FONT></B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Knox County Health Educational &amp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.19pt; text-align: left">Housing Facilities Board Tennessee,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.19pt; text-align: left">Refunding RB, CAB, Series A (AGM),</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">5.54%, 1/01/20 (a)</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">5,055</TD>

   <TD COLSPAN="2" STYLE="text-align: right">3,370,068</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">Rutherford County Health &amp; Educational</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">Facilities Board, RB, 5.00%,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">11/15/47</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">415</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">467,489</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">3,837,557</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#000080>Texas &#8212; 14.2%</FONT></B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">Brazos River Authority, RB, TXU Electric,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">Series A, AMT, 8.25%, 10/01/30</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">4,370</TD>

   <TD COLSPAN="2" STYLE="text-align: right">492,455</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Central Texas Regional Mobility</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.19pt; text-align: left">Authority, Refunding RB, Senior Lien,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">6.25%, 1/01/46</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">4,210</TD>

   <TD COLSPAN="2" STYLE="text-align: right">4,881,116</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">City of Austin Texas, Refunding RB,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">Water &amp; Wastewater System</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">Revenue, 5.00%, 11/15/37</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">1,235</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,441,492</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">City of Dallas Texas, Refunding RB,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">Waterworks &amp; Sewer System</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">Revenue, 5.00%, 10/01/35</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">2,970</TD>

   <TD COLSPAN="2" STYLE="text-align: right">3,425,182</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">City of Houston Texas, Refunding RB:</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 14.27pt; text-align: left">Combined First Lien, Series A</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 16.31pt; text-align: left">(AGC), 6.00%, 11/15/35</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">16,425</TD>

   <TD COLSPAN="2" STYLE="text-align: right">20,027,824</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 14.27pt; text-align: left">Senior Lien, Series A, 5.50%,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 21.47pt; text-align: left">7/01/39</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">3,000</TD>

   <TD COLSPAN="2" STYLE="text-align: right">3,369,150</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">Harris County-Houston Sports Authority,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">Refunding RB (NPFGC) (a):</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 14.27pt; text-align: left">CAB, Junior Lien, Series H,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 21.47pt; text-align: left">5.95%, 11/15/35</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">5,000</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,275,750</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 14.27pt; text-align: left">CAB, Senior Lien, Series A,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 21.47pt; text-align: left">5.95%, 11/15/38</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">12,580</TD>

   <TD COLSPAN="2" STYLE="text-align: right">2,694,762</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 14.27pt; text-align: left">Third Lien, Series A-3, 5.94%,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 21.47pt; text-align: left">11/15/37</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">26,120</TD>

   <TD COLSPAN="2" STYLE="text-align: right">5,942,822</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Lower Colorado River Authority,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">Refunding RB:</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 14.27pt; text-align: left">(NPFGC), 5.00%, 5/15/13 (g)</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">55</TD>

   <TD COLSPAN="2" STYLE="text-align: right">57,077</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 14.27pt; text-align: left">LCRA Transmission Services</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 21.47pt; text-align: left">Project (AMBAC), 4.75%,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 21.47pt; text-align: left">5/15/34</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">140</TD>

   <TD COLSPAN="2" STYLE="text-align: right">140,340</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 14.27pt; text-align: left">Series A (NPFGC), 5.00%,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 21.47pt; text-align: left">5/15/13 (g)</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">5</TD>

   <TD COLSPAN="2" STYLE="text-align: right">5,189</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">North Texas Tollway Authority,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">Refunding RB, Toll, Second Tier,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">Series F, 6.13%, 1/01/31</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">12,180</TD>

   <TD COLSPAN="2" STYLE="text-align: right">13,469,497</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">San Antonio Energy Acquisition Public</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.19pt; text-align: left">Facility Corp., RB, Gas Supply, 5.50%,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">8/01/25</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">6,540</TD>

   <TD COLSPAN="2" STYLE="text-align: right">7,309,104</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Tarrant County Cultural Education</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.19pt; text-align: left">Facilities Finance Corp., RB, Scott &amp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.19pt; text-align: left">White Healthcare, 6.00%, 8/15/45</TD>

   <TD STYLE="text-align: right">7,930</TD>

   <TD COLSPAN="2" STYLE="text-align: right">9,369,454</TD></TR>                                                                <TR STYLE="vertical-align: bottom">
   <TD COLSPAN="2" STYLE="text-indent: 7.19pt; text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: right">&nbsp;</TD>
   <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right; text-align: center"><B>Par</B></TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><B>Municipal Bonds</B>&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1pt solid; text-align: right; text-align: center"><B>(000)</B></TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center"><B>Value</B></TD></TR>



<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#000080>Texas (concluded)</FONT></B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Texas Private Activity Bond Surface</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.2pt; text-align: left">Transportation Corp., RB, Senior Lien:</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 16.13pt; text-align: left">Infrastructure, 7.00%, 6/30/40</TD>

   <TD STYLE="text-align: center; width: 3%">$</TD>
   <TD STYLE="text-align: right; width: 10%"> 6,000</TD>

   <TD STYLE="width: 3%; text-align: right">$</TD>
   <TD STYLE="width: 10%; text-align: right"> 7,324,800</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 16.08pt; text-align: left">NTE Mobility Partners LLC, North</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 16.07pt; text-align: left">Tarrant Express Managed Lanes</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 16.07pt; text-align: left">Project, 6.88%, 12/31/39</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-indent: 3.24pt; text-align: right">6,500</TD>

   <TD COLSPAN="2" STYLE="text-align: right">7,804,290</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">University of Texas System, Refunding</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">RB, Financing System, Series B,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">5.00%, 8/15/43</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-indent: 3.24pt; text-align: right">6,000</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">7,050,540</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">96,080,844</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#000080>Virginia &#8212; 1.8%</FONT></B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">City of Norfolk Virginia, Refunding RB,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">Series B (AMBAC), 5.50%, 2/01/31</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-indent: 3.24pt; text-align: right">2,240</TD>

   <TD COLSPAN="2" STYLE="text-align: right">2,242,442</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">Virginia Small Business Financing Authority,</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.2pt; text-align: left">RB, Senior Lien, Elizabeth River Crossings</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">OPCP LLC Project, AMT:</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 14.28pt; text-align: left">5.25%, 1/01/32</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-indent: 3.24pt; text-align: right">3,155</TD>

   <TD COLSPAN="2" STYLE="text-align: right">3,413,331</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 14.28pt; text-align: left">6.00%, 1/01/37</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-indent: 3.24pt; text-align: right">3,580</TD>

   <TD COLSPAN="2" STYLE="text-align: right">4,088,754</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 14.28pt; text-align: left">5.50%, 1/01/42</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-indent: 3.24pt; text-align: right">2,255</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">2,484,920</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">12,229,447</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#000080>Washington &#8212; 1.1%</FONT></B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Washington Health Care Facilities</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.2pt; text-align: left">Authority, RB, Swedish Health Services,</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">Series A, 6.75%, 5/15/21 (g)</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-indent: 3.24pt; text-align: right">3,900</TD>

   <TD COLSPAN="2" STYLE="text-align: right">5,439,564</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Washington Health Care Facilities</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.2pt; text-align: left">Authority, Refunding RB, Providence</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">Health &amp; Services, Series A, 5.00%,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">10/01/42</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-indent: 3.24pt; text-align: right">1,980</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">2,208,809</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">7,648,373</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#000080>Wisconsin &#8212; 2.1%</FONT></B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Wisconsin Health &amp; Educational</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">Facilities Authority, RB:</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 14.28pt; text-align: left">Ascension Health Senior Care</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 21pt; text-align: left">Group, 5.00%, 11/15/30</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-indent: 3.24pt; text-align: right">3,210</TD>

   <TD COLSPAN="2" STYLE="text-align: right">3,591,701</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 14.28pt; text-align: left">Ascension Health Senior Care</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 21pt; text-align: left">Group, 5.00%, 11/15/33</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-indent: 3.24pt; text-align: right">1,640</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,818,120</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 14.28pt; text-align: left">Aurora Health, Senior Credit</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 21pt; text-align: left">Group, 6.40%, 4/15/33</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-indent: 3.24pt; text-align: right">7,500</TD>

   <TD COLSPAN="2" STYLE="text-align: right">7,652,400</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Wisconsin Health &amp; Educational</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">Facilities Authority, Refunding RB,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">Froedtert &amp; Community Health, Inc.,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">5.38%, 10/01/30</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-indent: 3.24pt; text-align: right">1,205</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">1,209,266</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">14,271,487</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><B>Total Municipal Bonds &#8211; 117.8%</B></TD>

   <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2pt solid; text-align: right">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 2pt solid; text-align: right">797,940,200</TD></TR><TR>
	<TD COLSPAN="5" STYLE="border-bottom: #6297CC 6pt solid">
&nbsp;</TD>
</TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>
<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 6pt; padding-bottom: 3pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: left; width: 33%">BLACKROCK MUNICIPAL INCOME TRUST</TD><TD STYLE="text-align: center; width: 34%">JULY 31, 2012</TD><TD STYLE="text-align: right; width: 33%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<A name="page_6"></A><BR>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="border-top: rgb(98,151,204) 5pt solid; font: 12pt Arial, Helvetica, Sans-Serif; tab-stops: center 3.0in right 6.0in; color: navy; width: 50%; text-align: left; vertical-align: bottom"><FONT STYLE="font-size: 14pt">Schedule
    of Investments</FONT> <FONT STYLE="font-size: 9pt; color: #000080">(continued)&nbsp;</FONT></TD>
    <TD STYLE="border-top: rgb(98,151,204) 5pt solid; font: 12pt Arial, Helvetica, Sans-Serif; tab-stops: center 3.0in right 6.0in; color: navy; width: 50%; text-align: right">&nbsp;<FONT STYLE="font-size: 8pt"><B>BlackRock Municipal Income Trust (BFK)<BR>
    </B></FONT><B><FONT STYLE="font-size: 7pt; color: #000080">(Percentages shown are based on Net Assets)</FONT></B></TD></TR>
</TABLE><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">



<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" STYLE="width: 100%; font: 8pt Arial">



<TR vAlign=bottom>

   <TD STYLE="text-align: center">&nbsp;</TD>

   <TD STYLE="text-align: center">&nbsp;</TD>

   <TD STYLE="text-align: center"><B>Par</B><BR><B>(000)</B></TD>

   <TD COLSPAN="2" STYLE="text-align: center"><B>Value</B></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B>Municipal Bonds Transferred to</B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>


<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left"><B>Tender Option Bond (TOB) Trusts (h)</B></TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#000080>Alabama &#8212; 0.7%</FONT></B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Alabama Special Care Facilities</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">Financing Authority-Birmingham,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">Refunding RB, Ascension Health</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">Senior Credit Group, Series C-2,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 7.19pt; text-align: left">5.00%, 11/15/36</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: center; width: 3%">$</TD>
   <TD STYLE="border-bottom: #000000 1px solid; text-align: right; width: 10%"> 4,548</TD>

   <TD STYLE="width: 3%; text-align: right; border-bottom: #000000 1px solid">$</TD>
   <TD STYLE="width: 10%; text-align: right; border-bottom: #000000 1px solid"> 4,819,385</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#000080>Arizona &#8212; 0.8%</FONT></B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Salt River Project Agricultural</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.19pt; text-align: left">Improvement &amp; Power District, RB,</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 7.19pt; text-align: left">Series A, 5.00%, 1/01/38</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 4.68pt; text-align: right">4,760</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">5,289,986</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#000080>California &#8212; 9.5%</FONT></B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">California Educational Facilities</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.19pt; text-align: left">Authority, RB, University of Southern</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.19pt; text-align: left">California, Series B, 5.25%, 10/01/39</TD>

   <TD STYLE="text-indent: 4.67pt; text-align: right">5,115</TD>

   <TD COLSPAN="2" STYLE="text-align: right">5,987,363</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">City of Los Angeles California</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.19pt; text-align: left">Department of Airports, Refunding RB,</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">Senior, Los Angeles International</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">Airport, Series A, 5.00%, 5/15/40</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">11,679</TD>

   <TD COLSPAN="2" STYLE="text-align: right">13,108,791</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">Los Angeles Community College District</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">California, GO, Election of 2001,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">Series A (AGM), 5.00%, 8/01/32</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-indent: 4.68pt; text-align: right">4,500</TD>

   <TD COLSPAN="2" STYLE="text-align: right">5,073,030</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">San Diego Community College District</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">California, GO, Election of 2002,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">5.25%, 8/01/33</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-indent: 4.68pt; text-align: right">3,260</TD>

   <TD COLSPAN="2" STYLE="text-align: right">3,823,898</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">San Francisco City &amp; County Public</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.19pt; text-align: left">Utilities Commission, RB, Series B,</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">5.00%, 11/01/39</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">18,540</TD>

   <TD COLSPAN="2" STYLE="text-align: right">20,849,157</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">University of California, RB:</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 14.27pt; text-align: left">Limited Project, Series B,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 21pt; text-align: left">4.75%, 5/15/38</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-indent: 4.67pt; text-align: right">9,838</TD>

   <TD COLSPAN="2" STYLE="text-align: right">10,286,185</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 14.27pt; text-align: left">Series C (NPFGC), 4.75%,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 21pt; text-align: left">5/15/37</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-indent: 4.67pt; text-align: right">5,000</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">5,197,750</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">64,326,174</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#000080>Colorado &#8212; 2.0%</FONT></B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">Colorado Health Facilities Authority, RB,</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">Catholic Health:</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 14.27pt; text-align: left">Series C-3 (AGM), 5.10%,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 21pt; text-align: left">10/01/41</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-indent: 4.67pt; text-align: right">7,600</TD>

   <TD COLSPAN="2" STYLE="text-align: right">8,117,256</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 14.27pt; text-align: left">Series C-7, 5.00%, 9/01/36</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-indent: 4.67pt; text-align: right">4,860</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">5,197,284</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">13,314,540</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#000080>Connecticut &#8212; 3.2%</FONT></B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">Connecticut State Health &amp; Educational</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.19pt; text-align: left">Facility Authority, RB, Yale University:</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 14.27pt; text-align: left">Series T-1, 4.70%, 7/01/29</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-indent: 4.67pt; text-align: right">9,400</TD>

   <TD COLSPAN="2" STYLE="text-align: right">10,729,348</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 14.27pt; text-align: left">Series X-3, 4.85%, 7/01/37</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-indent: 4.67pt; text-align: right">9,360</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">10,709,712</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">21,439,060</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#000080>Florida &#8212; 1.1%</FONT></B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">County of Miami-Dade Florida, RB,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">Water &amp; Sewer System, 5.00%,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left; border-bottom: Black 1pt solid">10/01/34</TD>

   <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>

   <TD STYLE="text-indent: 4.68pt; text-align: right; border-bottom: Black 1pt solid">6,629</TD>

   <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">7,460,083</TD></TR>                                                                <TR STYLE="vertical-align: bottom">
   <TD STYLE="text-indent: 7.19pt; text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-indent: 4.68pt; text-align: right">&nbsp;</TD>
   <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: center">&nbsp;</TD>

   <TD STYLE="text-align: center">&nbsp;</TD>

   <TD STYLE="text-align: center"><B>Par</B><BR><B>(000)</B></TD>

   <TD COLSPAN="2" STYLE="text-align: center"><B>Value</B></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B>Municipal Bonds Transferred to</B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>


<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left"><B>Tender Option Bond (TOB) Trusts (h)</B></TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#000080>Illinois &#8212; 0.9%</FONT></B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">City of Chicago Illinois, Refunding RB,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 7.2pt; text-align: left">5.00%, 11/01/42</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: center; width: 3%">$</TD>
   <TD STYLE="border-bottom: #000000 1px solid; text-align: right; width: 10%"> 5,617</TD>

   <TD STYLE="width: 3%; text-align: right; border-bottom: #000000 1px solid">$</TD>
   <TD STYLE="width: 10%; text-align: right; border-bottom: #000000 1px solid"> 6,394,907</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#000080>Maryland &#8212; 1.3%</FONT></B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">Maryland Health &amp; Higher Educational</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">Facilities Authority, Refunding RB,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 7.2pt; text-align: left">5.00%, 11/15/51</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">8,139</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">9,044,757</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#000080>Massachusetts &#8212; 2.6%</FONT></B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">Massachusetts School Building Authority,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.2pt; text-align: left">RB, Senior Series B, 5.00%, 10/15/41</TD>

   <TD STYLE="text-align: right">8,860</TD>

   <TD COLSPAN="2" STYLE="text-align: right">10,237,198</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Massachusetts Water Resources</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">Authority, Refunding RB, General,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">Series A, 5.00%, 8/01/41</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">6,770</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">7,616,453</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">17,853,651</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#000080>Michigan &#8212; 0.9%</FONT></B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">Detroit Water and Sewerage Department,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.2pt; text-align: left">Refunding RB, Senior Lien, Series A:</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 14.28pt; text-align: left">5.00%, 7/01/32</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">3,063</TD>

   <TD COLSPAN="2" STYLE="text-align: right">3,221,346</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 14.28pt; text-align: left">5.25%, 7/01/39</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">2,649</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">2,793,267</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">6,014,613</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#000080>New Hampshire &#8212; 0.7%</FONT></B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">New Hampshire Health &amp; Education</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">Facilities Authority, RB, Dartmouth</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 7.2pt; text-align: left">College, 5.25%, 6/01/39</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">3,988</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">4,759,312</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#000080>New York &#8212; 13.2%</FONT></B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">Hudson New York Yards Infrastructure</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">Corp., Senior RB, Senior Series A,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">5.75%, 2/15/47</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">3,130</TD>

   <TD COLSPAN="2" STYLE="text-align: right">3,668,268</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">New York City Municipal Water Finance</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">Authority, Refunding RB:</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 14.28pt; text-align: left">Series FF-2, 5.50%, 6/15/40</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">3,074</TD>

   <TD COLSPAN="2" STYLE="text-align: right">3,621,343</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 14.28pt; text-align: left">Water &amp; Sewer System, Second</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 21pt; text-align: left">General Resolution, Series HH,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 21pt; text-align: left">5.00%, 6/15/31</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">16,393</TD>

   <TD COLSPAN="2" STYLE="text-align: right">19,278,744</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">New York City Transitional Finance</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">Authority, Future Tax Secured</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.2pt; text-align: left">Revenue, Sub-Series E-1, RB, 5.00%,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">2/01/42</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">4,799</TD>

   <TD COLSPAN="2" STYLE="text-align: right">5,540,152</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">New York Liberty Development Corp.,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">RB, 1 World Trade Center Port</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">Authority Construction, 5.25%,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">12/15/43</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">20,865</TD>

   <TD COLSPAN="2" STYLE="text-align: right">24,066,734</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">New York Liberty Development Corp.,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.2pt; text-align: left">Refunding RB, 4 World Trade Center</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">Project, 5.75%, 11/15/51</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">12,610</TD>

   <TD COLSPAN="2" STYLE="text-align: right">14,919,521</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">New York State Dormitory Authority,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.2pt; text-align: left">ERB, Series F, 5.00%, 3/15/35</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">16,708</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">18,178,369</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>

   <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>

   <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">89,273,131</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>
<!-- Field: Page; Sequence: 6 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 6pt; padding-bottom: 3pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: left; width: 33%">BLACKROCK MUNICIPAL INCOME TRUST</TD><TD STYLE="text-align: center; width: 34%">JULY 31, 2012</TD><TD STYLE="text-align: right; width: 33%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<A name="page_7"></A><BR>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="border-top: rgb(98,151,204) 5pt solid; font: 12pt Arial, Helvetica, Sans-Serif; tab-stops: center 3.0in right 6.0in; color: navy; width: 50%; text-align: left; vertical-align: bottom"><FONT STYLE="font-size: 14pt">Schedule
    of Investments</FONT> <FONT STYLE="font-size: 9pt; color: #000080">(continued)&nbsp;</FONT></TD>
    <TD STYLE="border-top: rgb(98,151,204) 5pt solid; font: 12pt Arial, Helvetica, Sans-Serif; tab-stops: center 3.0in right 6.0in; color: navy; width: 50%; text-align: right">&nbsp;<FONT STYLE="font-size: 8pt"><B>BlackRock Municipal Income Trust (BFK)<BR>
    </B></FONT><B><FONT STYLE="font-size: 7pt; color: #000080">(Percentages shown are based on Net Assets)</FONT></B></TD></TR>
</TABLE><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">



<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" STYLE="width: 100%; font: 8pt Arial">



<TR vAlign=bottom>

   <TD STYLE="text-align: center">&nbsp;</TD>

   <TD STYLE="text-align: center">&nbsp;</TD>

   <TD STYLE="text-align: center"><B>Par</B><BR><B>(000)</B></TD>

   <TD COLSPAN="2" STYLE="text-align: center"><B>Value</B></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B>Municipal Bonds Transferred to</B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>


<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left"><B>Tender Option Bond (TOB) Trusts (h)</B></TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#000080>Texas &#8212; 1.1%</FONT></B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Harris County Texas Metropolitan</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">Transit Authority, Refunding RB,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 7.19pt; text-align: left">Series A, 5.00%, 11/01/41</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right; width: 3%">$</TD>
   <TD STYLE="border-bottom: #000000 1px solid; text-align: right; width: 10%"> 6,650</TD>

   <TD STYLE="width: 3%; text-align: right; border-bottom: #000000 1px solid">$</TD>
   <TD STYLE="width: 10%; text-align: right; border-bottom: #000000 1px solid"> 7,612,986</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#000080>Utah &#8212; 1.2%</FONT></B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">City of Riverton Utah, RB, IHC Health</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 7.19pt; text-align: left">Services Inc., 5.00%, 8/15/41</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">7,153</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">7,817,434</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#000080>Virginia &#8212; 1.8%</FONT></B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">University of Virginia, Refunding RB,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 7.19pt; text-align: left">General, 5.00%, 6/01/40</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">10,767</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">12,386,412</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#000080>Washington &#8212; 3.4%</FONT></B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">Central Puget Sound Regional Transit</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.19pt; text-align: left">Authority, RB, Series A (AGM), 5.00%,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">11/01/32</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">5,459</TD>

   <TD COLSPAN="2" STYLE="text-align: right">6,224,447</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">State of Washington, GO, Various</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.19pt; text-align: left">Purpose, Series E, 5.00%, 2/01/34</TD>

   <TD STYLE="text-align: right">14,487</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">16,704,362</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">22,928,809</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left"><B>Total Municipal Bonds Transferred to</B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="3" STYLE="border-bottom: #000000 1px solid; text-align: left"><B>Tender Option Bond (TOB) Trusts &#8211; 44.4%</B></TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">300,735,240</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B>Total Long-Term Investments</B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="border-bottom: Black 2pt solid; text-align: left"><B>(Cost &#8211; $1,013,946,237) &#8211; 162.2%</B></TD>

   <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 2pt solid; text-align: right">1,098,675,440</TD></TR>


<TR>
	<TD COLSPAN="5" STYLE="border-bottom: #6297CC 6pt solid">
&nbsp;</TD>
</TR>

<TR>

   <TD COLSPAN="5">&nbsp;</TD></TR>


<TR vAlign=bottom>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right"><B>Shares&nbsp;&nbsp;</B></TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>


<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><B>Short-Term Securities</B></TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">FFI Institutional Tax-Exempt Fund, 0.01%,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>


<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 7.19pt; text-align: left">8/01/12 (i)(j)</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">4,373,429</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">4,373,429</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left"><B>Total Short-Term Securities</B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>


<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 0pt; text-align: left"><B>(Cost &#8211; $4,373,429) &#8211; 0.7%</B></TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">4,373,429</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="3" STYLE="text-indent: 0pt; text-align: left"><B>Total Investments (Cost - $1,018,319,666*) &#8211; 162.9%</B></TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,103,048,869</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B>Other Assets Less Liabilities &#8211; 1.1%</B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: right">7,421,667</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="3" STYLE="text-align: left"><B>Liability for TOB Trust Certificates, Including Interest</B></TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-indent: 7.19pt; text-align: left"><B>Expense and Fees Payable &#8211; (24.0)%</B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: right">(162,304,970)</TD></TR>


<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left"><B>VMTP Shares, at Liquidation Value &#8211; (40.0)%</B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">(270,800,000)</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="3" STYLE="text-align: left"><B>Net Assets Applicable to Common Shares &#8211; 100.0% </B></TD>

   <TD STYLE="text-align: right; border-bottom: Black 2pt solid">$</TD>
   <TD STYLE="text-align: right; border-bottom: Black 2pt solid"> 677,365,566</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 15pt; text-align: right; border-top: Black 1pt solid">*</TD><TD STYLE="width: 5pt; border-top: Black 1pt solid">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid">At July 31, 2012, gross unrealized appreciation and gross unrealized depreciation as computed for federal income tax purposes, were as follows:</TD>
</TR></TABLE>

<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" STYLE="width: 100%; font: 8pt Arial">



<TR vAlign=bottom>

   <TD COLSPAN="4" STYLE="text-align: left"></TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Tax cost</TD>

   <TD STYLE="width: 3%; text-align: left">&nbsp;</TD>
   <TD STYLE="width: 10%; text-align: left">&nbsp;</TD>
   <TD STYLE="width: 3%; text-align: right; border-bottom: Black 2pt solid">&nbsp;&nbsp;$</TD>
   <TD STYLE="width: 10%; text-align: right; border-bottom: Black 2pt solid"> 856,181,407&nbsp;</TD></TR>


<TR vAlign=bottom>

   <TD COLSPAN="3" STYLE="text-align: left">Gross unrealized appreciation</TD>

   <TD STYLE="text-align: right">$</TD>
   <TD STYLE="text-align: right"> 98,965,063&nbsp;</TD></TR>


<TR vAlign=bottom>

   <TD COLSPAN="3" STYLE="text-align: left">Gross unrealized depreciation</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(14,317,517)</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="3" STYLE="text-align: left">Net unrealized appreciation</TD>

   <TD STYLE="text-align: right; border-bottom: Black 2pt solid">$</TD>
   <TD STYLE="text-align: right; border-bottom: Black 2pt solid"> 84,647,546&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 15pt; text-align: right">(a)</TD><TD STYLE="width: 5pt"></TD><TD>Represents a zero-coupon bond. Rate shown reflects the current yield as of report
date.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 15pt; text-align: right">(b)</TD><TD STYLE="width: 5pt"></TD><TD>Variable rate security. Rate shown is as of report date.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 15pt; text-align: right">(c)</TD><TD STYLE="width: 5pt"></TD><TD>Issuer filed for bankruptcy and/or is in default of principal and/or interest payments.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 15pt; text-align: right">(d)</TD><TD STYLE="width: 5pt"></TD><TD>Non-income producing security.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 15pt; text-align: right">(e)</TD><TD STYLE="width: 5pt"></TD><TD>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.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 15pt; text-align: right">(f)</TD><TD STYLE="width: 5pt"></TD><TD>Security exempt from registration pursuant to Rule 144A under the Securities Act of
1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 15pt; text-align: right">(g)</TD><TD STYLE="width: 5pt"></TD><TD>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.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 15pt; text-align: right">(h)</TD><TD STYLE="width: 5pt"></TD><TD>Securities represent bonds transferred to a TOB in exchange for which the Trust acquired
residual interest certificates. These securities serve as collateral in a financing transaction.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 15pt; text-align: right">(i)</TD><TD STYLE="width: 5pt"></TD><TD>Investments in companies considered to be an affiliate of the Trust during the period,
for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:</TD>
</TR></TABLE>

<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" STYLE="width: 100%; font: 8pt Arial">



<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left; border-top: Black 1pt solid"><B>Affiliate</B></TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1pt solid"><B>Shares</B><BR><B>Held at</B><BR><B>April 30, 2012</B></TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1pt solid"><B>Net</B><BR><B>Activity</B></TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1pt solid"><B>Shares</B><BR><B>Held at</B><BR><B>July 31, 2012</B></TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1pt solid"><B>Income</B></TD></TR>


<TR vAlign=bottom>

   <TD STYLE="text-align: left">FFI Institutional</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left">Tax-Exempt</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.19pt; text-align: left; border-bottom: Black 1pt solid">Fund</TD>

   <TD STYLE="text-align: center; border-bottom: Black 1pt solid">12,181,066</TD>

   <TD STYLE="text-align: center; border-bottom: Black 1pt solid">(7,807,637)</TD>

   <TD STYLE="text-align: center; border-bottom: Black 1pt solid">4,373,429 </TD>

   <TD STYLE="text-align: center; border-bottom: Black 1pt solid">$918</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 15pt; text-align: right">(j)</TD><TD STYLE="width: 5pt"></TD><TD>Represents the current yield as of report date.</TD>
</TR></TABLE>

<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" STYLE="width: 100%; font: 8pt Arial">



<TR STYLE="vertical-align: bottom">
   <TD COLSPAN="2" STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: #BFD5EB; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid"><B>Portfolio Abbreviations</B>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD COLSPAN="2" STYLE="text-align: left">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 following list:&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD width="18%" align=left>AGC</TD>

   <TD width="81%" align=left>Assured Guaranty Corp.</TD></TR>

<TR vAlign=bottom>

   <TD width="18%" align=left>AGM</TD>

   <TD width="81%" align=left>Assured Guaranty Municipal Corp.</TD></TR>

<TR vAlign=bottom>

   <TD width="18%" align=left>AMBAC</TD>

   <TD width="81%" align=left>American Municipal Bond Assurance Corp.</TD></TR>

<TR vAlign=bottom>

   <TD width="18%" align=left>AMT</TD>

   <TD width="81%" align=left>Alternative Minimum Tax (subject to)</TD></TR>

<TR vAlign=bottom>

   <TD width="18%" align=left>CAB</TD>

   <TD width="81%" align=left>Capital Appreciation Bonds</TD></TR>

<TR vAlign=bottom>

   <TD width="18%" align=left>EDA</TD>

   <TD width="81%" align=left>Economic Development Authority</TD></TR>

<TR vAlign=bottom>

   <TD width="18%" align=left>EDC</TD>

   <TD width="81%" align=left>Economic Development Corp.</TD></TR>

<TR vAlign=bottom>

   <TD width="18%" align=left>ERB</TD>

   <TD width="81%" align=left>Education Revenue Bonds</TD></TR>

<TR vAlign=bottom>

   <TD width="18%" align=left>GO</TD>

   <TD width="81%" align=left>General Obligation Bonds</TD></TR>

<TR vAlign=bottom>

   <TD width="18%" align=left>NPFGC</TD>

   <TD width="81%" align=left>National Public Finance Guarantee Corp.</TD></TR>

<TR vAlign=bottom>

   <TD width="18%" align=left>RB</TD>

   <TD width="81%" align=left>Revenue Bonds</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>
<!-- Field: Page; Sequence: 7 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 6pt; padding-bottom: 3pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: left; width: 33%">BLACKROCK MUNICIPAL INCOME TRUST</TD><TD STYLE="text-align: center; width: 34%">JULY 31, 2012</TD><TD STYLE="text-align: right; width: 33%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<A name="page_8"></A><BR>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="border-top: rgb(98,151,204) 5pt solid; font: 12pt Arial, Helvetica, Sans-Serif; tab-stops: center 3.0in right 6.0in; color: navy; width: 50%; text-align: left; vertical-align: bottom"><FONT STYLE="font-size: 14pt">Schedule
    of Investments</FONT> <FONT STYLE="font-size: 9pt; color: #000080">July 31, 2012 (concluded)&nbsp;</FONT></TD>
    <TD STYLE="border-top: rgb(98,151,204) 5pt solid; font: 12pt Arial, Helvetica, Sans-Serif; tab-stops: center 3.0in right 6.0in; color: navy; width: 50%; text-align: right">&nbsp;<FONT STYLE="font-size: 8pt"><B><BR>
BlackRock
Municipal Income Trust (BFK)<BR>
</B></FONT></TD></TR>
</TABLE><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">



<P style="MARGIN: 0px">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 15pt; text-align: right">&#8226;</TD><TD STYLE="width: 5pt"></TD><TD>Fair Value Measurements - Various inputs are used in determining the fair value of
investments. These inputs to valuation techniques are categorized into a disclosure hierarchy consisting of three broad levels
for financial reporting purposes as follows:</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt; text-align: right">&#8226;</TD><TD STYLE="width: 5pt"></TD><TD>Level 1 &#8212; unadjusted price quotations in active markets/exchanges for identical
assets and liabilities</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt; text-align: right">&#8226;</TD><TD STYLE="width: 5pt"></TD><TD>Level 2 &#8212; other observable inputs (including, but not limited to: quoted prices
for similar assets or liabilities in markets that are active, quoted prices for identical or 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)</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt; text-align: right">&#8226;</TD><TD STYLE="width: 5pt"></TD><TD>Level 3 &#8212; unobservable inputs based on the best information available in the
circumstances, to the extent observable inputs are not available (including the Trust's own assumptions used in determining the
fair value of investments)</TD>
</TR></TABLE>

<P style="TEXT-ALIGN: left">Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Trust's policy, transfers between different levels of the fair value disclosure
hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments is based on the pricing transparency of the investment and is not necessarily an indication of the risks
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.</P>

<P style="TEXT-ALIGN: left">The following table summarizes the Trust's investments categorized in the disclosure hierarchy as of July 31, 2012:</P>

<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial">



<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 1px solid; border-top: Black 1pt solid; text-align: left">&nbsp;</TD>

   <TD STYLE="width: 19%; border-top: Black 1pt solid; border-bottom: Black 1px solid; text-align: center"><B>Level 1</B></TD>


   <TD STYLE="width: 19%; border-top: Black 1pt solid; border-bottom: Black 1px solid; text-align: center"><B>Level 2</B></TD>

   <TD STYLE="width: 19%; text-align: left; border-bottom: Black 1px solid; text-align: center; border-top: Black 1pt solid"><B>Level 3</B></TD>

   <TD STYLE="width: 19%; border-top: Black 1pt solid; border-bottom: Black 1px solid; text-align: center"><B>Total</B></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B>Assets:</B></TD>

   <TD STYLE="text-align: center">&nbsp;</TD>


   <TD STYLE="text-align: center">&nbsp;</TD>

   <TD STYLE="text-align: left; text-align: center">&nbsp;</TD>

   <TD STYLE="text-align: center">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Investments:</TD>

   <TD STYLE="text-align: center">&nbsp;</TD>


   <TD STYLE="text-align: center">&nbsp;</TD>

   <TD STYLE="text-align: left; text-align: center">&nbsp;</TD>

   <TD STYLE="text-align: center">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 3.59pt; text-align: left">Long-Term</TD>

   <TD STYLE="text-align: center">&nbsp;</TD>


   <TD STYLE="text-align: center">&nbsp;</TD>

   <TD STYLE="text-align: left; text-align: center">&nbsp;</TD>

   <TD STYLE="text-align: center">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.61pt; text-align: left">Investments<SUP>1</SUP></TD>

   <TD STYLE="text-align: center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8212;</TD>

   <TD STYLE="text-align: center">$1,098,675,440</TD>

   <TD STYLE="text-align: left; text-align: center">&#8212;</TD>
   <TD STYLE="text-align: center"> $1,098,675,440</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 3.59pt; text-align: left">Short-Term</TD>

   <TD STYLE="text-align: center">&nbsp;</TD>


   <TD STYLE="text-align: center">&nbsp;</TD>

   <TD STYLE="text-align: left; text-align: center">&nbsp;</TD>

   <TD STYLE="text-align: center">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 7.61pt; text-align: left">securities</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: center">$4,373,429</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8212;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left; text-align: center">&#8212;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,373,429</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B>Total</B></TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: center">$4,373,429</TD>
   <TD STYLE="border-bottom: #000000 1px solid; text-align: center">$1,098,675,440</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left; text-align: center">&#8212;</TD>
   <TD STYLE="border-bottom: #000000 1px solid; text-align: center"> $1,103,048,869</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 15pt; text-align: right"><SUP>1</SUP></TD><TD STYLE="width: 5pt"></TD><TD>See above Schedule of Investments for values in each state or political subdivision.</TD>
</TR></TABLE>

<P style="TEXT-ALIGN: left">Certain of the Trust&#8217;s liabilities are held at carrying amount, which approximates fair value for financial reporting purposes. As of July 31, 2012, such liabilities are categorized within the disclosure hierarchy as
follows:</P>

<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial">



<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left; border-top: Black 1pt solid">&nbsp;</TD>

   <TD STYLE="width: 19%; text-align: left; border-bottom: Black 1px solid; text-align: center; border-top: Black 1pt solid"><B>Level 1</B></TD>

   <TD STYLE="width: 19%; text-align: left; border-bottom: Black 1px solid; text-align: center; border-top: Black 1pt solid"><B>Level 2</B></TD>

   <TD STYLE="width: 19%; text-align: left; border-bottom: Black 1px solid; text-align: center; border-top: Black 1pt solid"><B>Level 3</B></TD>

   <TD STYLE="width: 19%; text-align: left; border-bottom: Black 1px solid; text-align: center; border-top: Black 1pt solid"><B>Total</B></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B>Liabilities:</B></TD>

   <TD STYLE="text-align: left; text-align: center">&nbsp;</TD>

   <TD STYLE="text-align: left; text-align: center">&nbsp;</TD>

   <TD STYLE="text-align: left; text-align: center">&nbsp;</TD>

   <TD STYLE="text-align: left; text-align: center">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 3.59pt; text-align: left">TOB trust</TD>

   <TD STYLE="text-align: left; text-align: center">&nbsp;</TD>

   <TD STYLE="text-align: left; text-align: center">&nbsp;</TD>

   <TD STYLE="text-align: left; text-align: center">&nbsp;</TD>

   <TD STYLE="text-align: left; text-align: center">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 9.65pt; text-align: left">certificates</TD>

   <TD STYLE="text-align: left; text-align: center">&nbsp;&#8212;</TD>

   <TD STYLE="text-align: left; text-align: center"> $(162,219,916)</TD>

   <TD STYLE="text-align: left; text-align: center">&#8212;</TD>
   <TD STYLE="text-align: left; text-align: center"> $(162,219,916)</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 3.59pt; text-align: left">VMTP</TD>

   <TD STYLE="text-align: left; text-align: center">&nbsp;</TD>

   <TD STYLE="text-align: left; text-align: center">&nbsp;</TD>

   <TD STYLE="text-align: left; text-align: center">&nbsp;</TD>

   <TD STYLE="text-align: left; text-align: center">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.63pt; text-align: left">Shares</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left; text-align: center">&nbsp;&#8212;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left; text-align: center">&nbsp;&nbsp;(270,800,000)</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left; text-align: center">&#8212;</TD>
   <TD STYLE="border-bottom: #000000 1px solid; text-align: left; text-align: center"> &nbsp;&nbsp;(270,800,000)</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B>Total</B></TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left; text-align: center">&nbsp;&#8212;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left; text-align: center">$(433,019,916)</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left; text-align: center">&#8212;</TD>
   <TD STYLE="border-bottom: #000000 1px solid; text-align: left; text-align: center"> $(433,019,916)</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left">There were no transfers between levels during the period ended July 31, 2012.</P></DIV>

<!-- Field: Page; Sequence: 8 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 6pt; padding-bottom: 3pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: left; width: 33%">BLACKROCK MUNICIPAL INCOME TRUST</TD><TD STYLE="text-align: center; width: 34%">JULY 31, 2012</TD><TD STYLE="text-align: right; width: 33%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
</div>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 42pt; text-indent: -42pt">Item 2 &ndash; Controls and Procedures</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 42pt; text-indent: -42pt">2(a) &ndash; &#9;&nbsp;&nbsp;&nbsp;The registrant's
principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the &Prime;1940
Act&Prime;)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and
procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 42pt; text-indent: -42pt">2(b) &ndash; &#9;&nbsp;&nbsp;&nbsp;There were no changes
in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during
the registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant's
internal control over financial reporting.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 42pt; text-indent: -42pt">Item 3 &ndash; Exhibits</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 42pt; text-indent: -6pt">&nbsp;&nbsp;Certifications &ndash; Attached hereto</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 42pt; text-indent: -6pt">&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange
Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.75pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.75pt">BlackRock Municipal Income Trust</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.75pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 70%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 42pt">&nbsp;</TD>
    <TD STYLE="width: 10%">By:</TD>
    <TD STYLE="width: 82%"><U>/s/ John M. Perlowski</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>John M. Perlowski</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Chief Executive Officer (principal executive officer) of</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>BlackRock Municipal Income Trust</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.75pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.75pt">Date: September 25, 2012</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.75pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.75pt">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.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.75pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 70%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 42pt">&nbsp;</TD>
    <TD STYLE="width: 10%">By:</TD>
    <TD STYLE="width: 82%"><U>/s/ John M. Perlowski</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>John M. Perlowski</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Chief Executive Officer (principal executive officer) of</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>BlackRock Municipal Income Trust</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.75pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.75pt">Date: September 25, 2012</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.75pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 70%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 42pt">&nbsp;</TD>
    <TD STYLE="width: 10%">By:</TD>
    <TD STYLE="width: 82%"><U>/s/ Neal J. Andrews</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Neal J. Andrews</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Chief Financial Officer (principal financial officer) of</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>BlackRock Municipal Income Trust</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.75pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.75pt">Date: September 25, 2012</P>



<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin: 0"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>e50003ex99cert.htm
<DESCRIPTION>CERTIFICATION
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25pt; text-indent: -0.25pt"><FONT STYLE="vertical-align: baseline"><B>EX-99.
CERT</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25pt; text-indent: -0.25pt; border-bottom: Black 1pt solid"><B>CERTIFICATION
PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: -0.25pt">I, John M. Perlowski, Chief Executive
Officer (principal executive officer) of BlackRock Municipal Income Trust, certify that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 0in">1.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>I have reviewed this report on Form N-Q of BlackRock Municipal Income Trust;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 0in"> 2. &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;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 0in"> 3. &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;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 0in"> 4. &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:</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0in">a)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0in">b)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0in">c)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>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</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0in">d)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>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</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt">5.&#9;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):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0in"> a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0in"> b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: -0.25pt">Date: September 25, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><U>/s/ John M. Perlowski</U></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0"></TD><TD>John M. Perlowski</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: -0.25pt">Chief Executive Officer (principal executive
officer) of<BR>
BlackRock Municipal Income Trust</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: -0.25pt">&nbsp;</P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Black 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25pt; text-indent: -0.25pt"><FONT STYLE="vertical-align: baseline"><B>EX-99.
CERT</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25pt; text-indent: -0.25pt; border-bottom: Black 1pt solid"><B>CERTIFICATION
PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: -0.25pt">I, Neal J. Andrews, Chief Financial
Officer (principal financial officer) of BlackRock Municipal Income Trust, certify that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 0in">1.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>I have reviewed this report on Form N-Q of BlackRock Municipal Income Trust;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 0in">2.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 0in">3.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 0in">4.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>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:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0in">a)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0in">b)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0in">c)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>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</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0in">d)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>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</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 0in">5.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>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):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0in">a)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>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</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0in">b)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: -0.25pt">Date: September 25, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><U>/s/ Neal J. Andrews</U></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0"></TD><TD>Neal J. Andrews</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: -0.25pt">Chief Financial Officer (principal financial
officer) of<BR>
BlackRock Municipal Income Trust</P>



<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin: 0"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
