BLACKROCK MUNICIPAL INCOME TRUST

Regulatory Filings • Apr 1, 2005

N-Q 1 c35733_nq.htm

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number:__ 811-10339 ______

_ BlackRock Municipal Income Trust _ (Exact name of registrant as specified in charter)

100 Bellevue Parkway, Wilmington, DE	19809
(Address of principal executive offices)	(Zip code)

Robert S. Kapito, President

BlackRock Municipal Income Trust

_ 40 East 52nd Street, New York, NY 10022 _ (Name and address of agent for service)

Registrant's telephone number, including area code:_ 888-825-2257 ______

Date of fiscal year end: October 31, 2005

Date of reporting period:__ January 31, 2005 _________

Item 1. Schedule of Investments.

The registrant’s unaudited schedule of investments as of the close of the reporting period pursuant to Rule 30b1-5 under the Investment Company Act of 1940 is as follows:

PORTFOLIO OF INVESTMENTS (unaudited)

January 31, 2005

BlackRock Municipal Income Trust (BFK)

	Principal — Amount		Option Call
Rating 1	(000)	Description	Provisions 2	Value
		LONG-TERM INVESTMENTS—150.3%
		Alabama—3.6%
Baa2	$ 7,000	Courtland Ind. Dev. Brd., PCR, Champion
Intl. Corp. Proj., 6.15%, 6/01/19	06/05 @ 102	$ 7,207,130
A2	15,000	Huntsville Hlth. Care Auth., GO,
Ser. B, 5.75%, 6/01/32	06/12 @ 101	16,031,400
				23,238,530
		Arizona—1.2%
A3	7,000	Scottsdale Ind. Dev. Auth., Scottsdale
Hlth. Care Proj., 5.80%, 12/01/31	12/11 @ 101	7,568,190
		California—21.1%
A	5,000	California Statewide Cmnty. Dev.
Auth., Mem. Hlth. Svcs. Proj., Ser. A, 5.50%, 10/01/33	04/13 @ 100	5,275,150
		Foothill/Eastn. Transp. Corridor
Agcy., Toll Road Rev.,
BBB	54,635	Zero Coupon, 1/15/32	01/10 @ 27.37	11,110,027
BBB	20,535	Zero Coupon, 1/15/34	01/10 @ 24.228	3,694,863
BBB	75,000	Zero Coupon, 1/15/38	01/10 @ 19.014	10,548,000
		Golden St. Tobacco Sec. Corp.,
BBB	10,000	Ser. A-1, 6.625%, 6/01/40	06/13 @ 100	10,162,100
A-	30,600	Ser. B, 5.50%, 6/01/43	06/13 @ 100	32,665,500
A-	16,500	Ser. B, 5.625%, 6/01/38	06/13 @ 100	17,767,530
NR	3,500	Lincoln Spl. Tax, Cmnty. Facs. Dist.,
6.00%, 9/01/34	09/13 @ 102	3,560,095
		Los Angeles Regl. Arpt. Impvt., Corp.
Lease Rev.,
B-	16,805	Amer. Airlines, Inc. Proj., Ser.
C, 7.50%	12/12 @ 102	16,657,620
AAA	13,320	Facs. Laxfuel Corp.,
L.A. Intl. Proj., 5.50%, 1/01/32, AMBAC	01/12 @ 100	14,014,239
NR	5,000	Murrieta Cmnty. Facs. Dist., Spl.
Tax No. 2, The Oaks Impvt. Area A Proj., 6.00%, 9/01/34	09/14 @ 100	5,139,000
		San Marcos Spl. Tax, Cmnty. Facs.
Dist. No. 02-01,
NR	1,870	5.90%, 9/01/28	09/10 @ 102	1,901,846
NR	3,510	5.95%, 9/01/35	09/10 @ 102	3,571,846
				136,067,816
		Colorado—0.6%
BBB	3,500	Denver Hlth. & Hosp. Auth., Hlth.
Care Rev., Ser. A, 6.00%, 12/01/31	12/11 @ 100	3,608,220
		District of Columbia—6.0%
		Dist. of Columbia,
A	2,390	Friendship Pub. Charter Sch., Inc. Proj.,
5.25%, 6/01/33, ACA	06/14 @ 100	2,446,476
AAA	15,600	Georgetown Univ. Proj., Ser. A, Zero
Coupon, 4/01/36, MBIA	04/11 @ 22.875	2,588,508
AAA	51,185	Georgetown Univ. Proj., Ser. A, Zero
Coupon, 4/01/37, MBIA	04/11 @ 21.546	7,990,490
BBB	25,535	Tobacco Settlement Fin. Corp., 6.75%,
5/15/40	05/11 @ 101	25,572,281
				38,597,755
		Florida—13.2%
NR	3,000	Amelia Nat. Cmnty. Dev. Dist., Cap.
Impvt., Ser. A, 6.30%, 5/01/35	05/14 @ 101	3,120,930
NR	4,000	Bellalago Edu. Fac. Benefits Dist.,
Ser. B, 5.80%, 5/01/34	05/14 @ 100	4,069,840
NR	4,000	Bridgewater Cmnty. Dev. Dist., Florida
Spl. Assmt., Ser. A, 6.00%, 5/01/35	05/12 @ 101	4,064,240
NR	2,000	CFM Cmnty. Dev. Dist., Cap. Impvt.,
Ser. A, 6.25%, 5/01/35	05/14 @ 101	2,096,680
Baa2	4,600	Escambia Cnty., PCR, Champion Intl.
Corp. Proj., 6.40%, 9/01/30	09/06 @ 102	4,778,572
NR	2,000	Heritage Isle at Viera Cmnty. Dev.
Dist. Proj., Spl. Assmt., Ser. A, 6.00%, 5/01/35	05/12 @ 101	2,053,700
A	9,670	Highlands Cnty. Hlth. Facs. Auth.,
Hosp. Adventist/Sunbelt Proj.,
		Ser. A, 6.00%, 11/15/31	11/11 @ 101	10,539,140
BB+	9,000	Martin Cnty. Indl. Dev. Auth., Indiantown
Cogeneration Proj.,
		Ser. A, 7.875%, 12/15/25	03/05 @ 102	9,231,750
BB	11,685	Miami Beach Hlth. Facs. Auth., Mt.
Sinai Med. Ctr. Proj., 6.75%, 11/15/21	11/14 @ 100	12,610,452
NR	3,705	Parkway Ctr. Cmnty. Dev. Dist., Ser.
A, 6.30%, 5/01/34	05/14 @ 101	3,797,996
NR	2,440	Pine Islands Cmnty. Dev. Dist., Spl.
Assmt., 5.75%, 5/01/35	05/12 @ 101	2,457,568
NR	5,945	Reunion West Cmnty. Dev. Dist., Spl.
Assmt., 6.25%, 5/01/36	05/12 @ 101	6,189,875
NR	3,970	Stevens Plantation Cmnty. Dev. Dist.,
Spl. Assmt. Rev., Ser. A, 7.10%, 5/01/35	05/14 @ 100	4,109,148
NR	10,000	Village Cmnty. Dev. Dist. No. 6,
Spl. Assmt. Rev., 5.625%, 5/01/22	05/13 @ 100	10,242,600
		World Commerce Cmnty. Dev. Dist.,
NR	4,000	Ser. A-1, 6.50%, 5/01/36	05/14 @ 101	4,137,240
NR	1,750	Ser. A-2, 6.125%, 5/01/35	05/14 @ 101	1,810,812
				85,310,543

1

BlackRock Municipal Income Trust (BFK) (continued)

	Principal
	Amount			Option Call
Rating 1	(000)		Description	Provisions 2	Value
			Georgia—4.7%
			Atlanta Wtr. & Wstwtr., FSA,
AAA	$10,000		5.00%, 11/01/37	11/14 @ 100	$ 10,398,300
AAA	15,080		5.00%, 11/01/43	11/14 @ 100	15,656,508
BBB	4,000		Richmond Cnty. Dev. Auth., Env. Impvt.
Rev., Intl. Paper Co. Proj.,
			Ser. A, 6.00%, 2/01/25	02/12 @ 101	4,239,320
					30,294,128
			Idaho—2.8%
AAA	16,970		Univ. of Idaho, Student Fee Hsg.
Impvt. Proj., 5.40%, 4/01/41, FGIC	04/11 @ 100	17,998,212
			Illinois—18.5%
			Bolingbrook, Ser. B, FGIC,
AAA	7,120		Zero Coupon, 1/01/33	No Opt. Call	1,699,045
AAA	14,085		Zero Coupon, 1/01/34	No Opt. Call	3,192,929
NR	4,630		Centerpoint Intermodal Ctr. Prog.
Trust, Ser. A, 8.00%, 6/15/23	No Opt. Call	4,725,563
			Illinois Dev. Fin. Auth.,
A	7,145	3	Hosp. Rev., Adventist
Hlth. Sys. Sunbelt Oblig. Proj., 5.65%, 11/15/24	11/09 @ 101	7,523,899
A2	25,000		PCR, Ser. C, 5.95%, 8/15/26	12/06 @ 101	25,817,750
			Illinois Edl. Facs. Auth., Student
Hsg. Rev., Edl. Advancement Fund Univ. Ctr. Proj.,
BBB	10,000		6.25%, 5/01/30	05/12 @ 101	10,531,400
BBB	7,000		6.25%, 5/01/34	05/07 @ 100	7,159,040
			Illinois Edu. Facs. Auth., Ser. A,
AA+	18,925	4	Univ. of Chicago Proj., 5.25%,
7/01/41	N/A	21,382,033
AA+	1,075		Univ. of Chicago Proj., 5.25%,
7/01/41	07/11 @ 101	1,132,416
AA+	3,700		Illinois Fin. Auth., Northwestern
Mem. Hosp. Proj., Ser. A, 5.50%, 8/15/43	08/14 @ 100	3,899,097
			Illinois Fin. Auth. Student Hsg.,
MJH Ed. Asst. IV Proj.,
Baa2	2,100		Ser. A, 5.125%, 6/01/35	06/14 @ 100	2,088,639
Baa3	1,675		Ser. B, 5.375%, 6/01/35	06/14 @ 100	1,651,433
			Illinois Hlth. Facs. Auth., Elmhurst
Mem. Hlth. Care Proj.,
A	5,000		5.50%, 1/01/22	01/13 @ 100	5,285,200
A	6,000		5.625%, 1/01/28	01/13 @ 100	6,310,260
AAA	40,000		Met. Pier & Expo Auth.,
Dedicated St. Tax Rev., McCormick Place Expansion
			Proj., Ser. A, Zero Coupon, 12/15/34,
MBIA	No Opt. Call	8,992,800
AAA	7,645		O'Hare Intl. Arpt., Ser. C-2, 5.25%,
1/01/30, FSA	01/14 @ 100	7,959,210
					119,350,714
			Indiana—6.9%
A+	9,000		Indiana Hlth. Fac. Fin. Auth., Methodist
Hosp., Inc. Proj., 5.50%, 9/15/31	09/11 @ 100	9,280,980
BBB	7,500		Indianapolis Arpt. Auth., FedEx Corp.
Proj., 5.10%, 1/15/17	No Opt. Call	8,048,700
			Petersburg, PCR, Pwr. & Lt. Conv.,
BBB	10,000		5.90%, 12/01/24	08/11 @ 102	10,596,800
BBB	16,000		5.95%, 12/01/29	08/11 @ 102	16,888,960
					44,815,440
			Kentucky—1.4%
AAA	9,060		Kentucky Hsg. Corp., Hsg. Rev., Ser.
F, 5.45%, 1/01/32	07/11 @ 100	9,255,968
			Louisiana—4.6%
			Louisiana Local Gov't. Env. Facs.
& Cmnty. Dev. Auth.,
A	21,425		Cap. Projs. & Equip. Acquisition,
6.55%, 9/01/25, ACA	No Opt. Call	24,932,487
Baa1	4,605		Oakleigh Apts. Proj., Ser. A, 6.375%,
6/01/38	06/13 @ 102	4,681,074
					29,613,561
			Maryland—0.7%
Baa1	4,205		Maryland Hlth. & Higher Edl.
Facs. Auth., Medstar Hlth. Proj., 5.50%, 8/15/33	08/14 @ 100	4,418,151
			Michigan—2.8%
AA	17,210		Kent Hosp. Fin. Auth., Spectrum Hlth. Proj.,
Ser. A, 5.50%, 1/15/31	07/11 @ 101	18,199,403
			Mississippi—3.1%
A	18,680		Gulfport Hosp. Fac., Mem. Hosp. Gulfport
Proj., Ser. A, 5.75%, 7/01/31	07/11 @ 100	19,701,236
			Multi-State—7.3%
			Charter Mac Equity Issuer Trust,
A3	1,000	5	Ser. A, 6.625%, 6/30/49	06/09 @ 100	1,085,730
A3	11,000	5	Ser. A-2, 6.30%, 6/30/49	06/09 @ 100	11,801,350
A3	16,000	5	Ser. A-3, 6.80%, 10/01/52	10/14 @ 100	18,132,480
Baa1	6,500	5	Ser. B-1, 6.80%, 11/30/50	11/10 @ 100	7,149,740
A3	8,000	5	MuniMae TE Bond Subsidiary, LLC, Ser. A, 6.875%,
6/30/49	06/09 @ 100	8,765,040
					46,934,340
			Nevada—0.3%
NR	2,250		Director of the St. of Nevada Dept.
of Business & Ind., Las Ventanas Retirement Proj.,
			Ser. A, 7.00%, 11/15/34	11/14 @ 100	2,253,510
			New Hampshire—0.6%
A+	3,500		New Hampshire Hlth. & Edl. Facs.
Auth., Exeter Hosp. Proj., 5.75%, 10/01/31	10/11 @ 101	3,714,970

2

BlackRock Municipal Income Trust (BFK) (continued)

	Principal
	Amount			Option Call
Rating 1	(000)		Description	Provisions 2	Value
			New Jersey—8.7%
			New Jersey Econ. Dev. Auth.,
BBB	$ 18,500		Cigarette Tax Rev., 5.75%, 6/15/29	06/14 @ 100	$19,617,030
B	31,410		Continental Airlines, Inc. Proj.,
7.00%, 11/15/30	11/10 @ 101	27,099,606
Baa3	8,000		Kapkowski Road Landfill Proj.,
6.50%, 4/01/28	No Opt. Call	9,346,240
					56,062,876
			New York—3.2%
AAA	5,375		Env. Facs. Corp., Clean Wtr. &
Drinking Wtr. Rev., NYC Mun. Wtr. Proj.,
			Ser. B, 5.00%, 6/15/31	06/12 @ 100	5,613,596
AAA	7,115		Met. Transp. Auth., Svc. Contract,
Ser. A, 5.00%, 7/01/30, AMBAC	07/12 @ 100	7,418,811
AAA	7,000		Sales Tax Asset Receivable Corp.,
Ser. A, 5.00%, 10/15/29, AMBAC	10/14 @ 100	7,407,610
					20,440,017
			North Carolina—0.2%
NR	1,100		North Carolina Med. Care Comm., Retirement
Facs. Rev., 1st Mtg. United Methodist Proj.
			Ser. A, 5.50%, 10/01/35	10/14 @ 100	1,095,545
			Ohio—3.0%
Baa2	14,500		Ohio Air Quality Dev. Auth., PCR,
Cleveland Elec. Illuminating Co. Proj.,
			Ser. B, 6.00%, 8/01/20	08/07 @ 102	15,176,135
NR	3,760		Pinnacle Cmnty. Infrastructure, Fin.
Auth., Ser. A, 6.25%, 12/01/36	12/14 @ 101	3,906,377
					19,082,512
			Oklahoma—1.1%
B-	7,175		Tulsa Mun. Arpt. Trust, Ser. A, 7.75%,
6/01/35	No Opt. Call	7,279,109
			Pennsylvania—8.3%
NR	4,000		Montgomery Cnty. Indl. Dev. Auth.,
Whitemarsh Continuing Care Proj., 6.25%, 2/01/35	02/15 @ 100	4,037,360
			Pennsylvania Econ. Dev. Fin. Auth.,
Ser. A,
A3	6,500		Amtrak Proj., 6.375%, 11/01/41	05/11 @ 101	6,863,220
BB-	19,750		Exempt Facs. Rev., Reliant Energy
Conv. Proj., 6.75%, 12/01/36	12/09 @ 103	20,812,352
			Pennsylvania Higher Edl. Facs. Auth.,
BBB+	4,000		La Salle Univ. Proj., 5.50%, 5/01/34	05/13 @ 100	4,174,640
A	17,250		Univ. of Pennsylvania Hlth. Svcs.
Proj., Ser. A, 5.75%, 1/01/22	01/06 @ 101	17,942,415
					53,829,987
			South Carolina—5.1%
			Lexington Cnty. Hlth. Svcs. Dist.,
Hosp. Rev.,
A	5,000		5.50%, 11/01/32	11/13 @ 100	5,298,450
A	10,000		5.75%, 11/01/28	11/13 @ 100	10,857,000
			So. Carolina Jobs Econ. Dev. Auth.,
Hosp. Facs. Rev., Palmetto Hlth. Alliance, Proj.
BBB	5,075		Ser. A, 6.25%, 8/01/31	08/13 @ 100	5,437,152
BBB	9,000		Ser. C, 6.875%, 8/01/27	08/13 @ 100	10,070,460
AAA	1,000		So. Carolina Transp. Infrastructure
Bank, Ser. A, 5.00%, 10/01/33, AMBAC	10/13 @ 100	1,043,500
					32,706,562
			Tennessee—1.5%
AAA	20,825		Knox Cnty. Hlth. Edl. & Hsg.
Facs. Brd., Hosp. Facs. Rev., Ser. A,
			Zero Coupon, 1/01/20, FSA	01/13 @ 67.474	9,603,032
			Texas—11.5%
BBB	945		Brazos River Auth., PCR, TXU Elec.
Co. Proj., Ser. C, 6.75%, 10/01/38	10/13 @ 101	1,034,454
AAA	3,805		Dallas Area Rapid Trans., 5.00%,
12/01/31, AMBAC	12/11 @ 100	3,911,045
			Harris Cnty. Houston Sports Auth.,
MBIA,
AAA	12,580		Ser. A, Zero Coupon, 11/15/38	11/30 @ 61.166	2,086,141
AAA	26,120		Ser. A-3, Zero Coupon, 11/15/37	11/24 @ 46.545	4,245,023
AAA	5,000		Ser. H, Zero Coupon, 11/15/35	11/31 @ 78.178	940,600
			Texas Affordable Hsg. Corp., Multi-Fam.
Hsg. Rev.,
Baa3	6,010		5.80%, 11/01/26	11/11 @ 102	5,772,845
Baa3	18,605		Arborstone/Baybrook Oaks Proj.,
Ser. A, 5.85%, 11/01/31	11/11 @ 102	17,572,795
BB-	6,480		So. Texas Pptys. Corp. Proj., Ser. B,
8.00%, 3/01/32	09/12 @ 102	6,125,090
CC	4,435	6	Amer. Oppty. Hsg. Portfolio
Proj., Ser. B, 8.00%, 3/01/32	09/12 @ 102	1,330,500
			Texas Tpke. Auth., Central Sys. Rev.,
AMBAC,
AAA	35,000		Zero Coupon, 8/15/32	08/12 @ 30.846	7,191,450
AAA	62,325		Zero Coupon, 8/15/33	08/12 @ 28.997	12,028,725
AAA	65,040		Zero Coupon, 8/15/34	08/12 @ 27.31	11,822,971
					74,061,639

3

BlackRock Municipal Income Trust (BFK) (continued)

	Principal
	Amount			Option Call
Rating 1	(000)		Description	Provisions 2	Value
			Virginia—0.3%
AAA	$ 8,105		Virginia Transp. Brd. Trust, Zero
Coupon, 4/01/32, MBIA	04/12 @ 34.99	$ 1,964,895
			Washington—0.4%
A-	2,190	4	Energy Northwest Wind Proj., Ser.
B, 6.00%, 7/01/23	N/A	2,399,123
			West Virginia—1.6%
BBB	8,000		Braxton Cnty. Sld. Wst. Disp., Weyerhaeuser
Co. Proj., 6.50%, 4/01/25	04/05 @ 102	8,212,000
AAA	2,070		West Virginia Econ. Dev. Auth., Correctional
Juvenile Safety, Proj.
			Ser. A, 5.00%, 6/01/29, MBIA	06/14 @ 100	2,170,519
					10,382,519
			Wisconsin—6.0%
			Wisconsin Hlth. & Edl. Facs.
Auth.,
A-	7,500		Aurora Hlth. Care Proj. , 6.40%, 4/15/33	04/13 @ 100	8,304,900
A+	13,750		Froedert & Cmnty. Hlth. Oblig. Proj. ,
5.375%, 10/01/30	10/11 @ 101	14,197,563
A	15,000		Wheaton Franciscan Svcs. Proj. , 5.75%,
8/15/30	02/12 @ 101	15,991,800
					38,494,263
			T otal Long-Term Investments (cost $916,837,067)		968,342,766
			SHORT-TERM INVESTMENTS—5.4%
			Maryland—0.3%
A1+	2,000	7	Maryland Hlth. & Higher Edl.
Facs. Auth., Pooled Ln. Prog., Ser. D, 1.84%, 2/03/05, FRWD	N/A	2,000,000
			Tennessee—1.9%
NR	12,000	7	Montgomery Cnty. Pub. Bldg. Auth.,
Pooled Fin. Rev., Tennessee Cnty. Loan Pool Proj.,
			1.92%, 2/01/05, FRDD	N/A	12,000,000
	Shares
	(000)
			Money Market Fund—3.2%
	20,850		AIM Tax Free Investment Co. Cash
Reserve Portfolio	N/A	20,850,000
			Total Short-Term Investments (cost
$34,850,000)		34,850,000
			Total Investments—155.7%
(cost $951,687,067)		$1,003,192,766
			Other assets in excess of liabilities—2.5%		16,176,158
			Preferred shares at redemption value,
including dividends payable—(58.2)%		(375,206,692)
			Net Assets Applicable to Common
Shareholders—100%		$ 644,162,232

| 1 | Using the higher of Standard &Poor’s,
Moody’s Investors Service or Fitch’s ratings. |
| --- | --- |
| 2 | Date (month/year) and price of the
earliest call or redemption. There may be other call provisions at varying prices
at later dates. |
| 3 | Entire or partial principal amount
pledged as collateral for financial futures contracts. |
| 4 | This bond is prerefunded. U.S. government
securities, held in escrow, are used to pay interest on this security, as well as
retire the bond in full at the date indicated, typically at a premium to par. |
| 5 | Security is not registered under
the Securities Act of 1933. These securities may be resold in transactions in accordance
with Rule 144A under that Act, to qualified institutional buyers. As of January
31, 2005, the Trust held 7.3% of its net assets, with a current market value of
$46,934,340, in securities restricted as to resale. |
| 6 | Illiquid security representing 0.2% of net assets. |
| 7 | For purposes of amortized cost valuation,
the maturity date of this instrument is considered to be the earlier of the next
date on which the security can be redeemed at par, or the next date on which the
rate of interest is adjusted. Rate shown as of January 31, 2005. |

KEY TO ABBREVIATIONS — ACA	—	American Capital Access	FSA	—	Financial Security Assurance
AMBAC	—	American Municipal Bond Assurance Corp.	GO	—	General Obligation
FGIC	—	Financial Guaranty Insurance Co.	MBIA	—	Municipal Bond Insurance Assoc.
FRDD	—	Floating Rate Daily Demand	PCR	—	Pollution Control Revenue
FRWD	—	Floating Rate Weekly Demand

4

Item 2. Controls and Procedures.

(a) The registrant's principal executive officer and principal financial officer have evaluated the registrant's disclosure controls and procedures within 90 days of this filing and have concluded that the registrant’s disclosure controls and procedures are effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-Q was recorded, processed, summarized, and reported timely.

(b) The registrant's principal executive officer and principal financial officer are aware of no changes 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.

Item 3. Exhibits.

Separate certifications of the registrant’s principal executive and financial officers pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are attached as EX-99.CERT.

SIGNATURES

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.

(Registrant)___ BlackRock Municipal Income Trust ___

By: /s/ Henry Gabbay Name: Henry Gabbay Title: Treasurer Date: April 1, 2005

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.

By: /s/ Robert S. Kapito Name: Robert S. Kapito Title: Principal Executive Officer Date: April 1, 2005

By: /s/ Henry Gabbay Name: Henry Gabbay Title: Principal Financial Officer Date: April 1, 2005