<SEC-DOCUMENT>0000891092-13-008052.txt : 20130924
<SEC-HEADER>0000891092-13-008052.hdr.sgml : 20130924
<ACCEPTANCE-DATETIME>20130924150230
ACCESSION NUMBER:		0000891092-13-008052
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20130731
FILED AS OF DATE:		20130924
DATE AS OF CHANGE:		20130924
EFFECTIVENESS DATE:		20130924

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:		131112106

	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>e55475nq.htm
<DESCRIPTION>FORM N-Q
<TEXT>
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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0in"><FONT STYLE="vertical-align: baseline"><B>&nbsp;</B></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">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 6pt 0.5in; text-indent: -0.5in">Name of Fund: BlackRock Municipal
Income Trust (BFK)</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="text-align: left; 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&#8217;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: 04/30/2014</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: 07/31/2013</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 11pt">Item 1 &#8211; Schedule of Investments</P>


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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Arial, Helvetica, Sans-Serif">
<TR STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <TD STYLE="width: 57%; padding-right: 5.4pt; padding-left: 5.4pt; font: Arial, Helvetica, Sans-Serif; border-top: rgb(98,151,204) 6pt solid"><FONT STYLE="font: 14pt Arial,sans-serif; color: navy">Schedule
    of Investments</FONT><FONT STYLE="font-family: Arial,sans-serif; color: navy"> <FONT STYLE="font-size: 8pt">July
    31, 2013 (Unaudited)</FONT> </FONT></TD>
    <TD STYLE="width: 43%; padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Arial, Helvetica, Sans-Serif; color: navy; text-align: right; border-top: rgb(98,151,204) 6pt solid"><FONT STYLE="font: 8pt Arial,sans-serif"><B>BlackRock Municipal Income Trust (BFK)</B></FONT></TD></TR>
<TR STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: navy; text-align: right"><FONT STYLE="font: 7pt Arial,sans-serif"><B>(Percentages shown are based on Net Assets)</B></FONT></TD></TR>
</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="10" STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="6" STYLE="vertical-align: bottom; font-weight: bold; border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt">Municipal Bonds</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt; border-bottom: Black 1pt solid; padding-top: 1pt">Par<BR>
(000)</TD>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: right; border-bottom: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt; border-bottom: Black 1pt solid; padding-top: 1pt">Value</TD>
        <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt; border-bottom: Black 1pt solid; padding-top: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="10" STYLE="padding-top: 1pt; color: navy; font-weight: bold; padding-bottom: 1pt">Alabama&nbsp;&nbsp;&mdash; 1.2%</TD>
    <TD STYLE="padding-top: 1pt; color: navy; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">Alabama State Docks Department, Refunding RB, 6.00%, 10/01/40</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">$</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt; padding-top: 1pt">4,080</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">$</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt; padding-top: 1pt">4,514,236</TD>
    <TD STYLE="text-align: left; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">County of Jefferson Alabama Limited Obligation School, RB, Series A, 5.25%, 1/01/19</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt; padding-top: 1pt">2,910</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid; padding-bottom: 1pt; padding-top: 1pt">2,899,582</TD>
            <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt; border-bottom: Black 1pt solid; padding-top: 1pt">&nbsp;</TD></TR>

<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="8" STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; text-align: right; padding-bottom: 1pt">7,413,818</TD>
            <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt; padding-top: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="10" STYLE="padding-top: 1pt; color: navy; font-weight: bold; border-top: Black 1pt solid; padding-bottom: 1pt">Arizona&nbsp;&nbsp;&mdash; 2.8%</TD>
    <TD STYLE="padding-top: 1pt; color: navy; font-weight: bold; border-top: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">Salt Verde Financial Corp., RB:</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt; padding-top: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt; padding-top: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">5.00%, 12/01/32</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt; padding-top: 1pt">10,030</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt; padding-top: 1pt">9,750,664</TD>
    <TD STYLE="text-align: left; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">Senior, 5.00%, 12/01/37</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt; padding-top: 1pt">7,460</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid; padding-bottom: 1pt; padding-top: 1pt">7,135,714</TD>
            <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt; border-bottom: Black 1pt solid; padding-top: 1pt">&nbsp;</TD></TR>

<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="8" STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; text-align: right; padding-bottom: 1pt">16,886,378</TD>
            <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt; padding-top: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top"> <TD COLSPAN="10" STYLE="padding-top: 1pt; color: navy; font-weight: bold; border-top: Black 1pt solid; padding-bottom: 1pt">California&nbsp;&nbsp;&mdash; 15.7%</TD>
    <TD STYLE="padding-top: 1pt; color: navy; font-weight: bold; border-top: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">Bay Area Toll Authority, Refunding RB, San Francisco Bay Area Toll Bridge, Series F-1, 5.63%, 4/01/44</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt; padding-top: 1pt">4,445</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt; padding-top: 1pt">4,770,463</TD>
    <TD STYLE="text-align: left; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">California County Tobacco Securitization Agency, RB, CAB, Stanislaus, Sub-Series C, 11.87%, 6/01/55 (a)</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt; padding-top: 1pt">17,855</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt; padding-top: 1pt">143,376</TD>
    <TD STYLE="text-align: left; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">California Health Facilities Financing Authority, RB:</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt; padding-top: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt; padding-top: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">Stanford Hospital Clinics, Series A, 5.00%, 8/15/51</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt; padding-top: 1pt">2,305</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt; padding-top: 1pt">2,199,546</TD>
    <TD STYLE="text-align: left; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">Sutter Health, Series B, 6.00%, 8/15/42</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt; padding-top: 1pt">6,230</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt; padding-top: 1pt">6,992,676</TD>
    <TD STYLE="text-align: left; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">California Health Facilities Financing Authority, Refunding RB, St. Joseph Health System, Series A, 5.00%, 7/01/33</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt; padding-top: 1pt">2,465</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt; padding-top: 1pt">2,468,722</TD>
    <TD STYLE="text-align: left; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">California Pollution Control Financing Authority, RB:</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt; padding-top: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt; padding-top: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">Poseidon Resources (Channel Side) LP Desalination Project, AMT, 5.00%, 7/01/37 (b)</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt; padding-top: 1pt">2,015</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt; padding-top: 1pt">1,733,343</TD>
    <TD STYLE="text-align: left; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">Poseidon Resources (Channel Side) LP Desalination Project, AMT, 5.00%, 11/21/45 (b)</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt; padding-top: 1pt">5,035</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt; padding-top: 1pt">4,189,523</TD>
    <TD STYLE="text-align: left; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">San Diego County Water Authority Desalination Project Pipeline, 5.00%, 11/21/45</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt; padding-top: 1pt">2,415</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt; padding-top: 1pt">2,206,199</TD>
    <TD STYLE="text-align: left; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">California State Public Works Board, RB, Various Capital Projects, Sub-Series I-1, 6.38%, 11/01/34</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt; padding-top: 1pt">2,315</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt; padding-top: 1pt">2,693,549</TD>
    <TD STYLE="text-align: left; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top"> <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD> <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD> <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt; padding-top: 1pt">&nbsp;</TD> <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt; padding-top: 1pt">&nbsp;</TD>    <TD STYLE="text-align: left; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD></TR><TR STYLE="text-align: left; vertical-align: top">    <TD COLSPAN="6" STYLE="vertical-align: bottom; font-weight: bold; padding-top: 1pt; padding-bottom: 1pt">Municipal Bonds</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt; padding-top: 1pt">Par<BR>
(000)</TD>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: right; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt; padding-top: 1pt">Value</TD>         <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt; padding-top: 1pt">&nbsp;</TD></TR> <TR STYLE="text-align: left; vertical-align: top"> <TD COLSPAN="10" STYLE="vertical-align: bottom; padding-top: 1pt; color: navy; font-weight: bold; border-top: Black 1pt solid; padding-bottom: 1pt">California (concluded)</TD>
    <TD STYLE="padding-top: 1pt; color: navy; font-weight: bold; border-top: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">California Statewide Communities Development Authority, Refunding RB, Episcopal Communities &amp; Services:</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt; padding-top: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt; padding-top: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">5.00%, 5/15/42</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">$</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt; padding-top: 1pt">830</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">$</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt; padding-top: 1pt">766,928</TD>
    <TD STYLE="text-align: left; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">5.00%, 5/15/47</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt; padding-top: 1pt">705</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt; padding-top: 1pt">646,725</TD>
    <TD STYLE="text-align: left; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">City of Los Angeles California Department of Airports, Refunding RB, Series A, 5.25%, 5/15/39</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt; padding-top: 1pt">1,560</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt; padding-top: 1pt">1,648,780</TD>
    <TD STYLE="text-align: left; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">Foothill Eastern Transportation Corridor Agency California, Refunding RB, CAB, 6.76%, 1/15/38 (a)</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt; padding-top: 1pt">75,000</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt; padding-top: 1pt">14,755,500</TD>
    <TD STYLE="text-align: left; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">Foothill-De Anza Community College District, GO, Election of 2006, Series C, 5.00%, 8/01/40</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt; padding-top: 1pt">7,000</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt; padding-top: 1pt">7,190,330</TD>
    <TD STYLE="text-align: left; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">Murrieta Community Facilities District Special Tax California, Special Tax Bonds, District No. 2, The Oaks Improvement Area A, 6.00%, 9/01/34</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt; padding-top: 1pt">5,000</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt; padding-top: 1pt">4,970,150</TD>
    <TD STYLE="text-align: left; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">Riverside County Transportation Commission, RB, CAB, Senior Lien, Series B (a):</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt; padding-top: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt; padding-top: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">7.05%, 6/01/41</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt; padding-top: 1pt">5,000</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt; padding-top: 1pt">727,350</TD>
    <TD STYLE="text-align: left; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">7.07%, 6/01/42</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt; padding-top: 1pt">6,000</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt; padding-top: 1pt">810,300</TD>
    <TD STYLE="text-align: left; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">7.08%, 6/01/43</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt; padding-top: 1pt">5,000</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt; padding-top: 1pt">628,150</TD>
    <TD STYLE="text-align: left; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">San Diego Community College District, GO, Election of 2006, 5.00%, 8/01/43</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt; padding-top: 1pt">2,115</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt; padding-top: 1pt">2,195,962</TD>
    <TD STYLE="text-align: left; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">San Marcos Unified School District, GO, CAB, Election of 2010, Series B (a):</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt; padding-top: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt; padding-top: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">5.57%, 8/01/34</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt; padding-top: 1pt">3,500</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt; padding-top: 1pt">1,104,110</TD>
    <TD STYLE="text-align: left; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">5.61%, 8/01/36</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt; padding-top: 1pt">4,000</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt; padding-top: 1pt">1,120,480</TD>
    <TD STYLE="text-align: left; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">State of California, GO, Various Purpose:</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt; padding-top: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt; padding-top: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">6.00%, 3/01/33</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt; padding-top: 1pt">4,970</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt; padding-top: 1pt">5,669,677</TD>
    <TD STYLE="text-align: left; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">6.50%, 4/01/33</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt; padding-top: 1pt">20,410</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid; padding-bottom: 1pt; padding-top: 1pt">23,885,823</TD>
            <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt; border-bottom: Black 1pt solid; padding-top: 1pt">&nbsp;</TD></TR>

<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="8" STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; text-align: right; padding-bottom: 1pt">93,517,662</TD>
            <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt; padding-top: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top"> <TD COLSPAN="10" STYLE="padding-top: 1pt; color: navy; font-weight: bold; border-top: Black 1pt solid; padding-bottom: 1pt">Colorado&nbsp;&nbsp;&mdash; 2.1%</TD>
    <TD STYLE="padding-top: 1pt; color: navy; font-weight: bold; border-top: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">Colorado Health Facilities Authority, Refunding RB:</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt; padding-top: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt; padding-top: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">Catholic Health Initiative, Series A, 5.50%, 7/01/34</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt; padding-top: 1pt">4,205</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt; padding-top: 1pt">4,532,654</TD>
    <TD STYLE="text-align: left; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">Evangelical Lutheran Good Samaritan Society Project, 5.00%, 12/01/42</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt; padding-top: 1pt">3,450</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt; padding-top: 1pt">3,242,896</TD>
    <TD STYLE="text-align: left; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">Colorado State Board of Governors, Refunding RB, Series A, 5.00%, 3/01/43</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt; padding-top: 1pt">2,310</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt; padding-top: 1pt">2,364,031</TD>
    <TD STYLE="text-align: left; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">    <TD STYLE="padding-bottom: 1pt; width: 2%; padding-top: 1pt">&nbsp;</TD>    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt">&nbsp;</TD>    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt">&nbsp;</TD>    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt">&nbsp;</TD>    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt">&nbsp;</TD>    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt">&nbsp;</TD>    <TD STYLE="padding-bottom: 1pt; width: 4%; padding-top: 1pt">&nbsp;</TD>    <TD STYLE="padding-bottom: 1pt; width: 4%; padding-top: 1pt">&nbsp;</TD>    <TD STYLE="padding-bottom: 1pt; width: 3%; padding-top: 1pt">&nbsp;</TD>    <TD STYLE="padding-bottom: 1pt; width: 8%; padding-top: 1pt">&nbsp;</TD>    <TD STYLE="padding-bottom: 1pt; width: 1%; text-align: left; padding-top: 1pt">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P><!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 3pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="text-align: left; vertical-align: top"><TD STYLE="text-align: left; width: 33%">BLACKROCK&nbsp;MUNICIPAL&nbsp;INCOME TRUST</TD><TD STYLE="text-align: center; width: 34%">JULY 31, 2013</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%"><TR STYLE="text-align: left; vertical-align: top"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Arial, Helvetica, Sans-Serif">
<TR STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <TD STYLE="width: 57%; padding-right: 5.4pt; padding-left: 5.4pt; font: Arial, Helvetica, Sans-Serif; border-top: rgb(98,151,204) 6pt solid"><FONT STYLE="font: 14pt Arial,sans-serif; color: navy">Schedule
    of Investments</FONT><FONT STYLE="font-family: Arial,sans-serif; color: navy"> <FONT STYLE="font-size: 8pt">(continued)</FONT> </FONT></TD>
    <TD STYLE="width: 43%; padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Arial, Helvetica, Sans-Serif; color: navy; text-align: right; border-top: rgb(98,151,204) 6pt solid"><FONT STYLE="font: 8pt Arial,sans-serif"><B>BlackRock Municipal Income Trust (BFK)</B></FONT></TD></TR>
<TR STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: navy; text-align: right"><FONT STYLE="font: 7pt Arial,sans-serif"><B>(Percentages shown are based on Net Assets)</B></FONT></TD></TR>
</TABLE>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="text-align: left; vertical-align: top"> <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD> <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD> <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">&nbsp;</TD> <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">&nbsp;</TD>    <TD STYLE="text-align: left">&nbsp;</TD></TR><TR STYLE="text-align: left; vertical-align: top">    <TD COLSPAN="6" STYLE="vertical-align: bottom; font-weight: bold">Municipal Bonds</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt">Par<BR>
(000)</TD>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt">Value</TD>         <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt; padding-top: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="10" STYLE="vertical-align: bottom; padding-top: 2pt; color: navy; font-weight: bold; border-top: Black 1pt solid">Colorado (concluded)</TD>
    <TD STYLE="padding-top: 1pt; color: navy; font-weight: bold; border-top: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Park Creek Metropolitan District Colorado, Refunding RB, Senior, Limited Tax, Property Tax, 5.50%, 12/01/37</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">$</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">2,530</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">$</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid; padding-bottom: 1pt">2,584,926</TD>
            <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD></TR>

<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="8" STYLE="vertical-align: bottom; padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: right; padding-bottom: 1pt">12,724,507</TD>
            <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt; padding-top: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top"> <TD COLSPAN="10" STYLE="padding-top: 2pt; color: navy; font-weight: bold; border-top: Black 1pt solid">Connecticut&nbsp;&nbsp;&mdash; 0.5%</TD>
    <TD STYLE="padding-top: 1pt; color: navy; font-weight: bold; border-top: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Connecticut State Health &amp; Educational Facility Authority, RB, Ascension Health Senior Credit, 5.00%, 11/15/40</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">2,710</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">2,731,599</TD>
            <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt; padding-top: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top"> <TD COLSPAN="10" STYLE="padding-top: 2pt; color: navy; font-weight: bold; border-top: Black 1pt solid">Delaware&nbsp;&nbsp;&mdash; 1.7%</TD>
    <TD STYLE="padding-top: 1pt; color: navy; font-weight: bold; border-top: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">County of Sussex Delaware, RB, NRG Energy, Inc., Indian River Project, 6.00%, 10/01/40</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">2,225</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">2,295,466</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Delaware State EDA, RB, Exempt Facilities, Indian River Power, 5.38%, 10/01/45</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">7,950</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid; padding-bottom: 1pt">7,615,543</TD>
            <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD></TR>

<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="8" STYLE="vertical-align: bottom; padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: right; padding-bottom: 1pt">9,911,009</TD>
            <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt; padding-top: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top"> <TD COLSPAN="10" STYLE="padding-top: 2pt; color: navy; font-weight: bold; border-top: Black 1pt solid">District of Columbia&nbsp;&nbsp;&mdash; 4.8%</TD>
    <TD STYLE="padding-top: 1pt; color: navy; font-weight: bold; border-top: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">District of Columbia, Refunding RB, Kipp Charter School, 6.00%, 7/01/43</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">1,480</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">1,513,759</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">District of Columbia Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, 6.75%, 5/15/40</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">23,035</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">23,322,937</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Metropolitan Washington Airports Authority, Refunding RB, First Senior Lien, Series A:</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">5.00%, 10/01/39</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">990</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">1,001,979</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">5.25%, 10/01/44</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">2,465</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid; padding-bottom: 1pt">2,516,839</TD>
            <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD></TR>

<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="8" STYLE="vertical-align: bottom; padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: right; padding-bottom: 1pt">28,355,514</TD>
            <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt; padding-top: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top"> <TD COLSPAN="10" STYLE="padding-top: 2pt; color: navy; font-weight: bold; border-top: Black 1pt solid">Florida&nbsp;&nbsp;&mdash; 4.7%</TD>
    <TD STYLE="padding-top: 1pt; color: navy; font-weight: bold; border-top: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">County of Miami-Dade Florida, Refunding RB, Miami International Airport, Series A-1, 5.38%, 10/01/41</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">2,280</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">2,331,482</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">County of Tampa-Hillsborough Florida Expressway Authority, Refunding RB:</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Series A, 5.00%, 7/01/37</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">2,695</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">2,700,659</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Series B, 5.00%, 7/01/42</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">4,925</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">4,928,300</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Highlands County Florida Health Facilities Authority, Refunding RB, Series 2006G, 5.13%, 11/15/32 (c)</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">1,000</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">1,020,260</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top"> <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD> <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD> <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">&nbsp;</TD> <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">&nbsp;</TD>    <TD STYLE="text-align: left">&nbsp;</TD></TR><TR STYLE="text-align: left; vertical-align: top">    <TD COLSPAN="6" STYLE="vertical-align: bottom; font-weight: bold">Municipal Bonds</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt">Par<BR>
(000)</TD>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt">Value</TD>         <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt; padding-top: 1pt">&nbsp;</TD></TR> <TR STYLE="text-align: left; vertical-align: top"> <TD COLSPAN="10" STYLE="vertical-align: bottom; padding-top: 2pt; color: navy; font-weight: bold; border-top: Black 1pt solid">Florida (concluded)</TD>
    <TD STYLE="text-align: left; border-top: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Miami Beach Health Facilities Authority, RB, Mount Sinai Medical Center of Florida, 6.75%, 11/15/21</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">$</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">6,075</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">$</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">6,457,543</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Mid-Bay Bridge Authority, RB, Series A, 7.25%, 10/01/40</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">4,450</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">5,169,253</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Orange County Health Facilities Authority, Refunding RB, Mayflower Retirement Center:</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">5.00%, 6/01/32</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">600</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">576,600</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">5.00%, 6/01/36</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">125</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">118,474</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">5.13%, 6/01/42</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">1,925</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">1,829,058</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Stevens Plantation Community Development District, Special Assessment Bonds, Series A, 7.10%, 5/01/35 (d)(e)</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">3,590</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid; padding-bottom: 1pt">2,673,976</TD>
            <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD></TR>

<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="8" STYLE="vertical-align: bottom; padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: right; padding-bottom: 1pt">27,805,605</TD>
            <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt; padding-top: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top"> <TD COLSPAN="10" STYLE="padding-top: 2pt; color: navy; font-weight: bold; border-top: Black 1pt solid">Georgia&nbsp;&nbsp;&mdash; 1.8%</TD>
    <TD STYLE="padding-top: 1pt; color: navy; font-weight: bold; border-top: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">DeKalb Private Hospital Authority, Refunding RB, Children's Healthcare, 5.25%, 11/15/39</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">1,650</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">1,676,350</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Metropolitan Atlanta Rapid Transit Authority, RB, Third Series, Series A, 5.00%, 7/01/39</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">5,000</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">5,124,700</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Richmond County Development Authority, Refunding RB, International Paper Co. Project, Series A, AMT, 6.00%, 2/01/25</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">4,000</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid; padding-bottom: 1pt">3,983,280</TD>
            <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD></TR>

<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="8" STYLE="vertical-align: bottom; padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: right; padding-bottom: 1pt">10,784,330</TD>
            <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt; padding-top: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top"> <TD COLSPAN="10" STYLE="padding-top: 2pt; color: navy; font-weight: bold; border-top: Black 1pt solid">Hawaii&nbsp;&nbsp;&mdash; 0.5%</TD>
    <TD STYLE="padding-top: 1pt; color: navy; font-weight: bold; border-top: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">State of Hawaii Harbor System, RB, Series A, 5.25%, 7/01/30</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">2,660</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">2,824,415</TD>
            <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt; padding-top: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top"> <TD COLSPAN="10" STYLE="padding-top: 2pt; color: navy; font-weight: bold; border-top: Black 1pt solid">Illinois&nbsp;&nbsp;&mdash; 11.6%</TD>
    <TD STYLE="padding-top: 1pt; color: navy; font-weight: bold; border-top: Black 1pt solid; padding-bottom: 1pt"></TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Chicago Illinois Board of Education, GO, Series A, 5.50%, 12/01/39</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">4,110</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">4,239,876</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Chicago Transit Authority, RB, Sales Tax Receipts Revenue, 5.25%, 12/01/40</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">2,055</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">2,093,716</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">City of Chicago Illinois, GARB, O&rsquo;Hare International Airport, Third Lien, Series C, 6.50%, 1/01/41</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">11,385</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">13,403,219</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">City of Chicago Illinois, GO, Project, Series A:</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">5.00%, 1/01/33</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">4,435</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">4,337,785</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">5.00%, 1/01/34</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">4,430</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">4,313,713</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">City of Chicago Illinois, Refunding RB, Sales Tax Revenue, Series A, 5.25%, 1/01/38</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">1,605</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">1,672,506</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top"> <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD> <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD> <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">&nbsp;</TD> <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">&nbsp;</TD>    <TD STYLE="text-align: left">&nbsp;</TD></TR><TR STYLE="text-align: left; vertical-align: top">    <TD STYLE="padding-bottom: 2pt; width: 2%">&nbsp;</TD>    <TD STYLE="padding-bottom: 2pt">&nbsp;</TD>    <TD STYLE="padding-bottom: 2pt">&nbsp;</TD>    <TD STYLE="padding-bottom: 2pt">&nbsp;</TD>    <TD STYLE="padding-bottom: 2pt">&nbsp;</TD>    <TD STYLE="padding-bottom: 2pt">&nbsp;</TD>    <TD STYLE="padding-bottom: 2pt; width: 4%">&nbsp;</TD>    <TD STYLE="padding-bottom: 2pt; width: 4%">&nbsp;</TD>    <TD STYLE="padding-bottom: 2pt; width: 3%">&nbsp;</TD>    <TD STYLE="padding-bottom: 1pt; width: 8%">&nbsp;</TD>    <TD STYLE="padding-bottom: 2pt; width: 1%; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P><!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 3pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="text-align: left; vertical-align: top"><TD STYLE="text-align: left; width: 33%">BLACKROCK&nbsp;MUNICIPAL&nbsp;INCOME TRUST</TD><TD STYLE="text-align: center; width: 34%">JULY 31, 2013</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%"><TR STYLE="text-align: left; vertical-align: top"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Arial, Helvetica, Sans-Serif">
<TR STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <TD STYLE="width: 57%; padding-right: 5.4pt; padding-left: 5.4pt; font: Arial, Helvetica, Sans-Serif; border-top: rgb(98,151,204) 6pt solid"><FONT STYLE="font: 14pt Arial,sans-serif; color: navy">Schedule
    of Investments</FONT><FONT STYLE="font-family: Arial,sans-serif; color: navy"> <FONT STYLE="font-size: 8pt">(continued)</FONT> </FONT></TD>
    <TD STYLE="width: 43%; padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Arial, Helvetica, Sans-Serif; color: navy; text-align: right; border-top: rgb(98,151,204) 6pt solid"><FONT STYLE="font: 8pt Arial,sans-serif"><B>BlackRock Municipal Income Trust (BFK)</B></FONT></TD></TR>
<TR STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: navy; text-align: right"><FONT STYLE="font: 7pt Arial,sans-serif"><B>(Percentages shown are based on Net Assets)</B></FONT></TD></TR>
<TR STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: navy; text-align: right">&nbsp;</TD></TR>
</TABLE>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="text-align: left; vertical-align: top">    <TD COLSPAN="6" STYLE="vertical-align: bottom; font-weight: bold">Municipal Bonds</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt">Par<BR>
(000)</TD>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt">Value</TD>         <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt; padding-top: 1pt">&nbsp;</TD></TR> <TR STYLE="text-align: left; vertical-align: top"> <TD COLSPAN="10" STYLE="vertical-align: bottom; padding-top: 2pt; color: navy; font-weight: bold; border-top: Black 1pt solid">Illinois (concluded)</TD>
    <TD STYLE="padding-top: 1pt; color: navy; font-weight: bold; border-top: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Illinois Finance Authority, RB, Advocate Health Care, Series C, 5.38%, 4/01/44</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">$</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">10,630</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">$</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">10,839,624</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Illinois Finance Authority, Refunding RB:</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Ascension Health, Series A, 5.00%, 11/15/37</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">1,895</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">1,896,137</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Ascension Health, Series A, 5.00%, 11/15/42</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">3,450</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">3,392,420</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Central Dupage Health, Series B, 5.50%, 11/01/39</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">3,160</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">3,285,389</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Friendship Village Schaumburg, Series A, 5.63%, 2/15/37</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">470</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">445,931</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Illinois State Toll Highway Authority, RB, Series A, 5.00%, 1/01/38</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">4,550</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">4,604,327</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Metropolitan Pier &amp; Exposition Authority, Refunding RB, McCormick Place Expansion Project:</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Series B (AGM), 5.00%, 6/15/50</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">3,905</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">3,808,469</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Series B-2, 5.00%, 6/15/50</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">6,155</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">6,087,664</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Railsplitter Tobacco Settlement Authority, RB:</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">5.50%, 6/01/23</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">885</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">983,801</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">6.00%, 6/01/28</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">2,245</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">2,449,609</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">State of Illinois, RB, Build Illinois, Series B, 5.25%, 6/15/34</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">1,240</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid; padding-bottom: 1pt">1,296,246</TD>
            <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD></TR>

<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="8" STYLE="vertical-align: bottom; padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: right; padding-bottom: 1pt">69,150,432</TD>
            <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt; padding-top: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top"> <TD COLSPAN="10" STYLE="padding-top: 2pt; color: navy; font-weight: bold; border-top: Black 1pt solid">Indiana&nbsp;&nbsp;&mdash; 4.0%</TD>
    <TD STYLE="padding-top: 1pt; color: navy; font-weight: bold; border-top: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Carmel Redevelopment Authority, Refunding RB, Multipurpose, Series A:</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">4.00%, 8/01/35</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">2,215</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">1,992,570</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">4.00%, 2/01/38</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">3,555</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">3,143,153</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">City of Vincennes Indiana, Refunding RB, Southwest Indiana Regional Youth Village, 6.25%, 1/01/24</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">1,815</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">1,067,274</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Indiana Finance Authority, RB:</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">CWA Authority Project, First Lien, Series A, 5.25%, 10/01/38</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">3,080</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">3,157,862</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Ohio River Bridges East End Crossing Project, Series A, AMT, 5.00%, 7/01/44</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">880</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">787,398</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Ohio River Bridges East End Crossing Project, Series A, AMT, 5.00%, 7/01/48</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">2,905</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">2,566,451</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top"> <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD> <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD> <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">&nbsp;</TD> <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">&nbsp;</TD>    <TD STYLE="text-align: left">&nbsp;</TD></TR><TR STYLE="text-align: left; vertical-align: top">    <TD COLSPAN="6" STYLE="vertical-align: bottom; font-weight: bold">Municipal Bonds</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt">Par<BR>
(000)</TD>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt">Value</TD>         <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt; padding-top: 1pt">&nbsp;</TD></TR> <TR STYLE="text-align: left; vertical-align: top"> <TD COLSPAN="10" STYLE="vertical-align: bottom; padding-top: 2pt; color: navy; font-weight: bold; border-top: Black 1pt solid">Indiana (concluded)</TD>
    <TD STYLE="padding-top: 1pt; color: navy; font-weight: bold; border-top: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Indiana Finance Authority, RB&nbsp;&nbsp;(concluded):</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Sisters of St. Francis Health, 5.25%, 11/01/39</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">$</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">1,655</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">$</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">1,684,840</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Indiana Finance Authority, Refunding RB, Community Health Network Project, Series A, 5.00%, 5/01/42</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">3,695</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">3,526,803</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Indiana Municipal Power Agency, RB, Series B, 6.00%, 1/01/39</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">2,150</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">2,415,310</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Indianapolis Local Public Improvement Bond Bank, RB, Series A:</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">5.00%, 1/15/36</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">780</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">795,296</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">5.00%, 1/15/40</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">2,490</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid; padding-bottom: 1pt">2,514,228</TD>
            <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD></TR>

<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="8" STYLE="vertical-align: bottom; padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: right; padding-bottom: 1pt">23,651,185</TD>
            <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt; padding-top: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top"> <TD COLSPAN="10" STYLE="padding-top: 2pt; color: navy; font-weight: bold; border-top: Black 1pt solid">Iowa&nbsp;&nbsp;&mdash; 2.2%</TD>
    <TD STYLE="padding-top: 1pt; color: navy; font-weight: bold; border-top: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Iowa Finance Authority, RB, Alcoa, Inc. Project, 4.75%, 8/01/42</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">2,265</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">1,835,805</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Iowa Finance Authority, Refunding RB, Iowa Fertilizer Co. Project:</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">5.00%, 12/01/19</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">1,880</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">1,838,001</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">5.50%, 12/01/22</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">4,595</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">4,538,574</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">5.25%, 12/01/25</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">905</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">856,166</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Iowa Student Loan Liquidity Corp., Refunding RB, Senior Series A-1, AMT, 5.15%, 12/01/22</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">3,465</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid; padding-bottom: 1pt">3,776,434</TD>
            <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD></TR>

<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="8" STYLE="vertical-align: bottom; padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: right; padding-bottom: 1pt">12,844,980</TD>
            <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt; padding-top: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top"> <TD COLSPAN="10" STYLE="padding-top: 2pt; color: navy; font-weight: bold; border-top: Black 1pt solid">Kentucky&nbsp;&nbsp;&mdash; 0.3%</TD>
    <TD STYLE="padding-top: 1pt; color: navy; font-weight: bold; border-top: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Kentucky Economic Development Finance Authority, RB, Owensboro Medical Health System, Series A, 6.38%, 6/01/40</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">1,490</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">1,576,316</TD>
            <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt; padding-top: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top"> <TD COLSPAN="10" STYLE="padding-top: 2pt; color: navy; font-weight: bold; border-top: Black 1pt solid">Louisiana&nbsp;&nbsp;&mdash; 3.8%</TD>
    <TD STYLE="padding-top: 1pt; color: navy; font-weight: bold; border-top: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Louisiana Local Government Environmental Facilities &amp; Community Development Authority, RB, Westlake Chemical Corp. Project, Series A-1, 6.50%, 11/01/35</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">6,535</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">6,896,712</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">State of Louisiana Gasoline &amp; Fuels Tax Revenue, RB, Second Lien, Series B, 5.00%, 5/01/45</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">6,355</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">6,423,443</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, Series A:</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">5.50%, 5/15/30</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">1,980</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">2,046,588</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">5.25%, 5/15/31</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">1,690</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">1,694,141</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">5.25%, 5/15/32</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">2,160</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">2,161,318</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top"> <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD> <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD> <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">&nbsp;</TD> <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">&nbsp;</TD>    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">    <TD STYLE="padding-bottom: 2pt; width: 2%">&nbsp;</TD>    <TD STYLE="padding-bottom: 2pt">&nbsp;</TD>    <TD STYLE="padding-bottom: 2pt">&nbsp;</TD>    <TD STYLE="padding-bottom: 2pt">&nbsp;</TD>    <TD STYLE="padding-bottom: 2pt">&nbsp;</TD>    <TD STYLE="padding-bottom: 2pt">&nbsp;</TD>    <TD STYLE="padding-bottom: 2pt; width: 4%">&nbsp;</TD>    <TD STYLE="padding-bottom: 2pt; width: 4%">&nbsp;</TD>    <TD STYLE="padding-bottom: 2pt; width: 3%">&nbsp;</TD>    <TD STYLE="padding-bottom: 1pt; width: 8%">&nbsp;</TD>    <TD STYLE="padding-bottom: 2pt; width: 1%; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P><!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 3pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="text-align: left; vertical-align: top"><TD STYLE="text-align: left; width: 33%">BLACKROCK&nbsp;MUNICIPAL&nbsp;INCOME TRUST</TD><TD STYLE="text-align: center; width: 34%">JULY 31, 2013</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%"><TR STYLE="text-align: left; vertical-align: top"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Arial, Helvetica, Sans-Serif">
<TR STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <TD STYLE="width: 57%; padding-right: 5.4pt; padding-left: 5.4pt; font: Arial, Helvetica, Sans-Serif; border-top: rgb(98,151,204) 6pt solid"><FONT STYLE="font: 14pt Arial,sans-serif; color: navy">Schedule
    of Investments</FONT><FONT STYLE="font-family: Arial,sans-serif; color: navy"> <FONT STYLE="font-size: 8pt">(continued)</FONT> </FONT></TD>
    <TD STYLE="width: 43%; padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Arial, Helvetica, Sans-Serif; color: navy; text-align: right; border-top: rgb(98,151,204) 6pt solid"><FONT STYLE="font: 8pt Arial,sans-serif"><B>BlackRock Municipal Income Trust (BFK)</B></FONT></TD></TR>
<TR STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: navy; text-align: right"><FONT STYLE="font: 7pt Arial,sans-serif"><B>(Percentages shown are based on Net Assets)</B></FONT></TD></TR>
<TR STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: navy; text-align: right">&nbsp;</TD></TR>
</TABLE>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="text-align: left; vertical-align: top">    <TD COLSPAN="6" STYLE="vertical-align: bottom; font-weight: bold">Municipal Bonds</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt">Par<BR>
(000)</TD>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt">Value</TD>         <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt; padding-top: 1pt">&nbsp;</TD></TR> <TR STYLE="text-align: left; vertical-align: top"> <TD COLSPAN="10" STYLE="vertical-align: bottom; padding-top: 2pt; color: navy; font-weight: bold; border-top: Black 1pt solid">Louisiana (concluded)</TD>
    <TD STYLE="padding-top: 1pt; color: navy; font-weight: bold; border-top: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, Series A&nbsp;&nbsp;(concluded):</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">5.25%, 5/15/33</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">$</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">2,345</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">$</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">2,333,392</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">5.25%, 5/15/35</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">985</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid; padding-bottom: 1pt">964,886</TD>
            <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD></TR>

<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="8" STYLE="vertical-align: bottom; padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: right; padding-bottom: 1pt">22,520,480</TD>
            <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt; padding-top: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top"> <TD COLSPAN="10" STYLE="padding-top: 2pt; color: navy; font-weight: bold; border-top: Black 1pt solid">Maine&nbsp;&nbsp;&mdash; 0.3%</TD>
    <TD STYLE="padding-top: 1pt; color: navy; font-weight: bold; border-top: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Maine Turnpike Authority, RB, Series A, 5.00%, 7/01/42</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">1,715</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">1,767,187</TD>
            <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt; padding-top: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top"> <TD COLSPAN="10" STYLE="padding-top: 2pt; color: navy; font-weight: bold; border-top: Black 1pt solid">Maryland&nbsp;&nbsp;&mdash; 2.7%</TD>
    <TD STYLE="padding-top: 1pt; color: navy; font-weight: bold; border-top: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Maryland EDC, RB, Transportation Facilities Project, Series A, 5.75%, 6/01/35</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">855</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">914,363</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Maryland EDC, Refunding RB, CNX Marine Terminals, Inc., 5.75%, 9/01/25</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">1,760</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">1,836,243</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Maryland Health &amp; Higher Educational Facilities Authority, RB, Ascension Health Alliance, Series B, 5.00%, 11/15/51</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">8,155</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">8,154,348</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Maryland Health &amp; Higher Educational Facilities Authority, Refunding RB, Charlestown Community Project, 6.25%, 1/01/41</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">4,295</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">4,507,431</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Montgomery County Housing Opportunites Commission, RB, Series D, AMT, 5.50%, 1/01/38</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">510</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid; padding-bottom: 1pt">523,586</TD>
            <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD></TR>

<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="8" STYLE="vertical-align: bottom; padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: right; padding-bottom: 1pt">15,935,971</TD>
            <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt; padding-top: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top"> <TD COLSPAN="10" STYLE="padding-top: 2pt; color: navy; font-weight: bold; border-top: Black 1pt solid">Massachusetts&nbsp;&nbsp;&mdash; 1.1%</TD>
    <TD STYLE="padding-top: 1pt; color: navy; font-weight: bold; border-top: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Massachusetts Health &amp; Educational Facilities Authority, Refunding RB, Partners Healthcare, Series J1, 5.00%, 7/01/39</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">3,535</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">3,543,837</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Massachusetts School Building Authority, RB, Dedicated Sales Tax Bonds, Senior Series A, 5.00%, 5/15/43</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">2,780</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid; padding-bottom: 1pt">2,888,893</TD>
            <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD></TR>

<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="8" STYLE="vertical-align: bottom; padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: right; padding-bottom: 1pt">6,432,730</TD>
            <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt; padding-top: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top"> <TD COLSPAN="10" STYLE="padding-top: 2pt; color: navy; font-weight: bold; border-top: Black 1pt solid">Michigan&nbsp;&nbsp;&mdash; 3.5%</TD>
    <TD STYLE="padding-top: 1pt; color: navy; font-weight: bold; border-top: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">City of Detroit Michigan, Refunding RB, Sewage Disposal System, Senior Lien, Series A:</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">5.00%, 7/01/32</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">3,065</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">2,772,384</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">5.25%, 7/01/39</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">2,650</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">2,419,317</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top"> <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD> <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD> <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">&nbsp;</TD> <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">&nbsp;</TD>    <TD STYLE="text-align: left">&nbsp;</TD></TR><TR STYLE="text-align: left; vertical-align: top">    <TD COLSPAN="6" STYLE="vertical-align: bottom; font-weight: bold">Municipal Bonds</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt">Par<BR>
(000)</TD>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt">Value</TD>         <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD></TR> <TR STYLE="text-align: left; vertical-align: top"> <TD COLSPAN="10" STYLE="vertical-align: bottom; padding-top: 2pt; color: navy; font-weight: bold; border-top: Black 1pt solid">Michigan (concluded)</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">City of Detroit Michigan Water Supply System, RB, Senior Lien, Series A, 5.25%, 7/01/41</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">$</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">6,015</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">$</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">5,490,372</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Kalamazoo Hospital Finance Authority, Refunding RB, Bronson Methodist Hospital, 5.50%, 5/15/36</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">2,700</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">2,753,325</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Lansing Board of Water &amp; Light Utilities System, RB, Series A, 5.50%, 7/01/41</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">2,870</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">3,063,180</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Michigan State Hospital Finance Authority, Refunding RB, Henry Ford Health System, Series A, 5.25%, 11/15/46</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">4,230</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid; padding-bottom: 1pt">4,061,350</TD>
            <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD></TR>

<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="8" STYLE="vertical-align: bottom; padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: right; padding-bottom: 1pt">20,559,928</TD>
            <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt; padding-top: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top"> <TD COLSPAN="10" STYLE="padding-top: 2pt; color: navy; font-weight: bold; border-top: Black 1pt solid">Mississippi&nbsp;&nbsp;&mdash; 2.4%</TD>
    <TD STYLE="padding-top: 1pt; color: navy; font-weight: bold; border-top: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">City of Gulfport Mississipi, RB, Memorial Hospital at Gulfport Project, Series A, 5.75%, 7/01/31</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">14,025</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">14,031,592</TD>
            <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt; padding-top: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top"> <TD COLSPAN="10" STYLE="padding-top: 2pt; color: navy; font-weight: bold; border-top: Black 1pt solid">Missouri&nbsp;&nbsp;&mdash; 0.4%</TD>
    <TD STYLE="padding-top: 1pt; color: navy; font-weight: bold; border-top: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Refunding RB, Combination Lien, Series A, 5.00%, 10/01/44 (f)</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">495</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">508,895</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Missouri State Health &amp; Educational Facilities Authority, RB, Senior Living Facilities, Lutheran Senior Services, 5.50%, 2/01/42</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">2,035</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid; padding-bottom: 1pt">2,023,400</TD>
            <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD></TR>

<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="8" STYLE="vertical-align: bottom; padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: right; padding-bottom: 1pt">2,532,295</TD>
            <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt; padding-top: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top"> <TD COLSPAN="10" STYLE="padding-top: 2pt; color: navy; font-weight: bold; border-top: Black 1pt solid">Multi-State&nbsp;&nbsp;&mdash; 2.9%</TD>
    <TD STYLE="padding-top: 1pt; color: navy; font-weight: bold; border-top: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Centerline Equity Issuer Trust, 6.80%, 10/31/52 (b)(g)</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">16,000</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">17,014,240</TD>
            <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt; padding-top: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top"> <TD COLSPAN="10" STYLE="padding-top: 2pt; color: navy; font-weight: bold; border-top: Black 1pt solid">Nebraska&nbsp;&nbsp;&mdash; 1.4%</TD>
    <TD STYLE="padding-top: 1pt; color: navy; font-weight: bold; border-top: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Central Plains Energy Project Nebraska, RB, Gas Project No. 3:</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">5.25%, 9/01/37</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">1,610</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">1,612,222</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">5.00%, 9/01/42</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">2,815</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">2,698,374</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Douglas County Hospital Authority No. 2, Refunding RB, Health Facilities, Immanuel Obligation Group, 5.63%, 1/01/40</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">3,280</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">3,392,996</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top"> <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD> <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD> <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">&nbsp;</TD> <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">&nbsp;</TD>    <TD STYLE="text-align: left">&nbsp;</TD></TR><TR STYLE="text-align: left; vertical-align: top">    <TD STYLE="padding-bottom: 2pt; width: 2%">&nbsp;</TD>    <TD STYLE="padding-bottom: 2pt">&nbsp;</TD>    <TD STYLE="padding-bottom: 2pt">&nbsp;</TD>    <TD STYLE="padding-bottom: 2pt">&nbsp;</TD>    <TD STYLE="padding-bottom: 2pt">&nbsp;</TD>    <TD STYLE="padding-bottom: 2pt">&nbsp;</TD>    <TD STYLE="padding-bottom: 2pt; width: 4%">&nbsp;</TD>    <TD STYLE="padding-bottom: 2pt; width: 4%">&nbsp;</TD>    <TD STYLE="padding-bottom: 2pt; width: 3%">&nbsp;</TD>    <TD STYLE="padding-bottom: 1pt; width: 8%">&nbsp;</TD>    <TD STYLE="padding-bottom: 2pt; width: 1%; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P><!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 3pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="text-align: left; vertical-align: top"><TD STYLE="text-align: left; width: 33%">BLACKROCK&nbsp;MUNICIPAL&nbsp;INCOME TRUST</TD><TD STYLE="text-align: center; width: 34%">JULY 31, 2013</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%"><TR STYLE="text-align: left; vertical-align: top"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Arial, Helvetica, Sans-Serif">
<TR STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <TD STYLE="width: 57%; padding-right: 5.4pt; padding-left: 5.4pt; font: Arial, Helvetica, Sans-Serif; border-top: rgb(98,151,204) 6pt solid"><FONT STYLE="font: 14pt Arial,sans-serif; color: navy">Schedule
    of Investments</FONT><FONT STYLE="font-family: Arial,sans-serif; color: navy"> <FONT STYLE="font-size: 8pt">(continued)</FONT> </FONT></TD>
    <TD STYLE="width: 43%; padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Arial, Helvetica, Sans-Serif; color: navy; text-align: right; border-top: rgb(98,151,204) 6pt solid"><FONT STYLE="font: 8pt Arial,sans-serif"><B>BlackRock Municipal Income Trust (BFK)</B></FONT></TD></TR>
<TR STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: navy; text-align: right"><FONT STYLE="font: 7pt Arial,sans-serif"><B>(Percentages shown are based on Net Assets)</B></FONT></TD></TR>
<TR STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: navy; text-align: right">&nbsp;</TD></TR>
</TABLE>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="text-align: left; vertical-align: top">    <TD COLSPAN="6" STYLE="vertical-align: bottom; font-weight: bold">Municipal Bonds</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt">Par<BR>
(000)</TD>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt">Value</TD>         <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt; padding-top: 1pt">&nbsp;</TD></TR> <TR STYLE="text-align: left; vertical-align: top"> <TD COLSPAN="10" STYLE="vertical-align: bottom; padding-top: 2pt; color: navy; font-weight: bold; border-top: Black 1pt solid">Nebraska (concluded)</TD>
    <TD STYLE="padding-top: 1pt; color: navy; font-weight: bold; border-top: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Lancaster County Hospital Authority No. 1, Refunding RB, Immanuel Obligation Group, 5.63%, 1/01/40</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">$</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">600</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">$</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid; padding-bottom: 1pt">620,670</TD>
            <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD></TR>

<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="8" STYLE="vertical-align: bottom; padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: right; padding-bottom: 1pt">8,324,262</TD>
            <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt; padding-top: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top"> <TD COLSPAN="10" STYLE="padding-top: 2pt; color: navy; font-weight: bold; border-top: Black 1pt solid">Nevada&nbsp;&nbsp;&mdash; 0.8%</TD>
    <TD STYLE="padding-top: 1pt; color: navy; font-weight: bold; border-top: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Clark County Nevada, Refunding RB, Alexander Dawson School Nevada Project, 5.00%, 5/15/29</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">4,550</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">4,639,499</TD>
            <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt; padding-top: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top"> <TD COLSPAN="10" STYLE="padding-top: 2pt; color: navy; font-weight: bold; border-top: Black 1pt solid">New Jersey&nbsp;&nbsp;&mdash; 9.5%</TD>
    <TD STYLE="padding-top: 1pt; color: navy; font-weight: bold; border-top: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Middlesex County Improvement Authority, RB, Subordinate, Heldrich Center Hotel, Series B, 6.25%, 1/01/37 (d)(e)</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">3,680</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">257,379</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">New Jersey EDA, RB, Continental Airlines, Inc. Project, AMT:</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">5.25%, 9/15/29</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">3,830</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">3,591,966</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">7.00%, 11/15/30 (c)</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">15,410</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">15,417,089</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">New Jersey EDA, Refunding RB, Special Assessment, Kapkowski Road Landfill Project, 6.50%, 4/01/28</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">8,000</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">8,721,360</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">New Jersey State Turnpike Authority, RB, Series A:</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">5.00%, 1/01/38</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">2,535</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">2,586,080</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">5.00%, 1/01/43</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">8,150</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">8,278,607</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">New Jersey Transportation Trust Fund Authority, RB, Transportation System:</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Series A, 5.50%, 6/15/41</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">8,000</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">8,411,200</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Series B, 5.25%, 6/15/36</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">4,810</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">4,994,945</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Rutgers The State University of New Jersey, Refunding RB, Series L:</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">5.00%, 5/01/38</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">985</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">1,022,666</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">5.00%, 5/01/43</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">1,030</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">1,061,188</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Tobacco Settlement Financing Corp. New Jersey, Refunding RB, Series 1A, 4.50%, 6/01/23</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">2,165</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid; padding-bottom: 1pt">2,012,995</TD>
            <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD></TR>

<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="8" STYLE="vertical-align: bottom; padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: right; padding-bottom: 1pt">56,355,475</TD>
            <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt; padding-top: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top"> <TD COLSPAN="10" STYLE="padding-top: 2pt; color: navy; font-weight: bold; border-top: Black 1pt solid">New York&nbsp;&nbsp;&mdash; 9.0%</TD>
    <TD STYLE="padding-top: 1pt; color: navy; font-weight: bold; border-top: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Albany Industrial Development Agency, RB, New Covenant Charter School Project, Series A, 7.00%, 5/01/35 (d)(e)</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">1,820</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">272,454</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Metropolitan Transportation Authority, Refunding RB, Transportation, Series D, 5.25%, 11/15/40</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">2,375</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">2,423,806</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top"> <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD> <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD> <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">&nbsp;</TD> <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">&nbsp;</TD>    <TD STYLE="text-align: left">&nbsp;</TD></TR><TR STYLE="text-align: left; vertical-align: top">    <TD COLSPAN="6" STYLE="vertical-align: bottom; font-weight: bold">Municipal Bonds</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt">Par<BR>
(000)</TD>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt">Value</TD>         <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt; padding-top: 1pt">&nbsp;</TD></TR> <TR STYLE="text-align: left; vertical-align: top"> <TD COLSPAN="10" STYLE="vertical-align: bottom; padding-top: 2pt; color: navy; font-weight: bold; border-top: Black 1pt solid">New York (concluded)</TD>
    <TD STYLE="padding-top: 1pt; color: navy; font-weight: bold; border-top: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">New York City Industrial Development Agency, RB, American Airlines, Inc., JFK International Airport, AMT (c):</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">8.00%, 8/01/28</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">$</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">5,000</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">$</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">5,540,150</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">7.75%, 8/01/31</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">22,140</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">24,311,270</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">New York City Transitional Finance Authority, RB, Future Tax Secured, Sub-Series E-1, 5.00%, 2/01/42</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">4,805</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">4,956,021</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">New York Liberty Development Corp., Refunding RB, Second Priority, Bank of America Tower at One Bryant Park Project, 6.38%, 7/15/49</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">2,400</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">2,609,040</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">New York State Dormitory Authority, RB, Series F, 5.00%, 3/15/35</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">4,775</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">4,895,855</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">New York State Thruway Authority, Refunding RB, Series I, 5.00%, 1/01/42</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">3,465</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">3,521,965</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Port Authority of New York &amp; New Jersey, RB, JFK International Air Terminal:</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">6.00%, 12/01/36</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">2,525</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">2,800,730</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">6.00%, 12/01/42</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">1,960</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid; padding-bottom: 1pt">2,167,544</TD>
            <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD></TR>

<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="8" STYLE="vertical-align: bottom; padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: right; padding-bottom: 1pt">53,498,835</TD>
            <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt; padding-top: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top"> <TD COLSPAN="10" STYLE="padding-top: 2pt; color: navy; font-weight: bold; border-top: Black 1pt solid">North Carolina&nbsp;&nbsp;&mdash; 4.0%</TD>
    <TD STYLE="padding-top: 1pt; color: navy; font-weight: bold; border-top: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Gaston County Industrial Facilities &amp; Pollution Control Financing Authority North Carolina, RB, Exempt Facilities, National Gypsum Co. Project, AMT, 5.75%, 8/01/35</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">12,130</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">10,477,166</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">North Carolina Capital Facilities Finance Agency, Refunding RB, Duke University Project, Series B, 5.00%, 10/01/38</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">10,000</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">10,561,300</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">North Carolina Medical Care Commission, RB, Duke University Health System, Series A, 5.00%, 6/01/42</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">2,750</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid; padding-bottom: 1pt">2,774,723</TD>
            <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD></TR>

<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="8" STYLE="vertical-align: bottom; padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: right; padding-bottom: 1pt">23,813,189</TD>
            <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt; padding-top: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top"> <TD COLSPAN="10" STYLE="padding-top: 2pt; color: navy; font-weight: bold; border-top: Black 1pt solid">Ohio&nbsp;&nbsp;&mdash; 2.9%</TD>
    <TD STYLE="padding-top: 1pt; color: navy; font-weight: bold; border-top: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">County of Allen Ohio, Refunding RB, Catholic Healthcare, Series A, 5.25%, 6/01/38</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">6,125</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">6,247,806</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">County of Hamilton Ohio, RB, Christ Hospital Project, 5.00%, 6/01/42</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">2,475</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">2,372,783</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top"> <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD> <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD> <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">&nbsp;</TD> <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">&nbsp;</TD>    <TD STYLE="text-align: left">&nbsp;</TD></TR><TR STYLE="text-align: left; vertical-align: top">    <TD STYLE="padding-bottom: 2pt; width: 2%">&nbsp;</TD>    <TD STYLE="padding-bottom: 2pt">&nbsp;</TD>    <TD STYLE="padding-bottom: 2pt">&nbsp;</TD>    <TD STYLE="padding-bottom: 2pt">&nbsp;</TD>    <TD STYLE="padding-bottom: 2pt">&nbsp;</TD>    <TD STYLE="padding-bottom: 2pt">&nbsp;</TD>    <TD STYLE="padding-bottom: 2pt; width: 4%">&nbsp;</TD>    <TD STYLE="padding-bottom: 2pt; width: 4%">&nbsp;</TD>    <TD STYLE="padding-bottom: 2pt; width: 3%">&nbsp;</TD>    <TD STYLE="padding-bottom: 1pt; width: 8%">&nbsp;</TD>    <TD STYLE="padding-bottom: 2pt; width: 1%; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P><!-- Field: Page; Sequence: 6 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 3pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="text-align: left; vertical-align: top"><TD STYLE="text-align: left; width: 33%">BLACKROCK&nbsp;MUNICIPAL&nbsp;INCOME TRUST</TD><TD STYLE="text-align: center; width: 34%">JULY 31, 2013</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%"><TR STYLE="text-align: left; vertical-align: top"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Arial, Helvetica, Sans-Serif">
<TR STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <TD STYLE="width: 57%; padding-right: 5.4pt; padding-left: 5.4pt; font: Arial, Helvetica, Sans-Serif; border-top: rgb(98,151,204) 6pt solid"><FONT STYLE="font: 14pt Arial,sans-serif; color: navy">Schedule
    of Investments</FONT><FONT STYLE="font-family: Arial,sans-serif; color: navy"> <FONT STYLE="font-size: 8pt">(continued)</FONT> </FONT></TD>
    <TD STYLE="width: 43%; padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Arial, Helvetica, Sans-Serif; color: navy; text-align: right; border-top: rgb(98,151,204) 6pt solid"><FONT STYLE="font: 8pt Arial,sans-serif"><B>BlackRock Municipal Income Trust (BFK)</B></FONT></TD></TR>
<TR STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: navy; text-align: right"><FONT STYLE="font: 7pt Arial,sans-serif"><B>(Percentages shown are based on Net Assets)</B></FONT></TD></TR>
<TR STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: navy; text-align: right">&nbsp;</TD></TR>
</TABLE>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="text-align: left; vertical-align: top">    <TD COLSPAN="6" STYLE="vertical-align: bottom; font-weight: bold">Municipal Bonds</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt">Par<BR>
(000)</TD>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt">Value</TD>         <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt; padding-top: 1pt">&nbsp;</TD></TR> <TR STYLE="text-align: left; vertical-align: top"> <TD COLSPAN="10" STYLE="vertical-align: bottom; padding-top: 2pt; color: navy; font-weight: bold; border-top: Black 1pt solid">Ohio (concluded)</TD>
    <TD STYLE="padding-top: 1pt; color: navy; font-weight: bold; border-top: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">County of Montgomery Ohio, Refunding RB, Catholic Health, Series A, 5.00%, 5/01/39</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">$</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">5,450</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">$</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">5,364,271</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Pinnacle Community Infrastructure Financing Authority, RB, Facilities, Series A, 6.25%, 12/01/36</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">3,760</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid; padding-bottom: 1pt">3,552,862</TD>
            <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD></TR>

<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="8" STYLE="vertical-align: bottom; padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: right; padding-bottom: 1pt">17,537,722</TD>
            <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt; padding-top: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top"> <TD COLSPAN="10" STYLE="padding-top: 2pt; color: navy; font-weight: bold; border-top: Black 1pt solid">Oregon&nbsp;&nbsp;&mdash; 0.1%</TD>
    <TD STYLE="padding-top: 1pt; color: navy; font-weight: bold; border-top: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">City of Tigard Washington County Oregon, Refunding RB, Water System, 5.00%, 8/01/37</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">495</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">515,384</TD>
            <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt; padding-top: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top"> <TD COLSPAN="10" STYLE="padding-top: 2pt; color: navy; font-weight: bold; border-top: Black 1pt solid">Pennsylvania&nbsp;&nbsp;&mdash; 0.6%</TD>
    <TD STYLE="padding-top: 1pt; color: navy; font-weight: bold; border-top: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Pennsylvania Economic Development Financing Authority, RB, Aqua Pennsylvania, Inc. Project, 5.00%, 11/15/40</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">3,725</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">3,734,685</TD>
            <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt; padding-top: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top"> <TD COLSPAN="10" STYLE="padding-top: 2pt; color: navy; font-weight: bold; border-top: Black 1pt solid">Puerto Rico&nbsp;&nbsp;&mdash; 2.0%</TD>
    <TD STYLE="padding-top: 1pt; color: navy; font-weight: bold; border-top: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Puerto Rico Sales Tax Financing Corp., RB, CAB, Series A (a):</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">6.45%, 8/01/33</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">11,400</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">3,202,602</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">6.61%, 8/01/36</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">40,000</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid; padding-bottom: 1pt">8,963,600</TD>
            <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD></TR>

<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="8" STYLE="vertical-align: bottom; padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: right; padding-bottom: 1pt">12,166,202</TD>
            <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt; padding-top: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top"> <TD COLSPAN="10" STYLE="padding-top: 2pt; color: navy; font-weight: bold; border-top: Black 1pt solid">South Carolina&nbsp;&nbsp;&mdash; 2.0%</TD>
    <TD STYLE="padding-top: 1pt; color: navy; font-weight: bold; border-top: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">South Carolina Jobs, EDA, Refunding RB, Palmetto Health Alliance, Series A, 6.25%, 8/01/31</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">5,075</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">5,094,133</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">South Carolina State Ports Authority, RB, 5.25%, 7/01/40</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">6,455</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid; padding-bottom: 1pt">6,646,971</TD>
            <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD></TR>

<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="8" STYLE="vertical-align: bottom; padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: right; padding-bottom: 1pt">11,741,104</TD>
            <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt; padding-top: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top"> <TD COLSPAN="10" STYLE="padding-top: 2pt; color: navy; font-weight: bold; border-top: Black 1pt solid">South Dakota&nbsp;&nbsp;&mdash; 0.2%</TD>
    <TD STYLE="padding-top: 1pt; color: navy; font-weight: bold; border-top: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">South Dakota Health &amp; Educational Facilities Authority, RB, Sanford, Series E, 5.00%, 11/01/42</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">1,095</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">1,070,231</TD>
            <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt; padding-top: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top"> <TD COLSPAN="10" STYLE="padding-top: 2pt; color: navy; font-weight: bold; border-top: Black 1pt solid">Tennessee&nbsp;&nbsp;&mdash; 0.1%</TD>
    <TD STYLE="padding-top: 1pt; color: navy; font-weight: bold; border-top: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">County of Rutherford Tennessee Health &amp; Educational Facilities Board, RB, Ascension Health, Series C, 5.00%, 11/15/47</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">415</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">422,296</TD>
            <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt; padding-top: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top"> <TD COLSPAN="10" STYLE="padding-top: 2pt; color: navy; font-weight: bold; border-top: Black 1pt solid">Texas&nbsp;&nbsp;&mdash; 18.6%</TD>
    <TD STYLE="padding-top: 1pt; color: navy; font-weight: bold; border-top: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Brazos River Authority, RB, TXU Electric, Series A, AMT, 8.25%, 10/01/30</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">4,370</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">338,500</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top"> <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD> <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD> <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">&nbsp;</TD> <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">&nbsp;</TD>    <TD STYLE="text-align: left">&nbsp;</TD></TR><TR STYLE="text-align: left; vertical-align: top">    <TD COLSPAN="6" STYLE="vertical-align: bottom; font-weight: bold">Municipal Bonds</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt">Par<BR>
(000)</TD>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt">Value</TD>         <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt; padding-top: 1pt">&nbsp;</TD></TR> <TR STYLE="text-align: left; vertical-align: top"> <TD COLSPAN="10" STYLE="vertical-align: bottom; padding-top: 2pt; color: navy; font-weight: bold; border-top: Black 1pt solid">Texas (continued)</TD>
    <TD STYLE="padding-top: 1pt; color: navy; font-weight: bold; border-top: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Central Texas Regional Mobility Authority, Refunding RB:</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Senior Lien, 6.25%, 1/01/46</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">$</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">4,210</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">$</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">4,513,709</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Senior Lien, Series A, 5.00%, 1/01/33</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">195</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">190,492</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Subordinate Lien, 5.00%, 1/01/33</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">700</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">655,347</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Subordinate Lien, 5.00%, 1/01/42</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">620</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">564,101</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">City of Dallas Texas Waterworks &amp; Sewer System, Refunding RB, 5.00%, 10/01/35</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">2,970</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">3,098,749</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">City of Houston Texas Airport System, Refunding ARB, Senior Lien, Series A, 5.50%, 7/01/39</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">3,000</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">3,262,440</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">City of Houston Texas Utility System, Refunding RB, Combined First Lien, Series A (AGC), 6.00%, 11/15/35</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">16,425</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">18,670,954</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">City of San Antonio Texas, RB, Electric &amp; Gas Systems, Junior Lien, 5.00%, 2/01/43</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">4,895</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">5,032,941</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">County of Tarrant Texas Cultural Education Facilities Finance Corp., Refunding RB, Scott &amp; White Healthcare, Series A, 5.00%, 8/15/43</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">705</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">687,854</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Dallas-Fort Worth International Airport, Refunding RB, Series E, AMT, 5.00%, 11/01/35</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">3,535</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">3,383,737</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Fort Bend County Industrial Development Corp., RB, NRG Energy Project, Series B, 4.75%, 11/01/42</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">2,890</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">2,497,480</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="5" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Harris County-Houston Sports Authority, Refunding RB (NPFGC) (a):</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">CAB, Junior Lien, Series H, 6.46%, 11/15/35</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">5,000</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">1,212,100</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">CAB, Senior Lien, Series A, 6.31%, 11/15/38</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">12,580</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">2,614,376</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Third Lien, Series A-3, 6.53%, 11/15/37</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">26,120</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">5,484,678</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Matagorda County Navigation District No. 1, Refunding RB, AEP Texas Central Co. Project, Series 1, 4.00%, 6/01/30</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">2,120</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">1,896,128</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Midland County Fresh Water Supply District No. 1, RB, CAB, City of Midland Project, Series A (a):</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">5.35%, 9/15/40</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">9,780</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">2,335,855</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">5.45%, 9/15/41</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">5,420</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">1,194,785</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top"> <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD> <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD> <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">&nbsp;</TD> <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">&nbsp;</TD>    <TD STYLE="text-align: left">&nbsp;</TD></TR><TR STYLE="text-align: left; vertical-align: top">    <TD STYLE="padding-bottom: 2pt; width: 2%">&nbsp;</TD>    <TD STYLE="padding-bottom: 2pt">&nbsp;</TD>    <TD STYLE="padding-bottom: 2pt">&nbsp;</TD>    <TD STYLE="padding-bottom: 2pt">&nbsp;</TD>    <TD STYLE="padding-bottom: 2pt">&nbsp;</TD>    <TD STYLE="padding-bottom: 2pt">&nbsp;</TD>    <TD STYLE="padding-bottom: 2pt; width: 4%">&nbsp;</TD>    <TD STYLE="padding-bottom: 2pt; width: 4%">&nbsp;</TD>    <TD STYLE="padding-bottom: 2pt; width: 3%">&nbsp;</TD>    <TD STYLE="padding-bottom: 1pt; width: 8%">&nbsp;</TD>    <TD STYLE="padding-bottom: 2pt; width: 1%; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P><!-- Field: Page; Sequence: 7 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 3pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="text-align: left; vertical-align: top"><TD STYLE="text-align: left; width: 33%">BLACKROCK&nbsp;MUNICIPAL&nbsp;INCOME TRUST</TD><TD STYLE="text-align: center; width: 34%">JULY 31, 2013</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%"><TR STYLE="text-align: left; vertical-align: top"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Arial, Helvetica, Sans-Serif">
<TR STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <TD STYLE="width: 57%; padding-right: 5.4pt; padding-left: 5.4pt; font: Arial, Helvetica, Sans-Serif; border-top: rgb(98,151,204) 6pt solid"><FONT STYLE="font: 14pt Arial,sans-serif; color: navy">Schedule
    of Investments</FONT><FONT STYLE="font-family: Arial,sans-serif; color: navy"> <FONT STYLE="font-size: 8pt">(continued)</FONT> </FONT></TD>
    <TD STYLE="width: 43%; padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Arial, Helvetica, Sans-Serif; color: navy; text-align: right; border-top: rgb(98,151,204) 6pt solid"><FONT STYLE="font: 8pt Arial,sans-serif"><B>BlackRock Municipal Income Trust (BFK)</B></FONT></TD></TR>
<TR STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: navy; text-align: right"><FONT STYLE="font: 7pt Arial,sans-serif"><B>(Percentages shown are based on Net Assets)</B></FONT></TD></TR>
<TR STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: navy; text-align: right">&nbsp;</TD></TR>
</TABLE>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="text-align: left; vertical-align: top">    <TD COLSPAN="6" STYLE="vertical-align: bottom; font-weight: bold">Municipal Bonds</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt">Par<BR>
(000)</TD>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt">Value</TD>         <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt; padding-top: 1pt">&nbsp;</TD></TR> <TR STYLE="text-align: left; vertical-align: top"> <TD COLSPAN="10" STYLE="vertical-align: bottom; padding-top: 2pt; color: navy; font-weight: bold; border-top: Black 1pt solid">Texas (concluded)</TD>
    <TD STYLE="padding-top: 1pt; color: navy; font-weight: bold; border-top: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">North Texas Tollway Authority, Refunding RB, Toll, Second Tier, Series F, 6.13%, 1/01/31</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">$</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">12,180</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">$</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">13,013,477</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">San Antonio Energy Acquisition Public Facility Corp., RB, Gas Supply, 5.50%, 8/01/25</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">6,540</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">7,092,434</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Tarrant County Cultural Education Facilities Finance Corp., RB, Scott &amp; White Healthcare, 6.00%, 8/15/45</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">7,930</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">8,794,291</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Texas Municipal Gas Acquisition &amp; Supply Corp. III, RB:</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">5.00%, 12/15/29</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">865</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">841,386</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">5.00%, 12/15/32</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">2,835</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">2,683,328</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="5" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Texas Private Activity Bond Surface Transportation Corp., RB, Senior Lien:</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">LBJ Infrastructure Group LLC, LBJ Freeway Managed Lanes Project, 7.00%, 6/30/40</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">6,000</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">6,814,140</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">NTE Mobility Partners LLC, North Tarrant Express Managed Lanes Project, 6.88%, 12/31/39</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">6,500</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">7,282,665</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">University of Texas System, Refunding RB, Financing System, Series B, 5.00%, 8/15/43</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">6,000</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid; padding-bottom: 1pt">6,302,520</TD>
            <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD></TR>

<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="8" STYLE="vertical-align: bottom; padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: right; padding-bottom: 1pt">110,458,467</TD>
            <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt; padding-top: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top"> <TD COLSPAN="10" STYLE="padding-top: 2pt; color: navy; font-weight: bold; border-top: Black 1pt solid">Utah&nbsp;&nbsp;&mdash; 1.5%</TD>
    <TD STYLE="padding-top: 1pt; color: navy; font-weight: bold; border-top: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">County of Utah, RB, IHC Health Services, Inc., 5.00%, 5/15/43</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">3,940</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">4,034,166</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">University of Utah, RB, General, Series A, 5.00%, 8/01/43</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">1,235</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">1,278,250</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Utah State Charter School Finance Authority, RB, Ogden Preparatory Academy:</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">3.25%, 10/15/36</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">1,940</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">1,422,466</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">3.25%, 10/15/42</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">3,010</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid; padding-bottom: 1pt">2,093,997</TD>
            <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD></TR>

<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="8" STYLE="vertical-align: bottom; padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: right; padding-bottom: 1pt">8,828,879</TD>
            <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt; padding-top: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top"> <TD COLSPAN="10" STYLE="padding-top: 2pt; color: navy; font-weight: bold; border-top: Black 1pt solid">Virginia&nbsp;&nbsp;&mdash; 1.8%</TD>
    <TD STYLE="padding-top: 1pt; color: navy; font-weight: bold; border-top: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">City of Norfolk Virginia Parking System, Refunding RB, Series B (AMBAC), 5.50%, 2/01/31</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">2,240</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">2,240,202</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Virginia Small Business Financing Authority, RB, Senior Lien, Elizabeth River Crossings Project, AMT:</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">5.25%, 1/01/32</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">3,155</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">2,970,243</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top"> <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD> <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD> <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">&nbsp;</TD> <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">&nbsp;</TD>    <TD STYLE="text-align: left">&nbsp;</TD></TR><TR STYLE="text-align: left; vertical-align: top">    <TD COLSPAN="6" STYLE="vertical-align: bottom; font-weight: bold">Municipal Bonds</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt">Par<BR>
(000)</TD>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt">Value</TD>         <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt; padding-top: 1pt">&nbsp;</TD></TR> <TR STYLE="text-align: left; vertical-align: top"> <TD COLSPAN="10" STYLE="vertical-align: bottom; padding-top: 2pt; color: navy; font-weight: bold; border-top: Black 1pt solid">Virginia (concluded)</TD>
    <TD STYLE="padding-top: 1pt; color: navy; font-weight: bold; border-top: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Virginia Small Business Financing Authority, RB, Senior Lien, Elizabeth River Crossings Project, AMT&nbsp;&nbsp;(concluded):</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">6.00%, 1/01/37</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">$</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">5,695</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">$</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid; padding-bottom: 1pt">5,737,655</TD>
            <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD></TR>

<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="8" STYLE="vertical-align: bottom; padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: right; padding-bottom: 1pt">10,948,100</TD>
            <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt; padding-top: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top"> <TD COLSPAN="10" STYLE="padding-top: 2pt; color: navy; font-weight: bold; border-top: Black 1pt solid">Washington&nbsp;&nbsp;&mdash; 0.3%</TD>
    <TD STYLE="padding-top: 1pt; color: navy; font-weight: bold; border-top: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Washington Health Care Facilities Authority, Refunding RB, Providence Health &amp; Services, Series A, 5.00%, 10/01/42</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">1,980</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">1,944,083</TD>
            <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt; padding-top: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top"> <TD COLSPAN="10" STYLE="padding-top: 2pt; color: navy; font-weight: bold; border-top: Black 1pt solid">Wisconsin&nbsp;&nbsp;&mdash; 3.2%</TD>
    <TD STYLE="padding-top: 1pt; color: navy; font-weight: bold; border-top: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Wisconsin Health &amp; Educational Facilities Authority, RB:</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Ascension Health Senior Care Group, 5.00%, 11/15/30</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">3,210</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">3,289,769</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Ascension Health Senior Care Group, 5.00%, 11/15/33</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">1,640</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">1,666,404</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Aurora Health, Senior Credit Group, 6.40%, 4/15/33</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">7,500</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">7,509,225</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="6" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">WPPI Energy Wisconsin, Refunding RB, Power Supply System, Series A:</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">5.00%, 7/01/29</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">740</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">772,923</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">5.00%, 7/01/30</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">935</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">970,511</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">5.00%, 7/01/31</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">2,035</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">2,102,440</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">5.00%, 7/01/37</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">2,470</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid; padding-bottom: 1pt">2,481,411</TD>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt; padding-top: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD></TR>

<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="8" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-bottom: 1pt">18,792,683</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="11" STYLE="padding-bottom: 2pt; font-weight: bold">&#9;&#9;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="8" STYLE="vertical-align: bottom; padding-top: 2pt; border-bottom: Black 2pt solid; border-top: Black 1pt solid"><B>Total Municipal Bonds</B> &mdash; <B>129.0%</B></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: right; border-bottom: Black 2pt solid; border-top: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: right; padding-bottom: 1pt; border-bottom: Black 2pt solid; border-top: Black 1pt solid">765,763,269</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid; border-top: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="11" STYLE="padding-bottom: 2pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="11" STYLE="vertical-align: bottom; background-color: rgb(98,151,204); color: #47B0FF">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="7" STYLE="vertical-align: bottom; padding-bottom: 4pt; font-weight: bold; padding-top: 3pt">Municipal Bonds Transferred to Tender <BR>
Option Bond (TOB) Trusts (h)</TD>
    <TD COLSPAN="4" STYLE="padding-top: 3pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top"> <TD COLSPAN="10" STYLE="padding-top: 2pt; color: navy; font-weight: bold; border-top: Black 1pt solid">Alabama&nbsp;&nbsp;&mdash; 0.8%</TD>
    <TD STYLE="padding-top: 1pt; color: navy; font-weight: bold; border-top: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Alabama Special Care Facilities Financing Authority-Birmingham, Refunding RB, Ascension Health Senior Credit Group, Series C-2, 5.00%, 11/15/36</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">4,548</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">4,550,525</TD>
            <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top"> <TD COLSPAN="10" STYLE="padding-top: 2pt; color: navy; font-weight: bold; border-top: Black 1pt solid">Arizona&nbsp;&nbsp;&mdash; 0.8%</TD>
    <TD STYLE="padding-top: 1pt; color: navy; font-weight: bold; border-top: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Salt River Project Agricultural Improvement &amp; Power District, RB, Series A, 5.00%, 1/01/38</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">4,760</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">4,888,551</TD>
            <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top"> <TD COLSPAN="10" STYLE="padding-top: 2pt; color: navy; font-weight: bold; border-top: Black 1pt solid">California&nbsp;&nbsp;&mdash; 7.5%</TD>
    <TD STYLE="padding-top: 1pt; color: navy; font-weight: bold; border-top: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">California Educational Facilities Authority, RB, University of Southern California, Series B, 5.25%, 10/01/39 (i)</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">5,115</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">5,463,536</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top"> <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD> <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD> <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">&nbsp;</TD> <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">&nbsp;</TD>    <TD STYLE="text-align: left">&nbsp;</TD></TR><TR STYLE="text-align: left; vertical-align: top">    <TD STYLE="padding-bottom: 2pt; width: 2%">&nbsp;</TD>    <TD STYLE="padding-bottom: 2pt">&nbsp;</TD>    <TD STYLE="padding-bottom: 2pt">&nbsp;</TD>    <TD STYLE="padding-bottom: 2pt">&nbsp;</TD>    <TD STYLE="padding-bottom: 2pt">&nbsp;</TD>    <TD STYLE="padding-bottom: 2pt">&nbsp;</TD>    <TD STYLE="padding-bottom: 2pt; width: 4%">&nbsp;</TD>    <TD STYLE="padding-bottom: 2pt; width: 4%">&nbsp;</TD>    <TD STYLE="padding-bottom: 2pt; width: 3%">&nbsp;</TD>    <TD STYLE="padding-bottom: 1pt; width: 8%">&nbsp;</TD>    <TD STYLE="padding-bottom: 2pt; width: 1%; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P><!-- Field: Page; Sequence: 8 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 3pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="text-align: left; vertical-align: top"><TD STYLE="text-align: left; width: 33%">BLACKROCK&nbsp;MUNICIPAL&nbsp;INCOME TRUST</TD><TD STYLE="text-align: center; width: 34%">JULY 31, 2013</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%"><TR STYLE="text-align: left; vertical-align: top"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Arial, Helvetica, Sans-Serif">
<TR STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <TD STYLE="width: 57%; padding-right: 5.4pt; padding-left: 5.4pt; font: Arial, Helvetica, Sans-Serif; border-top: rgb(98,151,204) 6pt solid"><FONT STYLE="font: 14pt Arial,sans-serif; color: navy">Schedule
    of Investments</FONT><FONT STYLE="font-family: Arial,sans-serif; color: navy"> <FONT STYLE="font-size: 8pt">(continued)</FONT> </FONT></TD>
    <TD STYLE="width: 43%; padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Arial, Helvetica, Sans-Serif; color: navy; text-align: right; border-top: rgb(98,151,204) 6pt solid"><FONT STYLE="font: 8pt Arial,sans-serif"><B>BlackRock Municipal Income Trust (BFK)</B></FONT></TD></TR>
<TR STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: navy; text-align: right"><FONT STYLE="font: 7pt Arial,sans-serif"><B>(Percentages shown are based on Net Assets)</B></FONT></TD></TR>
<TR STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: navy; text-align: right">&nbsp;</TD></TR>
</TABLE>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="text-align: left; vertical-align: top">    <TD COLSPAN="6" STYLE="vertical-align: bottom; font-weight: bold">Municipal Bonds Transferred to Tender <BR>
Option Bond (TOB) Trusts (h)</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt">Par<BR>
(000)</TD>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt">Value</TD>         <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt">&nbsp;</TD></TR> <TR STYLE="text-align: left; vertical-align: top"> <TD COLSPAN="10" STYLE="vertical-align: bottom; padding-top: 2pt; color: navy; font-weight: bold; border-top: Black 1pt solid">California (concluded)</TD>
    <TD STYLE="padding-top: 1pt; color: navy; font-weight: bold; border-top: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">City &amp; County of San Francisco California Public Utilities Commission, RB, Series B, 5.00%, 11/01/39</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">$</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">18,540</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">$</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">18,865,933</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">City of Los Angeles California Department of Airports, Refunding RB, Senior, Los Angeles International Airport, Series A, 5.00%, 5/15/40</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">11,680</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">11,853,653</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Los Angeles Community College District California, GO, Election of 2001, Series A (AGM), 5.00%, 8/01/32</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">4,500</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">4,685,715</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">San Diego Community College District California, GO, Election of 2002, 5.25%, 8/01/33</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">3,260</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid; padding-bottom: 1pt">3,608,132</TD>
            <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD></TR>

<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="8" STYLE="vertical-align: bottom; padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: right; padding-bottom: 1pt">44,476,969</TD>
            <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top"> <TD COLSPAN="10" STYLE="padding-top: 2pt; color: navy; font-weight: bold; border-top: Black 1pt solid">Colorado&nbsp;&nbsp;&mdash; 2.1%</TD>
    <TD STYLE="padding-top: 1pt; color: navy; font-weight: bold; border-top: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Colorado Health Facilities Authority, RB, Catholic Health (AGM):</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Series C-3, 5.10%, 10/01/41</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">7,600</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">7,565,648</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Series C-7, 5.00%, 9/01/36</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">4,860</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid; padding-bottom: 1pt">4,833,464</TD>
            <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD></TR>

<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="8" STYLE="vertical-align: bottom; padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: right; padding-bottom: 1pt">12,399,112</TD>
            <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top"> <TD COLSPAN="10" STYLE="padding-top: 2pt; color: navy; font-weight: bold; border-top: Black 1pt solid">Connecticut&nbsp;&nbsp;&mdash; 3.3%</TD>
    <TD STYLE="padding-top: 1pt; color: navy; font-weight: bold; border-top: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Connecticut State Health &amp; Educational Facility Authority, RB, Yale University:</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Series T-1, 4.70%, 7/01/29</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">9,397</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">9,660,761</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Series X-3, 4.85%, 7/01/37</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">9,366</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid; padding-bottom: 1pt">9,689,348</TD>
            <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD></TR>

<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="8" STYLE="vertical-align: bottom; padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: right; padding-bottom: 1pt">19,350,109</TD>
            <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top"> <TD COLSPAN="10" STYLE="padding-top: 2pt; color: navy; font-weight: bold; border-top: Black 1pt solid">Florida&nbsp;&nbsp;&mdash; 1.2%</TD>
    <TD STYLE="padding-top: 1pt; color: navy; font-weight: bold; border-top: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">County of Miami-Dade Florida, RB, Water &amp; Sewer System, 5.00%, 10/01/34</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">6,629</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">6,829,802</TD>
            <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top"> <TD COLSPAN="10" STYLE="padding-top: 2pt; color: navy; font-weight: bold; border-top: Black 1pt solid">Illinois&nbsp;&nbsp;&mdash; 0.9%</TD>
    <TD STYLE="padding-top: 1pt; color: navy; font-weight: bold; border-top: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">City of Chicago Illinois, Refunding RB, Waterworks, Second Lien, 5.00%, 11/01/42</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">5,625</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">5,539,556</TD>
            <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top"> <TD COLSPAN="10" STYLE="padding-top: 2pt; color: navy; font-weight: bold; border-top: Black 1pt solid">Massachusetts&nbsp;&nbsp;&mdash; 2.7%</TD>
    <TD STYLE="padding-top: 1pt; color: navy; font-weight: bold; border-top: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Massachusetts School Building Authority, RB, Senior Series B, 5.00%, 10/15/41</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">8,860</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">9,172,847</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top"> <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD> <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD> <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">&nbsp;</TD> <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">&nbsp;</TD>    <TD STYLE="text-align: left">&nbsp;</TD></TR><TR STYLE="text-align: left; vertical-align: top">    <TD COLSPAN="6" STYLE="vertical-align: bottom; font-weight: bold">Municipal Bonds Transferred to Tender <BR>
Option Bond (TOB) Trusts (h)</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt">Par<BR>
(000)</TD>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt">Value</TD>         <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt">&nbsp;</TD></TR> <TR STYLE="text-align: left; vertical-align: top"> <TD COLSPAN="10" STYLE="vertical-align: bottom; padding-top: 2pt; color: navy; font-weight: bold; border-top: Black 1pt solid">Massachusetts (concluded)</TD>
    <TD STYLE="padding-top: 1pt; color: navy; font-weight: bold; border-top: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Massachusetts Water Resources Authority, Refunding RB, General, Series A, 5.00%, 8/01/41</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">$</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">6,770</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">$</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid; padding-bottom: 1pt">6,977,365</TD>
            <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD></TR>

<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="8" STYLE="vertical-align: bottom; padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: right; padding-bottom: 1pt">16,150,212</TD>
            <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top"> <TD COLSPAN="10" STYLE="padding-top: 2pt; color: navy; font-weight: bold; border-top: Black 1pt solid">New Hampshire&nbsp;&nbsp;&mdash; 0.7%</TD>
    <TD STYLE="padding-top: 1pt; color: navy; font-weight: bold; border-top: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">New Hampshire Health &amp; Education Facilities Authority, RB, Dartmouth College, 5.25%, 6/01/39 (i)</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">3,988</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">4,282,746</TD>
            <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top"> <TD COLSPAN="10" STYLE="padding-top: 2pt; color: navy; font-weight: bold; border-top: Black 1pt solid">New York&nbsp;&nbsp;&mdash; 10.0%</TD>
    <TD STYLE="padding-top: 1pt; color: navy; font-weight: bold; border-top: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Hudson New York Yards Infrastructure Corp., RB, Senior Series A, 5.75%, 2/15/47 (i)</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">3,130</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">3,322,856</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">New York City Municipal Water Finance Authority, Refunding RB:</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Second General Resolution, Series HH, 5.00%, 6/15/31 (i)</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">16,393</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">17,331,073</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Series FF-2, 5.50%, 6/15/40</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">3,074</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">3,347,945</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">New York Liberty Development Corp., RB, 1 World Trade Center Port Authority Construction, 5.25%, 12/15/43</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">20,864</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">21,679,243</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">New York Liberty Development Corp., Refunding RB, 4 World Trade Center Project, 5.75%, 11/15/51 (i)</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">12,610</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid; padding-bottom: 1pt">13,653,225</TD>
            <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD></TR>

<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="8" STYLE="vertical-align: bottom; padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: right; padding-bottom: 1pt">59,334,342</TD>
            <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top"> <TD COLSPAN="10" STYLE="padding-top: 2pt; color: navy; font-weight: bold; border-top: Black 1pt solid">Texas&nbsp;&nbsp;&mdash; 1.1%</TD>
    <TD STYLE="padding-top: 1pt; color: navy; font-weight: bold; border-top: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">County of Harris Texas Metropolitan Transit Authority, Refunding RB, Series A, 5.00%, 11/01/41</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">6,650</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">6,766,441</TD>
            <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top"> <TD COLSPAN="10" STYLE="padding-top: 2pt; color: navy; font-weight: bold; border-top: Black 1pt solid">Utah&nbsp;&nbsp;&mdash; 1.2%</TD>
    <TD STYLE="padding-top: 1pt; color: navy; font-weight: bold; border-top: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">City of Riverton Utah Hospital, RB, IHC Health Services, Inc., 5.00%, 8/15/41</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">7,153</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">7,153,116</TD>
            <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top"> <TD COLSPAN="10" STYLE="padding-top: 2pt; color: navy; font-weight: bold; border-top: Black 1pt solid">Virginia&nbsp;&nbsp;&mdash; 1.9%</TD>
    <TD STYLE="padding-top: 1pt; color: navy; font-weight: bold; border-top: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">University of Virginia, Refunding RB, General, 5.00%, 6/01/40</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">10,767</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">11,324,203</TD>
            <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top"> <TD COLSPAN="10" STYLE="padding-top: 2pt; color: navy; font-weight: bold; border-top: Black 1pt solid">Washington&nbsp;&nbsp;&mdash; 3.6%</TD>
    <TD STYLE="padding-top: 1pt; color: navy; font-weight: bold; border-top: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Central Puget Sound Regional Transit Authority, RB, Series A (AGM), 5.00%, 11/01/32</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">5,459</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">5,692,753</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top"> <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD> <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD> <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">&nbsp;</TD> <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">&nbsp;</TD>    <TD STYLE="text-align: left">&nbsp;</TD></TR><TR STYLE="text-align: left; vertical-align: top">    <TD STYLE="padding-bottom: 2pt; width: 2%">&nbsp;</TD>    <TD STYLE="padding-bottom: 2pt">&nbsp;</TD>    <TD STYLE="padding-bottom: 2pt">&nbsp;</TD>    <TD STYLE="padding-bottom: 2pt">&nbsp;</TD>    <TD STYLE="padding-bottom: 2pt">&nbsp;</TD>    <TD STYLE="padding-bottom: 2pt">&nbsp;</TD>    <TD STYLE="padding-bottom: 2pt; width: 4%">&nbsp;</TD>    <TD STYLE="padding-bottom: 2pt; width: 4%">&nbsp;</TD>    <TD STYLE="padding-bottom: 2pt; width: 3%">&nbsp;</TD>    <TD STYLE="padding-bottom: 1pt; width: 8%">&nbsp;</TD>    <TD STYLE="padding-bottom: 2pt; width: 1%; text-align: left">&nbsp;</TD></TR>
</TABLE>

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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 3pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="text-align: left; vertical-align: top"><TD STYLE="text-align: left; width: 33%">BLACKROCK&nbsp;MUNICIPAL&nbsp;INCOME TRUST</TD><TD STYLE="text-align: center; width: 34%">JULY 31, 2013</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%"><TR STYLE="text-align: left; vertical-align: top"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<TR STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <TD STYLE="width: 57%; padding-right: 5.4pt; padding-left: 5.4pt; font: Arial, Helvetica, Sans-Serif; border-top: rgb(98,151,204) 6pt solid"><FONT STYLE="font: 14pt Arial,sans-serif; color: navy">Schedule
    of Investments</FONT><FONT STYLE="font-family: Arial,sans-serif; color: navy"> <FONT STYLE="font-size: 8pt">(continued)</FONT> </FONT></TD>
    <TD STYLE="width: 43%; padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Arial, Helvetica, Sans-Serif; color: navy; text-align: right; border-top: rgb(98,151,204) 6pt solid"><FONT STYLE="font: 8pt Arial,sans-serif"><B>BlackRock Municipal Income Trust (BFK)</B></FONT></TD></TR>
<TR STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: navy; text-align: right"><FONT STYLE="font: 7pt Arial,sans-serif"><B>(Percentages shown are based on Net Assets)</B></FONT></TD></TR>
<TR STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: navy; text-align: right">&nbsp;</TD></TR>
</TABLE>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="text-align: left; vertical-align: top">    <TD STYLE="vertical-align: bottom; font-weight: bold; border-bottom: Black 1pt solid">Municipal Bonds Transferred to Tender <BR>
Option Bond (TOB) Trusts (h)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; width: 8%">Par<BR>
(000)</TD>
    <TD STYLE="width: 2%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: left; border-bottom: Black 1pt solid; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; width: 8%">Value</TD>         <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; width: 1%">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top"> <TD COLSPAN="7" STYLE="vertical-align: bottom; padding-top: 2pt; color: navy; font-weight: bold">Washington (concluded)</TD>
    </TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">State of Washington, GO, Various Purpose, Series E, 5.00%, 2/01/34</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">$</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">14,487</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; padding-bottom: 1pt">$</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid; padding-bottom: 1pt">15,510,965</TD>
            <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD></TR>

<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; border-bottom: Black 1pt solid">21,203,718</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid"><B>Total Municipal Bonds Transferred to Tender Option Bond (TOB) Trusts</B> &mdash; <B>37.8%</B></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; border-bottom: Black 1pt solid">224,249,402</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="border-bottom: Black 2pt solid; vertical-align: bottom"><B>Total Long-Term Investments</B><BR>
<B>(Cost &mdash; $993,783,828) &mdash; 166.8%</B></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; border-bottom: Black 2pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; border-bottom: Black 2pt solid">990,012,671</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="padding-bottom: 2pt; font-weight: bold">&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="7" STYLE="vertical-align: bottom; background-color: rgb(98,151,204); color: #47B0FF">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; padding-top: 3pt">Short-Term Securities</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center; padding-top: 3pt"><BR>
Shares</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: left; border-bottom: Black 1pt solid; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; padding-top: 3pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="border-bottom: Black 2pt solid; vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">FFI Institutional Tax-Exempt Fund, 0.03% (j)(k)</TD>
    <TD STYLE="border-bottom: Black 2pt solid; vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt solid; vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">8,485,009</TD>
    <TD STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: left; text-indent: -0.1in; border-bottom: Black 2pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 2pt solid">8,485,009</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="border-bottom: Black 2pt solid; vertical-align: bottom; padding-top: 2pt"><B>Total Short-Term Securities</B><BR>
<B>(Cost &mdash; $8,485,009) &mdash; 1.4%</B></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: right; border-bottom: Black 2pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: right; border-bottom: Black 2pt solid">8,485,009</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="border-bottom: Black 2pt solid; vertical-align: bottom; padding-top: 2pt"><B>Total Investments</B><BR>
<B>(Cost &mdash; $1,002,268,837*) &mdash; 168.2%</B></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: right; border-bottom: Black 2pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt solid; vertical-align: bottom; padding-top: 2pt; text-align: right">998,497,680</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; border-bottom: Black 2pt solid">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="7" STYLE="padding-bottom: 2pt; font-weight: bold">&nbsp;&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Value</TD>         <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="vertical-align: bottom; padding-top: 2pt"><B>Other Assets Less Liabilities</B> &mdash; <B>0.1%</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: left">$</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: right; padding-bottom: 1pt">754,629</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="vertical-align: bottom; padding-top: 2pt"><B>Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable</B> &mdash; <B>(22.7%)</B></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: right; padding-bottom: 1pt">(134,805,748</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: left; padding-bottom: 1pt">)</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; padding-bottom: 1pt"><B>VMTP Shares, at Liquidation Value</B> &mdash; <B>(45.6%)</B></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid">(270,800,000</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; vertical-align: bottom">)</TD></TR>

<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; padding-bottom: 1pt"><B>Net Assets Applicable to Common Shares</B> &mdash; <B>100.0%</B></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: left; border-bottom: Black 1pt solid">$</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid">593,646,561</TD>
            <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD></TR>

<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="7" STYLE="vertical-align: bottom; padding-top: 2pt; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</table>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="vertical-align: top; padding-left: 0.1in; text-indent: -0.1in; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="vertical-align: top; padding-left: 0.1in; text-indent: -0.1in; text-align: right; width: 1%">*&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">As of July 31, 2013, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="8" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; padding-bottom: 1pt">Tax cost</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: left; text-indent: -0.1in; border-bottom: Black 1pt solid">$</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid">870,008,252</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="8" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">Gross unrealized appreciation</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: left; text-indent: -0.1in">$</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">33,778,567</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="8" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; padding-bottom: 1pt">Gross unrealized depreciation</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: left; text-indent: -0.1in; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid">(40,055,897</TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid">)</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="8" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; padding-bottom: 1pt">Net unrealized depreciation</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: left; text-indent: -0.1in; border-bottom: Black 1pt solid">$</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid">(6,277,330</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; border-bottom: Black 1pt solid">)</TD></TR>

<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="8" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: left; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="vertical-align: top; padding-left: 0.1in; text-indent: -0.1in; border-top: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in; border-top: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="padding-bottom: 2pt; width: 1%">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2pt; width: 4%">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2pt; width: 4%">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2pt; width: 1%; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; width: 8%">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2pt; width: 1%; text-align: left">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial; width: 100%; border-collapse: collapse">
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="23">
        <P STYLE="color: navy; font: 8pt Arial; margin: 0; background-color: #99CCFF; border-top: navy 1pt solid; border-bottom: navy 1pt solid"><B>Notes
        to Schedule of Investments </B></P></TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial; width: 100%; border-collapse: collapse">

<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="text-align: left; vertical-align: top; width: 3%">(a)</TD>
    <TD STYLE="text-align: left; vertical-align: top; width: 97%">Represents a zero-coupon bond. Rate shown reflects the current yield as of report date.</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="text-align: left; vertical-align: top">(b)</TD>
    <TD STYLE="text-align: left; vertical-align: top">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>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="text-align: left; vertical-align: top">(c)</TD>
    <TD STYLE="text-align: left; vertical-align: top">Variable rate security. Rate shown is as of report date.</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="text-align: left; vertical-align: top">(d)</TD>
    <TD STYLE="text-align: left; vertical-align: top">Issuer filed for bankruptcy and/or is in default of principal and/or interest payments.</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="text-align: left; vertical-align: top">(e)</TD>
    <TD STYLE="text-align: left; vertical-align: top">Non-income producing security.</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="text-align: left; vertical-align: top">(f)</TD>
    <TD STYLE="text-align: left; vertical-align: top">When-issued security. Unsettled when-issued transactions were as follows:</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif">
<TR STYLE="text-align: left; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid">Counterparty</TD><TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid">Value</TD><TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid">Unrealized<BR> (Depreciation)</TD><TD STYLE="font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="width: 3%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 0.1in; padding-bottom: 1pt; border-bottom: Black 1pt solid">Royal Bank of Canada</TD><TD STYLE="width: 7%; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; border-bottom: Black 1pt solid">$</TD><TD STYLE="width: 10%; text-align: right; border-bottom: Black 1pt solid">508,895</TD><TD STYLE="width: 1%; text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="width: 7%; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; border-bottom: Black 1pt solid">$</TD><TD STYLE="width: 10%; text-align: right; border-bottom: Black 1pt solid">(6,385</TD><TD STYLE="width: 1%; text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid">)</TD></TR>
</TABLE>


<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial; width: 100%; border-collapse: collapse">
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="vertical-align: top; width: 3%">(g)</TD>
    <TD STYLE="vertical-align: bottom; width: 97%">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>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="vertical-align: top">(h)</TD>
    <TD STYLE="vertical-align: bottom">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>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="vertical-align: top">(i)</TD>
    <TD STYLE="vertical-align: bottom">All or a portion of security is subject to a recourse agreement, which may require the Trust to pay the liquidity provider in the event there is a shortfall between the TOB trust certificates and proceeds received from the sale of the security contributed to the TOB trust. In the case of a shortfall, the aggregate maximum potential amount the Trust could ultimately be required to pay under the agreements, which expire from October 1, 2016 to November 15, 2019 is $25,997,578.</TD></TR>
</TABLE>



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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 3pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="text-align: left; vertical-align: top"><TD STYLE="text-align: left; width: 33%">BLACKROCK MUNICIPAL INCOME TRUST</TD><TD STYLE="text-align: center; width: 34%">JULY 31, 2013</TD><TD STYLE="text-align: right; width: 33%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Arial, Helvetica, Sans-Serif">
<TR STYLE="text-align: left; vertical-align: bottom">
    <TD STYLE="width: 57%; padding-right: 5.4pt; padding-left: 5.4pt; border-top: rgb(98,151,204) 6pt solid"><FONT STYLE="font: 14pt Arial, Helvetica, Sans-Serif; color: navy">Schedule of Investments</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: navy"> <FONT STYLE="font-size: 8pt">(continued)</FONT> </FONT></TD>
    <TD STYLE="width: 43%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; color: navy; text-align: right; border-top: rgb(98,151,204) 6pt solid"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>BlackRock Municipal Income Trust (BFK)</B></FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="font-size: 7pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; padding-right: 5.4pt; padding-left: 5.4pt; color: navy; text-align: right">&nbsp;</TD></TR>
</TABLE>



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial; width: 100%; border-collapse: collapse">
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="width: 3%"><font style="font-family: Arial, Helvetica, Sans-Serif">(j)</font></td>
    <TD STYLE="width: 97%"><font style="font-family: Arial, Helvetica, Sans-Serif">Investments in issuers considered to be an affiliate of the Trust during the period ended July 31, 2013, for purposes of Section 2(a)(3) of the 1940 Act were as follows:</font></td></tr>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif">
<TR STYLE="text-align: center; vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left">Affiliate</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><font style="font-family: Arial, Helvetica, Sans-Serif">Shares</font><br> <font style="font-family: Arial, Helvetica, Sans-Serif">Held at</font><br> <font style="font-family: Arial, Helvetica, Sans-Serif">April 30, 2013</font></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><font style="font-family: Arial, Helvetica, Sans-Serif">Net</font><br> <font style="font-family: Arial, Helvetica, Sans-Serif">Activity</font></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><font style="font-family: Arial, Helvetica, Sans-Serif">Shares</font><br> <font style="font-family: Arial, Helvetica, Sans-Serif">Held at</font><br> <font style="font-family: Arial, Helvetica, Sans-Serif">July 31, 2013</font></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><font style="font-family: Arial, Helvetica, Sans-Serif">Income</font></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 0.1in; border-bottom: Black 1pt solid">FFI Institutional Tax-Exempt Fund</TD><TD STYLE="width: 2%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="width: 9%; text-align: center; border-bottom: Black 1pt solid">2,673,310</TD><TD STYLE="width: 1%; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="width: 2%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="width: 9%; text-align: center; border-bottom: Black 1pt solid">5,811,699</TD><TD STYLE="width: 1%; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="width: 2%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="width: 9%; text-align: center; border-bottom: Black 1pt solid">8,485,009</TD><TD STYLE="width: 1%; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="width: 2%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; border-bottom: Black 1pt solid">$</TD><TD STYLE="width: 9%; text-align: right; border-bottom: Black 1pt solid">1,092</TD><TD STYLE="width: 1%; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>


<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial; width: 100%; border-collapse: collapse">
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="width: 3%"><font style="font-family: Arial, Helvetica, Sans-Serif">(k)</font></td>
    <TD STYLE="width: 97%"><font style="font-family: Arial, Helvetica, Sans-Serif">Represents the current yield as of report date.</font></td>
    </tr>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Franklin Gothic Book; width: 100%; border-collapse: collapse">
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2"><P STYLE="color: navy; font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: #99CCFF; border-top: navy 1pt solid; border-bottom: navy 1pt solid"><B>Portfolio Abbreviations </B></P>

</td></tr>
<TR STYLE="text-align: left; vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-bottom: 4pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal">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: </FONT></td></tr>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="vertical-align: bottom; padding-bottom: 4pt; font-weight: bold; width: 10%">&nbsp;</td>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; width: 90%">&nbsp;</td></tr>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif">AGC</font></td>
    <TD STYLE="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif">Assured Guarantee Corp.</font></td>
    </tr>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif">AGM</font></td>
    <TD STYLE="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif">Assured Guaranty Municipal Corp.</font></td>
    </tr>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif">AMBAC</font></td>
    <TD STYLE="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif">American Municipal Bond Assurance Corp.</font></td>
    </tr>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif">AMT</font></td>
    <TD STYLE="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif">Alternative Minimum Tax (subject to)</font></td>
    </tr>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif">ARB</font></td>
    <TD STYLE="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif">Airport Revenue Bonds</font></td>
    </tr>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif">CAB</font></td>
    <TD STYLE="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif">Capital Appreciation Bonds</font></td>
    </tr>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif">EDA</font></td>
    <TD STYLE="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif">Economic Development Authority</font></td>
    </tr>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif">EDC</font></td>
    <TD STYLE="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif">Economic Development Corp.</font></td>
    </tr>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif">GARB</font></td>
    <TD STYLE="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif">General Airport Revenue Bonds</font></td>
    </tr>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif">GO</font></td>
    <TD STYLE="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif">General Obligation Bonds</font></td>
    </tr>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif">NPFGC</font></td>
    <TD STYLE="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif">National Public Finance Guarantee Corp.</font></td>
    </tr>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif">RB</font></td>
    <TD STYLE="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif">Revenue Bonds</font></td>
    </tr>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Franklin Gothic Book; width: 100%; border-collapse: collapse">
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="vertical-align: top; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">&bull;</font></td>
    <TD COLSPAN="2" STYLE="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif">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:</font><br>
<br>
</td>
    </tr>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="vertical-align: bottom; width: 3%">&nbsp;</td>
    <TD STYLE="vertical-align: top; text-align: center; width: 3%"><font style="font-family: Arial, Helvetica, Sans-Serif">&bull;</font></td>
    <TD STYLE="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif">Level 1 &mdash; unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Trust has the ability to access</font></td>
    </tr>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="vertical-align: bottom">&nbsp;</td>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="vertical-align: bottom">&nbsp;</td>
    <TD STYLE="vertical-align: top; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">&bull;</font></td>
    <TD STYLE="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif">Level 2 &mdash; 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)</font></td>
    </tr>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="vertical-align: bottom">&nbsp;</td>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="vertical-align: bottom">&nbsp;</td>
    <TD STYLE="vertical-align: top; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">&bull;</font></td>
    <TD STYLE="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif">Level 3 &mdash; 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)</font></td>
    </tr>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 8pt Franklin Gothic Book; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level
1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised
in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into
different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification
is determined based on the lowest level input that is significant to the fair value measurement in its entirety.</FONT><BR> <BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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,
please refer to the Trust's most recent financial statements as contained in its annual report.</FONT></P>

<P STYLE="font: 8pt Franklin Gothic Book; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 8pt Franklin Gothic Book; margin-top: 0pt; margin-bottom: 0pt"></P>

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<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 57%; padding-right: 5.4pt; padding-left: 5.4pt; border-top: rgb(98,151,204) 6pt solid"><FONT STYLE="font: 14pt Arial, Helvetica, Sans-Serif; color: navy">Schedule of Investments</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: navy"> <FONT STYLE="font-size: 8pt">(concluded)</FONT> </FONT></TD>
    <TD STYLE="width: 43%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; color: navy; text-align: right; border-top: rgb(98,151,204) 6pt solid"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>BlackRock Municipal Income Trust (BFK)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 7pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; padding-right: 5.4pt; padding-left: 5.4pt; color: navy; text-align: right">&nbsp;</TD></TR>
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<P STYLE="font: 8pt Franklin Gothic Book; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The following table summarizes
the Trust's investments categorized in the disclosure hierarchy as of July 31, 2013:</FONT></P>



<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid">Level 1</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid">Level 2</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid">Level 3</TD><TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><B>Total</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Assets:</b><sup> </sup>&nbsp;</font></TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Investments:<SUP> </SUP></FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left; width: 12pt">&nbsp;&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left; width: 18%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Long-Term Investments<SUP> 1</SUP></FONT></TD>
                                                                                                   <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left; width: 1%">&nbsp;</TD>
                                                                                                   <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left; width: 3%">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left; width: 1%">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right; width: 16%">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left; width: 1%">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 3%">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left; width: 1%">$</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right; width: 16%">990,012,671</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left; width: 1%">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 3%">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left; width: 1%">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right; width: 15%">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left; width: 1%">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 3%">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left; width: 1%">$</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right; width: 15%">990,012,671</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left; width: 1%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-family: Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Short-Term Securities</FONT></TD>
                                                                                                                        <TD STYLE="padding-bottom: 1pt; font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
                                                                                                                        <TD STYLE="padding-bottom: 1pt; font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; text-align: right">8,485,009</TD><TD STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; text-align: right">8,485,009</TD><TD STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt; font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Total</B></FONT></TD><TD STYLE="padding-bottom: 1pt; font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; text-align: right">8,485,009</TD><TD STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; text-align: right">990,012,671</TD><TD STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; text-align: right">998,497,680</TD><TD STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Franklin Gothic Book; width: 100%; border-collapse: collapse">
<tr>
    <TD STYLE="text-align: left; vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif"><sup>1</sup></font></td>
    <TD STYLE="text-align: left; vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif">See above Schedule of Investments for values in each state or political subdivision.</font></td>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: left; vertical-align: top">&nbsp;</td></tr>
</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Franklin Gothic Book; width: 100%; border-collapse: collapse">
<tr>
    <TD STYLE="vertical-align: bottom; padding-top: 12pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal">Certain
of the Trust's liabilities are held at carrying amount, which approximates fair value for financial reporting purposes. As of
July 31, 2013, such liabilities are categorized within the disclosure hierarchy as follows:<BR>
&nbsp;</FONT></td>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</td></tr>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid">Level 1</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid">Level 2</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid">Level 3</TD><TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><B>Total</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Liabilities:</B><SUP> </SUP>&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 12pt; font-family: Arial, Helvetica, Sans-Serif; text-align: left"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;&nbsp;</P></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left; width: 18%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Bank overdraft</FONT></TD><TD STYLE="width: 1%; font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 16%; font-family: Arial, Helvetica, Sans-Serif; text-align: right; text-indent: -0.1in; padding-left: 0.1in">&mdash;</TD><TD STYLE="width: 1%; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; font-family: Arial, Helvetica, Sans-Serif; text-align: left">$</TD><TD STYLE="width: 16%; font-family: Arial, Helvetica, Sans-Serif; text-align: right">(8,272</TD><TD STYLE="width: 1%; font-family: Arial, Helvetica, Sans-Serif; text-align: left">)</TD><TD STYLE="width: 3%; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 15%; font-family: Arial, Helvetica, Sans-Serif; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font-family: Arial, Helvetica, Sans-Serif; text-align: left">$</TD><TD STYLE="width: 15%; font-family: Arial, Helvetica, Sans-Serif; text-align: right">(8,272</TD><TD STYLE="width: 1%; font-family: Arial, Helvetica, Sans-Serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">TOB trust certificates</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right; text-indent: -0.1in; padding-left: 0.1in">&mdash;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">(134,766,758</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">)</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">(134,766,758</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">VMTP Shares</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right; text-indent: -0.1in; padding-left: 0.1in; border-bottom: Black 1pt solid">&mdash;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right; border-bottom: Black 1pt solid">(270,800,000</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 1pt solid">)</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right; border-bottom: Black 1pt solid">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right; border-bottom: Black 1pt solid">(270,800,000</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 1pt solid">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Total</B><SUP> </SUP></FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right; border-bottom: Black 1pt solid">&mdash;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 1pt solid">$</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right; border-bottom: Black 1pt solid">(405,575,030</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 1pt solid">)</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right; border-bottom: Black 1pt solid">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 1pt solid">$</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right; border-bottom: Black 1pt solid">(405,575,030</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 1pt solid">)</TD></TR>
</TABLE>


<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 8pt Franklin Gothic Book; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">There were no transfers between levels during the period ended July 31, 2013.</FONT></P>

<P STYLE="font: 8pt Franklin Gothic Book; margin-top: 0pt; margin-bottom: 0pt">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</P>

<!-- Field: Page; Sequence: 12 -->
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<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 42pt; text-indent: -42pt">Item 2 &#8211; Controls and Procedures</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; font: 11pt Times New Roman, Times, Serif; padding-right: -0.25in; padding-bottom: 11pt"><FONT STYLE="font-size: 11pt">2(a) &ndash; </FONT></TD>
    <TD STYLE="width: 94%; font: 11pt Times New Roman, Times, Serif; padding-right: -0.25in; padding-bottom: 11pt"><FONT STYLE="font-size: 11pt">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 15d-15(b) under the Securities Exchange Act of 1934, as amended.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: -0.25in; padding-bottom: 11pt"><FONT STYLE="font-size: 11pt">2(b) &ndash; </FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: -0.25in; padding-bottom: 11pt"><FONT STYLE="font-size: 11pt">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.</FONT></TD></TR>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 42pt; text-indent: -42pt">Item 3 &#8211; Exhibits</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 42pt; text-indent: -6pt">Certifications &#8211; Attached hereto</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">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>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">By:&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>/s/ John M. Perlowski</U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in">John M. Perlowski</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in">Chief Executive Officer (principal executive officer) of</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 71.75pt">BlackRock Municipal Income Trust</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">Date: September 24, 2013</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>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">By:&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>/s/ John M. Perlowski</U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in">John M. Perlowski</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in">Chief Executive Officer (principal executive officer) of</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 71.75pt">BlackRock Municipal Income Trust</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">Date: September 24, 2013</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 0.5in">By:&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>/s/ Neal J. Andrews</U></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.75pt; text-indent: 30.25pt">Chief Financial Officer (principal
financial officer) of</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in">BlackRock Municipal Income Trust</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">Date: September 24, 2013</P>


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<FILENAME>e55475ex99cert.htm
<DESCRIPTION>CERTIFICATIONS
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; 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; text-indent: 0in; border-bottom: Black 0.75pt 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.<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 24, 2013</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: 0pt"></TD><TD STYLE="width: 0pt"></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>



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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; 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; text-indent: 0in; border-bottom: Black 0.75pt 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 24, 2013</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: 0pt"></TD><TD STYLE="width: 0pt"></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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: -0.25pt">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

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