<SEC-DOCUMENT>0000891092-14-007146.txt : 20140925
<SEC-HEADER>0000891092-14-007146.hdr.sgml : 20140925
<ACCEPTANCE-DATETIME>20140925165749
ACCESSION NUMBER:		0000891092-14-007146
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20140731
FILED AS OF DATE:		20140925
DATE AS OF CHANGE:		20140925
EFFECTIVENESS DATE:		20140925

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:		141121109

	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>e60589nq.htm
<DESCRIPTION>FORM N-Q
<TEXT>
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<P STYLE="font: 12pt Times New Roman, Times, 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-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-weight: normal; vertical-align: baseline">UNITED
STATES</FONT></P>

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

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

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

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

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

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

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

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

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

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


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

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">Date of fiscal year end: 04/30/2015</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: 07/31/2014</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 11pt">Item 1 &ndash; Schedule of Investments</P>


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

<P STYLE="color: navy; font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <TD STYLE="width: 61%; font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 6; border-top: Navy 4pt 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: 9pt">July 31, 2014 (Unaudited)</font> </font></td>
    <TD STYLE="width: 39%; font: 8pt Arial, Helvetica, Sans-Serif; color: navy; text-align: right; padding-top: 6; border-top: Navy 4pt solid"><font style="font-size: 8pt"><b>BlackRock Municipal Income Trust (BFK) </b></font></td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: navy; text-align: right"><font style="font-size: 7pt"><b>(Percentages shown are based on Net Assets)</b></font></td></tr>
</table>
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<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font-weight: bold; border-bottom: Black 1pt solid"><font style="font-family: Arial, Helvetica, Sans-Serif">Municipal Bonds</font></td>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-family: Arial, Helvetica, Sans-Serif">Par</font><br>
<font style="font-family: Arial, Helvetica, Sans-Serif">(000)</font></td>
    <TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">&nbsp;</td>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-family: Arial, Helvetica, Sans-Serif">Value</font></td></tr>
<tr>
    <td colspan="6" style="font-weight: bold"><font style="font-family: Arial, Helvetica, Sans-Serif">Alabama&nbsp;&mdash; 3.1%</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">County of Jefferson Alabama, RB, Limited Obligation School, Series A, 5.25%, 1/01/19 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">$</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,910</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">$</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,935,899</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">County of Jefferson Alabama Sewer, Refunding RB:</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in; width: 5%">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Senior Lien, Series A (AGM), 5.00%, 10/01/44 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; width: 5%">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; width: 10%"><font style="font-family: Arial, Helvetica, Sans-Serif">1,555</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; width: 5%">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; width: 10%"><font style="font-family: Arial, Helvetica, Sans-Serif">1,623,949</font></td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Senior Lien, Series A (AGM), 5.25%, 10/01/48 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,275</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,415,117</font></td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Sub-Lien, Series D, 6.00%, 10/01/42 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">5,740</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">6,231,976</font></td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Sub-Lien, Series D, 7.00%, 10/01/51 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">1,765</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,063,567</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">State of Alabama Docks Department, Refunding RB, 6.00%, 10/01/40 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">4,080</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">4,689,919</font></td></tr>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD></TR>
<tr style="vertical-align: bottom">
    <td colspan="4" style="padding-top: 2pt">&nbsp;</td>
    <TD STYLE="padding-top: 2pt; text-align: right">&nbsp;</td>
    <TD STYLE="padding-top: 2pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">19,960,427</font></td></tr>
<tr style="vertical-align: bottom">
    <TD  colspan="6" style="padding-bottom: 2pt; font-weight: bold" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <td colspan="6" style="font-weight: bold"><font style="font-family: Arial, Helvetica, Sans-Serif">Arizona&nbsp;&mdash; 2.9%</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Salt Verde Financial Corp., RB, Senior:</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">5.00%, 12/01/32 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">10,030</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">10,994,184</font></td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">5.00%, 12/01/37 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">7,460</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">8,142,814</font></td></tr>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD></TR>
<tr style="vertical-align: bottom">
    <td colspan="4" style="padding-top: 2pt">&nbsp;</td>
    <TD STYLE="padding-top: 2pt; text-align: right">&nbsp;</td>
    <TD STYLE="padding-top: 2pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">19,136,998</font></td></tr>
<tr style="vertical-align: bottom">
    <TD  colspan="6" style="padding-bottom: 2pt; font-weight: bold" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <td colspan="6" style="font-weight: bold"><font style="font-family: Arial, Helvetica, Sans-Serif">California&nbsp;&mdash; 14.9%</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Bay Area Toll Authority, Refunding RB, San Francisco Bay Area Toll Bridge, Series F-1, 5.63%, 4/01/19 (a)</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">4,445</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">5,354,136</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">California Health Facilities Financing Authority, RB, Sutter Health, Series B, 6.00%, 8/15/42 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">6,230</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">7,456,687</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">California Health Facilities Financing Authority, Refunding RB, St. Joseph Health System, Series A, 5.00%, 7/01/33 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,465</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,706,422</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">California Municipal Finance Authority, RB, Senior, Caritas Affordable Housing, Inc. Projects, Series A, S/F:</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">5.25%, 8/15/39 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">290</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">309,340</font></td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">5.25%, 8/15/49 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">715</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">758,794</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">California Pollution Control Financing Authority, <BR>
RB (b):</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">County of San Diego California Water Authority Desalination Project Pipeline, 5.00%, 11/21/45 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,415</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,444,608</font></td></tr>
</table>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<!-- MARKER FORMAT-SHEET="2 Column - 2nd Div" FSL="Workstation" -->
</DIV><DIV style="width: 48%; float: right;">
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td colspan="3" style="font-weight: bold"><font style="font-family: Arial, Helvetica, Sans-Serif">Municipal Bonds</font></td>
    <TD STYLE="font-weight: bold; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">Par</font><br>
<font style="font-family: Arial, Helvetica, Sans-Serif">(000)</font></td>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</td>
    <TD STYLE="font-weight: bold; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">Value</font></td></tr>
<tr style="vertical-align: bottom">
    <TD  colspan="6" style="padding-bottom: 2pt; font-weight: bold" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="6" style="font-weight: bold"><font style="font-family: Arial, Helvetica, Sans-Serif">California (continued)</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">California Pollution Control Financing Authority, RB (b) (concluded):</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in; width: 5%">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Poseidon Resources (Channel Side) LP Desalination Project, AMT, 5.00%, 7/01/37 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; width: 5%"><font style="font-family: Arial, Helvetica, Sans-Serif">$</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; width: 10%"><font style="font-family: Arial, Helvetica, Sans-Serif">2,015</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; width: 5%"><font style="font-family: Arial, Helvetica, Sans-Serif">$</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; width: 10%"><font style="font-family: Arial, Helvetica, Sans-Serif">2,073,294</font></td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Poseidon Resources (Channel Side) LP Desalination Project, AMT, 5.00%, 11/21/45 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,970</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">3,044,191</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">California Statewide Communities Development Authority, Refunding RB, Episcopal Communities &amp; Services, 5.00%, 5/15/42 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">650</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">671,976</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">City of Los Angeles California Department of Airports, Refunding ARB, Los Angeles International Airport, Series A:</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">5.25%, 5/15/39 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">1,560</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">1,771,723</font></td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Senior, 5.00%, 5/15/40 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">11,690</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">12,802,654</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">City of Stockton California Public Financing Authority, RB, Delta Water Supply Project, Series A, 6.25%, 10/01/40 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">690</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">784,834</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">County of Stanislaus California Tobacco Securitization Agency, RB, CAB, Sub-Series C, 0.00%, 6/01/55 (c)</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">17,855</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">226,223</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Foothill-De Anza Community College District, GO, Election of 2006, Series C, 5.00%, 8/01/40 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">7,000</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">7,710,780</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Murrieta Community Facilities District Special Tax California, Special Tax Bonds, District No. 2, The Oaks Improvement Area A, 6.00%, 9/01/34 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">4,890</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">4,896,357</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Riverside County Transportation Commission, RB, CAB, Senior Lien, Series B (c):</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">0.00%, 6/01/41 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">5,000</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">1,113,200</font></td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">0.00%, 6/01/42 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">6,000</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">1,256,820</font></td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">0.00%, 6/01/43 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">5,000</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">987,450</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">San Diego Community College District California, GO, Election of 2006, 5.00%, 8/01/43 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,115</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,363,322</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">San Marcos Unified School District, GO, CAB, Election of 2010, Series B (c):</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">0.00%, 8/01/34 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">3,500</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">1,428,840</font></td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">0.00%, 8/01/36 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">4,000</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">1,467,560</font></td></tr>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD></TR>
</table>
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</div><br style="clear:both"><br style="clear:both">
<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0.5in">&nbsp;</td>
    <td colspan="2" style="border-top: Black 1pt solid; border-right: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</td>
    <td colspan="3" style="border-top: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-transform: uppercase; position: relative; top: 5pt; text-align: left">&nbsp;</td>
    <TD COLSPAN="2" STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-transform: uppercase; position: relative; top: 5pt; text-align: left"><font style="font-size: 7.5pt">BlackRock Municipal Income Trust</font></td>
    <TD STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-transform: uppercase; position: relative; top: 5pt; text-align: left"><font style="font-size: 7.5pt">July 31, 2014</font></td>
    <TD STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt; position: relative; text-align: left; position: relative; top: 5pt"><font style="font: 7.5pt Arial, Helvetica, Sans-Serif">1</font></td></tr>
<tr>
    <td style="width: 155px">&nbsp;</td>
    <td style="width: 15px">&nbsp;</td>
    <td style="width: 364px">&nbsp;</td>
    <td style="width: 9px">&nbsp;</td>
    <td style="width: 135px">&nbsp;</td>
    <td>&nbsp;</td></tr>
</table>
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<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <TD STYLE="width: 61%; font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 6; border-top: Navy 4pt 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: 9pt"> (continued)</font> </font></td>
    <TD STYLE="width: 39%; font: 8pt Arial, Helvetica, Sans-Serif; color: navy; text-align: right; padding-top: 6; border-top: Navy 4pt solid"><font style="font-size: 8pt"><b>BlackRock Municipal Income Trust (BFK) </b></font></td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: navy; text-align: right"><font style="font-size: 7pt"><b>(Percentages shown are based on Net Assets)</b></font></td></tr>
</table>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
<!-- MARKER FORMAT-SHEET="2 Column - 1st Div" FSL="Workstation" -->
<DIV STYLE="margin-right: 20pt; width: 48%; float: left;">
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td colspan="3" style="font-weight: bold"><font style="font-family: Arial, Helvetica, Sans-Serif">Municipal Bonds</font></td>
    <TD STYLE="font-weight: bold; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">Par</font><br>
<font style="font-family: Arial, Helvetica, Sans-Serif">(000)</font></td>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</td>
    <TD STYLE="font-weight: bold; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">Value</font></td></tr>
<tr style="vertical-align: bottom">
    <TD  colspan="6" style="padding-bottom: 2pt; font-weight: bold" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="6" style="font-weight: bold"><font style="font-family: Arial, Helvetica, Sans-Serif">California (concluded)</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">State of California, GO, Various Purposes:</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in; width: 5%">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">6.00%, 3/01/33 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; width: 5%"><font style="font-family: Arial, Helvetica, Sans-Serif">$</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; width: 10%"><font style="font-family: Arial, Helvetica, Sans-Serif">4,970</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; width: 5%"><font style="font-family: Arial, Helvetica, Sans-Serif">$</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; width: 10%"><font style="font-family: Arial, Helvetica, Sans-Serif">5,962,857</font></td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">6.50%, 4/01/33 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">20,410</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">24,827,744</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">State of California Public Works Board, LRB, Various Capital Project:</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Sub-Series I-1, 6.38%, 11/01/34 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,315</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,791,612</font></td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Series I, 5.00%, 11/01/38 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">1,495</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">1,639,851</font></td></tr>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD></TR>
<tr style="vertical-align: bottom">
    <td colspan="4" style="padding-top: 2pt">&nbsp;</td>
    <TD STYLE="padding-top: 2pt; text-align: right">&nbsp;</td>
    <TD STYLE="padding-top: 2pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">96,851,275</font></td></tr>
<tr style="vertical-align: bottom">
    <TD  colspan="6" style="padding-bottom: 2pt; font-weight: bold" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <td colspan="6" style="font-weight: bold"><font style="font-family: Arial, Helvetica, Sans-Serif">Colorado&nbsp;&mdash; 1.7%</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Colorado Health Facilities Authority, Refunding RB:</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Catholic Health Initiative, Series A, 5.50%, 7/01/34 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">4,205</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">4,789,369</font></td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Evangelical Lutheran Good Samaritan Society Project, 5.00%, 12/01/42 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">3,425</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">3,548,232</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Park Creek Metropolitan District, Refunding RB, Senior Limited Property Tax, 5.50%, 12/01/37 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,530</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,560,461</font></td></tr>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD></TR>
<tr style="vertical-align: bottom">
    <td colspan="4" style="padding-top: 2pt">&nbsp;</td>
    <TD STYLE="padding-top: 2pt; text-align: right">&nbsp;</td>
    <TD STYLE="padding-top: 2pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">10,898,062</font></td></tr>
<tr style="vertical-align: bottom">
    <TD  colspan="6" style="padding-bottom: 2pt; font-weight: bold" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <td colspan="6" style="font-weight: bold"><font style="font-family: Arial, Helvetica, Sans-Serif">Connecticut&nbsp;&mdash; 0.4%</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Connecticut State Health &amp; Educational Facility Authority, RB, Ascension Health Senior Credit, Series A, 5.00%, 11/15/40 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,710</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,920,865</font></td></tr>
<tr style="vertical-align: bottom">
    <TD  colspan="6" style="padding-bottom: 2pt; font-weight: bold" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <td colspan="6" style="font-weight: bold"><font style="font-family: Arial, Helvetica, Sans-Serif">Delaware&nbsp;&mdash; 2.0%</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">County of Sussex Delaware, RB, NRG Energy, Inc., Indian River Power LLC Project, 6.00%, 10/01/40 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,225</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,449,569</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Delaware State EDA, RB, Exempt Facilities, Indian River Power LLC Project, 5.38%, 10/01/45 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">10,080</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">10,605,168</font></td></tr>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD></TR>
<tr style="vertical-align: bottom">
    <td colspan="4" style="padding-top: 2pt">&nbsp;</td>
    <TD STYLE="padding-top: 2pt; text-align: right">&nbsp;</td>
    <TD STYLE="padding-top: 2pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">13,054,737</font></td></tr>
<tr style="vertical-align: bottom">
    <TD  colspan="6" style="padding-bottom: 2pt; font-weight: bold" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <td colspan="6" style="font-weight: bold"><font style="font-family: Arial, Helvetica, Sans-Serif">District of Columbia &nbsp;&mdash; 4.4%</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">District of Columbia, Refunding RB, Kipp Charter School, Series A, 6.00%, 7/01/43 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">1,480</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">1,664,660</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">District of Columbia Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, 6.75%, 5/15/40 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">23,035</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">23,033,848</font></td></tr>
</table>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<!-- MARKER FORMAT-SHEET="2 Column - 2nd Div" FSL="Workstation" -->
</DIV><DIV style="width: 48%; float: right;">
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td colspan="3" style="font-weight: bold"><font style="font-family: Arial, Helvetica, Sans-Serif">Municipal Bonds</font></td>
    <TD STYLE="font-weight: bold; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">Par</font><br>
<font style="font-family: Arial, Helvetica, Sans-Serif">(000)</font></td>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</td>
    <TD STYLE="font-weight: bold; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">Value</font></td></tr>
<tr style="vertical-align: bottom">
    <TD  colspan="6" style="padding-bottom: 2pt; font-weight: bold" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="6" style="font-weight: bold"><font style="font-family: Arial, Helvetica, Sans-Serif">District of Columbia (concluded)</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2">
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.1in; text-indent: -0.1in">Metropolitan Washington Airports Authority,
        Refunding RB, Dulles Toll Road, 1st Senior Lien,</P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.1in">Series A:</P></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in; width: 8%">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">5.00%, 10/01/39 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; width: 5%"><font style="font-family: Arial, Helvetica, Sans-Serif">$</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; width: 10%"><font style="font-family: Arial, Helvetica, Sans-Serif">990</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; width: 5%"><font style="font-family: Arial, Helvetica, Sans-Serif">$</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; width: 10%"><font style="font-family: Arial, Helvetica, Sans-Serif">1,050,925</font></td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">5.25%, 10/01/44 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,465</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,649,061</font></td></tr>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD></TR>
<tr style="vertical-align: bottom">
    <td colspan="4" style="padding-top: 2pt">&nbsp;</td>
    <TD STYLE="padding-top: 2pt; text-align: right">&nbsp;</td>
    <TD STYLE="padding-top: 2pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">28,398,494</font></td></tr>
<tr style="vertical-align: bottom">
    <TD  colspan="6" style="padding-bottom: 2pt; font-weight: bold" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <td colspan="6" style="font-weight: bold"><font style="font-family: Arial, Helvetica, Sans-Serif">Florida&nbsp;&mdash; 3.4%</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">County of Miami-Dade Florida Aviation, Refunding ARB, Miami International Airport, Series A-1, 5.38%, 10/01/41 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,280</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,540,923</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">County of Orange Florida Health Facilities Authority, Refunding RB, Mayflower Retirement Center:</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">5.00%, 6/01/32 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">600</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">632,232</font></td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">5.00%, 6/01/36 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">125</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">131,182</font></td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">5.13%, 6/01/42 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">1,925</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,023,868</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">County of Tampa-Hillsborough Florida Expressway Authority, Refunding RB, Series A, 5.00%, 7/01/37 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">1,225</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">1,318,578</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Miami Beach Health Facilities Authority, RB, Mount Sinai Medical Center Florida, 6.75%, 11/15/21 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">5,570</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">5,664,244</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Mid-Bay Bridge Authority, RB, Springing Lien, Series A, 7.25%, 10/01/40 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">5,885</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">7,053,938</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Stevens Plantation Community Development District, Special Assessment, Series A, 7.10%, <BR>
5/01/35 (d)(e)</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">3,590</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,677,566</font></td></tr>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD></TR>
<tr style="vertical-align: bottom">
    <td colspan="4" style="padding-top: 2pt">&nbsp;</td>
    <TD STYLE="padding-top: 2pt; text-align: right">&nbsp;</td>
    <TD STYLE="padding-top: 2pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">22,042,531</font></td></tr>
<tr style="vertical-align: bottom">
    <TD  colspan="6" style="padding-bottom: 2pt; font-weight: bold" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <td colspan="6" style="font-weight: bold"><font style="font-family: Arial, Helvetica, Sans-Serif">Georgia&nbsp;&mdash; 1.8%</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">DeKalb Private Hospital Authority, Refunding RB, Children's Healthcare, 5.25%, 11/15/39 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">1,650</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">1,851,746</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Metropolitan Atlanta Rapid Transit Authority, RB, Sales Tax, 3rd Indenture, Series A, 5.00%, 7/01/39 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">5,000</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">5,572,750</font></td></tr>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD></TR>
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    <td colspan="2" style="border-top: Black 1pt solid; border-right: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</td>
    <td colspan="3" style="border-top: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td colspan="2" style="font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-transform: uppercase; position: relative; top: 5pt">&nbsp;</td>
    <td colspan="2" style="font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-transform: uppercase; position: relative; top: 5pt"><font style="font-size: 7.5pt">BlackRock Municipal Income Trust</font></td>
    <td style="font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-transform: uppercase; position: relative; top: 5pt"><font style="font-size: 7.5pt">July 31, 2014</font></td>
    <td style="font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt; position: relative; top: 5pt"><font style="font: 7.5pt Arial, Helvetica, Sans-Serif">2</font></td></tr>
<tr>
    <td style="width: 155px">&nbsp;</td>
    <td style="width: 15px">&nbsp;</td>
    <td style="width: 364px">&nbsp;</td>
    <td style="width: 9px">&nbsp;</td>
    <td style="width: 135px">&nbsp;</td>
    <td>&nbsp;</td></tr>
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    <TD STYLE="width: 61%; font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 6; border-top: Navy 4pt 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: 9pt"> (continued)</font> </font></td>
    <TD STYLE="width: 39%; font: 8pt Arial, Helvetica, Sans-Serif; color: navy; text-align: right; padding-top: 6; border-top: Navy 4pt solid"><font style="font-size: 8pt"><b>BlackRock Municipal Income Trust (BFK) </b></font></td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: navy; text-align: right"><font style="font-size: 7pt"><b>(Percentages shown are based on Net Assets)</b></font></td></tr>
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<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
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<DIV STYLE="margin-right: 20pt; width: 48%; float: left;">
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td colspan="3" style="font-weight: bold"><font style="font-family: Arial, Helvetica, Sans-Serif">Municipal Bonds</font></td>
    <TD STYLE="font-weight: bold; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">Par</font><br>
<font style="font-family: Arial, Helvetica, Sans-Serif">(000)</font></td>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</td>
    <TD STYLE="font-weight: bold; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">Value</font></td></tr>
<tr style="vertical-align: bottom">
    <TD  colspan="6" style="padding-bottom: 2pt; font-weight: bold" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="6" style="font-weight: bold"><font style="font-family: Arial, Helvetica, Sans-Serif">Georgia (concluded)</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Richmond County Development Authority, Refunding RB, International Paper Co. Project, Series A, AMT, 6.00%, 2/01/25 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">$</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">4,000</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">$</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">4,019,240</font></td></tr>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD></TR>
<tr style="vertical-align: bottom">
    <td colspan="4" style="padding-top: 2pt">&nbsp;</td>
    <TD STYLE="padding-top: 2pt; text-align: right">&nbsp;</td>
    <TD STYLE="padding-top: 2pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">11,443,736</font></td></tr>
<tr style="vertical-align: bottom">
    <TD  colspan="6" style="padding-bottom: 2pt; font-weight: bold" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <td colspan="6" style="font-weight: bold"><font style="font-family: Arial, Helvetica, Sans-Serif">Hawaii&nbsp;&mdash; 0.4%</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">State of Hawaii Harbor System, RB, Series A, 5.25%, 7/01/30 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,660</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,947,200</font></td></tr>
<tr style="vertical-align: bottom">
    <TD  colspan="6" style="padding-bottom: 2pt; font-weight: bold" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <td colspan="6" style="font-weight: bold"><font style="font-family: Arial, Helvetica, Sans-Serif">Illinois&nbsp;&mdash; 17.6%</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">City of Chicago Illinois, GARB, O&rsquo;Hare International Airport, 3rd Lien, Series C, 6.50%, 1/01/41 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">11,385</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">13,621,014</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">City of Chicago Illinois, GO, Project, Series A, 5.00%, 1/01/34 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">6,270</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">6,370,696</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">City of Chicago Illinois, GO, Refunding, Project, Series A:</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in; width: 7%">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">5.25%, 1/01/32 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; width: 5%">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; width: 10%"><font style="font-family: Arial, Helvetica, Sans-Serif">6,155</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; width: 5%">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; width: 10%"><font style="font-family: Arial, Helvetica, Sans-Serif">6,438,561</font></td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">5.00%, 1/01/34 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,500</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,548,825</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">City of Chicago Illinois, Refunding RB, Sales Tax, Series A, 5.25%, 1/01/38 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">1,605</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">1,718,778</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">City of Chicago Illinois Board of Education, GO, Series A, 5.25%, 12/01/41 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">8,680</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">8,795,270</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">City of Chicago Illinois Transit Authority, RB, Sales Tax Receipts, 5.25%, 12/01/40 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,055</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,226,264</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">City of Chicago Illinois Waterworks, Refunding RB, 2nd Lien Project, 5.00%, 11/01/42 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">7,625</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">7,964,999</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">County of Cook Illinois Community College District No. 508, GO, City College of Chicago, 5.50%, 12/01/38 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">1,525</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">1,704,157</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Illinois Finance Authority, RB, Advocate Health Care, Series C, 5.38%, 4/01/44 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">10,630</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">11,533,125</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Illinois Finance Authority, Refunding RB:</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Ascension Health, Series A, 5.00%, 11/15/37 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">1,895</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,044,743</font></td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Central Dupage Health, Series B, 5.50%, 11/01/39 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">3,160</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">3,532,817</font></td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Friendship Village Schaumburg, Series A, 5.63%, 2/15/37 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">470</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">444,897</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Illinois State Toll Highway Authority, RB, Series A, 5.00%, 1/01/38 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">4,550</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">4,946,851</font></td></tr>
</table>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<!-- MARKER FORMAT-SHEET="2 Column - 2nd Div" FSL="Workstation" -->
</DIV><DIV style="width: 48%; float: right;">
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td colspan="3" style="font-weight: bold"><font style="font-family: Arial, Helvetica, Sans-Serif">Municipal Bonds</font></td>
    <TD STYLE="font-weight: bold; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">Par</font><br>
<font style="font-family: Arial, Helvetica, Sans-Serif">(000)</font></td>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</td>
    <TD STYLE="font-weight: bold; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">Value</font></td></tr>
<tr style="vertical-align: bottom">
    <TD  colspan="6" style="padding-bottom: 2pt; font-weight: bold" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="6" style="font-weight: bold"><font style="font-family: Arial, Helvetica, Sans-Serif">Illinois (concluded)</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Metropolitan Pier &amp; Exposition Authority, Refunding RB, McCormick Place Expansion Project:</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in; width: 7%">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Series B (AGM), 5.00%, 6/15/50 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; width: 5%"><font style="font-family: Arial, Helvetica, Sans-Serif">$</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; width: 10%"><font style="font-family: Arial, Helvetica, Sans-Serif">14,710</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; width: 5%"><font style="font-family: Arial, Helvetica, Sans-Serif">$</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; width: 10%"><font style="font-family: Arial, Helvetica, Sans-Serif">15,288,544</font></td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Series B-2, 5.00%, 6/15/50 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">3,905</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">4,057,646</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Railsplitter Tobacco Settlement Authority, RB:</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">5.50%, 6/01/23 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">885</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">1,029,521</font></td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">6.00%, 6/01/28 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,245</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,613,000</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">State of Illinois, GO:</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">5.00%, 2/01/39 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,990</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">3,012,485</font></td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Series A, 5.00%, 4/01/38 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">9,030</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">9,117,952</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">State of Illinois, RB, Build Illinois, Series B, 5.25%, 6/15/34 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">1,240</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">1,371,626</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">University of Illinois, RB, Auxiliary Facilities System, Series A:</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">5.00%, 4/01/39 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">1,565</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">1,695,897</font></td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">5.00%, 4/01/44 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">1,910</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,061,788</font></td></tr>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD></TR>
<tr style="vertical-align: bottom">
    <td colspan="4" style="padding-top: 2pt">&nbsp;</td>
    <TD STYLE="padding-top: 2pt; text-align: right">&nbsp;</td>
    <TD STYLE="padding-top: 2pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">114,139,456</font></td></tr>
<tr style="vertical-align: bottom">
    <TD  colspan="6" style="padding-bottom: 2pt; font-weight: bold" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <td colspan="6" style="font-weight: bold"><font style="font-family: Arial, Helvetica, Sans-Serif">Indiana&nbsp;&mdash; 4.2%</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Carmel Redevelopment Authority, Refunding RB, Multipurpose, Series A, 4.00%, 2/01/38 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,805</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,845,336</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">City of Valparaiso Indiana, RB, Exempt Facilities, Pratt Paper LLC Project, AMT:</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">6.75%, 1/01/34 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">1,525</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">1,696,151</font></td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">7.00%, 1/01/44 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">3,680</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">4,102,758</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">City of Vincennes Indiana, Refunding RB, Southwest Indiana Regional Youth Village, 6.25%, 1/01/24 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">1,695</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">1,038,832</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Indiana Finance Authority, RB, Series A:</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">CWA Authority Project, 1st Lien, 5.25%, 10/01/38 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">6,305</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">6,994,515</font></td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.00%, 7/01/44 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">880</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">909,374</font></td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.00%, 7/01/48 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,905</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,995,520</font></td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Sisters of St. Francis Health Services, 5.25%, 11/01/39 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">1,655</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">1,760,854</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Indiana Municipal Power Agency, RB, Series B, 6.00%, 1/01/39 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,150</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,429,134</font></td></tr>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD></TR>
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    <td colspan="2" style="border-top: Black 1pt solid; border-right: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</td>
    <td colspan="3" style="border-top: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td colspan="2" style="font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-transform: uppercase; position: relative; top: 5pt">&nbsp;</td>
    <td colspan="2" style="font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-transform: uppercase; position: relative; top: 5pt"><font style="font-size: 7.5pt">BlackRock Municipal Income Trust</font></td>
    <td style="font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-transform: uppercase; position: relative; top: 5pt"><font style="font-size: 7.5pt">July 31, 2014</font></td>
    <td style="font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt; position: relative; top: 5pt"><font style="font: 7.5pt Arial, Helvetica, Sans-Serif">3</font></td></tr>
<tr>
    <td style="width: 155px">&nbsp;</td>
    <td style="width: 15px">&nbsp;</td>
    <td style="width: 364px">&nbsp;</td>
    <td style="width: 9px">&nbsp;</td>
    <td style="width: 135px">&nbsp;</td>
    <td>&nbsp;</td></tr>
</table>
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<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <TD STYLE="width: 61%; font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 6; border-top: Navy 4pt 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: 9pt"> (continued)</font> </font></td>
    <TD STYLE="width: 39%; font: 8pt Arial, Helvetica, Sans-Serif; color: navy; text-align: right; padding-top: 6; border-top: Navy 4pt solid"><font style="font-size: 8pt"><b>BlackRock Municipal Income Trust (BFK) </b></font></td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: navy; text-align: right"><font style="font-size: 7pt"><b>(Percentages shown are based on Net Assets)</b></font></td></tr>
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<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
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<DIV STYLE="margin-right: 20pt; width: 48%; float: left;">
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td colspan="3" style="font-weight: bold"><font style="font-family: Arial, Helvetica, Sans-Serif">Municipal Bonds</font></td>
    <TD STYLE="font-weight: bold; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">Par</font><br>
<font style="font-family: Arial, Helvetica, Sans-Serif">(000)</font></td>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</td>
    <TD STYLE="font-weight: bold; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">Value</font></td></tr>
<tr style="vertical-align: bottom">
    <TD  colspan="6" style="padding-bottom: 2pt; font-weight: bold" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="6" style="font-weight: bold"><font style="font-family: Arial, Helvetica, Sans-Serif">Indiana (concluded)</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Indianapolis Local Public Improvement Bond Bank, RB, Series A, 5.00%, 1/15/40 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">$</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,490</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">$</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,725,031</font></td></tr>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD></TR>
<tr style="vertical-align: bottom">
    <td colspan="4" style="padding-top: 2pt">&nbsp;</td>
    <TD STYLE="padding-top: 2pt; text-align: right">&nbsp;</td>
    <TD STYLE="padding-top: 2pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">27,497,505</font></td></tr>
<tr style="vertical-align: bottom">
    <TD  colspan="6" style="padding-bottom: 2pt; font-weight: bold" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <td colspan="6" style="font-weight: bold"><font style="font-family: Arial, Helvetica, Sans-Serif">Iowa&nbsp;&mdash; 2.6%</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Iowa Finance Authority, RB, Midwestern Disaster Area, Alcoa, Inc. Project, 4.75%, 8/01/42 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,265</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,259,088</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Iowa Finance Authority, Refunding RB, Midwestern Disaster Area, Iowa Fertilizer Co. Project:</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in; width: 7%">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">5.00%, 12/01/19 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; width: 5%">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; width: 10%"><font style="font-family: Arial, Helvetica, Sans-Serif">1,880</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; width: 5%">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; width: 10%"><font style="font-family: Arial, Helvetica, Sans-Serif">1,976,312</font></td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">5.50%, 12/01/22 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">4,595</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">4,791,207</font></td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">5.25%, 12/01/25 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,125</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,239,601</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Iowa Student Loan Liquidity Corp., Refunding RB, Student Loan, Senior Series A-1, AMT, 5.15%, 12/01/22 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,995</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">3,161,193</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Iowa Tobacco Settlement Authority, Refunding RB, Asset-Backed, Series C, 5.63%, 6/01/46 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,920</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,413,146</font></td></tr>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD></TR>
<tr style="vertical-align: bottom">
    <td colspan="4" style="padding-top: 2pt">&nbsp;</td>
    <TD STYLE="padding-top: 2pt; text-align: right">&nbsp;</td>
    <TD STYLE="padding-top: 2pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">16,840,547</font></td></tr>
<tr style="vertical-align: bottom">
    <TD  colspan="6" style="padding-bottom: 2pt; font-weight: bold" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <td colspan="6" style="font-weight: bold"><font style="font-family: Arial, Helvetica, Sans-Serif">Kentucky&nbsp;&mdash; 0.5%</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Kentucky Economic Development Finance Authority, RB, Catholic Health Initiatives, Series A, 5.25%, 1/01/45 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">1,915</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,080,303</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Kentucky Public Transportation Infrastructure Authority, RB, Downtown Crossing Project, Convertible CAB, 1st Tier, Series C, 0.00%, 7/01/43 (f)</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,325</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">1,493,626</font></td></tr>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD></TR>
<tr style="vertical-align: bottom">
    <td colspan="4" style="padding-top: 2pt">&nbsp;</td>
    <TD STYLE="padding-top: 2pt; text-align: right">&nbsp;</td>
    <TD STYLE="padding-top: 2pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">3,573,929</font></td></tr>
<tr style="vertical-align: bottom">
    <TD  colspan="6" style="padding-bottom: 2pt; font-weight: bold" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <td colspan="6" style="font-weight: bold"><font style="font-family: Arial, Helvetica, Sans-Serif">Louisiana&nbsp;&mdash; 2.7%</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2">
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.1in; text-indent: -0.1in">Louisiana Local Government Environmental
        Facilities &amp; Community Development Authority, RB, Westlake Chemical Corp. Project,</P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.1in">Series A-1, 6.50%, 11/01/35</P></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">6,535</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">7,502,049</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, Series A:</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">5.50%, 5/15/30 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">1,980</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,166,239</font></td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">5.25%, 5/15/31 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">1,690</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">1,813,370</font></td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">5.25%, 5/15/32 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,160</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,295,929</font></td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">5.25%, 5/15/33 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,345</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,481,432</font></td></tr>
</table>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<!-- MARKER FORMAT-SHEET="2 Column - 2nd Div" FSL="Workstation" -->
</DIV><DIV style="width: 48%; float: right;">
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td colspan="3" style="font-weight: bold"><font style="font-family: Arial, Helvetica, Sans-Serif">Municipal Bonds</font></td>
    <TD STYLE="font-weight: bold; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">Par</font><br>
<font style="font-family: Arial, Helvetica, Sans-Serif">(000)</font></td>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</td>
    <TD STYLE="font-weight: bold; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">Value</font></td></tr>
<tr style="vertical-align: bottom">
    <TD  colspan="6" style="padding-bottom: 2pt; font-weight: bold" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="6" style="font-weight: bold"><font style="font-family: Arial, Helvetica, Sans-Serif">Louisiana (concluded)</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, Series A&nbsp;(concluded):</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in; width: 7%">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">5.25%, 5/15/35 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; width: 5%"><font style="font-family: Arial, Helvetica, Sans-Serif">$</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; width: 10%"><font style="font-family: Arial, Helvetica, Sans-Serif">985</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; width: 5%"><font style="font-family: Arial, Helvetica, Sans-Serif">$</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; width: 10%"><font style="font-family: Arial, Helvetica, Sans-Serif">1,046,740</font></td></tr>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD></TR>
<tr style="vertical-align: bottom">
    <td colspan="4" style="padding-top: 2pt">&nbsp;</td>
    <TD STYLE="padding-top: 2pt; text-align: right">&nbsp;</td>
    <TD STYLE="padding-top: 2pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">17,305,759</font></td></tr>
<tr style="vertical-align: bottom">
    <TD  colspan="6" style="padding-bottom: 2pt; font-weight: bold" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <td colspan="6" style="font-weight: bold"><font style="font-family: Arial, Helvetica, Sans-Serif">Maryland&nbsp;&mdash; 1.3%</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Maryland EDC, RB, Transportation Facilities Project, Series A, 5.75%, 6/01/35 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">855</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">908,566</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Maryland EDC, Refunding RB, CNX Marine Terminals, Inc., 5.75%, 9/01/25 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,235</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,439,860</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Maryland Health &amp; Higher Educational Facilities Authority, Refunding RB, Charlestown Community Project, 6.25%, 1/01/41 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">4,295</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">4,699,675</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Montgomery County Housing Opportunites Commission, RB, Series D, AMT, 5.50%, 1/01/38 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">415</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">420,756</font></td></tr>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD></TR>
<tr style="vertical-align: bottom">
    <td colspan="4" style="padding-top: 2pt">&nbsp;</td>
    <TD STYLE="padding-top: 2pt; text-align: right">&nbsp;</td>
    <TD STYLE="padding-top: 2pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">8,468,857</font></td></tr>
<tr style="vertical-align: bottom">
    <TD  colspan="6" style="padding-bottom: 2pt; font-weight: bold" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <td colspan="6" style="font-weight: bold"><font style="font-family: Arial, Helvetica, Sans-Serif">Massachusetts&nbsp;&mdash; 0.9%</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Massachusetts Development Finance Agency, Refunding RB, Covanta Energy Project, Series C, AMT, 5.25%, 11/01/42 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,775</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,806,552</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Massachusetts Health &amp; Educational Facilities Authority, Refunding RB, Partners Healthcare System, Series J1, 5.00%, 7/01/39 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,535</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,775,901</font></td></tr>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD></TR>
<tr style="vertical-align: bottom">
    <td colspan="4" style="padding-top: 2pt">&nbsp;</td>
    <TD STYLE="padding-top: 2pt; text-align: right">&nbsp;</td>
    <TD STYLE="padding-top: 2pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">5,582,453</font></td></tr>
<tr style="vertical-align: bottom">
    <TD  colspan="6" style="padding-bottom: 2pt; font-weight: bold" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <td colspan="6" style="font-weight: bold"><font style="font-family: Arial, Helvetica, Sans-Serif">Michigan&nbsp;&mdash; 3.4%</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">City of Detroit Michigan Sewage Disposal System, Refunding RB, Senior Lien, Series A:</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">5.00%, 7/01/32 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">3,065</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,976,575</font></td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">5.25%, 7/01/39 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">8,665</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">8,487,714</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">City of Lansing Michigan, RB, Board of Water &amp; Light Utilities System, Series A, 5.50%, 7/01/41 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,870</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">3,332,587</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Kalamazoo Hospital Finance Authority, Refunding RB, Bronson Methodist Hospital, 5.50%, 5/15/36 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,700</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,879,955</font></td></tr>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD></TR>
</table>
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    <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0.5in">&nbsp;</td>
    <td colspan="2" style="border-top: Black 1pt solid; border-right: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</td>
    <td colspan="3" style="border-top: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td colspan="2" style="font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-transform: uppercase; position: relative; top: 5pt">&nbsp;</td>
    <td colspan="2" style="font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-transform: uppercase; position: relative; top: 5pt"><font style="font-size: 7.5pt">BlackRock Municipal Income Trust</font></td>
    <td style="font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-transform: uppercase; position: relative; top: 5pt"><font style="font-size: 7.5pt">July 31, 2014</font></td>
    <td style="font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt; position: relative; top: 5pt"><font style="font: 7.5pt Arial, Helvetica, Sans-Serif">4</font></td></tr>
<tr>
    <td style="width: 155px">&nbsp;</td>
    <td style="width: 15px">&nbsp;</td>
    <td style="width: 364px">&nbsp;</td>
    <td style="width: 9px">&nbsp;</td>
    <td style="width: 135px">&nbsp;</td>
    <td>&nbsp;</td></tr>
</table>
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<tr style="vertical-align: bottom">
    <TD STYLE="width: 61%; font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 6; border-top: Navy 4pt 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: 9pt"> (continued)</font> </font></td>
    <TD STYLE="width: 39%; font: 8pt Arial, Helvetica, Sans-Serif; color: navy; text-align: right; padding-top: 6; border-top: Navy 4pt solid"><font style="font-size: 8pt"><b>BlackRock Municipal Income Trust (BFK) </b></font></td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: navy; text-align: right"><font style="font-size: 7pt"><b>(Percentages shown are based on Net Assets)</b></font></td></tr>
</table>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
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<DIV STYLE="margin-right: 20pt; width: 48%; float: left;">
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td colspan="3" style="font-weight: bold"><font style="font-family: Arial, Helvetica, Sans-Serif">Municipal Bonds</font></td>
    <TD STYLE="font-weight: bold; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">Par</font><br>
<font style="font-family: Arial, Helvetica, Sans-Serif">(000)</font></td>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</td>
    <TD STYLE="font-weight: bold; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">Value</font></td></tr>
<tr style="vertical-align: bottom">
    <TD  colspan="6" style="padding-bottom: 2pt; font-weight: bold" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="6" style="font-weight: bold"><font style="font-family: Arial, Helvetica, Sans-Serif">Michigan (concluded)</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Michigan State Hospital Finance Authority, Refunding RB, Henry Ford Health System, Series A, 5.25%, 11/15/46 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">$</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">4,230</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">$</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">4,285,836</font></td></tr>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD></TR>
<tr style="vertical-align: bottom">
    <td colspan="4" style="padding-top: 2pt">&nbsp;</td>
    <TD STYLE="padding-top: 2pt; text-align: right">&nbsp;</td>
    <TD STYLE="padding-top: 2pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">21,962,667</font></td></tr>
<tr style="vertical-align: bottom">
    <TD  colspan="6" style="padding-bottom: 2pt; font-weight: bold" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <td colspan="6" style="font-weight: bold"><font style="font-family: Arial, Helvetica, Sans-Serif">Mississippi&nbsp;&mdash; 2.2%</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">City of Gulfport Mississipi, RB, Memorial Hospital at Gulfport Project, Series A, 5.75%, 7/01/31 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">14,025</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">14,042,531</font></td></tr>
<tr style="vertical-align: bottom">
    <TD  colspan="6" style="padding-bottom: 2pt; font-weight: bold" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <td colspan="6" style="font-weight: bold"><font style="font-family: Arial, Helvetica, Sans-Serif">Missouri&nbsp;&mdash; 0.5%</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Refunding RB, Combined Lien, Series A, 5.00%, 10/01/44 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">495</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">541,802</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">State of Missouri Health &amp; Educational Facilities Authority, RB, Senior Living Facilities, Lutheran Senior Services, 5.50%, 2/01/42 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,035</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,136,221</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">State of Missouri Health &amp; Educational Facilities Authority, Refunding RB, St. Louis College of Pharmacy Project, 5.50%, 5/01/43 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">480</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">516,163</font></td></tr>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD></TR>
<tr style="vertical-align: bottom">
    <td colspan="4" style="padding-top: 2pt">&nbsp;</td>
    <TD STYLE="padding-top: 2pt; text-align: right">&nbsp;</td>
    <TD STYLE="padding-top: 2pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">3,194,186</font></td></tr>
<tr style="vertical-align: bottom">
    <TD  colspan="6" style="padding-bottom: 2pt; font-weight: bold" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <td colspan="6" style="font-weight: bold"><font style="font-family: Arial, Helvetica, Sans-Serif">Multi-State&nbsp;&mdash; 2.5%</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Centerline Equity Issuer Trust, 6.80%, <BR>
10/31/52 (b)(g)</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">16,000</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">16,224,800</font></td></tr>
<tr style="vertical-align: bottom">
    <TD  colspan="6" style="padding-bottom: 2pt; font-weight: bold" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <td colspan="6" style="font-weight: bold"><font style="font-family: Arial, Helvetica, Sans-Serif">Nebraska&nbsp;&mdash; 1.4%</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Central Plains Energy Project Nebraska, RB, Gas Project No. 3:</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in; width: 7%">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">5.25%, 9/01/37 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; width: 5%">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; width: 10%"><font style="font-family: Arial, Helvetica, Sans-Serif">1,610</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; width: 5%">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; width: 10%"><font style="font-family: Arial, Helvetica, Sans-Serif">1,723,666</font></td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">5.00%, 9/01/42 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,815</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,946,292</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">County of Douglas Nebraska Hospital Authority No. 2, Refunding RB, Health Facilities, Immanuel Obligation Group, 5.63%, 1/01/40 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">3,280</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">3,530,526</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">County of Lancaster Nebraska Hospital Authority No. 1, Refunding RB, Immanuel Obligation Group, Health Facilities, 5.63%, 1/01/40 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">600</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">645,828</font></td></tr>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD></TR>
<tr style="vertical-align: bottom">
    <td colspan="4" style="padding-top: 2pt">&nbsp;</td>
    <TD STYLE="padding-top: 2pt; text-align: right">&nbsp;</td>
    <TD STYLE="padding-top: 2pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">8,846,312</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td></tr>
</table>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<!-- MARKER FORMAT-SHEET="2 Column - 2nd Div" FSL="Workstation" -->
</DIV><DIV style="width: 48%; float: right;">
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td colspan="3" style="font-weight: bold"><font style="font-family: Arial, Helvetica, Sans-Serif">Municipal Bonds</font></td>
    <TD STYLE="font-weight: bold; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">Par</font><br>
<font style="font-family: Arial, Helvetica, Sans-Serif">(000)</font></td>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</td>
    <TD STYLE="font-weight: bold; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">Value</font></td></tr>
<tr style="vertical-align: bottom">
    <TD  colspan="6" style="padding-bottom: 2pt; font-weight: bold" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <td colspan="6" style="font-weight: bold"><font style="font-family: Arial, Helvetica, Sans-Serif">Nevada&nbsp;&mdash; 0.7%</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">County of Clark Nevada, Refunding RB, Alexander Dawson School Nevada Project, 5.00%, 5/15/29 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">$</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">4,550</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">$</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">4,806,711</font></td></tr>
<tr style="vertical-align: bottom">
    <TD  colspan="6" style="padding-bottom: 2pt; font-weight: bold" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <td colspan="6" style="font-weight: bold"><font style="font-family: Arial, Helvetica, Sans-Serif">New Jersey&nbsp;&mdash; 7.2%</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">County of Middlesex New Jersey Improvement Authority, RB, Heldrich Center Hotel, Sub-Series B, 6.25%, 1/01/37 (d)(e)</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">3,680</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">187,680</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">New Jersey EDA, RB:</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in; width: 7%">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Continental Airlines, Inc. Project, AMT, 5.25%, 9/15/29 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; width: 5%">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; width: 10%"><font style="font-family: Arial, Helvetica, Sans-Serif">3,830</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; width: 5%">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; width: 10%"><font style="font-family: Arial, Helvetica, Sans-Serif">3,946,049</font></td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Continental Airlines, Inc. Project, Series B, AMT, 5.63%, 11/15/30 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,035</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,161,760</font></td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">The Goethals Bridge Replacement Project, 5.38%, 1/01/43 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,285</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,424,042</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">New Jersey EDA, Refunding RB, Special Assessment, Kapkowski Road Landfill Project, 6.50%, 4/01/28 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">8,000</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">9,355,360</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">New Jersey State Turnpike Authority, RB, Series A:</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">5.00%, 1/01/38 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,535</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,752,047</font></td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">5.00%, 1/01/43 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">8,150</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">8,807,216</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">New Jersey Transportation Trust Fund Authority, RB, Transportation System:</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Series A, 5.50%, 6/15/41 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">8,000</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">8,861,280</font></td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Series B, 5.25%, 6/15/36 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">4,810</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">5,231,164</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Rutgers - The State University of New Jersey, Refunding RB, Series L, 5.00%, 5/01/43 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">1,030</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">1,143,073</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Tobacco Settlement Financing Corp. New Jersey, Refunding RB, Series 1A, 4.50%, 6/01/23 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,165</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,123,281</font></td></tr>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD></TR>
<tr style="vertical-align: bottom">
    <td colspan="4" style="padding-top: 2pt">&nbsp;</td>
    <TD STYLE="padding-top: 2pt; text-align: right">&nbsp;</td>
    <TD STYLE="padding-top: 2pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">46,992,952</font></td></tr>
<tr style="vertical-align: bottom">
    <TD  colspan="6" style="padding-bottom: 2pt; font-weight: bold" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <td colspan="6" style="font-weight: bold"><font style="font-family: Arial, Helvetica, Sans-Serif">New York&nbsp;&mdash; 11.1%</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Albany Industrial Development Agency, RB, New Covenant Charter School Project, Series A, 7.00%, 5/01/35 (d)(e)</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">1,820</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">273,109</font></td></tr>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD></TR>
</table><!-- MARKER FORMAT-SHEET="2 Column - End of Div" FSL="Workstation" -->
</div><br style="clear:both"><br style="clear:both"><table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0.5in">&nbsp;</td>
    <td colspan="2" style="border-top: Black 1pt solid; border-right: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</td>
    <td colspan="3" style="border-top: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td colspan="2" style="font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-transform: uppercase; position: relative; top: 5pt">&nbsp;</td>
    <td colspan="2" style="font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-transform: uppercase; position: relative; top: 5pt"><font style="font-size: 7.5pt">BlackRock Municipal Income Trust</font></td>
    <td style="font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-transform: uppercase; position: relative; top: 5pt"><font style="font-size: 7.5pt">July 31, 2014</font></td>
    <td style="font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt; position: relative; top: 5pt"><font style="font: 7.5pt Arial, Helvetica, Sans-Serif">5</font></td></tr>
<tr>
    <td style="width: 155px">&nbsp;</td>
    <td style="width: 15px">&nbsp;</td>
    <td style="width: 364px">&nbsp;</td>
    <td style="width: 9px">&nbsp;</td>
    <td style="width: 135px">&nbsp;</td>
    <td>&nbsp;</td></tr>
</table>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <TD STYLE="width: 61%; font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 6; border-top: Navy 4pt 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: 9pt"> (continued)</font> </font></td>
    <TD STYLE="width: 39%; font: 8pt Arial, Helvetica, Sans-Serif; color: navy; text-align: right; padding-top: 6; border-top: Navy 4pt solid"><font style="font-size: 8pt"><b>BlackRock Municipal Income Trust (BFK) </b></font></td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: navy; text-align: right"><font style="font-size: 7pt"><b>(Percentages shown are based on Net Assets)</b></font></td></tr>
</table>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
<!-- MARKER FORMAT-SHEET="2 Column - 1st Div" FSL="Workstation" -->
<DIV STYLE="margin-right: 20pt; width: 48%; float: left;">
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td colspan="3" style="font-weight: bold"><font style="font-family: Arial, Helvetica, Sans-Serif">Municipal Bonds</font></td>
    <TD STYLE="font-weight: bold; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">Par</font><br>
<font style="font-family: Arial, Helvetica, Sans-Serif">(000)</font></td>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</td>
    <TD STYLE="font-weight: bold; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">Value</font></td></tr>
<tr style="vertical-align: bottom">
    <TD  colspan="6" style="padding-bottom: 2pt; font-weight: bold" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="6" style="font-weight: bold"><font style="font-family: Arial, Helvetica, Sans-Serif">New York (concluded)</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">City of New York New York Industrial Development Agency, ARB, American Airlines, Inc., JFK International Airport, AMT (h):</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in; width: 7%">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">8.00%, 8/01/28 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; width: 5%"><font style="font-family: Arial, Helvetica, Sans-Serif">$</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; width: 10%"><font style="font-family: Arial, Helvetica, Sans-Serif">5,000</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; width: 5%"><font style="font-family: Arial, Helvetica, Sans-Serif">$</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; width: 10%"><font style="font-family: Arial, Helvetica, Sans-Serif">5,525,300</font></td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">7.75%, 8/01/31 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">22,140</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">24,440,125</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">City of New York New York Transitional Finance Authority, RB, Future Tax Secured Bonds, Fiscal 2012, Sub-Series E-1, 5.00%, 2/01/42 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">4,805</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">5,240,429</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">County of Westchester Healthcare Corp., RB, Senior Lien, Series A, 5.00%, 11/01/44 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">3,044</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">3,231,913</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Metropolitan Transportation Authority, RB, Series B:</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">5.25%, 11/15/38 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">4,640</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">5,197,542</font></td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">5.25%, 11/15/39 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">1,650</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">1,845,393</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">New York Counties Tobacco Trust II, RB, 5.75%, 6/01/43 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">5,000</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">4,812,500</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">New York Liberty Development Corp., Refunding RB, 2nd Priority, Bank of America Tower at 1 Bryant Park Project, Class 3, 6.38%, 7/15/49 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,400</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,642,280</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">New York State Dormitory Authority, RB, Series F, 5.00%, 3/15/35 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">4,775</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">4,895,855</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2">
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.1in; text-indent: -0.1in">New York State Dormitory Authority,
        Refunding RB,</P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.1in; text-indent: -0.1in">Series D, 5.00%, 2/15/37</P></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">6,655</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">7,343,792</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Niagara Area Development Corp., Refunding RB, Solid Waste Disposal Facility, Covanta Energy Project, Series A, AMT, 5.25%, 11/01/42 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">1,575</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">1,592,908</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Port Authority of New York &amp; New Jersey, ARB, Special Project, JFK International Air Terminal LLC Project, Series 8:</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">6.00%, 12/01/36 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,525</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,912,411</font></td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">6.00%, 12/01/42 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">1,960</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,248,669</font></td></tr>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD></TR>
<tr style="vertical-align: bottom">
    <td colspan="4" style="padding-top: 2pt">&nbsp;</td>
    <TD STYLE="padding-top: 2pt; text-align: right">&nbsp;</td>
    <TD STYLE="padding-top: 2pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">72,202,226</font></td></tr>
<tr style="vertical-align: bottom">
    <TD  colspan="6" style="padding-bottom: 2pt; font-weight: bold" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <td colspan="6" style="font-weight: bold"><font style="font-family: Arial, Helvetica, Sans-Serif">North Carolina&nbsp;&mdash; 4.2%</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">County of Gaston North Carolina Industrial Facilities &amp; Pollution Control Financing Authority, RB, Exempt Facilities, National Gypsum Co. Project, AMT, 5.75%, 8/01/35 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">12,130</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">12,124,178</font></td></tr>
</table>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<!-- MARKER FORMAT-SHEET="2 Column - 2nd Div" FSL="Workstation" -->
</DIV><DIV style="width: 48%; float: right;">
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td colspan="2" style="font-weight: bold"><font style="font-family: Arial, Helvetica, Sans-Serif">Municipal Bonds</font></td>
    <TD STYLE="font-weight: bold; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">Par</font><br>
<font style="font-family: Arial, Helvetica, Sans-Serif">(000)</font></td>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</td>
    <TD STYLE="font-weight: bold; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">Value</font></td></tr>
<tr style="vertical-align: bottom">
    <TD  colspan="5" style="padding-bottom: 2pt; font-weight: bold" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="5" style="font-weight: bold"><font style="font-family: Arial, Helvetica, Sans-Serif">North Carolina (concluded)</font></td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">North Carolina Capital Facilities Finance Agency, Refunding RB, Duke University Project, Series B, 5.00%, 10/01/38 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; width: 5%"><font style="font-family: Arial, Helvetica, Sans-Serif">$</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; width: 10%"><font style="font-family: Arial, Helvetica, Sans-Serif">10,000</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; width: 5%"><font style="font-family: Arial, Helvetica, Sans-Serif">$</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; width: 10%"><font style="font-family: Arial, Helvetica, Sans-Serif">11,244,700</font></td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">North Carolina Medical Care Commission, RB, Health Care Facilities, Duke University Health System, Series A, 5.00%, 6/01/42 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,750</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">3,036,715</font></td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">North Carolina Medical Care Commission, Refunding RB, First Mortgage, Retirement Facilities Whitestone Project, Series A, 7.75%, 3/01/41 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">1,130</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">1,252,989</font></td></tr>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 2pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in"><FONT STYLE="font-size: 2pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 2pt">&nbsp;</FONT></TD></TR>
<tr style="vertical-align: bottom">
    <td colspan="3" style="padding-top: 2pt">&nbsp;</td>
    <TD STYLE="padding-top: 2pt; text-align: right">&nbsp;</td>
    <TD STYLE="padding-top: 2pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">27,658,582</font></td></tr>
<tr style="vertical-align: bottom">
    <TD  colspan="5" style="padding-bottom: 2pt; font-weight: bold" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <td colspan="5" style="font-weight: bold"><font style="font-family: Arial, Helvetica, Sans-Serif">Ohio&nbsp;&mdash; 2.7%</font></td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">County of Allen Ohio Hospital Facilities, Refunding RB, Catholic Healthcare Partners, Series A, 5.25%, 6/01/38 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">6,125</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">6,588,785</font></td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">County of Franklin Ohio, RB, Health Care Facilities Improvement, OPRS Communities Obligation Group, Series A, 6.13%, 7/01/40 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">1,280</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">1,364,518</font></td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">County of Montgomery Ohio, Refunding RB, Catholic Health, Series A, 5.00%, 5/01/39 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">5,450</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">5,661,787</font></td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Pinnacle Community Infrastructure Financing Authority, RB, Facilities, Series A, 6.25%, 12/01/36 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">3,760</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">3,802,676</font></td></tr>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 2pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in"><FONT STYLE="font-size: 2pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 2pt">&nbsp;</FONT></TD></TR>
<tr style="vertical-align: bottom">
    <td colspan="3" style="padding-top: 2pt">&nbsp;</td>
    <TD STYLE="padding-top: 2pt; text-align: right">&nbsp;</td>
    <TD STYLE="padding-top: 2pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">17,417,766</font></td></tr>
<tr style="vertical-align: bottom">
    <TD  colspan="5" style="padding-bottom: 2pt; font-weight: bold" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <td colspan="5" style="font-weight: bold"><font style="font-family: Arial, Helvetica, Sans-Serif">Pennsylvania&nbsp;&mdash; 1.3%</font></td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">City of Philadelphia Pennsylvania Hospitals &amp; Higher Education Facilities Authority, RB, Temple University Health System, Series A, 5.63%, 7/01/42 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,395</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,423,069</font></td></tr>
<tr style="vertical-align: bottom">
    <TD>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.1in; text-indent: -0.1in">Pennsylvania Economic Development Financing
        Authority, RB, Aqua Pennsylvania, Inc. Project,</P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.1in">Series B, 5.00%, 11/15/40</P></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">3,725</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">3,973,905</font></td></tr>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD></TR>
</table><!-- MARKER FORMAT-SHEET="2 Column - End of Div" FSL="Workstation" -->
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<tr style="vertical-align: top">
    <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0.5in">&nbsp;</td>
    <td colspan="2" style="border-top: Black 1pt solid; border-right: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</td>
    <td colspan="3" style="border-top: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td colspan="2" style="font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-transform: uppercase; position: relative; top: 5pt">&nbsp;</td>
    <td colspan="2" style="font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-transform: uppercase; position: relative; top: 5pt"><font style="font-size: 7.5pt">BlackRock Municipal Income Trust</font></td>
    <td style="font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-transform: uppercase; position: relative; top: 5pt"><font style="font-size: 7.5pt">July 31, 2014</font></td>
    <td style="font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt; position: relative; top: 5pt"><font style="font: 7.5pt Arial, Helvetica, Sans-Serif">6</font></td></tr>
<tr>
    <td style="width: 155px">&nbsp;</td>
    <td style="width: 15px">&nbsp;</td>
    <td style="width: 364px">&nbsp;</td>
    <td style="width: 9px">&nbsp;</td>
    <td style="width: 135px">&nbsp;</td>
    <td>&nbsp;</td></tr>
</table>

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    <!-- Field: /Page -->
<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <TD STYLE="width: 61%; font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 6; border-top: Navy 4pt 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: 9pt"> (continued)</font> </font></td>
    <TD STYLE="width: 39%; font: 8pt Arial, Helvetica, Sans-Serif; color: navy; text-align: right; padding-top: 6; border-top: Navy 4pt solid"><font style="font-size: 8pt"><b>BlackRock Municipal Income Trust (BFK) </b></font></td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: navy; text-align: right"><font style="font-size: 7pt"><b>(Percentages shown are based on Net Assets)</b></font></td></tr>
</table>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
<!-- MARKER FORMAT-SHEET="2 Column - 1st Div" FSL="Workstation" -->
<DIV STYLE="margin-right: 20pt; width: 48%; float: left;">
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td colspan="3" style="font-weight: bold"><font style="font-family: Arial, Helvetica, Sans-Serif">Municipal Bonds</font></td>
    <TD STYLE="font-weight: bold; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">Par</font><br>
<font style="font-family: Arial, Helvetica, Sans-Serif">(000)</font></td>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</td>
    <TD STYLE="font-weight: bold; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">Value</font></td></tr>
<tr style="vertical-align: bottom">
    <TD  colspan="6" style="padding-bottom: 2pt; font-weight: bold" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="6" style="font-weight: bold"><font style="font-family: Arial, Helvetica, Sans-Serif">Pennsylvania (concluded)</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">State of Pennsylvania Turnpike Commission, RB, Series A, 5.00%, 12/01/44 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">$</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,155</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">$</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,360,673</font></td></tr>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD></TR>
<tr style="vertical-align: bottom">
    <td colspan="4" style="padding-top: 2pt">&nbsp;</td>
    <TD STYLE="padding-top: 2pt; text-align: right">&nbsp;</td>
    <TD STYLE="padding-top: 2pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">8,757,647</font></td></tr>
<tr style="vertical-align: bottom">
    <TD  colspan="6" style="padding-bottom: 2pt; font-weight: bold" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <td colspan="6" style="font-weight: bold"><font style="font-family: Arial, Helvetica, Sans-Serif">South Carolina&nbsp;&mdash; 2.3%</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">South Carolina State Ports Authority, RB, 5.25%, 7/01/40 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">6,455</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">6,964,300</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">State of South Carolina Public Service Authority, RB, Series A, 5.50%, 12/01/54 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">6,995</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">7,744,724</font></td></tr>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD></TR>
<tr style="vertical-align: bottom">
    <td colspan="4" style="padding-top: 2pt">&nbsp;</td>
    <TD STYLE="padding-top: 2pt; text-align: right">&nbsp;</td>
    <TD STYLE="padding-top: 2pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">14,709,024</font></td></tr>
<tr style="vertical-align: bottom">
    <TD  colspan="6" style="padding-bottom: 2pt; font-weight: bold" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <td colspan="6" style="font-weight: bold"><font style="font-family: Arial, Helvetica, Sans-Serif">Tennessee&nbsp;&mdash; 0.4%</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">City of Chattanooga Tennessee Health Educational &amp; Housing Facility Board, RB, Catholic Health Initiatives, Series A, 5.25%, 1/01/45 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,660</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,889,611</font></td></tr>
<tr style="vertical-align: bottom">
    <TD  colspan="6" style="padding-bottom: 2pt; font-weight: bold" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <td colspan="6" style="font-weight: bold"><font style="font-family: Arial, Helvetica, Sans-Serif">Texas&nbsp;&mdash; 14.9%</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Brazos River Authority, RB, TXU Electric, Series A, AMT, 8.25%, 10/01/30 (d)(e)</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">4,370</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">404,225</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Central Texas Regional Mobility Authority, Refunding RB:</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in; width: 7%">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Senior Lien, 6.25%, 1/01/46 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; width: 5%">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; width: 10%"><font style="font-family: Arial, Helvetica, Sans-Serif">4,210</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; width: 5%">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; width: 10%"><font style="font-family: Arial, Helvetica, Sans-Serif">4,724,799</font></td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Sub-Lien, 5.00%, 1/01/33 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">700</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">728,504</font></td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Sub-Lien, 5.00%, 1/01/42 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">620</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">636,467</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">City of Dallas Texas Waterworks &amp; Sewer System, Refunding RB, 5.00%, 10/01/35 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,970</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">3,363,792</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">City of Houston Texas Airport System, Refunding ARB, Senior Lien, Series A, 5.50%, 7/01/39 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">3,000</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">3,394,260</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">City of Houston Texas Utility System, Refunding RB, Combined 1st Lien, Series A (AGC), 6.00%, 11/15/35 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">16,425</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">19,283,936</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">County of Harris Texas Cultural Education Facilities Finance Corp., RB, 1st Mortgage, Brazos Presbyterian Homes, Inc. Project, Series B:</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">7.00%, 1/01/43 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">380</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">424,479</font></td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">7.00%, 1/01/48 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">500</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">554,935</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">County of Harris Texas-Houston Sports Authority, Refunding RB (NPFGC) (c):</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">3rd Lien, Series A-3, 0.00%, 11/15/37 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">26,120</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">6,365,444</font></td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">CAB, Junior Lien, Series H, 0.00%, 11/15/35 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">5,000</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">1,465,700</font></td></tr>
</table>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<!-- MARKER FORMAT-SHEET="2 Column - 2nd Div" FSL="Workstation" -->
</DIV><DIV style="width: 48%; float: right;">
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td colspan="3" style="font-weight: bold"><font style="font-family: Arial, Helvetica, Sans-Serif">Municipal Bonds</font></td>
    <TD STYLE="font-weight: bold; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">Par</font><br>
<font style="font-family: Arial, Helvetica, Sans-Serif">(000)</font></td>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</td>
    <TD STYLE="font-weight: bold; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">Value</font></td></tr>
<tr style="vertical-align: bottom">
    <TD  colspan="6" style="padding-bottom: 2pt; font-weight: bold" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="6" style="font-weight: bold"><font style="font-family: Arial, Helvetica, Sans-Serif">Texas (concluded)</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">County of Harris Texas-Houston Sports Authority, Refunding RB (NPFGC) (c) (concluded):</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in; width: 7%">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">CAB, Senior Lien, Series A, 0.00%, 11/15/38 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; width: 5%"><font style="font-family: Arial, Helvetica, Sans-Serif">$</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; width: 10%"><font style="font-family: Arial, Helvetica, Sans-Serif">12,580</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; width: 5%"><font style="font-family: Arial, Helvetica, Sans-Serif">$</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; width: 10%"><font style="font-family: Arial, Helvetica, Sans-Serif">3,172,047</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">County of Midland Texas Fresh Water Supply District No. 1, RB, CAB, City of Midland Project,<BR>
 Series A (c):</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">0.00%, 9/15/40 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">9,780</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,763,143</font></td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">0.00%, 9/15/41 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">5,420</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">1,452,126</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">County of Tarrant Texas Cultural Education Facilities Finance Corp., RB, Scott &amp; White Healthcare, 6.00%, 8/15/45 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">7,930</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">9,486,500</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Fort Bend County Industrial Development Corp., RB, NRG Energy Project, Series B, 4.75%, 11/01/42 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,045</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,082,608</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">North Texas Tollway Authority, Refunding RB, 2nd Tier System, Series F, 6.13%, 1/01/31 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">12,180</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">12,918,717</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">San Antonio Energy Acquisition Public Facility Corp., RB, Gas Supply, 5.50%, 8/01/25 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">6,540</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">7,647,484</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Texas Municipal Gas Acquisition &amp; Supply Corp. III, RB, 5.00%, 12/15/32 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,835</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">2,977,232</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Texas Private Activity Bond Surface Transportation Corp., RB, Senior Lien:</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">LBJ Infrastructure Group LLC, LBJ Freeway Managed Lanes Project, 7.00%, 6/30/40 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">6,000</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">7,125,660</font></td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">NTE Mobility Partners LLC, North Tarrant Express Managed Lanes Project, 6.88%, 12/31/39 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">5,100</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">5,986,941</font></td></tr>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD></TR>
<tr style="vertical-align: bottom">
    <td colspan="4" style="padding-top: 2pt">&nbsp;</td>
    <TD STYLE="padding-top: 2pt; text-align: right">&nbsp;</td>
    <TD STYLE="padding-top: 2pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">96,958,999</font></td></tr>
<tr style="vertical-align: bottom">
    <TD  colspan="6" style="padding-bottom: 2pt; font-weight: bold" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <td colspan="6" style="font-weight: bold"><font style="font-family: Arial, Helvetica, Sans-Serif">Utah&nbsp;&mdash; 0.6%</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Utah State Charter School Finance Authority, RB, Ogden Preparatory Academy, Series A:</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">3.25%, 10/15/36 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">1,940</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">1,616,641</font></td></tr>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD></TR>
</table><!-- MARKER FORMAT-SHEET="2 Column - End of Div" FSL="Workstation" -->
</div><br style="clear:both"><br style="clear:both"><table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0.5in">&nbsp;</td>
    <td colspan="2" style="border-top: Black 1pt solid; border-right: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</td>
    <td colspan="3" style="border-top: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td colspan="2" style="font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-transform: uppercase; position: relative; top: 5pt">&nbsp;</td>
    <td colspan="2" style="font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-transform: uppercase; position: relative; top: 5pt"><font style="font-size: 7.5pt">BlackRock Municipal Income Trust</font></td>
    <td style="font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-transform: uppercase; position: relative; top: 5pt"><font style="font-size: 7.5pt">July 31, 2014</font></td>
    <td style="font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt; position: relative; top: 5pt"><font style="font: 7.5pt Arial, Helvetica, Sans-Serif">7</font></td></tr>
<tr>
    <td style="width: 155px">&nbsp;</td>
    <td style="width: 15px">&nbsp;</td>
    <td style="width: 364px">&nbsp;</td>
    <td style="width: 9px">&nbsp;</td>
    <td style="width: 135px">&nbsp;</td>
    <td>&nbsp;</td></tr>
</table>

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<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <TD STYLE="width: 61%; font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 6; border-top: Navy 4pt 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: 9pt"> (continued)</font> </font></td>
    <TD STYLE="width: 39%; font: 8pt Arial, Helvetica, Sans-Serif; color: navy; text-align: right; padding-top: 6; border-top: Navy 4pt solid"><font style="font-size: 8pt"><b>BlackRock Municipal Income Trust (BFK) </b></font></td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: navy; text-align: right"><font style="font-size: 7pt"><b>(Percentages shown are based on Net Assets)</b></font></td></tr>
</table>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
<!-- MARKER FORMAT-SHEET="2 Column - 1st Div" FSL="Workstation" -->
<DIV STYLE="margin-right: 20pt; width: 48%; float: left;">
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td colspan="3" style="font-weight: bold"><font style="font-family: Arial, Helvetica, Sans-Serif">Municipal Bonds</font></td>
    <TD STYLE="font-weight: bold; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">Par</font><br>
<font style="font-family: Arial, Helvetica, Sans-Serif">(000)</font></td>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</td>
    <TD STYLE="font-weight: bold; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">Value</font></td></tr>
<tr style="vertical-align: bottom">
    <TD  colspan="6" style="padding-bottom: 2pt; font-weight: bold" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="6" style="font-weight: bold"><font style="font-family: Arial, Helvetica, Sans-Serif">Utah (concluded)</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Utah State Charter School Finance Authority, RB, Ogden Preparatory Academy, Series A&nbsp;(concluded):</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in; width: 7%">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">3.25%, 10/15/42 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; width: 5%"><font style="font-family: Arial, Helvetica, Sans-Serif">$</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; width: 10%"><font style="font-family: Arial, Helvetica, Sans-Serif">3,010</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; width: 5%"><font style="font-family: Arial, Helvetica, Sans-Serif">$</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; width: 10%"><font style="font-family: Arial, Helvetica, Sans-Serif">2,419,829</font></td></tr>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD></TR>
<tr style="vertical-align: bottom">
    <td colspan="4" style="padding-top: 2pt">&nbsp;</td>
    <TD STYLE="padding-top: 2pt; text-align: right">&nbsp;</td>
    <TD STYLE="padding-top: 2pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">4,036,470</font></td></tr>
<tr style="vertical-align: bottom">
    <TD  colspan="6" style="padding-bottom: 2pt; font-weight: bold" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <td colspan="6" style="font-weight: bold"><font style="font-family: Arial, Helvetica, Sans-Serif">Virginia&nbsp;&mdash; 1.5%</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Virginia Small Business Financing Authority, RB, Senior Lien, Elizabeth River Crossings OpCo LLC Project, AMT:</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">5.25%, 1/01/32 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">3,155</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">3,374,083</font></td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">6.00%, 1/01/37 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">5,695</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">6,350,723</font></td></tr>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD></TR>
<tr style="vertical-align: bottom">
    <td colspan="4" style="padding-top: 2pt">&nbsp;</td>
    <TD STYLE="padding-top: 2pt; text-align: right">&nbsp;</td>
    <TD STYLE="padding-top: 2pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">9,724,806</font></td></tr>
<tr style="vertical-align: bottom">
    <TD  colspan="6" style="padding-bottom: 2pt; font-weight: bold" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <td colspan="6" style="font-weight: bold"><font style="font-family: Arial, Helvetica, Sans-Serif">Washington&nbsp;&mdash; 0.8%</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Washington Health Care Facilities Authority, RB, Catholic Health Initiatives, Series A, 5.75%, 1/01/45 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">4,420</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">4,978,069</font></td></tr>
<tr style="vertical-align: bottom">
    <TD  colspan="6" style="padding-bottom: 2pt; font-weight: bold" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <td colspan="6" style="font-weight: bold"><font style="font-family: Arial, Helvetica, Sans-Serif">Wisconsin&nbsp;&mdash; 0.3%</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">State of Wisconsin Health &amp; Educational Facilities Authority, RB, Ascension Health Senior Credit Group, Series E, 5.00%, 11/15/33 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">1,640</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">1,769,248</font></td></tr>
<tr style="vertical-align: bottom">
    <TD  colspan="6" style="padding-bottom: 2pt; font-weight: bold" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="4" style="padding-top: 2pt"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Total Municipal Bonds</b> &mdash; <b>122.8%</b></font></td>
    <TD STYLE="padding-top: 2pt; text-align: right">&nbsp;</td>
    <TD STYLE="padding-top: 2pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">798,235,438</font></td></tr>
<tr style="vertical-align: bottom">
    <TD  colspan="6" style="padding-bottom: 2pt; font-weight: bold" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6">&nbsp;</TD></TR>
<tr style="vertical-align: bottom; background-color: #0070C0">
    <TD COLSPAN="6" STYLE="color: #47B0FF"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="6">
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0">Municipal Bonds Transferred to</P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; text-align: left">Tender Option Bond (TOB) Trusts (i)</P></td></tr>
<tr style="vertical-align: bottom">
    <TD  colspan="6" style="padding-bottom: 2pt; font-weight: bold" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <td colspan="6" style="font-weight: bold"><font style="font-family: Arial, Helvetica, Sans-Serif">Alabama&nbsp;&mdash; 0.7%</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">City of Birmingham Alabama Special Care Facilities Financing Authority, Refunding RB, Ascension Health, Senior Credit, Series C-2, 5.00%, 11/15/36 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">4,548</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">4,777,707</font></td></tr>
<tr style="vertical-align: bottom">
    <TD  colspan="6" style="padding-bottom: 2pt; font-weight: bold" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <td colspan="6" style="font-weight: bold"><font style="font-family: Arial, Helvetica, Sans-Serif">California&nbsp;&mdash; 5.4%</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">California Educational Facilities Authority, RB, University of Southern California, Series B, 5.25%, 10/01/39 (j)</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">5,115</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">5,770,231</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">City &amp; County of San Francisco California Public Utilities Commission, RB, Water Revenue, Series B, 5.00%, 11/01/39 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">18,540</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">20,617,778</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Los Angeles Community College District California, GO, Election of 2001, Series A (AGM), 5.00%, 8/01/32 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">4,500</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">4,974,345</font></td></tr>
</table>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<!-- MARKER FORMAT-SHEET="2 Column - 2nd Div" FSL="Workstation" -->
</DIV><DIV style="width: 48%; float: right;">
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td colspan="3">
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0">Municipal Bonds Transferred to</P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0">Tender Option Bond (TOB) Trusts (i)</P></td>
    <TD STYLE="font-weight: bold; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">Par</font><br>
<font style="font-family: Arial, Helvetica, Sans-Serif">(000)</font></td>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</td>
    <TD STYLE="font-weight: bold; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">Value</font></td></tr>
<tr style="vertical-align: bottom">
    <TD  colspan="6" style="padding-bottom: 2pt; font-weight: bold" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="6" style="font-weight: bold"><font style="font-family: Arial, Helvetica, Sans-Serif">California (concluded)</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">San Diego Community College District California, GO, Election of 2002, 5.25%, 8/01/33 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">$</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">3,260</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">$</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">3,755,642</font></td></tr>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD></TR>
<tr style="vertical-align: bottom">
    <td colspan="4" style="padding-top: 2pt">&nbsp;</td>
    <TD STYLE="padding-top: 2pt; text-align: right">&nbsp;</td>
    <TD STYLE="padding-top: 2pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">35,117,996</font></td></tr>
<tr style="vertical-align: bottom">
    <TD  colspan="6" style="padding-bottom: 2pt; font-weight: bold" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <td colspan="6" style="font-weight: bold"><font style="font-family: Arial, Helvetica, Sans-Serif">Colorado&nbsp;&mdash; 2.0%</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Colorado Health Facilities Authority, RB, Catholic Health (AGM):</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in; width: 7%">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Series C-3, 5.10%, 10/01/41 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; width: 5%">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; width: 10%"><font style="font-family: Arial, Helvetica, Sans-Serif">7,600</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; width: 5%">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; width: 10%"><font style="font-family: Arial, Helvetica, Sans-Serif">7,919,808</font></td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Series C-7, 5.00%, 9/01/36 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">4,860</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">5,065,238</font></td></tr>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD></TR>
<tr style="vertical-align: bottom">
    <td colspan="4" style="padding-top: 2pt">&nbsp;</td>
    <TD STYLE="padding-top: 2pt; text-align: right">&nbsp;</td>
    <TD STYLE="padding-top: 2pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">12,985,046</font></td></tr>
<tr style="vertical-align: bottom">
    <TD  colspan="6" style="padding-bottom: 2pt; font-weight: bold" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <td colspan="6" style="font-weight: bold"><font style="font-family: Arial, Helvetica, Sans-Serif">Connecticut&nbsp;&mdash; 3.2%</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Connecticut State Health &amp; Educational Facility Authority, RB, Yale University:</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Series T-1, 4.70%, 7/01/29 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">9,397</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">10,247,626</font></td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Series X-3, 4.85%, 7/01/37 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">9,366</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">10,176,957</font></td></tr>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD></TR>
<tr style="vertical-align: bottom">
    <td colspan="4" style="padding-top: 2pt">&nbsp;</td>
    <TD STYLE="padding-top: 2pt; text-align: right">&nbsp;</td>
    <TD STYLE="padding-top: 2pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">20,424,583</font></td></tr>
<tr style="vertical-align: bottom">
    <TD  colspan="6" style="padding-bottom: 2pt; font-weight: bold" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <td colspan="6" style="font-weight: bold"><font style="font-family: Arial, Helvetica, Sans-Serif">Florida&nbsp;&mdash; 1.1%</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">County of Miami-Dade Florida, RB, Water &amp; Sewer System, 5.00%, 10/01/34 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">6,629</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">7,335,704</font></td></tr>
<tr style="vertical-align: bottom">
    <TD  colspan="6" style="padding-bottom: 2pt; font-weight: bold" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <td colspan="6" style="font-weight: bold"><font style="font-family: Arial, Helvetica, Sans-Serif">Massachusetts&nbsp;&mdash; 1.9%</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Massachusetts School Building Authority, RB, Senior, Series B, 5.00%, 10/15/41 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">4,427</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">4,897,566</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Massachusetts Water Resources Authority, Refunding RB, Series A, 5.00%, 8/01/41 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">6,770</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">7,232,391</font></td></tr>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 2">&nbsp;</FONT></TD></TR>
<tr style="vertical-align: bottom">
    <td colspan="4" style="padding-top: 2pt">&nbsp;</td>
    <TD STYLE="padding-top: 2pt; text-align: right">&nbsp;</td>
    <TD STYLE="padding-top: 2pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">12,129,957</font></td></tr>
<tr style="vertical-align: bottom">
    <TD  colspan="6" style="padding-bottom: 2pt; font-weight: bold" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <td colspan="6" style="font-weight: bold"><font style="font-family: Arial, Helvetica, Sans-Serif">New Hampshire&nbsp;&mdash; 0.7%</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">New Hampshire Health &amp; Education Facilities Authority, RB, Dartmouth College, 5.25%,<BR>
 6/01/39 (j)</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">3,988</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">4,531,097</font></td></tr>
<tr style="vertical-align: bottom">
    <TD  colspan="6" style="padding-bottom: 2pt; font-weight: bold" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <td colspan="6" style="font-weight: bold"><font style="font-family: Arial, Helvetica, Sans-Serif">New York&nbsp;&mdash; 9.6%</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">City of New York New York Municipal Water Finance Authority, Refunding RB, Water &amp; Sewer System, 2nd General Resolution:</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Series FF-2, 5.50%, 6/15/40 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">3,075</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">3,517,225</font></td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Series HH, 5.00%, 6/15/31 (j)</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">16,393</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">18,303,843</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Hudson Yards Infrastructure Corp., RB, Senior Bond, Fiscal 2012, Series A, 5.75%, 2/15/47 (j)</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">3,130</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">3,560,491</font></td></tr>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</TD></TR>
</table><!-- MARKER FORMAT-SHEET="2 Column - End of Div" FSL="Workstation" -->
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<tr style="vertical-align: top">
    <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0.5in">&nbsp;</td>
    <td colspan="2" style="border-top: Black 1pt solid; border-right: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</td>
    <td colspan="3" style="border-top: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td colspan="2" style="font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-transform: uppercase; position: relative; top: 5pt">&nbsp;</td>
    <td colspan="2" style="font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-transform: uppercase; position: relative; top: 5pt"><font style="font-size: 7.5pt">BlackRock Municipal Income Trust</font></td>
    <td style="font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-transform: uppercase; position: relative; top: 5pt"><font style="font-size: 7.5pt">July 31, 2014</font></td>
    <td style="font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt; position: relative; top: 5pt"><font style="font: 7.5pt Arial, Helvetica, Sans-Serif">8</font></td></tr>
<tr>
    <td style="width: 155px">&nbsp;</td>
    <td style="width: 15px">&nbsp;</td>
    <td style="width: 364px">&nbsp;</td>
    <td style="width: 9px">&nbsp;</td>
    <td style="width: 135px">&nbsp;</td>
    <td>&nbsp;</td></tr>
</table>

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<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <TD STYLE="width: 61%; font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 6; border-top: Navy 4pt 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: 9pt"> (continued)</font> </font></td>
    <TD STYLE="width: 39%; font: 8pt Arial, Helvetica, Sans-Serif; color: navy; text-align: right; padding-top: 6; border-top: Navy 4pt solid"><font style="font-size: 8pt"><b>BlackRock Municipal Income Trust (BFK) </b></font></td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: navy; text-align: right"><font style="font-size: 7pt"><b>(Percentages shown are based on Net Assets)</b></font></td></tr>
</table>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
<!-- MARKER FORMAT-SHEET="2 Column - 1st Div" FSL="Workstation" -->
<DIV STYLE="margin-right: 20pt; width: 48%; float: left;">
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td colspan="2">
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0">Municipal Bonds Transferred to</P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0">Tender Option Bond (TOB) Trusts (i)</P></td>
    <TD STYLE="font-weight: bold; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">Par</font><br>
<font style="font-family: Arial, Helvetica, Sans-Serif">(000)</font></td>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</td>
    <TD STYLE="font-weight: bold; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">Value</font></td></tr>
<tr style="vertical-align: bottom">
    <TD  colspan="5" style="padding-bottom: 2pt; font-weight: bold" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="5" style="font-weight: bold"><font style="font-family: Arial, Helvetica, Sans-Serif">New York (concluded)</font></td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">New York Liberty Development Corp., RB, 1 World Trade Center Port Authority Consolidated, 5.25%, 12/15/43 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; width: 5%"><font style="font-family: Arial, Helvetica, Sans-Serif">$</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; width: 10%"><font style="font-family: Arial, Helvetica, Sans-Serif">20,865</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; width: 5%"><font style="font-family: Arial, Helvetica, Sans-Serif">$</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; width: 10%"><font style="font-family: Arial, Helvetica, Sans-Serif">22,990,726</font></td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">New York Liberty Development Corp., Refunding RB, 4 World Trade Center Project, 5.75%, 11/15/51 (j)</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">12,610</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">14,136,314</font></td></tr>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 2pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in"><FONT STYLE="font-size: 2pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 2pt">&nbsp;</FONT></TD></TR>
<tr style="vertical-align: bottom">
    <td colspan="3" style="padding-top: 2pt">&nbsp;</td>
    <TD STYLE="padding-top: 2pt; text-align: right">&nbsp;</td>
    <TD STYLE="padding-top: 2pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">62,508,599</font></td></tr>
<tr style="vertical-align: bottom">
    <TD  colspan="5" style="padding-bottom: 2pt; font-weight: bold" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <td colspan="5" style="font-weight: bold"><font style="font-family: Arial, Helvetica, Sans-Serif">Texas&nbsp;&mdash; 3.0%</font></td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">City of San Antonio Texas Public Service Board, RB, Electric &amp; Gas Systems, Junior Lien, 5.00%, 2/01/43 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">4,900</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">5,372,164</font></td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">County of Harris Texas Metropolitan Transit Authority, Refunding RB, Series A, 5.00%, 11/01/41 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">6,650</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">7,319,256</font></td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">University of Texas, Refunding RB, Financing System, Series B, 5.00%, 8/15/43 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">6,001</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">6,725,328</font></td></tr>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 2pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in"><FONT STYLE="font-size: 2pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 2pt">&nbsp;</FONT></TD></TR>
<tr style="vertical-align: bottom">
    <td colspan="3" style="padding-top: 2pt">&nbsp;</td>
    <TD STYLE="padding-top: 2pt; text-align: right">&nbsp;</td>
    <TD STYLE="padding-top: 2pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">19,416,748</font></td></tr>
<tr style="vertical-align: bottom">
    <TD  colspan="5" style="padding-bottom: 2pt; font-weight: bold" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <td colspan="5" style="font-weight: bold"><font style="font-family: Arial, Helvetica, Sans-Serif">Utah&nbsp;&mdash; 1.2%</font></td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">City of Riverton Utah, RB, IHC Health Services, Inc., 5.00%, 8/15/41 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">7,150</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">7,604,661</font></td></tr>
<tr style="vertical-align: bottom">
    <TD  colspan="5" style="padding-bottom: 2pt; font-weight: bold" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <td colspan="5" style="font-weight: bold"><font style="font-family: Arial, Helvetica, Sans-Serif">Virginia&nbsp;&mdash; 1.8%</font></td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">University of Virginia, Refunding RB, General, 5.00%, 6/01/40 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">10,767</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">11,943,514</font></td></tr>
<tr style="vertical-align: bottom">
    <TD  colspan="5" style="padding-bottom: 2pt; font-weight: bold" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <td colspan="5" style="font-weight: bold"><font style="font-family: Arial, Helvetica, Sans-Serif">Washington&nbsp;&mdash; 3.4%</font></td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Central Puget Sound Regional Transit Authority, RB, Series A (AGM), 5.00%, 11/01/32 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">5,459</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">6,009,706</font></td></tr>
</table>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<!-- MARKER FORMAT-SHEET="2 Column - 2nd Div" FSL="Workstation" -->
</DIV><DIV style="width: 48%; float: right;">
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td colspan="2">
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0">Municipal Bonds Transferred to</P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0">Tender Option Bond (TOB) Trusts (i)</P></td>
    <TD STYLE="font-weight: bold; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">Par</font><br>
<font style="font-family: Arial, Helvetica, Sans-Serif">(000)</font></td>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</td>
    <TD STYLE="font-weight: bold; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">Value</font></td></tr>
<tr style="vertical-align: bottom">
    <TD  colspan="5" style="padding-bottom: 2pt; font-weight: bold" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="5" style="font-weight: bold"><font style="font-family: Arial, Helvetica, Sans-Serif">Washington (concluded)</font></td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">State of Washington, GO, Various Purposes, Series E, 5.00%, 2/01/34 </font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; width: 5%"><font style="font-family: Arial, Helvetica, Sans-Serif">$</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; width: 10%"><font style="font-family: Arial, Helvetica, Sans-Serif">14,487</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; width: 5%"><font style="font-family: Arial, Helvetica, Sans-Serif">$</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; width: 10%"><font style="font-family: Arial, Helvetica, Sans-Serif">16,255,896</font></td></tr>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 2pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><FONT STYLE="font-size: 2pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: center; text-indent: -0.1in"><FONT STYLE="font-size: 2pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 2pt">&nbsp;</FONT></TD></TR>
<tr style="vertical-align: bottom">
    <td colspan="3">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">22,265,602</font></td></tr>
<tr style="vertical-align: bottom">
    <TD  colspan="5" style="padding-bottom: 2pt; font-weight: bold" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="3">
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><b>Total Municipal Bonds Transferred to </b></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><b>Tender Option Bond (TOB) Trusts</b> &mdash; <b>34.0%</b></P></td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">221,041,214</font></td></tr>
<tr style="vertical-align: bottom">
    <TD  colspan="5" style="padding-bottom: 2pt; font-weight: bold" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="3" style="padding-top: 2pt"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Total Long-Term Investments</b></font><br>
<font style="font-family: Arial, Helvetica, Sans-Serif"><b>(Cost &mdash; $958,844,252) &mdash; 156.8%</b></font></td>
    <TD STYLE="padding-top: 2pt; text-align: right">&nbsp;</td>
    <TD STYLE="padding-top: 2pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">1,019,276,652</font></td></tr>
<tr style="vertical-align: bottom">
    <TD  colspan="5" style="padding-bottom: 2pt; font-weight: bold" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="color: #47B0FF">&nbsp;</TD></TR>
<tr style="vertical-align: bottom; background-color: #0070C0">
    <TD COLSPAN="5" STYLE="color: #47B0FF"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="font-weight: bold"><font style="font-family: Arial, Helvetica, Sans-Serif">Short-Term Securities</font></td>
    <TD STYLE="font-weight: bold; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">Shares</font></td>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</td>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD  colspan="5" style="padding-bottom: 2pt; font-weight: bold" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">FFI Institutional Tax-Exempt Fund, 0.03% (k)(l)</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">13,881,985</font></td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">13,881,985</font></td></tr>
<tr style="vertical-align: bottom">
    <TD  colspan="5" style="padding-bottom: 2pt; font-weight: bold" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
</table>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr>
    <TD STYLE="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Total Short-Term Securities</b></font><br>
<font style="font-family: Arial, Helvetica, Sans-Serif"><b>(Cost &mdash; $13,881,985) &mdash; 2.1%</b></font></td>
    <TD STYLE="vertical-align: bottom; width: 2%; text-align: right">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; width: 10%; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">13,881,985</font></td>
    <TD STYLE="width: 1%; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD  colspan="4" style="padding-bottom: 2pt; font-weight: bold" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Total Investments</b></font><br>
<font style="font-family: Arial, Helvetica, Sans-Serif"><b>(Cost &mdash; $972,726,237*) &mdash; 158.9%</b></font></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"><font style="font-family: Arial, Helvetica, Sans-Serif">1,033,158,637</font></td>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</td></tr>
<tr>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Other Assets Less Liabilities</b> &mdash; <b>1.7%</b></font></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"><font style="font-family: Arial, Helvetica, Sans-Serif">10,395,208</font></td>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</td></tr>
<tr>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable</b> &mdash; <b>(18.9%)</b></font></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"><font style="font-family: Arial, Helvetica, Sans-Serif">(122,708,723)</font></td>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</td></tr>
<tr>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>VMTP Shares, at Liquidation Value</b> &mdash; <b>(41.7%)</b></font></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"><font style="font-family: Arial, Helvetica, Sans-Serif">(270,800,000)</font></td>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</td></tr>
<TR>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt"><FONT STYLE="font-size: 2pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: right"><FONT STYLE="font-size: 2pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 2pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 2pt">&nbsp;</FONT></TD></TR>
<tr>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Net Assets Applicable to Common Shares</b> &mdash; <b>100.0%</b></font></td>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">$</font></td>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">650,045,122</font></td>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD  colspan="4" style="padding-bottom: 2pt; font-weight: bold" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
</table>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 2%; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">*</font></td>
    <td style="width: 98%"><font style="font-family: Arial, Helvetica, Sans-Serif">As of July 31, 2014, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:</font><br>
<br>
</td></tr>
</table>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Tax cost&#9;</font></td>
    <TD STYLE="vertical-align: bottom; width: 2%; padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid"><font style="font-family: Arial, Helvetica, Sans-Serif">$</font></td>
    <TD STYLE="vertical-align: bottom; width: 10%; padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid"><font style="font-family: Arial, Helvetica, Sans-Serif">852,391,249</font></td>
    <TD STYLE="width: 1%; font: 8pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD  colspan="4" style="padding-bottom: 2pt; font-family: Arial, Helvetica, Sans-Serif" STYLE="font-size: 2pt; ">&nbsp;</td></tr>
<tr>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Gross unrealized appreciation&#9;</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">$</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">73,922,880</font></td>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</td></tr>
<tr>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Gross unrealized depreciation&#9;</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; 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"><font style="font-family: Arial, Helvetica, Sans-Serif">(15,843,419)</font></td>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD  colspan="4" style="padding-bottom: 2pt; font-family: Arial, Helvetica, Sans-Serif" STYLE="font-size: 2pt; ">&nbsp;</td></tr>
<tr>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Net unrealized appreciation&#9;</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid"><font style="font-family: Arial, Helvetica, Sans-Serif">$</font></td>
    <TD STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in; border-bottom: Black 1pt solid"><font style="font-family: Arial, Helvetica, Sans-Serif">58,079,461</font></td>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD  colspan="4" style="padding-bottom: 2pt; font-family: Arial, Helvetica, Sans-Serif" STYLE="font-size: 2pt;">&nbsp;</td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td style="width: 100%; font-weight: bold">&nbsp;</td></tr>
</table>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
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<table cellspacing="0" cellpadding="0" style="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr>
    <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>Notes
        to Schedule of Investments </b></P></td></tr>
<tr>
    <td style="vertical-align: top; width: 5%"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
    <td style="vertical-align: bottom; width: 95%"><font style="font-family: Arial, Helvetica, Sans-Serif">U.S. government securities, held in escrow, are used to pay interest on this security, as well as to retire the bond in full at the date indicated, typically at a premium to par.</font></td></tr>
<tr>
    <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
    <td style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif">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.</font></td></tr>
<tr>
    <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif">(c)</font></td>
    <td style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif">Zero-coupon bond.</font></td></tr>
<tr>
    <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif">(d)</font></td>
    <td style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif">Non-income producing security.</font></td></tr>
<tr>
    <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif">(e)</font></td>
    <td style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif">Issuer filed for bankruptcy and/or is in default of principal and/or interest payments.</font></td></tr>
<tr>
    <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif">(f)</font></td>
    <td style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif">Represents a step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate shown is as of report date.</font></td></tr>
<tr>
    <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif">(g)</font></td>
    <td style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif">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.</font></td></tr>
<tr>
    <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif">(h)</font></td>
    <td style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif">Variable rate security. Rate shown is as of report date.</font></td></tr>
<tr>
    <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif">(i)</font></td>
    <td style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif">Represent bonds transferred to a TOB. In exchange for which the Trust received cash and residual interest certificates. These bonds serve as collateral in a financing transaction.</font></td></tr>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
</table><table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0.5in">&nbsp;</td>
    <td colspan="2" style="border-top: Black 1pt solid; border-right: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</td>
    <td colspan="3" style="border-top: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td colspan="2" style="font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-transform: uppercase; position: relative; top: 5pt">&nbsp;</td>
    <td colspan="2" style="font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-transform: uppercase; position: relative; top: 5pt"><font style="font-size: 7.5pt">BlackRock Municipal Income Trust</font></td>
    <td style="font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-transform: uppercase; position: relative; top: 5pt"><font style="font-size: 7.5pt">July 31, 2014</font></td>
    <td style="font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt; position: relative; top: 5pt"><font style="font: 7.5pt Arial, Helvetica, Sans-Serif">9</font></td></tr>
<tr>
    <td style="width: 155px">&nbsp;</td>
    <td style="width: 15px">&nbsp;</td>
    <td style="width: 364px">&nbsp;</td>
    <td style="width: 9px">&nbsp;</td>
    <td style="width: 135px">&nbsp;</td>
    <td>&nbsp;</td></tr>
</table>
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    <!-- Field: /Page -->
<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <TD STYLE="width: 61%; font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 6; border-top: Navy 4pt 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: 9pt"> (continued)</font> </font></td>
    <TD STYLE="width: 39%; font: 8pt Arial, Helvetica, Sans-Serif; color: navy; text-align: right; padding-top: 6; border-top: Navy 4pt solid"><font style="font-size: 8pt"><b>BlackRock Municipal Income Trust (BFK) </b></font></td></tr>
</table>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr>
    <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif">(j)</font></td>
    <td colspan="2" style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif">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 $25,997,599.</font></td></tr>
<tr>
    <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif">(k)</font></td>
    <td colspan="2" style="vertical-align: bottom"><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, 2014, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:</font></td></tr>
<tr>
    <td colspan="2" style="vertical-align: bottom; font-weight: bold">&nbsp;</td>
    <td style="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</td></tr>
<tr>
    <td style="width: 5%">&nbsp;</td>
    <td style="width: 45%">&nbsp;</td>
    <td style="width: 50%">&nbsp;</td></tr>
</table>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <TD  colspan="22" style="font-size: 2pt; position: relative; top: -3pt; font-weight: bold" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: bottom; font-weight: bold">&nbsp;</td>
    <td colspan="5" style="vertical-align: bottom; font-weight: bold"><font style="font-family: Arial, Helvetica, Sans-Serif">Affiliate</font></td>
    <td style="vertical-align: bottom; font-weight: bold">&nbsp;</td>
    <td colspan="7" style="vertical-align: bottom; font-weight: bold; text-align: center"><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, 2014</font></td>
    <td style="vertical-align: bottom; font-weight: bold">&nbsp;</td>
    <td colspan="2" style="vertical-align: bottom; font-weight: bold; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">Net</font><br>
<font style="font-family: Arial, Helvetica, Sans-Serif">Activity</font></td>
    <td style="vertical-align: bottom; font-weight: bold">&nbsp;</td>
    <td style="vertical-align: bottom; font-weight: bold; text-align: center"><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, 2014</font></td>
    <td style="vertical-align: bottom; font-weight: bold">&nbsp;</td>
    <td style="vertical-align: bottom; font-weight: bold; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">Income</font></td>
    <td style="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD  colspan="22" style="font-size: 2pt; position: relative; top: -3pt; font-weight: bold" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <td colspan="5" style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">FFI Institutional Tax-Exempt Fund</font></td>
    <td style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</td>
    <td colspan="6" style="vertical-align: bottom; padding-left: 0.1in; text-align: center; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">14,688,018</font></td>
    <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-align: center; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">(806,033)</font></td>
    <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-align: center; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">13,881,985</font></td>
    <td style="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">$</font></td>
    <td style="vertical-align: bottom; padding-left: 0.1in; text-align: center; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">1,127</font></td>
    <td style="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</td></tr>
<tr>
    <td colspan="2" style="vertical-align: bottom; font-size: 2pt">&nbsp;</td>
    <td style="vertical-align: bottom; font-size: 2pt">&nbsp;</td>
    <td style="vertical-align: bottom; font-size: 2pt">&nbsp;</td>
    <td style="vertical-align: bottom; font-size: 2pt; text-align: center">&nbsp;</td>
    <td colspan="3" style="vertical-align: bottom; font-size: 2pt">&nbsp;</td>
    <td style="vertical-align: bottom; font-size: 2pt; text-align: center">&nbsp;</td>
    <td style="vertical-align: bottom; font-size: 2pt">&nbsp;</td>
    <td style="vertical-align: bottom; font-size: 2pt; text-align: center">&nbsp;</td>
    <td style="vertical-align: bottom; font-size: 2pt">&nbsp;</td>
    <td colspan="4" style="vertical-align: bottom; font-size: 2pt; text-align: center">&nbsp;</td>
    <td colspan="6" style="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD  colspan="22" style="font-size: 2pt; position: relative; top: -3pt; font-weight: bold" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <td style="width: 2%">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 11%">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 7%">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 7%">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 7%">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 4%">&nbsp;</td>
    <td style="width: 11%">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 26%">&nbsp;</td>
    <td style="width: 2%">&nbsp;</td>
    <td style="width: 11%">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td></tr>
</table>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr>
    <td style="vertical-align: top; width: 5%"><font style="font-family: Arial, Helvetica, Sans-Serif">(l)</font></td>
    <td style="vertical-align: bottom; width: 95%"><font style="font-family: Arial, Helvetica, Sans-Serif">Represents the current yield as of report date.</font></td></tr>
</table>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr>
    <td colspan="3">
        <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>
    <td colspan="2" style="vertical-align: bottom; font-weight: bold">&nbsp;</td>
    <td style="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif">AGC</font></td>
    <td colspan="2" style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif">Assured Guarantee Corp.</font></td></tr>
<tr>
    <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif">AGM</font></td>
    <td colspan="2" style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif">Assured Guaranty Municipal Corp.</font></td></tr>
<tr>
    <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif">AMT</font></td>
    <td colspan="2" style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif">Alternative Minimum Tax (subject to)</font></td></tr>
<tr>
    <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif">ARB</font></td>
    <td colspan="2" style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif">Airport Revenue Bonds</font></td></tr>
<tr>
    <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif">CAB</font></td>
    <td colspan="2" style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif">Capital Appreciation Bonds</font></td></tr>
<tr>
    <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif">EDA</font></td>
    <td colspan="2" style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif">Economic Development Authority</font></td></tr>
<tr>
    <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif">EDC</font></td>
    <td colspan="2" style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif">Economic Development Corp.</font></td></tr>
<tr>
    <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif">GARB</font></td>
    <td colspan="2" style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif">General Airport Revenue Bonds</font></td></tr>
<tr>
    <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif">GO</font></td>
    <td colspan="2" style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif">General Obligation Bonds</font></td></tr>
<tr>
    <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif">LRB</font></td>
    <td colspan="2" style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif">Lease Revenue Bonds</font></td></tr>
<tr>
    <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif">NPFGC</font></td>
    <td colspan="2" style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif">National Public Finance Guarantee Corp.</font></td></tr>
<tr>
    <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif">RB</font></td>
    <td colspan="2" style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif">Revenue Bonds</font></td></tr>
<tr>
    <td style="width: 7%">&nbsp;</td>
    <td style="width: 44%">&nbsp;</td>
    <td style="width: 49%">&nbsp;</td></tr>
</table>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 4%; font-weight: bold; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">&bull;</font></td>
    <td style="width: 96%; font-weight: bold"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal">Financial futures contracts outstanding as of July 31, 2014 were as follows:</font></td></tr>
</table>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <TD COLSPAN="9" STYLE="font: 2pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 2pt">&nbsp;</td></tr>
<tr>
    <TD STYLE="vertical-align: bottom">
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0">Contracts</P>
        <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0">Sold</P></td>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">Issue </font></td>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">Exchange</font></td>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">Expiration</font></td>
    <td colspan="2" style="vertical-align: bottom; font-weight: bold; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">Notional</font><br>
<font style="font-family: Arial, Helvetica, Sans-Serif">Value</font></td>
    <TD STYLE="vertical-align: bottom; font-weight: bold">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">Unrealized</font><br>
<font style="font-family: Arial, Helvetica, Sans-Serif">Appreciation</font></td>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD COLSPAN="9" STYLE="font: 2pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 2pt">&nbsp;</td></tr>
<tr>
    <TD STYLE="vertical-align: bottom; width: 11%; padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">(522)</font></td>
    <TD STYLE="vertical-align: bottom; width: 27%; padding-left: 0.1in; text-align: center; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">10-Year U.S. Treasury Note</font></td>
    <TD STYLE="vertical-align: bottom; width: 20%; padding-left: 0.1in; text-align: center; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Chicago Board of Trade</font></td>
    <TD STYLE="vertical-align: bottom; width: 8%; padding-left: 0.1in; text-align: center; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">September</font><br>
<font style="font-family: Arial, Helvetica, Sans-Serif">2014</font></td>
    <TD STYLE="vertical-align: bottom; width: 3%; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">$</font></td>
    <TD STYLE="vertical-align: bottom; width: 13%; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">65,046,094</font></td>
    <TD STYLE="vertical-align: bottom; width: 3%; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">$</font></td>
    <TD STYLE="vertical-align: bottom; width: 14%; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">562,050</font></td>
    <TD STYLE="width: 1%; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD COLSPAN="9" STYLE="font: 2pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 2pt">&nbsp;</td></tr>
<tr>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
</table><table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0.5in">&nbsp;</td>
    <td colspan="2" style="border-top: Black 1pt solid; border-right: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</td>
    <td colspan="3" style="border-top: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td colspan="2" style="font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-transform: uppercase; position: relative; top: 5pt">&nbsp;</td>
    <td colspan="2" style="font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-transform: uppercase; position: relative; top: 5pt"><font style="font-size: 7.5pt">BlackRock Municipal Income Trust</font></td>
    <td style="font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-transform: uppercase; position: relative; top: 5pt"><font style="font-size: 7.5pt">July 31, 2014</font></td>
    <td style="font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt; position: relative; top: 5pt"><font style="font: 7.5pt Arial, Helvetica, Sans-Serif">10</font></td></tr>
<tr>
    <td style="width: 155px">&nbsp;</td>
    <td style="width: 15px">&nbsp;</td>
    <td style="width: 364px">&nbsp;</td>
    <td style="width: 9px">&nbsp;</td>
    <td style="width: 135px">&nbsp;</td>
    <td>&nbsp;</td></tr>
</table>
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <TD STYLE="width: 61%; font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 6; border-top: Navy 4pt 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: 9pt"> (continued)</font> </font></td>
    <TD STYLE="width: 39%; font: 8pt Arial, Helvetica, Sans-Serif; color: navy; text-align: right; padding-top: 6; border-top: Navy 4pt solid"><font style="font-size: 8pt"><b>BlackRock Municipal Income Trust (BFK) </b></font></td></tr>
</table>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr>
    <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 &ndash; Various inputs are used in determining the fair value of investments and derivative financial instruments. 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>
    <TD STYLE="vertical-align: bottom; width: 3%">&nbsp;</td>
    <TD STYLE="vertical-align: top; width: 3%; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">&bull;</font></td>
    <TD STYLE="vertical-align: bottom; width: 94%"><font style="font-family: Arial, Helvetica, Sans-Serif">Level 1 &ndash; 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="vertical-align: bottom">
    <td colspan="3">&nbsp;</td></tr>
<tr>
    <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 &ndash; 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="vertical-align: bottom">
    <td colspan="3">&nbsp;</td></tr>
<tr>
    <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 &ndash; 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 and derivative financial instruments)</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="3">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="3"><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 and derivative financial instruments is based on the pricing transparency of the investment and derivative financial instrument and is not necessarily an indication of the risks associated with investing in those securities. For information about the Trust's policy regarding valuation of investments and derivative financial instruments, please refer to the Trust's most recent financial statements as contained in its annual report.</font><br>
<br>
<font style="font-family: Arial, Helvetica, Sans-Serif">The following tables summarize the Trust's investments and derivative financial instruments categorized in the disclosure hierarchy as of July 31, 2014:</font><br>
<br>
</td></tr>
</table>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <TD colspan="17" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: bottom; font-weight: bold">&nbsp;</td>
    <td colspan="2" style="vertical-align: bottom; font-weight: bold; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">Level 1</font></td>
    <td colspan="2" style="vertical-align: bottom; font-weight: bold">&nbsp;</td>
    <td colspan="2" style="vertical-align: bottom; font-weight: bold; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">Level 2</font></td>
    <td colspan="2" style="vertical-align: bottom; font-weight: bold">&nbsp;</td>
    <td colspan="2" style="vertical-align: bottom; font-weight: bold; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">Level 3</font></td>
    <td colspan="2" style="vertical-align: bottom; font-weight: bold">&nbsp;</td>
    <td style="vertical-align: bottom; font-weight: bold; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">Total</font></td>
    <td style="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD colspan="17" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <td colspan="16" style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Assets:</b><sup> </sup>&nbsp;</font></td>
    <td style="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</td></tr>
<tr>
    <td colspan="16" style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif">Investments:<sup> </sup></font></td>
    <td style="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif">Long-Term Investments<sup> 1</sup></font></td>
    <td colspan="2" style="vertical-align: bottom; text-align: right">&nbsp;</td>
    <td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">&mdash;</font></td>
    <td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">$</font></td>
    <td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">1,019,276,652</font></td>
    <td colspan="2" style="vertical-align: bottom; text-align: right">&nbsp;</td>
    <td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">&mdash;</font></td>
    <td style="vertical-align: bottom; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">$</font></td>
    <td style="vertical-align: bottom; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">1,019,276,652</font></td>
    <td style="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif">Short-Term Securities<sup> </sup></font></td>
    <td colspan="2" style="vertical-align: bottom; text-align: right">&nbsp;</td>
    <td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">13,881,985</font></td>
    <td colspan="2" style="vertical-align: bottom; text-align: right">&nbsp;</td>
    <td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">&mdash;</font></td>
    <td colspan="2" style="vertical-align: bottom; text-align: right">&nbsp;</td>
    <td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">&mdash;</font></td>
    <td style="vertical-align: bottom; text-align: right">&nbsp;</td>
    <td style="vertical-align: bottom; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">13,881,985</font></td>
    <td style="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="font: bold 2pt Arial, Helvetica, Sans-Serif; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="font: bold 2pt Arial, Helvetica, Sans-Serif; padding-bottom: 2pt">&nbsp;</TD>
    <TD COLSPAN="15" STYLE="border-bottom: Black 1pt solid; font: bold 2pt Arial, Helvetica, Sans-Serif; padding-bottom: 2pt">&nbsp;</TD></tr>
<tr>
    <td colspan="2" style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Total</b></font></td>
    <td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">$</font></td>
    <td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">13,881,985</font></td>
    <td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">$</font></td>
    <td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">1,019,276,652</font></td>
    <td colspan="2" style="vertical-align: bottom; text-align: right">&nbsp;</td>
    <td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">&mdash;</font></td>
    <td style="vertical-align: bottom; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">$</font></td>
    <td style="vertical-align: bottom; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">1,033,158,637</font></td>
    <td style="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="font: bold 2pt Arial, Helvetica, Sans-Serif; padding-bottom: 0pt">&nbsp;</TD>
    <TD STYLE="font: bold 2pt Arial, Helvetica, Sans-Serif; padding-bottom: 0pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 2pt Arial, Helvetica, Sans-Serif; padding-bottom: 0pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 2pt Arial, Helvetica, Sans-Serif; padding-bottom: 0pt">&nbsp;</TD>
    <TD COLSPAN="13" STYLE="border-bottom: Black 1pt solid; font: bold 2pt Arial, Helvetica, Sans-Serif; padding-bottom: 0pt">&nbsp;</TD></tr>
<tr>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 18%">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 15%">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 16%">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 16%">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 2%">&nbsp;</td>
    <td style="width: 21%">&nbsp;</td>
    <td style="width: 2%">&nbsp;</td></tr>
</table>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr>
    <td style="vertical-align: top; width: 1%"><font style="font-family: Arial, Helvetica, Sans-Serif"><sup>1</sup></font></td>
    <td style="vertical-align: bottom; width: 97%"><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="width: 2%; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="3" style="padding-bottom: 2pt; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</td></tr>
</table>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <TD colspan="16" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <td colspan="2" style="vertical-align: bottom; font-weight: bold">&nbsp;</td>
    <td colspan="2" style="vertical-align: bottom; font-weight: bold; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">Level 1</font></td>
    <td colspan="2" style="vertical-align: bottom; font-weight: bold">&nbsp;</td>
    <td colspan="2" style="vertical-align: bottom; font-weight: bold; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">Level 2</font></td>
    <td colspan="2" style="vertical-align: bottom; font-weight: bold">&nbsp;</td>
    <td colspan="2" style="vertical-align: bottom; font-weight: bold; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">Level 3</font></td>
    <td colspan="2" style="vertical-align: bottom; font-weight: bold">&nbsp;</td>
    <td style="vertical-align: bottom; font-weight: bold; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">Total</font></td>
    <td style="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD colspan="16" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <td colspan="15" style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif">Derivative Financial Instruments<sup> 2</sup></font></td>
    <td style="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</td></tr>
<tr>
    <td colspan="15" style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Assets:</b><sup> </sup></font></td>
    <td style="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: bottom; padding-left: 0.1in; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">Interest rate contracts<sup> </sup></font></td>
    <td colspan="2" style="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">$</font></td>
    <td colspan="2" style="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">562,050</font></td>
    <td colspan="2" style="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <td colspan="2" style="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">&mdash;</font></td>
    <td colspan="2" style="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <td colspan="2" style="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">&mdash;</font></td>
    <td style="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">$</font></td>
    <td style="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">562,050</font></td>
    <td style="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="font: bold 2pt Arial, Helvetica, Sans-Serif; padding-bottom: 0pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 2pt Arial, Helvetica, Sans-Serif; padding-bottom: 0pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 2pt Arial, Helvetica, Sans-Serif; padding-bottom: 0pt">&nbsp;</TD>
    <TD COLSPAN="13" STYLE="border-bottom: Black 1pt solid; font: bold 2pt Arial, Helvetica, Sans-Serif; padding-bottom: 0pt">&nbsp;</TD></tr>
<tr>
    <td style="width: 19%">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 15%">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 16%">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 16%">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 2%">&nbsp;</td>
    <td style="width: 21%">&nbsp;</td>
    <td style="width: 2%">&nbsp;</td></tr>
</table>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr>
    <td style="vertical-align: top; width: 1%"><font style="font-family: Arial, Helvetica, Sans-Serif"><sup>2</sup></font></td>
    <td style="vertical-align: bottom; width: 99%"><font style="font-family: Arial, Helvetica, Sans-Serif">Derivative financial instruments are financial futures contracts, which are valued at the unrealized appreciation/depreciation on the instrument.</font></td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0.5in">&nbsp;</td>
    <td colspan="2" style="border-top: Black 1pt solid; border-right: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</td>
    <td colspan="3" style="border-top: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td colspan="2" style="font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-transform: uppercase; position: relative; top: 5pt">&nbsp;</td>
    <td colspan="2" style="font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-transform: uppercase; position: relative; top: 5pt"><font style="font-size: 7.5pt">BlackRock Municipal Income Trust</font></td>
    <td style="font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-transform: uppercase; position: relative; top: 5pt"><font style="font-size: 7.5pt">July 31, 2014</font></td>
    <td style="font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt; position: relative; top: 5pt"><font style="font: 7.5pt Arial, Helvetica, Sans-Serif">11</font></td></tr>
<tr>
    <td style="width: 155px">&nbsp;</td>
    <td style="width: 15px">&nbsp;</td>
    <td style="width: 364px">&nbsp;</td>
    <td style="width: 9px">&nbsp;</td>
    <td style="width: 135px">&nbsp;</td>
    <td>&nbsp;</td></tr>
</table>
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <TD STYLE="width: 61%; font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 6; border-top: Navy 4pt 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: 9pt"> (concluded)</font> </font></td>
    <TD STYLE="width: 39%; font: 8pt Arial, Helvetica, Sans-Serif; color: navy; text-align: right; padding-top: 6; border-top: Navy 4pt solid"><font style="font-size: 8pt"><b>BlackRock Municipal Income Trust (BFK) </b></font></td></tr>
</table>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td style="width: 100%; padding-top: 12pt; font-weight: bold"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal">The Trust may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of July 31, 2014, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:</font><br>
<font style="font-family: Arial, Helvetica, Sans-Serif"><sup>&nbsp;</sup>&nbsp;</font></td></tr>
</table>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <TD colspan="18" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: bottom; font-weight: bold">&nbsp;</td>
    <td colspan="2" style="vertical-align: bottom; font-weight: bold; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">Level 1</font></td>
    <td colspan="2" style="vertical-align: bottom; font-weight: bold">&nbsp;</td>
    <td colspan="3" style="vertical-align: bottom; font-weight: bold; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">Level 2</font></td>
    <td colspan="2" style="vertical-align: bottom; font-weight: bold">&nbsp;</td>
    <td colspan="2" style="vertical-align: bottom; font-weight: bold; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">Level 3</font></td>
    <td colspan="2" style="vertical-align: bottom; font-weight: bold">&nbsp;</td>
    <td style="vertical-align: bottom; font-weight: bold; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">Total</font></td>
    <td style="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD colspan="18" STYLE="font-size: 2pt; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <td colspan="17" style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Assets:</b><sup> </sup>&nbsp;</font></td>
    <td style="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</td></tr>
<tr>
    <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"><font style="font-family: Arial, Helvetica, Sans-Serif">Cash pledged for financial futures contracts<sup> </sup></font></td>
    <td colspan="2" style="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">$</font></td>
    <td colspan="2" style="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">713,000</font></td>
    <td colspan="2" style="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <td colspan="3" style="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">&mdash;</font></td>
    <td colspan="2" style="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <td colspan="2" style="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">&mdash;</font></td>
    <td style="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">$</font></td>
    <td style="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">713,000&nbsp;</font></td>
    <td style="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</td></tr>
<tr>
    <td colspan="17" style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Liabilities:</b><sup> </sup>&nbsp;</font></td>
    <td style="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</td></tr>
<tr>
    <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"><font style="font-family: Arial, Helvetica, Sans-Serif">TOB trust certificates<sup> </sup></font></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"><font style="font-family: Arial, Helvetica, Sans-Serif">&mdash;</font></td>
    <td colspan="2" style="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">$</font></td>
    <td colspan="3" style="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">(122,687,927)</font></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"><font style="font-family: Arial, Helvetica, Sans-Serif">&mdash;</font></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"><font style="font-family: Arial, Helvetica, Sans-Serif">(122,687,927)</font></td>
    <td style="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</td></tr>
<tr>
    <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"><font style="font-family: Arial, Helvetica, Sans-Serif">VRDP Shares<sup> </sup></font></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"><font style="font-family: Arial, Helvetica, Sans-Serif">&mdash;</font></td>
    <td colspan="2" style="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in">&nbsp;</td>
    <td colspan="3" style="vertical-align: bottom; padding-left: 0.1in; text-align: right; text-indent: -0.1in"><font style="font-family: Arial, Helvetica, Sans-Serif">(270,800,000)</font></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"><font style="font-family: Arial, Helvetica, Sans-Serif">&mdash;</font></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"><font style="font-family: Arial, Helvetica, Sans-Serif">(270,800,000)</font></td>
    <td style="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</td></tr>
<tr>
    <td colspan="9" style="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <td colspan="9" style="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="font: 2pt Arial, Helvetica, Sans-Serif; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="font: 2pt Arial, Helvetica, Sans-Serif; padding-bottom: 2pt">&nbsp;</TD>
    <TD COLSPAN="16" STYLE="border-bottom: Black 1pt solid; font: 2pt Arial, Helvetica, Sans-Serif; padding-bottom: 2pt">&nbsp;</TD></tr>
<tr>
    <td colspan="2" style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Total</b><sup> </sup></font></td>
    <td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">$</font></td>
    <td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">713,000</font></td>
    <td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">$</font></td>
    <td colspan="3" style="vertical-align: bottom; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">(393,487,927)</font></td>
    <td colspan="2" style="vertical-align: bottom; text-align: right">&nbsp;</td>
    <td colspan="2" style="vertical-align: bottom; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">&mdash;</font></td>
    <td style="vertical-align: bottom; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">$</font></td>
    <td style="vertical-align: bottom; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">(392,774,927)</font></td>
    <td style="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="font: 2pt Arial, Helvetica, Sans-Serif; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="font: 2pt Arial, Helvetica, Sans-Serif; padding-bottom: 2pt">&nbsp;</TD>
    <TD COLSPAN="16" STYLE="border-bottom: Black 1pt solid; font: 2pt Arial, Helvetica, Sans-Serif; padding-bottom: 2pt">&nbsp;</TD></tr>
<tr>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 18%">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 15%">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 9%">&nbsp;</td>
    <td style="width: 6%">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 16%">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 2%">&nbsp;</td>
    <td style="width: 22%">&nbsp;</td>
    <td style="width: 2%">&nbsp;</td></tr>
</table>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td style="width: 100%"><br>
<font style="font-family: Arial, Helvetica, Sans-Serif">There were no transfers between levels during the period ended July 31, 2014.</font></td></tr>
</table>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
 <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0.5in">&nbsp;</td>
    <td colspan="2" style="border-top: Black 1pt solid; border-right: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</td>
    <td colspan="3" style="border-top: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td colspan="2" style="font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-transform: uppercase; position: relative; top: 5pt">&nbsp;</td>
    <td colspan="2" style="font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-transform: uppercase; position: relative; top: 5pt"><font style="font-size: 7.5pt">BlackRock Municipal Income Trust</font></td>
    <td style="font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-transform: uppercase; position: relative; top: 5pt"><font style="font-size: 7.5pt">July 31, 2014</font></td>
    <td style="font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt; position: relative; top: 5pt"><font style="font: 7.5pt Arial, Helvetica, Sans-Serif">12</font></td></tr>
<tr>
    <td style="width: 155px">&nbsp;</td>
    <td style="width: 15px">&nbsp;</td>
    <td style="width: 364px">&nbsp;</td>
    <td style="width: 9px">&nbsp;</td>
    <td style="width: 135px">&nbsp;</td>
    <td>&nbsp;</td></tr>
</table>


<P STYLE="margin: 0"></P><!-- Field: Page; Sequence: 13 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 42pt; text-indent: -42pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 11pt"><FONT STYLE="font-size: 11pt">Item 2 &ndash; </FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 11pt"><FONT STYLE="font-size: 11pt">Controls and Procedures</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 11pt"><FONT STYLE="font-size: 11pt">2(a) &ndash; </FONT></TD>
    <TD COLSPAN="2" STYLE="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 13a-15(b) under the Securities Exchange Act of 1934, as amended.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 11pt"><FONT STYLE="font-size: 11pt">2(b) &ndash; </FONT></TD>
    <TD COLSPAN="2" STYLE="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>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 11pt"><FONT STYLE="font-size: 11pt">Item 3 &ndash; </FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 11pt"><FONT STYLE="font-size: 11pt">Exhibits</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 11pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 11pt"><FONT STYLE="font-size: 11pt">Certifications &ndash; Attached hereto</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 11pt">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 86%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 11pt">BlackRock Municipal Income Trust</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">By:</FONT></TD>
    <TD STYLE="text-decoration: underline"><FONT STYLE="font-size: 11pt"><U>/s/ John M. Perlowski</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">John M. Perlowski</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Chief Executive Officer (principal executive officer) of</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">BlackRock Municipal Income Trust</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 11pt">Date: September 25, 2014</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 11pt">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">By:</FONT></TD>
    <TD STYLE="text-decoration: underline"><FONT STYLE="font-size: 11pt"><U>/s/ John M. Perlowski</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">John M. Perlowski</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Chief Executive Officer (principal executive officer) of</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">BlackRock Municipal Income Trust</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 11pt">Date: September 25, 2014</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">By:</FONT></TD>
    <TD STYLE="text-decoration: underline"><FONT STYLE="font-size: 11pt"><U>/s/ Neal J. Andrews</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Neal J. Andrews</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Chief Financial Officer (principal financial officer) of</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">BlackRock Municipal Income Trust</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 11pt">Date: September 25, 2014</FONT></TD></TR>
</TABLE>
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<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>e60589ex99cert.htm
<DESCRIPTION>CERTIFICATION
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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">5.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The registrant's other certifying officer(s) and I
have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing
the equivalent functions):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0in">a)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting
which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information;
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0in">b)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: -0.25pt">Date: September 25, 2014</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><U>/s/ John M. Perlowski</U></TD></TR></TABLE>

<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 25, 2014</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><U>/s/ Neal J. Andrews</U></TD></TR></TABLE>

<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>



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