<SEC-DOCUMENT>0000844779-16-000361.txt : 20161223
<SEC-HEADER>0000844779-16-000361.hdr.sgml : 20161223
<ACCEPTANCE-DATETIME>20161223121106
ACCESSION NUMBER:		0000844779-16-000361
CONFORMED SUBMISSION TYPE:	NSAR-A
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20161031
FILED AS OF DATE:		20161223
DATE AS OF CHANGE:		20161223
EFFECTIVENESS DATE:		20161223

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:		NSAR-A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-10339
		FILM NUMBER:		162068407

	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>NSAR-A
<SEQUENCE>1
<FILENAME>answer.fil
<TEXT>
<PAGE>      PAGE  1
000 A000000 10/31/2016
000 C000000 0001137393
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 6.1
000 J000000 A
001 A000000 BLACKROCK MUNICIPAL INCOME TRUST
001 B000000 811-10339
001 C000000 8004417762
002 A000000 100 BELLEVUE PARKWAY
002 B000000 WILMINGTON
002 C000000 DE
002 D010000 19809
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 N
007 B000000  0
007 C010100  1
008 A000001 BLACKROCK ADVISORS, LLC
008 B000001 A
008 C000001 801-47710
008 D010001 WILMINGTON
008 D020001 DE
008 D030001 19809
012 A000001 COMPUTERSHARE TRUST COMPANY, N.A. (COMMON)
012 B000001 85-11340
012 C010001 CANTON
012 C020001 MA
012 C030001 02021
012 A000002 BANK OF NEW YORK MELLON (PREFERRED)
012 B000002 85-05006
012 C010002 NEW YORK
012 C020002 NY
012 C030002 10289
013 A000001 DELOITTE & TOUCHE LLP
013 B010001 BOSTON
013 B020001 MA
013 B030001 02116
014 A000001 BLACKROCK EXECUTION SERVICES
014 B000001 8-48719
014 A000002 BLACKROCK INVESTMENTS, LLC
014 B000002 8-48436
014 A000003 HARRIS WILLIAMS LLC
014 B000003 8-53380
014 A000004 PNC CAPITAL MARKETS, INC.
014 B000004 8-32493
<PAGE>      PAGE  2
014 A000005 PNC INVESTMENTS LLC
014 B000005 8-66195
014 A000006 SOLEBURY CAPITAL, LLC
014 B000006 8-67548
015 A000001 STATE STREET BANK & TRUST COMPANY
015 B000001 C
015 C010001 BOSTON
015 C020001 MA
015 C030001 02110
015 E010001 X
018  000000 Y
019 A000000 Y
019 B000000  272
019 C000000 BLKRKADVSR
020 A000001 BANK OF AMERICA CORP
020 B000001 56-0906609
020 C000001      4
021  000000        4
022 A000001 BLACKROCK LIQUIDITY CASH FUNDS, MUNICASH
022 B000001 52-0983343
022 C000001     73476
022 D000001     80364
022 A000002 WELLS FARGO BANK NA
022 B000002 94-1347393
022 C000002     42981
022 D000002       704
022 A000003 CITIGROUP GLOBAL MARKETS INC
022 B000003 11-2418191
022 C000003     20742
022 D000003         0
022 A000004 J.P. MORGAN SECURITIES LLC
022 B000004 13-3299429
022 C000004     11540
022 D000004       475
022 A000005 PIPER JAFFRAY & CO
022 B000005 41-0953246
022 C000005      7533
022 D000005      3203
022 A000006 GOLDMAN SACHS & CO
022 B000006 13-5108880
022 C000006     10361
022 D000006         0
022 A000007 BARCLAYS CAPITAL INC.
022 B000007 13-3297824
022 C000007      9017
022 D000007         0
022 A000008 MORGAN STANLEY CO INCORPORATED
022 B000008 36-3145972
022 C000008      5645
022 D000008      2844
022 A000009 BANK OF AMERICA CORP
<PAGE>      PAGE  3
022 B000009 56-0906609
022 C000009      4563
022 D000009      1233
022 A000010 STIFEL NICOLAUS & CO INC
022 B000010 43-0538770
022 C000010      3686
022 D000010         0
023 C000000     189544
023 D000000      90089
024  000000 N
025 D000001       0
026 A000000 N
026 B000000 N
026 C000000 N
026 D000000 Y
026 E000000 N
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026 G020000 N
026 H000000 N
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<PAGE>      PAGE  4
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048  000000  0.600
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<PAGE>      PAGE  5
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<PAGE>      PAGE  6
069  000000 N
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070 D010000 N
070 D020000 N
070 E010000 Y
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070 F010000 N
070 F020000 N
070 G010000 Y
070 G020000 N
070 H010000 N
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 Y
070 J020000 N
070 K010000 Y
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070 L010000 Y
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071 A000000    116068
071 B000000     68440
071 C000000   1088588
071 D000000    6
072 A000000  6
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072 C000000        0
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072 J000000       23
<PAGE>      PAGE  7
072 K000000        0
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072 N000000       10
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072 Q000000        0
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072 T000000        0
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072 V000000        0
072 W000000       50
072 X000000     6584
072 Y000000        5
072 Z000000    18854
072AA000000        0
072BB000000     2429
072CC010000        0
072CC020000     6224
072DD010000    19285
072DD020000        0
072EE000000        0
073 A010000   0.4306
073 A020000   0.0000
073 B000000   0.0000
073 C000000   0.0000
074 A000000      548
074 B000000        0
074 C000000        0
074 D000000  1096462
074 E000000        0
074 F000000        0
074 G000000        0
074 H000000        0
074 I000000     7327
074 J000000       29
074 K000000        2
074 L000000    15546
074 M000000       87
074 N000000  1120001
074 O000000     3478
074 P000000      569
074 Q000000        0
074 R010000        0
074 R020000        0
074 R030000        0
074 R040000   173069
074 S000000   270800
074 T000000   672085
074 U010000    44805
<PAGE>      PAGE  8
074 U020000        0
074 V010000    15.00
074 V020000     0.00
074 W000000   0.0000
074 X000000    16097
074 Y000000   303914
075 A000000        0
075 B000000   686711
076  000000    14.68
077 A000000 Y
077 B000000 N
077 I000000 N
077 O000000 Y
077 Q010000 N
078  000000 N
080 C000000        0
081 B000000   0
082 B000000        0
083 B000000        0
084 B000000        0
086 A010000     43
086 A020000    668
086 B010000      0
086 B020000      0
086 C010000      0
086 C020000      0
086 D010000      0
086 D020000      0
086 E010000      0
086 E020000      0
086 F010000      0
086 F020000      0
087 A010000 COMMON STOCK
087 A020000 09248F109
087 A030000 BFK
087 B010000 PREFERRED STOCK
088 A000000 N
088 B000000 N
088 C000000 N
088 D000000 Y
SIGNATURE   NEAL J. ANDREWS
TITLE       CFO

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77O RULE 10F-3
<SEQUENCE>2
<FILENAME>77o19.txt
<TEXT>

                                                                          LOGO

 Rule 10f-3 Transaction Form

 Acquisition of Securities During Affiliated Underwritings


PARTICIPATING FUNDS

[_]  U.S. Registered Funds (Name of Fund, Aladdin Ticker):
     iShares National Muni Bond ETF (ISHMUNI)
     iShares New York Muni Bond ETF (ISHNY)
     BlackRock Municipal Income Investment Quality Trust (BAF)
     BlackRock Allocation Target Shares : Series E Portfolio (BATSE)
     BlackRock Municipal Income Investment Trust (BBF)
     BlackRock Municipal Income Trust (BFK)
     BlackRock Municipal Income Trust II (BLE)
     BlackRock High Yield Municipal Fund (BR-HYMUNI)
     BlackRock National Municipal Fund of Blackrock Municipal Bond Fund, Inc.
     (BR-NATL)
     BlackRock New York Municipal Opportunities Fund of BlackRock Multi-State
     Mu (BR-NYMO)
     BlackRock Strategic Municipal Trust (BSD)
     BlackRock Long-Term Municipal Advantage Trust (BTA)
     BlackRock Municipal Income Quality Trust (BYM)
     BlackRock MuniEnhanced Fund, Inc.(MEN)
     BlackRock MuniHoldings Investment Quality Fund (MFL)
     BlackRock MuniYield Investment Quality Fund (MFT)
     BlackRock MuniHoldings Fund, Inc. (MHD)
     BlackRock MuniHoldings New York Quality Fund, Inc. (MHN)
     BlackRock MuniYield Quality Fund II, Inc. (MQT)
     BlackRock MuniYield Quality Fund, Inc. (MQY)
     BlackRock MuniHoldings Fund II, Inc. (MUH)
     BlackRock MuniVest Fund II, Inc. (MVT)
     BlackRock MuniYield Fund, Inc. (MYD)
     BlackRock MuniYield Investment Fund (MYF)
     BlackRock MuniYield Quality Fund III, Inc. (MYI)
     BlackRock MuniYield New York Quality Fund, Inc. (MYN)

THE OFFERING

KEY CHARACTERISTICS (COMPLETE ALL FIELDS)

Date of                    07-21-2016
Offering Commencement:

Security Type:             BND/MUNI

Issuer                     Metropolotan Transportation Authority
                           Transportation Revenue Bonds, Series 2016C,
                           Subseries 2016-C-1 (2056)

Selling Underwriter        Wells Fargo Securities, LLC

Affiliated Underwriter(s)  [X] PNC Capital Markets LLC
                           [_] Other:

List of Underwriter(s)     Wells Fargo Securities, LLC, Drexel Hamilton, LLC,
                           Estrada Hinojosa & Company, Rice Financial Products
                           Company, BNYMellon Capital Markets, Merrill Lynch,
                           Pierce, Fenner & Smith Incorporated, Citigroup
                           Global Markets Inc, Goldman, Sachs & Co., J.P.
                           Morgan Securities LLC, Jefferies LLC, Loop Capital
                           Markets LLC, Morgan Stanley & Co. LLC, Samuel A.
                           Ramirez & Company, Inc., RBC Capital Markets, LLC,
                           Siebert Brandford Shank & Co, Academy Securities,
                           Barclays Capital Inc., Cabrera Capital Markets,
                           LLC, Duncan-Williams, Inc., Fidelity Capital
                           Markets, Janney Montgomery Scott LL, Keybank
                           Capital Markets Inc, M&T Securities, Inc, Mesirow
                           Financial Inc, Oppenheimer & Co, Piper Jaffray &
                           Co, PNC Capital Markets LLC, Raymond James &
                           Associates, Inc, Roosevelt & Cross, Inc, Stern
                           Brothers & Co., Stifel Nicolaus & Company, Inc, The
                           Williams Capital Group, L.P , TD Securities (USA)
                           LLC, U.S. Bancorp Investments, Inc

                                                                    Page 1 of 2

                                                                          LOGO


TRANSACTION DETAILS

Date of Purchase      07-21-2016

<TABLE>
<C>                     <C>       <S>                                         <C>
Purchase Price/Share    $119.657
(PER SHARE / % OF PAR)    (2.79)
                        $122.685
                          (2.71)  Total Commission, Spread or Profit          0.463%
                        ---------                                             ------
</TABLE>

<TABLE>
<S>                                                                  <C>
1.  Aggregate Principal Amount Purchased (a+b)                       $104,120,000
                                                                     ------------

    a.  US Registered Funds
        (Appendix attached with individual Fund/Client purchase)     $ 87,500,000

    b.  Other BlackRock Clients                                      $ 16,620,000

2.  Aggregate Principal Amount of Offering                           $863,860,000
                                                                     ------------
FUND RATIO
[Divide Sum of #1 by #2]                                                 0.120528
Must be less than 0.25
</TABLE>

                                                                          LOGO


LEGAL REQUIREMENTS

OFFERING TYPE (CHECK ONE)

The securities fall into one of the following transaction types (see
Definitions):

[_] U.S. Registered Public Offering... [Issuer must have 3 years of continuous
                                       operations]

[_] Eligible Rule 144A Offering....... [Issuer must have 3 years of continuous
                                       operations]

[X] Eligible Municipal Securities

[_] Eligible Foreign Offering......... [Issuer must have 3 years of continuous
                                       operations]

[_] Government Securities Offering.... [Issuer must have 3 years of continuous
                                       operations]

TIMING AND PRICE (CHECK ONE OR BOTH)

[X] The securities were purchased before the end of the first day on which any
    sales were made, at a price that was not more than the price paid by each
    other purchaser of securities in that offering or in any concurrent
    offering of the securities; and

[_] If the securities are offered for subscription upon exercise of rights, the
    securities were purchased on or before the fourth day before the day on
    which the rights offering terminated.

FIRM COMMITMENT OFFERING (CHECK ONE)

[X]  YES  The securities were offered pursuant to an underwriting or similar
[_]  NO   agreement under which the underwriters were committed to purchase
          all of the securities being offered, except those purchased by
          others pursuant to a rights offering, if the underwriters purchased
          any of the securities.

NO BENEFIT TO AFFILIATED UNDERWRITER (CHECK ONE)

[X]  YES  No affiliated underwriter was a direct or indirect participant in,
[_]  NO   or benefited directly or indirectly from, the transaction.


Completed by:            Dipankar Banerjee               Date:  07-26-2016
                         ------------------------------         ---------------
                         Global Syndicate Team Member

Approved by:             Steven DeLaura                  Date:  07-26-2016
                         ------------------------------         ---------------
                         Global Syndicate Team Member

                                                                          LOGO


DEFINITIONS

<TABLE>
<CAPTION>
TERM                       DEFINITION
<S>                        <C>
Fund Ratio                 Number appearing at the bottom of page 1 of 2 of
                           the Rule 10f-3 Report form. It is the sum of the
                           Funds' participation in the offering by the Funds
                           and other accounts managed by BlackRock divided by
                           the total amount of the offering.

Eligible Foreign Offering  The securities are sold in a public offering
                           conducted under the laws of a country other than
                           the United States and

                           (a) the offering is subject to regulation in such
                               country by a "foreign financial regulatory
                               authority," as defined in Section 2(a)(50) of
                               the Investment Company Act of 1940;

                           (b) the securities were offered at a fixed price to
                               all purchasers in the offering (except for any
                               rights to purchase securities that are required
                               by law to be granted to existing security
                               holders of the issuer);

                           (c) financial statements, prepared and audited as
                               required or permitted by the appropriate
                               foreign financial regulatory authority in such
                               country, for the two years prior to the
                               offering, were made available to the public and
                               prospective purchasers in connection with the
                               offering; and

                           (d) if the issuer is a "domestic issuer," i.e.,
                               other than a foreign government, a national of
                               any foreign country, or a corporation or other
                               organization incorporated or organized under
                               the laws of any foreign country, it (1) has a
                               class of securities registered pursuant to
                               section 12(b) or 12(g) of the Securities
                               Exchange Act of 1934 or is required to file
                               reports pursuant to section 15(d) of that act,
                               and (2) has filed all the material required to
                               be filed pursuant to section 13(a) or 15(d) of
                               that act for a period of at least 12 months
                               immediately preceding the sale of securities
                               (or for such shorter period that the issuer was
                               required to file such material)
</TABLE>

                                                                          LOGO


<TABLE>
<CAPTION>
TERM                              DEFINITION
<S>                               <C>
Eligible Municipal Securities     The securities:

                                  (a) are direct obligations of, or obligations
                                      guaranteed as to principal or interest by,
                                      a State or any political subdivision
                                      thereof, or any agency or instrumentality
                                      of a State or any political subdivision
                                      thereof, or any municipal corporate
                                      instrumentality of one or more States, or
                                      any security which is an industrial
                                      development bond (as defined in section
                                      103(c)(2) of Title 26) the interest on
                                      which is excludable from gross income
                                      under certain provisions of the Internal
                                      Revenue Code;

                                  (b) are sufficiently liquid that they can be
                                      sold at or near their carrying value
                                      within a reasonably short period of time;
                                      and

                                  (c) either

                                      (1)  are subject to no greater than
                                           moderate credit risk; or

                                      (2)  if the issuer of the municipal
                                           securities, or the entity supplying
                                           the revenues or other payments from
                                           which the issue is to be paid, has
                                           been in continuous operation for less
                                           than three years, including the
                                           operation of any predecessors, the
                                           securities are subject to a minimal
                                           or low amount of credit risk.

                                  Also, purchases of municipal securities may
                                  not be designated as group sales or otherwise
                                  allocated to the account of any prohibited
                                  seller (i.e., an affiliated underwriter).

Eligible Rule 144A Offering       The securities are sold in an offering where

                                  (a) the securities are offered or sold in
                                      transactions exempt from registration
                                      under Section 4(2) of the Securities Act
                                      of 1933, Rule 144A thereunder, or Rules
                                      501-508 thereunder;

                                  (b) the securities were sold to persons that
                                      the seller and any person acting on behalf
                                      of the seller reasonably believe to
                                      include qualified institutional buyers, as
                                      defined in Rule 144A ("QIBs"); and

                                  (c) the seller and any person acting on behalf
                                      of the seller reasonably believe that the
                                      securities are eligible for resale to
                                      other QIBs pursuant to Rule 144A.

Government Securities Offering    The security is issued or guaranteed as to
                                  principal or interest by the United States, or
                                  by a person controlled or supervised by and
                                  acting as an instrumentality of the Government
                                  of the United States pursuant to authority
                                  granted by the Congress of the United States;
                                  or any certificate of deposit for any of the
                                  foregoing.

U.S. Registered Public Offering.  The securities offered are registered under
                                  the Securities Act of 1933 that are being
                                  offered to the public.
</TABLE>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77O RULE 10F-3
<SEQUENCE>3
<FILENAME>77o30.txt
<TEXT>

                                                                          LOGO

 Rule 10f-3 Transaction Form

 Acquisition of Securities During Affiliated Underwritings


PARTICIPATING FUNDS

[_]  U.S. Registered Funds (Name of Fund, Aladdin Ticker):
     ISHARES NATIONAL MUNI BOND ETF (ISHMUNI)
     BlackRock Municipal Income Trust (BFK)

THE OFFERING

KEY CHARACTERISTICS (COMPLETE ALL FIELDS)

Date of                    08-10-2016
Offering Commencement:

Security Type:             BND/MUNI

Issuer                     The County of Will, Illinois General Obligation
                           Bonds (Alternate Revenue Source), Series 2016

Selling Underwriter        Wells Fargo Securities, LLC

Affiliated Underwriter(s)  [X] PNC Capital Markets LLC
                           [_] Other:

List of Underwriter(s)     Wells Fargo Securities, LLC, Robert W. Baird &
                           Co.,Inc, Bernardi Securities, Inc., Morgan Stanley
                           & Co. LLC, PNC Capital Markets LLC, Stifel,
                           Nicolaus & Company Incorporated

TRANSACTION DETAILS

Date of Purchase           08-10-2016

Purchase Price/Share       $119.387
(PER SHARE / % OF PAR)       (2.62)
                           $119.116
                             (2.65) Total Commission, Spread or Profit  0.506%
                           --------                                     ------

                                                                    Page 1 of 2

                                                                          LOGO


1.  Aggregate Principal Amount Purchased (a+b)                     $ 23,660,000
                                                                   ------------

    a.  US Registered Funds
        (Appendix attached with individual Fund/Client purchase)   $ 23,200,000
                                                                   ------------

    b.  Other BlackRock Clients                                    $    460,000
                                                                   ------------

2.  Aggregate Principal Amount of Offering                         $175,000,000
                                                                   ------------
FUND RATIO
[Divide Sum of #1 by #2]
Must be less than 0.25                                                  0.13520

                                                                          LOGO


LEGAL REQUIREMENTS

OFFERING TYPE (CHECK ONE)

The securities fall into one of the following transaction types (see
Definitions):

[_] U.S. Registered Public Offering... [Issuer must have 3 years of continuous
                                       operations]

[_] Eligible Rule 144A Offering....... [Issuer must have 3 years of continuous
                                       operations]

[X] Eligible Municipal Securities

[_] Eligible Foreign Offering......... [Issuer must have 3 years of continuous
                                       operations]

[_] Government Securities Offering.... [Issuer must have 3 years of continuous
                                       operations]

TIMING AND PRICE (CHECK ONE OR BOTH)

[X] The securities were purchased before the end of the first day on which any
    sales were made, at a price that was not more than the price paid by each
    other purchaser of securities in that offering or in any concurrent
    offering of the securities; and

[_] If the securities are offered for subscription upon exercise of rights, the
    securities were purchased on or before the fourth day before the day on
    which the rights offering terminated.

FIRM COMMITMENT OFFERING (CHECK ONE)

[X]  YES  The securities were offered pursuant to an underwriting or similar
[_]  NO   agreement under which the underwriters were committed to purchase
          all of the securities being offered, except those purchased by
          others pursuant to a rights offering, if the underwriters purchased
          any of the securities.

NO BENEFIT TO AFFILIATED UNDERWRITER (CHECK ONE)

[X]  YES  No affiliated underwriter was a direct or indirect participant in,
[_]  NO   or benefited directly or indirectly from, the transaction.


Completed by:            Dipankar Banerjee               Date:  08-22-2016
                         ------------------------------         ---------------
                         Global Syndicate Team Member

Approved by:             Steven DeLaura                  Date:  08-22-2016
                         ------------------------------         ---------------
                         Global Syndicate Team Member

                                                                          LOGO


DEFINITIONS

<TABLE>
<CAPTION>
TERM                       DEFINITION
<S>                        <C>
Fund Ratio                 Number appearing at the bottom of page 1 of 2 of
                           the Rule 10f-3 Report form. It is the sum of the
                           Funds' participation in the offering by the Funds
                           and other accounts managed by BlackRock divided by
                           the total amount of the offering.

Eligible Foreign Offering  The securities are sold in a public offering
                           conducted under the laws of a country other than
                           the United States and

                           (a) the offering is subject to regulation in such
                               country by a "foreign financial regulatory
                               authority," as defined in Section 2(a)(50) of
                               the Investment Company Act of 1940;

                           (b) the securities were offered at a fixed price to
                               all purchasers in the offering (except for any
                               rights to purchase securities that are required
                               by law to be granted to existing security
                               holders of the issuer);

                           (c) financial statements, prepared and audited as
                               required or permitted by the appropriate
                               foreign financial regulatory authority in such
                               country, for the two years prior to the
                               offering, were made available to the public and
                               prospective purchasers in connection with the
                               offering; and

                           (d) if the issuer is a "domestic issuer," i.e.,
                               other than a foreign government, a national of
                               any foreign country, or a corporation or other
                               organization incorporated or organized under
                               the laws of any foreign country, it (1) has a
                               class of securities registered pursuant to
                               section 12(b) or 12(g) of the Securities
                               Exchange Act of 1934 or is required to file
                               reports pursuant to section 15(d) of that act,
                               and (2) has filed all the material required to
                               be filed pursuant to section 13(a) or 15(d) of
                               that act for a period of at least 12 months
                               immediately preceding the sale of securities
                               (or for such shorter period that the issuer was
                               required to file such material)
</TABLE>

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<TABLE>
<CAPTION>
TERM                              DEFINITION
<S>                               <C>
Eligible Municipal Securities     The securities:

                                  (a) are direct obligations of, or obligations
                                      guaranteed as to principal or interest by, a
                                      State or any political subdivision thereof, or
                                      any agency or instrumentality of a State or any
                                      political subdivision thereof, or any municipal
                                      corporate instrumentality of one or more
                                      States, or any security which is an industrial
                                      development bond (as defined in section
                                      103(c)(2) of Title 26) the interest on which is
                                      excludable from gross income under certain
                                      provisions of the Internal Revenue Code;

                                  (b) are sufficiently liquid that they can be sold
                                      at or near their carrying value within a
                                      reasonably short period of time; and

                                  (c) either

                                      (1) are subject to no greater than moderate
                                          credit risk; or

                                      (2) if the issuer of the municipal securities,
                                          or the entity supplying the revenues or
                                          other payments from which the issue is to
                                          be paid, has been in continuous operation
                                          for less than three years, including the
                                          operation of any predecessors, the
                                          securities are subject to a minimal or low
                                          amount of credit risk.

                                  Also, purchases of municipal securities may not be
                                  designated as group sales or otherwise allocated to
                                  the account of any prohibited seller (i.e., an
                                  affiliated underwriter).

Eligible Rule 144A Offering       The securities are sold in an offering where

                                  (a) the securities are offered or sold in
                                      transactions exempt from registration under
                                      Section 4(2) of the Securities Act of 1933,
                                      Rule 144A thereunder, or Rules 501-508
                                      thereunder;

                                  (b) the securities were sold to persons that the
                                      seller and any person acting on behalf of the
                                      seller reasonably believe to include qualified
                                      institutional buyers, as defined in Rule 144A
                                      ("QIBs"); and

                                  (c) the seller and any person acting on behalf of
                                      the seller reasonably believe that the
                                      securities are eligible for resale to other
                                      QIBs pursuant to Rule 144A.

Government Securities Offering    The security is issued or guaranteed as to
                                  principal or interest by the United States, or by a
                                  person controlled or supervised by and acting as an
                                  instrumentality of the Government of the United
                                  States pursuant to authority granted by the
                                  Congress of the United States; or any certificate
                                  of deposit for any of the foregoing.

U.S. Registered Public Offering.  The securities offered are registered under the
                                  Securities Act of 1933 that are being offered to
                                  the public.
</TABLE>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
