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    
Rating1 (000) Description Provisions2 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    
Rating1 (000) Description Provisions2 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    
Rating1 (000) Description Provisions2 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    
Rating1 (000) Description Provisions2 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  
      Total 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