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UNITEDSTATES
SECURITIESANDEXCHANGECOMMISSION
Washington,D.C.20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-10339

Name of Fund: BlackRock Municipal Income Trust (BFK)

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: Anne F. Ackerley, Chief Executive Officer, BlackRock
Municipal Income Trust, 40 East 52nd Street, New York, NY 10022.

Registrant’s telephone number, including area code: (800) 882-0052, Option 4

Date of fiscal year end: 04/30/2010

Date of reporting period: 07/31/2009

Item 1 – Schedule of Investments

BlackRock Municipal Income Trust           
Schedule of Investments July 31, 2009 (Unaudited)    (Percentages shown are based on Net Assets) 
          Par     
 State    Municipal Bonds      (000)    Value 
 Alabama - 3.4%  Huntsville Health Care Authority, Alabama, RB, Series B, 5.75%,       
    6/01/12 (a)    $ 15,000  $ 17,017,800 
 Arizona - 4.5%  Phoenix & Pima County IDA, RB, Series 2007-1 (GNMA),         
    AMT, 5.25%, 8/01/38      4,040    4,133,091 
    Pima County IDA, RB, American Charter Schools Foundation,       
    Series A, 5.63%, 7/01/38      4,590    3,081,175 
    Salt Verde Financial Corp., RB, Senior, 5.00%, 12/01/32    10,280    8,089,332 
    Salt Verde Financial Corp., RB, Senior, 5.00%, 12/01/37    9,290    7,068,018 
              22,371,616 
 California - 23.3%  California County Tobacco Securitization Agency, RB,         
    CAB, Stanislaus, Sub-Series C, 6.30%, 6/01/55 (b)    17,855    159,088 
    California HFA, RB, Home Mortgage, Series G, AMT,         
    5.50%, 8/01/42      7,845    7,638,206 
    California Statewide Communities Development         
    Authority, RB, Health Facilities, Memorial Health         
    Services, Series A, 5.50%, 10/01/33      5,000    4,812,150 
    City of Lincoln California, Special Tax, Community         
    Facilities District No. 2003-1, 6.00%, 9/01/13 (a)    3,115    3,732,268 
    Foothill Eastern Transportation Corridor Agency,         
    California, Refunding RB, CAB, 6.08%, 1/15/32 (b)    54,635    8,019,325 
    Foothill Eastern Transportation Corridor Agency,         
    California, Refunding RB, CAB, 6.03%, 1/15/34 (b)    20,535    2,511,020 
    Foothill Eastern Transportation Corridor Agency,         
    California, Refunding RB, CAB, 6.09%, 1/15/38 (b)    75,000    6,415,500 
    Golden State Tobacco Securitization Corp., California,         
    RB, Series 2003-A-1, 6.63%, 6/01/13 (a)      10,000    11,822,800 
    Los Angeles Regional Airports Improvement Corp.,         
    California, Refunding RB, Facilities, Laxfuel Corp., La         
    International (AMBAC), AMT, 5.50%, 1/01/32    13,320    12,303,950 
    Los Angeles Unified School District, California, GO,         
    Series D, 5.25%, 7/01/24      5,000    5,195,700 
 Portfolio Abbreviations           
 To simplify the listing of portfolio holdings in the Schedules of Investments, the names and descriptions of many   
 of the securities have been abbreviated according to the following list:         
 ACA  American Capital Access Corp.  GO  General Obligation Bonds     
 AGC  Assured Guaranty Corp.  HDA  Housing Development Authority   
 ARB  Airport Revenue Bonds  HFA  Housing Finance Agency     
 AMBAC  American Municipal Bond Assurance Corp.  IDA  Industrial Development Authority   
 AMT  Alternative Minimum Tax (subject to)  MBIA  Municipal Bond Investors Assurance   
 CAB  Capital Appreciation Bonds    (National Public Finance Guaranty Corp.) 
 CP  Commercial Paper  RB  Revenue Bonds       
 EDA  Economic Development Authority  ROLS  Reset Option Long Securities     
 FNMA  Federal National Mortgage Association  TAN  Tax Anticipation Notes     
 FSA  Financial Security Assurance Inc.  VRDN  Variable Rate Demand Notes     
 GNMA  Government National Mortgage Association           
1

BlackRock Municipal Income Trust       
Schedule of Investments July 31, 2009 (Unaudited)  (Percentages shown are based on Net Assets) 
      Par   
 State  Municipal Bonds    (000)  Value 
  Los Angeles Unified School District, California, GO,       
  Series D, 5.25%, 7/01/25    $ 3,490  $ 3,620,980 
  Los Angeles Unified School District, California, GO,       
  Series D, 5.00%, 7/01/26    1,305  1,312,047 
  Murrieta Community Facilities District Special Tax, California,     
  Special Tax, No. 2, The Oaks Improvement       
  Area A, 6.00%, 9/01/34    5,000  3,832,550 
  State of California, GO, Various Purpose, 5.00%, 6/01/32  4,000  3,726,680 
  State of California, GO, Various Purpose, 6.50%, 4/01/33  20,410  22,065,659 
  State of California, GO, Various Purpose, 5.00%, 6/01/34  6,250  5,801,938 
  University of California, RB, Limited Project, Series B, 4.75%,     
  5/15/38    10,565  9,918,422 
  West Valley-Mission Community College District, GO, Election     
  of 2004, Series A (FSA), 4.75%, 8/01/30    4,015  3,825,211 
        116,713,494 
 Colorado - 2.6%  City of Colorado Springs Colorado, RB, Subordinate       
  Lien, Improvement, Series C (FSA), 5.00%, 11/15/45    2,545  2,478,321 
  Colorado Health Facilities Authority, RB, Series C       
  (FSA), 5.25%, 3/01/40    4,585  4,477,665 
  Denver Health & Hospital Authority, Colorado, RB, Series A,     
  6.00%, 12/01/11 (a)    3,500  3,877,055 
  Park Creek Metropolitan District, Colorado, Refunding RB,     
  Senior, Limited Property Tax, 5.50%, 12/01/37    2,530  2,099,647 
        12,932,688 
 District of  District of Columbia, RB, CAB, University, Georgetown,     
 Columbia - 7.4%  Series A (MBIA), 6.03%, 4/01/11 (a)(b)    66,785  14,273,576 
  District of Columbia, RB, Friendship Public Charter       
  School Inc (ACA), 5.25%, 6/01/33    2,390  1,525,919 
  District of Columbia Tobacco Settlement Financing       
  Corp., RB, Asset Backed Bonds, 6.75%, 5/15/40    25,535  21,385,818 
        37,185,313 
 Florida - 6.1%  County of Orange Florida, Refunding RB (Syncora),       
  4.75%, 10/01/32    5,440  4,935,331 
  Highlands County Health Facilities Authority, RB,       
  Hospital, Adventist, Sunbelt, Series A, 6.00%, 11/15/11  7,170  8,042,230 
  Miami Beach Health Facilities Authority, Refunding RB,     
  Mount Sinai Medical Center Florida, 6.75%, 11/15/21    9,540  8,055,576 
  Stevens Plantation Community Development District,       
  Special Assessment, Series A, 7.10%, 5/01/35    3,780  2,672,914 
  Village Community Development District No. 6, Special     
  Assessment, 5.63%, 5/01/22    7,370  6,603,815 
        30,309,866 
 Georgia - 0.7%  Richmond County Development Authority, Refunding RB,     
  International Paper Co. Project, Series A, AMT,       
  6.00%, 2/01/25    4,000  3,448,960 
2

BlackRock Municipal Income Trust       
Schedule of Investments July 31, 2009 (Unaudited)  (Percentages shown are based on Net Assets) 
      Par   
 State  Municipal Bonds    (000)  Value 
 Guam - 1.3%  Territory of Guam, GO, Series A, 5.75%, 11/15/14  $ 980  $ 973,130 
  Territory of Guam, GO, Series A, 6.00%, 11/15/19    1,245  1,220,847 
  Territory of Guam, GO, Series A, 6.75%, 11/15/29    2,180  2,179,215 
  Territory of Guam, GO, Series A, 7.00%, 11/15/39    2,255  2,246,228 
        6,619,420 
 Illinois - 8.8%  CenterPoint Intermodal Center Program Trust, TAN, 8.00%,     
  6/15/23 (c)(d)    4,630  2,408,989 
  Illinois Educational Facilities Authority, RB, Chicago, 05,     
  Series A, 5.25%, 7/01/41    760  763,101 
  Illinois Educational Facilities Authority, RB,       
  Educational Advancement Fund, University Center       
  Project, 6.25%, 5/01/12 (a)    10,000  11,516,500 
  Illinois Finance Authority, RB, Friendship Village       
  Schaumburg, Series A, 5.63%, 2/15/37    1,685  1,123,726 
  Illinois Finance Authority, RB, MJH Education Assistance IV,     
  Sub-Series B, 5.38%, 6/01/35 (e)(f)    1,675  164,569 
  Illinois Finance Authority, RB, Monarch Landing Inc.       
  Facilities, Series A, 7.00%, 12/01/37    2,885  1,632,997 
  Illinois Finance Authority, RB, Northwestern Memorial     
  Hospital, Series A, 5.50%, 8/15/14 (a)    3,700  4,331,331 
  Illinois Health Facilities Authority, Refunding RB,       
  Elmhurst Memorial Healthcare, 5.50%, 1/01/22    5,000  4,662,800 
  Illinois Health Facilities Authority, Refunding RB,       
  Elmhurst Memorial Healthcare, 5.63%, 1/01/28    6,000  5,265,420 
  Illinois Municipal Electric Agency, RB (MBIA), 4.50%, 2/01/35  7,760  6,847,890 
  Village of Bolingbrook Illinois, GO, Series B (MBIA),       
  6.01%, 1/01/33 (b)    6,820  1,783,771 
  Village of Bolingbrook Illinois, GO, Series B (MBIA),       
  6.01%, 1/01/34 (b)    14,085  3,389,274 
        43,890,368 
 Indiana - 6.5%  Indiana Health Facility Financing Authority, Indiana,       
  RB, Methodist Hospital Inc, 5.50%, 9/15/31    9,000  6,423,120 
  Indiana Municipal Power Agency, Indiana, RB,       
  Series B, 6.00%, 1/01/39    2,150  2,232,882 
  Petersburg Indiana, RB, Indiana Power & Light, AMT,       
  5.90%, 12/01/24    10,000  8,539,100 
  Petersburg Indiana, RB, Indiana Power & Light, AMT,       
  5.95%, 12/01/29    16,000  13,894,880 
  Vincennes Indiana, Refunding & Improvement RB,       
  Southwest Indiana Regional, 6.25%, 1/01/24    2,220  1,653,789 
        32,743,771 
 Kentucky - 0.2%  Kentucky Housing Corp., RB, Series F (FNMA), AMT,       
  5.45%, 1/01/32    810  797,599 
3

BlackRock Municipal Income Trust       
Schedule of Investments July 31, 2009 (Unaudited)  (Percentages shown are based on Net Assets) 
      Par   
 State  Municipal Bonds    (000)  Value 
 Louisiana - 1.5%  Louisiana Local Government Environmental Facilities &     
  Community Development Authority, RB, Capital Projects &     
  Equipment Acquisition Program (ACA), 6.55%, 9/01/25  $ 9,215  $ 7,354,676 
 Maryland - 0.5%  Maryland Community Development Administration, RB,     
  Residential, Series A, AMT, 4.65%, 9/01/32    2,665  2,319,829 
 Michigan - 0.6%  Michigan State Hospital Finance Authority, Michigan, Refunding     
  RB, Henry Ford Health System, Series A, 5.25%, 11/15/46  4,230  3,213,912 
 Mississippi - 3.5%  City of Gulfport Mississippi, RB, Memorial Hospital at       
  Gulfport Project, Series A, 5.75%, 7/01/31    18,680  17,383,048 
 Missouri - 0.1%  Missouri Joint Municipal Electric Utility Commission,       
  RB, Plum Point Project (MBIA), 4.60%, 1/01/36    670  504,269 
 Multi-State - 6.0%  Charter Mac Equity Issuer Trust, 6.80%, 11/30/50 (c)(g)  6,500  6,714,370 
  Charter Mac Equity Issuer Trust, 6.80%, 10/31/52 (c)(g)  16,000  17,070,880 
  MuniMae TE Bond Subsidiary LLC, 6.88%, 6/30/49 (c)(g)  8,000  6,479,840 
        30,265,090 
 Nebraska - 0.7%  Omaha Public Power District, RB, System, Series A,       
  4.75%, 2/01/44    3,695  3,452,054 
 Nevada - 1.0%  County of Clark Nevada, Refunding RB, Alexander       
  Dawson School, Nevada Project, 5.00%, 5/15/29    5,260  4,932,723 
 New Hampshire -  New Hampshire Business Finance Authority, New Hampshire, RB,     
 1.4%  Public Service Co., New Hampshire Project, Series B (MBIA), AMT,     
  4.75%, 5/01/21    4,000  3,526,800 
  New Hampshire Health & Education Facilities Authority, RB,     
  Exeter Project, 5.75%, 10/01/31    3,500  3,372,425 
        6,899,225 
 New Jersey - 7.7%  Middlesex County Improvement Authority, RB, Heldrich Center     
  Hotel, Series B, 6.25%, 1/01/37    3,680  1,876,285 
  New Jersey EDA, RB, Cigarette Tax, 5.75%, 6/15/29    18,500  15,390,150 
  New Jersey EDA, RB, Continental Airlines Inc. Project, AMT,     
  7.00%, 11/15/30    15,410  11,485,998 
  New Jersey EDA, Special Assessment, Refunding, Kapkowski     
  Road Landfill Project, 6.50%, 4/01/28    8,000  6,438,400 
  Tobacco Settlement Financing Corp., New Jersey, RB,     
  Series 1A, 4.50%, 6/01/23    4,125  3,525,349 
        38,716,182 
 New York - 4.5%  Albany Industrial Development Agency, RB, New Covenant Charter     
  School Project, Series A, 7.00%, 5/01/35    1,820  1,134,624 
  New York City Industrial Development Agency, RB, American     
  Airlines, JFK International Airport, AMT, 8.00%, 8/01/28  5,000  3,983,250 
  New York City Industrial Development Agency, RB, American     
  Airlines, JFK International Airport, AMT, 7.75%, 8/01/31  22,140  16,954,812 
  New York Liberty Development Corp., RB, Goldman Sachs     
  Headquarters, 5.25%, 10/01/35    675  634,594 
        22,707,280 
 North Carolina -  Gaston County Industrial Facilities & Pollution Control Financing     
 3.3%  Authority, North Carolina, RB, Exempt Facilities, National Gypsum     
  Co. Project, AMT, 5.75%, 8/01/35    12,130  6,800,927 
4

BlackRock Municipal Income Trust       
Schedule of Investments July 31, 2009 (Unaudited)  (Percentages shown are based on Net Assets) 
           Par   
 State  Municipal Bonds       (000)  Value 
  North Carolina Capital Facilities Finance Agency, Refunding RB,     
  Duke University Project, Series B, 4.25%, 7/01/42    $ 11,450  $ 9,631,740 
        16,432,667 
 Ohio - 0.9%  Buckeye Tobacco Settlement Financing Authority, RB, Asset     
  Backed, Senior, Turbo, Series A-2, 6.50%, 6/01/47    3,120.00  1,984,351.00 
  Pinnacle Community Infrastructure Financing Authority, RB,     
  Facilities, Series A, 6.25%, 12/01/36    3,760  2,368,913 
        4,353,264 
 Oklahoma - 1.2%  Tulsa Municipal Airport Trust Trustees, Oklahoma, Refunding RB,     
  Series A Remarketed, AMT, 7.75%, 6/01/35    7,175  5,889,958 
 Pennsylvania - 3.7%  Pennsylvania Economic Development Financing Authority, RB,     
  Amtrak Project, Series A, AMT, 6.38%, 11/01/41    6,500  5,771,545 
  Pennsylvania Economic Development Financing Authority, RB,     
  Reliant Energy, Series A-12-22-04, AMT, 6.75%, 12/01/36  11,345  10,531,110 
  Pennsylvania HFA, RB, Series 97A, AMT, 4.60%, 10/01/27  2,500  2,232,825 
        18,535,480 
 Puerto Rico - 2.3%  Puerto Rico Sales Tax Financing Corp., RB, First Sub-Series A,     
  6.50%, 8/01/44    10,900  11,413,935 
 South Carolina -  County of Lexington South Carolina, Refunding & Improvement     
 7.6%  RB, 5.50%, 11/01/13 (a)    5,000  5,807,600 
  County of Lexington South Carolina, Refunding & Improvement RB,     
  5.75%, 11/01/13 (a)    10,000  11,717,600 
  Scago Educational Facilities Corp. for Colleton School District, RB,     
  Chesterfield County School Project (AGC), 5.00%, 12/01/29  5,345  5,297,483 
  South Carolina Jobs-EDA, RB, Palmetto Health, C, 6.88%,     
  8/01/13 (a)    8,010  9,350,073 
  South Carolina Jobs-EDA, RB, Palmetto Health, C, 6.88%,     
  8/01/13 (a)    990  1,167,210 
  South Carolina Jobs-EDA, Refunding RB, Palmetto Health     
  Alliance, Series A, 6.25%, 8/01/31    5,075  4,731,473 
        38,071,439 
 Tennessee - 1.7%  Knox County Health Educational & Housing Facilities Board,     
  Tennessee, CAB, Refunding & Improvement RB, Series A (FSA),     
  5.70%, 1/01/20    15,060  8,572,453 
 Texas - 19.5%  Brazos River Authority, Refunding RB, TXU Electric Co.     
  Project, Series C, AMT, 5.75%, 5/01/36    4,265  3,306,356 
  Brazos River Authority, Refunding RB, TXU Electric,       
  Series A, Remarketed, AMT, 8.25%, 10/01/30    4,370  2,141,300 
  City of Houston Texas, Refunding RB, Combined, First Lien,     
  Series A (AGC), 6.00%, 11/15/35    16,425  18,044,341 
  Harris County-Houston Sports Authority, RB, CAB, Junior Lien,     
  Series H (MBIA), 6.11%, 11/15/35    5,000  645,650 
  Harris County-Houston Sports Authority, Refunding RB, CAB,     
  Senior Lien, Series A (MBIA), 5.93%, 11/15/38    12,580  1,326,435 
5

BlackRock Municipal Income Trust       
Schedule of Investments July 31, 2009 (Unaudited)  (Percentages shown are based on Net Assets) 
      Par   
 State  Municipal Bonds    (000)  Value 
  Harris County-Houston Sports Authority, Refunding RB, Third     
  Lien, Series A-3 (MBIA), 5.97%, 11/15/37  $ 26,120  $ 2,855,177 
  Houston Texas Airport Systems Revenue, ARB, Refunding, Senior     
  Lien, Series A, 5.50%, 7/01/39    3,000  2,941,590 
  Lower Colorado River Authority, Refunding & Improvement RB,     
  (MBIA), 5.00%, 5/15/13 (a)    50  56,640 
  Lower Colorado River Authority, Refunding RB, Series A (MBIA),     
  5.00%, 5/15/13 (a)    5  5,664 
  Lower Colorado River Authority, Refunding RB, LCRA       
  Transmission Services Project (AMBAC), 4.75%, 5/15/34    13,305  11,902,786 
  Lower Colorado River Authority, RB, Refunding & Improvement     
  (MBIA), 5.00%, 5/15/31    2,345  2,237,060 
  North Texas Tollway Authority, Refunding RB, Toll 2nd Tier, Series     
  F, 6.13%, 1/01/31    12,180  12,272,203 
  SA Energy Acquisition Public Facility Corp., RB, Gas Supply     
  Revenue, 5.50%, 8/01/25    6,540  6,035,962 
  Texas State Affordable Housing Corporation, Texas, RB, American     
  Opportunity Housing Portfolio, Series B,       
  8.00%, 3/01/32 (e)(f)    4,435  221,129 
  Texas State Turnpike Authority, RB, CAB (AMBAC), 6.06%,     
  8/15/32    25,000  5,285,250 
  Texas State Turnpike Authority, RB, CAB (AMBAC),       
  6.07%, 8/15/33    62,325  12,287,997 
  Texas State Turnpike Authority, RB, CAB (AMBAC),       
  6.07%, 8/15/34    65,040  11,899,068 
  Texas State Turnpike Authority, RB, First Tier, Series A,       
  (AMBAC), 5.00%, 8/15/42    5,000  4,159,050 
        97,623,658 
 Virginia - 0.4%  Virginia Commonwealth Transportation Board, Virginia, Refunding     
  RB, CAB, Contract, Route 28 (MBIA),       
  5.29%, 4/01/32    8,105  2,223,202 
 Washington - 1.6%  County of King Washington, Refunding RB (FSA),       
  5.00%, 1/01/36    3,615  3,609,577 
  Washington Health Care Facilities Authority, Washington, RB,     
  Providence Health Care Services, Series A (MBIA),       
  4.63%, 10/01/34    5,095  4,500,464 
        8,110,041 
 Wisconsin - 1.7%  Wisconsin Health & Educational Facilities Authority, RB, Aurora     
  Health Care, 6.40%, 4/15/33    7,500  7,199,325 
  Wisconsin Health & Educational Facilities Authority, RB, Froedert     
  & Community, 5.38%, 10/01/30    1,205  1,210,639 
        8,409,964 
 Wyoming - 0.5%  Wyoming Community Development Authority, Wyoming, RB,     
  Series 3, AMT, 4.65%, 12/01/27    2,765  2,493,449 
  Total Municipal Bonds - 136.7%      683,908,693 
6

BlackRock Municipal Income Trust       
Schedule of Investments July 31, 2009 (Unaudited)  (Percentages shown are based on Net Assets) 
  Municipal Bonds Transferred to    Par   
 State  Tender Option Bond Trusts (h)    (000)  Value 
 Alabama - 0.9%  Alabama Special Care Facilities Financing Authority, Refunding     
  RB, Ascension Health, Senior Credit, Series C2,       
  5.00%, 11/15/36    $ 4,548  $ 4,383,815 
 California - 3.5%  California Educational Facilities Authority, RB, University     
  Southern California, Series A, 5.25%, 10/01/39    5,115  5,272,235 
  Los Angeles Community College District, California, GO,     
  Election 2001, Series A (FSA), 5.00%, 8/01/32    4,500  4,304,475 
  San Diego Community College District, California, GO, Election     
  of 2002, 5.25%, 8/01/33    3,260  3,313,821 
  University of California, RB, Series C (MBIA), 4.75%, 5/15/37  5,000  4,656,950 
        17,547,481 
 Colorado - 2.4%  Colorado Health Facilities Authority, RB, Catholic Health,     
  Series C3 (FSA), 5.10%, 10/01/41    7,600  7,411,748 
  Colorado Health Facilities Authority, RB, Catholic Health,     
  Series C7 (FSA), 5.00%, 9/01/36    4,860  4,740,104 
        12,151,852 
 Connecticut - 3.8%  Connecticut State Health & Educational Facility Authority, RB,     
  Yale University, Series T1, 4.70%, 7/01/29    9,400  9,681,530 
  Connecticut State Health & Educational Facility Authority, RB,     
  Yale University, Series X3, 4.85%, 7/01/37    9,360  9,458,935 
        19,140,465 
 Illinois - 1.7%  Chicago Housing Authority, Illinois, Refunding RB (FSA), 5.00%,     
  7/01/24    8,232  8,346,758 
 Massachusetts - 1.3% Massachusetts Water Resources Authority, Refunding RB,     
  Series A, 5.00%, 8/01/41    6,770  6,590,866 
 New Hampshire -  New Hampshire Health & Education Facilities Authority, RB,     
 0.8%  Dartmouth College, 5.25%, 6/01/39    3,988  4,155,745 
 New York - 1.7%  New York City Municipal Water Finance Authority, RB,     
  Series FF-2, 5.50%, 6/15/40    3,074  3,230,511 
  New York State Environmental Facilities Corp., RB, Revolving     
  Funds, New York City Municipal Water Project, Series B, 5.00%,     
  6/15/31    5,370  5,426,868 
        8,657,379 
 Virginia - 3.6%  University of Virginia, Refunding RB, 5.00%, 6/01/40    10,750  10,964,677 
  Virginia HDA, RB, Series H, Sub-Series H1 (MBIA),       
  5.35%, 7/01/31    6,810  6,851,473 
        17,816,150 
 Washington - 4.0%  State of Washington, GO, Series E, 5.00%, 2/01/34    14,487  14,673,009 
  Central Puget Sound Regional Transportation Authority,     
  Washington, RB, Series A (FSA), 5.00%, 11/01/32    5,459  5,495,156 
        20,168,165 
  Total Municipal Bonds Transferred to       
  Tender Option Bond Trusts - 23.7%      118,958,676 
  Total Long-Term Investments       
  (Cost - $890,636,499) - 160.4%      802,867,369 
7

BlackRock Municipal Income Trust         
Schedule of Investments July 31, 2009 (Unaudited)  (Percentages shown are based on Net Assets) 
            Par         Value 
    Short-Term Securities        (000)   
 California - 2.0%  California State CP ROLS RR II, VRDN, 4.00%, 8/05/09 (i)  $ 10,000  $ 10,000,000 
            Shares   
 Money Market  FFI Institutional Tax-Exempt Fund, 0.42% (j)(k)  21,604,983  21,604,983 
 Fund - 4.3%             
    Total Short-Term Securities       
    (Cost - $31,604,983) - 6.3%      31,604,983 
    Total Investments (Cost - $922,241,482*) - 166.7%    834,472,352 
    Other Assets Less Liabilities - 1.1%      5,476,118 
    Liability for Trust Certificates, Including Interest Expense and     
    Fees Payable - (13.7)%          (68,626,565) 
    Preferred Shares, at Redemption Value - (54.1)%    (270,900,689) 
    Net Assets Applicable to Common Shares - 100.0%  $ 500,421,216 
*  The cost and unrealized appreciation (depreciation) of investments as of July 31, 2009,   
  as computed for federal income tax purposes, were as follows:     
  Aggregate cost    $ 853,955,385       
  Gross unrealized appreciation  $ 21,546,285       
  Gross unrealized depreciation    (109,612,821)       
  Net unrealized depreciation  $ (88,066,536)       
(a)  US 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.       
(b)  Represents a zero-coupon bond. Rate shown reflects the current yield as of report date.   
(c)  Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in 
  transactions exempt from registration to qualified institutional investors.     
(d)  Variable rate security. Rate shown is as of report date.       
(e)  Non-income producing security.           
(f)  Issuer filed for bankruptcy and/or is in default of interest payments.     
(g)  Security represents a beneficial interest in a trust. The collateral deposited into the trust is federally   
  tax-exempt revenue bonds issued by various state or local governments, or their respective agencies   
  or authorities. The security is subject to remarketing prior to its stated maturity, and is subject to   
  mandatory redemption at maturity.           
(h)  Securities represent bonds transferred to a tender option bond trust in exchange for which the Trust acquired residual 
  interest certificates. These securities serve as collateral in a financing transaction.     
(i)  Security may have a maturity of more than one year at the time of issuance, but has variable rate and   
  demand features that qualify it as a short-term security. Rate shown is as of report date and maturity shown is the 
  date the principal owed can be recovered through demand.       
(j)  Investments in companies considered to be an affiliate of the Trust, for purposes of     
  Section 2(a)(3) of the Investment Company Act of 1940, were as follows:     
        Net       
  Affiliate      Activity  Income     
  FFI Institutional Tax-Exempt Fund    21,181,033 $  13,297     
(k)  Represents the current yield as of report date.       
8

BlackRock Municipal Income Trust     
Schedule of Investments July 31, 2009 (Unaudited)     
Ÿ Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, "Fair Value 
     Measurements" clarifies the definition of fair value, establishes a framework for measuring fair values and 
     requires additional disclosures about the use of fair value measurements. Various inputs are used in 
     determining the fair value of investments, which are as follows:   
           Ÿ  Level 1 - price quotations in active markets/exchanges for identical securities 
           Ÿ  Level 2 - 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)   
           Ÿ  Level 3 - 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)     
     The inputs or methodology used for valuing securities are not necessarily an indication of the risk 
     associated with investing in those securities. For information about the Trust's policy regarding valuation of 
     investments and other significant accounting policies, please refer to the Trust's most recent financial 
     statements as contained in its annual report .     
  The following table summarizes the inputs used as of July 31, 2009 
  in determining the fair valuation of the Trust's investments:   
    Investments in 
       Valuation Inputs    Securities 
      Assets 
  Level 1 - Short-Term Securities  $ 21,604,983 
  Level 2     
     Long-Term Investments1    802,867,369 
     Short-Term Securities    10,000,000 
  Total Level 2    812,867,369 
  Level 3    - 
  Total  $ 834,472,352 
  1 See the above Schedule of Investments for values in each state or political 
  classification.     
9

Item 2 – Controls and Procedures

2(a) – 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
“1940 Act”)) 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 13(a)-15(b) under the Securities Exchange Act of 1934, as amended.

2(b) – 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.

Item 3 – Exhibits

Certifications – Attached hereto

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.

BlackRock Municipal Income Trust

By: /s/ Anne F. Ackerley
Anne F. Ackerley
Chief Executive Officer of
BlackRock Municipal Income Trust

Date: September 22, 2009

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/ Anne F. Ackerley
Anne F. Ackerley
Chief Executive Officer (principal executive officer) of
BlackRock Municipal Income Trust

Date: September 22, 2009

By: /s/ Neal J. Andrews
Neal J. Andrews
Chief Financial Officer (principal financial officer) of
BlackRock Municipal Income Trust

Date: September 22, 2009