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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, 55 East 52nd Street, New York, NY 10055.

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

Date of fiscal year end: 04/30/2010

Date of reporting period: 01/31/2010

Item 1 – Schedule of Investments

Schedule of Investments January 31, 2010 (Unaudited)

BlackRock Municipal Income Trust (BFK)
(Percentages shown are based on Net Assets)

           Par   
Municipal Bonds         (000)  Value 
Arizona — 4.7%     
Pima County IDA, RB, American Charter     
   Schools Foundation, Series A, 5.63%,     
   7/01/38  $ 4,590  $ 3,492,990 
Pima County IDA, Refunding IDRB,     
   Tucson Electric Power, 5.75%,     
   9/01/29  2,185  2,207,396 
Salt River Project Agricultural     
   Improvement & Power District, RB,     
   Series A, 5.00%, 1/01/38  3,860  3,971,747 
Salt Verde Financial Corp., RB, Senior,     
   5.00%, 12/01/32  10,280  9,033,139 
Salt Verde Financial Corp., RB, Senior,     
   5.00%, 12/01/37  9,290  7,906,533 
    26,611,805 
California — 26.6%     
Bay Area Toll Authority, Refunding RB,     
   San Francisco Bay Area, Series F-1,     
   5.63%, 4/01/44  4,445  4,714,189 
California County Tobacco Securitization     
   Agency, RB, CAB, Stanislaus, Sub-     
   Series C, 6.30%, 6/01/55 (a)  17,855  220,509 
California HFA, RB, Home Mortgage,     
   Series G, AMT, 5.50%, 8/01/42  7,280  7,189,000 
California State Public Works Board, RB,     
   Various Capital Projects, Sub-Series I-     
   1, 6.38%, 11/01/34  2,315  2,353,360 
California Statewide Communities     
   Development Authority, RB, Health     
   Facility, Memorial Health Services,     
   Series A, 5.50%, 10/01/33  5,000  5,024,100 
City of Lincoln, California, Special Tax     
   Bonds, Community Facilities District     
   No. 2003-1, 6.00%, 9/01/34 (b)  3,115  3,701,492 
Foothill Eastern Transportation Corridor     
   Agency, California, Refunding RB,     
   CAB, 6.09%, 1/15/32 (a)  54,635  11,779,306 
Foothill Eastern Transportation Corridor     
   Agency, California, Refunding RB,     
   CAB, 6.09%, 1/15/38 (a)  75,000  10,128,750 
Golden State Tobacco Securitization     
   Corp., California, RB, Series 2003-A-1,     
   6.63%, 6/01/40 (b)  10,000  11,685,200 
Los Angeles Department of Airports, RB,     
   Series A, 5.25%, 5/15/39  1,560  1,563,744 

           Par   
Municipal Bonds         (000)             Value 
California (concluded)     
Los Angeles Regional Airports     
   Improvement Corp., California,     
   Refunding RB, Facilities, LAXFUEL     
   Corp., LA International, AMT (AMBAC),     
   5.50%, 1/01/32  $ 13,320  $ 12,779,208 
Los Angeles Unified School District,     
   California, GO, Series D, 5.25%,     
   7/01/24  5,000  5,396,800 
Los Angeles Unified School District,     
   California, GO, Series D, 5.25%,     
   7/01/25  3,490  3,736,150 
Los Angeles Unified School District,     
   California, GO, Series D, 5.00%,     
   7/01/26  1,305  1,362,772 
Murrieta Community Facilities District,     
   California, Special Tax Bonds, District     
   No. 2, The Oaks Improvement Area A,     
   6.00%, 9/01/34  5,000  4,333,200 
San Francisco City & County Public     
   Utilities Commission, RB, Series B,     
   5.00%, 11/01/39  18,550  18,921,927 
State of California, GO, Refunding,     
   Various Purpose, 5.00%, 6/01/34  6,250  5,609,313 
State of California, GO, Various Purpose,     
   5.00%, 6/01/32  4,000  3,643,720 
State of California, GO, Various Purpose,     
   6.50%, 4/01/33  20,410  21,802,166 
University of California, RB, Limited     
   Project, Series B, 4.75%, 5/15/38  10,565  9,908,385 
West Valley-Mission Community College     
   District, GO, Election of 2004, Series     
   A (AGM), 4.75%, 8/01/30  4,015  4,015,000 
    149,868,291 
Colorado — 1.7%     
City of Colorado Springs, Colorado, RB,     
   Subordinate Lien, Improvement,     
   Series C (AGM), 5.00%, 11/15/45  2,545  2,579,281 
Colorado Health Facilities Authority,     
   Refunding RB, Catholic Healthcare,     
   Series A, 5.50%, 7/01/34  4,205  4,432,364 

Portfolio Abbreviations

To simplify the listings of portfolio holdings in the Schedule of Investments, the names and descriptions of many of the securities have been abbreviated
according to the following list.

ACA  American Capital Access Corp.  FNMA  Federal National Mortgage Association 
AGC  Assured Guaranty Corp.  GO  General Obligation Bonds 
AGM  Assured Guaranty Municipal Corp.  HFA  Housing Finance Agency 
AMBAC  American Municipal Bond Assurance Corp.  IDA  Industrial Development Authority 
AMT  Alternative Minimum Tax (subject to)  IDRB  Industrial Development Revenue Bonds 
CAB  Capital Appreciation Bonds  NPFGC  National Public Finance Guaranty Corp. 
EDA  Economic Development Authority  RB  Revenue Bonds 
EDC  Economic Development Corp.     

BLACKROCK MUNICIPAL INCOME TRUST JANUARY 31, 2010 1

Schedule of Investments (continued)

BlackRock Municipal Income Trust (BFK)
(Percentages shown are based on Net Assets)

     Par   
Municipal Bonds    (000)  Value 
Colorado (concluded)       
Park Creek Metropolitan District,       
   Colorado, Refunding RB, Senior,       
   Limited Tax, Property Tax, 5.50%,       
   12/01/37  $ 2,530  $ 2,311,889 
      9,323,534 
District of Columbia — 7.5%       
District of Columbia, RB, CAB,       
   Georgetown, Series A (NPFGC),       
   6.03%, 4/01/36 (a)(b)    15,600  3,524,196 
District of Columbia, RB, CAB,       
   Georgetown, Series A (NPFGC),       
   6.03%, 4/01/37 (a)(b)    51,185  10,891,656 
District of Columbia, Refunding RB,       
   Friendship Public Charter School Inc.     
   (ACA), 5.25%, 6/01/33    2,390  1,933,223 
District of Columbia Tobacco Settlement     
   Financing Corp., Refunding RB, Asset-     
   Backed, 6.75%, 5/15/40    23,035  23,080,149 
Metropolitan Washington Airports       
   Authority, RB, First Senior Lien, Series     
   A, 5.00%, 10/01/39    990  1,000,524 
Metropolitan Washington Airports       
   Authority, RB, First Senior Lien, Series     
   A, 5.25%, 10/01/44    1,545  1,590,948 
      42,020,696 
Florida — 4.4%       
County of Miami-Dade, Florida,       
   Refunding RB, Miami International       
   Airport, Series A-1, 5.38%, 10/01/41  2,280  2,257,542 
County of Orange, Florida, Refunding RB     
   (Syncora), 4.75%, 10/01/32    5,440  5,314,119 
Miami Beach Health Facilities Authority,     
   RB, Mount Sinai Medical Center of       
   Florida, 6.75%, 11/15/21    7,485  7,553,338 
Stevens Plantation Community       
   Development District, Special       
   Assessment Bonds, Series A, 7.10%,     
   5/01/35    3,770  2,859,507 
Village Community Development District     
   No. 6, Special Assessment Bonds,       
   5.63%, 5/01/22    7,200  6,741,792 
      24,726,298 
Georgia — 2.2%       
De Kalb Private Hospital Authority,       
   Refunding RB, Children's Healthcare,     
   5.25%, 11/15/39    1,650  1,657,392 
Metropolitan Atlanta Rapid Transit       
   Authority, RB, Third Series, 5.00%,       
   7/01/39    6,805  7,042,562 
Richmond County Development       
   Authority, Refunding RB, International     
   Paper Co. Project, Series A, AMT,       
   6.00%, 2/01/25    4,000  3,937,880 
      12,637,834 

     Par   
Municipal Bonds    (000)  Value 
Guam — 1.0%       
Territory of Guam, GO, Series A, 6.00%,     
   11/15/19  $ 1,245  $ 1,264,397 
Territory of Guam, GO, Series A, 6.75%,     
   11/15/29    2,180  2,257,717 
Territory of Guam, GO, Series A, 7.00%,     
   11/15/39    2,255  2,314,104 
      5,836,218 
Illinois — 6.3%       
Illinois Finance Authority, RB, Advocate     
   Health Care, Series C, 5.38%,       
   4/01/44    10,630  10,794,552 
Illinois Finance Authority, RB, MJH       
   Education Assistance IV LLC, Sub-       
   Series B, 5.38%, 6/01/35 (c)(d)    1,675  118,892 
Illinois Finance Authority, RB, Monarch     
   Landing Inc. Facility, Series A, 7.00%,     
   12/01/37 (c)(d)    2,885  923,200 
Illinois Finance Authority, Refunding RB,     
   Central DuPage Health, Series B,       
   5.50%, 11/01/39    3,160  3,263,300 
Illinois Finance Authority, Refunding RB,     
   Elmhurst Memorial Healthcare,       
   5.50%, 1/01/22    5,000  4,935,300 
Illinois Finance Authority, Refunding RB,     
   Elmhurst Memorial Healthcare,       
   5.63%, 1/01/28    6,000  5,716,740 
Illinois Finance Authority, Refunding RB,     
   Friendship Village Schaumburg, Series     
   A, 5.63%, 2/15/37    845  663,925 
Illinois Finance Authority, Refunding RB,     
   Series 05-A, 5.25%, 7/01/41    760  786,228 
Illinois Municipal Electric Agency, RB       
   (NPFGC), 4.50%, 2/01/35    1,495  1,376,970 
State of Illinois, RB, Build Illinois, Series     
   B, 5.25%, 6/15/34    1,240  1,277,894 
Village of Bolingbrook Illinois, GO,       
   Refunding, Series B (NPFGC), 6.01%,     
   1/01/33 (a)    6,820  1,944,519 
Village of Bolingbrook Illinois, GO,       
   Refunding, Series B (NPFGC), 6.01%,     
   1/01/34 (a)    14,085  3,766,752 
      35,568,272 
Indiana — 7.8%       
City of Vincennes, Indiana, Refunding       
   RB, Southwest Indiana Regional Youth     
   Village, 6.25%, 1/01/24    2,130  1,758,336 
Indiana Finance Authority, RB, Sisters of     
   St. Francis Health, 5.25%, 11/01/39  1,655  1,673,751 
Indiana Finance Authority, Refunding       
   RB, Duke Energy Indiana Inc., Series     
   C, 4.95%, 10/01/40    6,480  6,284,693 
Indiana Health Facility Financing       
   Authority, Refunding RB, Methodist       
   Hospital Inc., 5.50%, 9/15/31    9,000  7,436,700 
Indiana Municipal Power Agency, RB,       
   Series B, 6.00%, 1/01/39    2,150  2,291,986 

2 BLACKROCK MUNICIPAL INCOME TRUST JANUARY 31, 2010

Schedule of Investments (continued)

BlackRock Municipal Income Trust (BFK)
(Percentages shown are based on Net Assets)

     Par   
Municipal Bonds    (000)  Value 
Indiana (concluded)       
Petersburg Indiana, RB, Indiana Power     
   & Light, AMT, 5.90%, 12/01/24  $ 10,000  $ 9,635,600 
Petersburg Indiana, RB, Indiana Power     
   & Light, AMT, 5.95%, 12/01/29    16,000  15,042,080 
      44,123,146 
Kentucky — 0.1%       
Kentucky Housing Corp., RB, Series F,     
   AMT (FNMA), 5.45%, 1/01/32    660  662,112 
Louisiana — 1.3%       
Louisiana Local Government       
   Environmental Facilities & Community     
   Development Authority, RB, Capital       
   Projects & Equipment Acquisition       
   Program (ACA), 6.55%, 9/01/25    8,430  7,324,743 
Maryland — 0.6%       
Maryland Community Development       
   Administration, Refunding RB,       
   Residential, Series A, AMT, 4.65%,       
   9/01/32    2,665  2,464,725 
Maryland EDC, RB, Transportation       
   Facilities Project, Series A, 5.75%,       
   6/01/35    855  863,550 
      3,328,275 
Massachusetts — 0.6%       
Massachusetts Health & Educational       
   Facilities Authority, Refunding RB,       
   Partners Healthcare, Series J1,       
   5.00%, 7/01/39    3,535  3,548,044 
Michigan — 0.7%       
Michigan State Hospital Finance       
   Authority, Refunding RB, Henry Ford     
   Health System, Series A, 5.25%,       
   11/15/46    4,230  3,697,020 
Mississippi — 3.3%       
City of Gulfport, Mississippi, RB,       
   Memorial Hospital at Gulfport Project,     
   Series A, 5.75%, 7/01/31    18,455  18,464,043 
Missouri — 0.1%       
Missouri Joint Municipal Electric Utility     
   Commission, RB, Plum Point Project     
   (NPFGC), 4.60%, 1/01/36    595  502,293 
Multi-State — 5.6%       
Centerline Equity Issuer Trust, 6.80%,     
   11/30/50 (e)(f)    6,500  6,678,100 
Centerline Equity Issuer Trust, 6.80%,     
   10/31/52 (e)(f)    16,000  17,279,840 
MuniMae TE Bond Subsidiary LLC,       
   7.50%, 6/30/49 (e)(f)(g)    7,896  7,322,726 
      31,280,666 

     Par   
Municipal Bonds    (000)  Value 
Nebraska — 0.5%       
Omaha Public Power District, RB, Series     
   A, 4.75%, 2/01/44  $ 2,695  $ 2,672,524 
Nevada — 0.9%       
County of Clark, Nevada, Refunding RB,     
   Alexander Dawson School, Nevada       
   Project, 5.00%, 5/15/29    5,260  5,227,441 
New Hampshire — 0.6%       
New Hampshire Health & Education       
   Facilities Authority, RB, Exeter Project,     
   5.75%, 10/01/31    3,500  3,561,705 
New Jersey — 7.5%       
Middlesex County Improvement       
   Authority, RB, Subordinate, Heldrich     
   Center Hotel, Series B, 6.25%,       
   1/01/37    3,680  680,800 
New Jersey EDA, RB, Cigarette Tax,       
   5.75%, 6/15/29    15,500  15,214,955 
New Jersey EDA, RB, Continental Airlines     
   Inc. Project, AMT, 7.00%, 11/15/30  15,410  14,695,746 
New Jersey EDA, Special Assessment       
   Bonds, Refunding, Kapkowski Road     
   Landfill Project, 6.50%, 4/01/28    8,000  7,990,640 
Tobacco Settlement Financing Corp.,       
   New Jersey, Refunding RB, Series 1A,     
   4.50%, 6/01/23    4,125  3,845,655 
      42,427,796 
New York — 6.3%       
Albany Industrial Development Agency,     
   RB, New Covenant Charter School       
   Project, Series A, 7.00%, 5/01/35    1,820  1,146,564 
New York City Industrial Development     
   Agency, RB, American Airlines Inc.,       
   JFK International Airport, AMT, 8.00%,     
   8/01/28    5,000  5,014,600 
New York City Industrial Development     
   Agency, RB, American Airlines Inc.,       
   JFK International Airport, AMT, 7.75%,     
   8/01/31    22,140  21,918,378 
New York Liberty Development Corp.,       
   RB, Goldman Sachs Headquarters,       
   5.25%, 10/01/35    3,545  3,563,186 
New York State Dormitory Authority,       
   Refunding RB, NYU Hospital Center,     
   Series A, 5.00%, 7/01/20    4,000  4,004,200 
      35,646,928 
North Carolina — 4.9%       
City of Charlotte, North Carolina, RB,       
   Series B, 5.00%, 7/01/38    1,860  1,982,871 
City of Charlotte, North Carolina, RB,       
   Series B, 4.50%, 7/01/39    1,800  1,794,114 
Gaston County Industrial Facilities &       
   Pollution Control Financing Authority,     
   North Carolina, RB, Exempt Facilities,     
   National Gypsum Co. Project, AMT,       
   5.75%, 8/01/35    12,130  7,790,614 

BLACKROCK MUNICIPAL INCOME TRUST JANUARY 31, 2010 3

Schedule of Investments (continued)

BlackRock Municipal Income Trust (BFK)
(Percentages shown are based on Net Assets)

     Par   
Municipal Bonds    (000)  Value 
North Carolina (concluded)       
North Carolina Capital Facilities Finance     
   Agency, Refunding RB, Duke       
   University Project, Series B, 4.25%,       
   7/01/42  $ 11,300  $ 10,796,020 
North Carolina Eastern Municipal Power     
   Agency, Refunding RB, Series B,       
   5.00%, 1/01/26    1,000  1,028,970 
North Carolina Medical Care       
   Commission, RB, Duke University       
   Health System, Series A, 5.00%,       
   6/01/39    1,240  1,244,514 
North Carolina Medical Care       
   Commission, RB, Duke University       
   Health System, Series A, 5.00%,       
   6/01/42    2,750  2,736,690 
      27,373,793 
Ohio — 1.9%       
Buckeye Tobacco Settlement Financing     
   Authority, RB, Asset-Backed, Senior       
   Series A-2, 6.50%, 6/01/47    3,120  2,616,494 
County of Montgomery, Ohio, Refunding     
   RB, Catholic Healthcare, Series A,       
   5.00%, 5/01/39    5,450  5,449,564 
Pinnacle Community Infrastructure       
   Financing Authority, RB, Facilities,       
   Series A, 6.25%, 12/01/36    3,760  2,808,307 
      10,874,365 
Oklahoma — 1.3%       
Tulsa Airports Improvement Trust, RB,     
   Series A, AMT, 7.75%, 6/01/35    7,175  7,027,984 
Pennsylvania — 4.7%       
Pennsylvania Economic Development       
   Financing Authority, RB, Amtrak       
   Project, Series A, AMT 6.38%,       
   11/01/41    6,500  6,566,300 
Pennsylvania Economic Development       
   Financing Authority, RB, Aqua       
   Pennsylvania Inc. Project, 5.00%,       
   11/15/40    3,725  3,724,739 
Pennsylvania Economic Development       
   Financing Authority, RB, Reliant       
   Energy, Series A, AMT 6.75%,       
   12/01/36    11,345  11,473,652 
Pennsylvania HFA, Refunding RB, Series     
   97A, AMT, 4.60%, 10/01/27    2,000  1,891,000 
Pennsylvania Turnpike Commission, RB,     
   Sub-Series D, 5.13%, 12/01/40    3,100  3,108,091 
      26,763,782 
Puerto Rico — 3.1%       
Commonwealth of Puerto Rico, GO,       
   Refunding, Public Improvement,       
   Series C, 6.00%, 7/01/39    5,820  5,915,914 

           Par   
Municipal Bonds         (000)  Value 
Puerto Rico (concluded)     
Puerto Rico Sales Tax Financing Corp.,     
   RB, First Sub-Series A, 6.50%,     
   8/01/44  $ 10,900  $ 11,632,044 
    17,547,958 
South Carolina — 3.2%     
Lexington County Health Services     
   District Inc., Refunding RB, 5.75%,     
   11/01/28 (b)  10,000  11,704,400 
South Carolina Jobs EDA, Refunding RB,     
   Palmetto Health Alliance, Series A,     
   6.25%, 8/01/31  5,075  5,146,507 
South Carolina Jobs EDA, Refunding RB,     
   Palmetto Health, Series C, 6.88%,     
   8/01/27 (b)  990  1,181,208 
    18,032,115 
Tennessee — 0.5%     
Knox County Health Educational &     
   Housing Facilities Board, Tennessee,     
   Refunding RB, CAB, Series A (AGM),     
   5.70%, 1/01/20 (a)  5,055  2,991,448 
Texas — 20.7%     
Brazos River Authority, RB, TXU Electric,     
   Series A, AMT, 8.25%, 10/01/30  4,370  3,016,174 
Brazos River Authority, Refunding RB,     
   TXU Electric Co. Project, Series C,     
   AMT, 5.75%, 5/01/36  4,265  4,009,868 
City of Houston, Texas, RB, Senior Lien,     
   Series A, 5.50%, 7/01/39  3,000  3,186,660 
City of Houston Texas, Refunding RB,     
   Combined, First Lien, Series A (AGC),     
   6.00%, 11/15/35  16,425  18,544,646 
Harris County-Houston Sports Authority,     
   Refunding RB, CAB, Junior Lien,     
   Series H (NPFGC), 6.11%,     
   11/15/35 (a)  5,000  786,600 
Harris County-Houston Sports Authority,     
   Refunding RB, CAB, Senior Lien,     
   Series A (NPFGC), 5.94%,     
   11/15/38 (a)  12,580  1,587,219 
Harris County-Houston Sports Authority,     
   Refunding RB, Third Lien, Series A-3     
   (NPFGC), 5.97%, 11/15/37 (a)  26,120  3,512,879 
Lower Colorado River Authority,     
   Refunding RB, LCRA Transmission     
   Services Project (AMBAC), 4.75%,     
   5/15/34  12,205  11,894,993 
Lower Colorado River Authority,     
   Refunding RB, Refunding &     
   Improvement (NPFGC), 5.00%,     
   5/15/31 (b)  70  78,602 
Lower Colorado River Authority,     
   Refunding RB, Refunding &     
   Improvement (NPFGC), 5.00%,     
   5/15/31  2,275  2,289,241 

4 BLACKROCK MUNICIPAL INCOME TRUST JANUARY 31, 2010

Schedule of Investments (continued)

BlackRock Municipal Income Trust (BFK)
(Percentages shown are based on Net Assets)

     Par   
Municipal Bonds    (000)             Value 
Texas (concluded)       
Lower Colorado River Authority,       
   Refunding RB (NPFGC), 5.00%,       
   5/15/31 (b)  $ 50  $ 56,248 
Lower Colorado River Authority,       
   Refunding RB, Series A (NPFGC),       
   5.00%, 5/15/31 (b)    5  5,625 
North Texas Tollway Authority, RB, Toll,     
   2nd Tier, Series F, 6.13%, 1/01/31  12,180  12,734,799 
San Antonio Energy Acquisition Public     
   Facility Corp., RB, Gas Supply, 5.50%,     
   8/01/25    6,540  6,832,273 
State of Texas, GO, Transportation       
   Community, Mobility Fund, Series A,     
   4.75%, 4/01/35    7,000  6,979,140 
Texas Private Activity Bond Surface       
   Transportation Corp., RB, Senior Lien,     
   Note Mobility, 6.88%, 12/31/39    7,590  7,900,962 
Texas State Affordable Housing Corp.,     
   RB, American Opportunity Housing       
   Portfolio, Junior Series B, 8.00%,       
   3/01/32 (c)(d)    4,435  220,686 
Texas State Turnpike Authority, RB, CAB     
   (AMBAC), 6.06%, 8/15/32 (a)    25,000  5,300,250 
Texas State Turnpike Authority, RB, CAB     
   (AMBAC), 6.07%, 8/15/33 (a)    62,325  11,921,526 
Texas State Turnpike Authority, RB, CAB     
   (AMBAC), 6.07%, 8/15/34 (a)    65,040  11,541,998 
Texas State Turnpike Authority, RB, First     
   Tier, Series A (AMBAC), 5.00%,       
   8/15/42    5,000  4,569,600 
      116,969,989 
Utah — 1.3%       
City of Riverton, Utah, RB, IHC Health     
   Services Inc., 5.00%, 8/15/41    7,150  7,138,560 
Virginia — 1.2%       
City of Norfolk Virginia, Refunding RB,     
   Series B (AMBAC), 5.50%, 2/01/31  2,635  2,567,781 
Virginia Commonwealth Transportation     
   Board, RB, CAB, Contract, Route 28     
   (NPFGC), 5.29%, 4/01/32 (a)    8,105  2,536,784 
Virginia Small Business Financing       
   Authority, Refunding RB, Sentara       
   Healthcare, 5.00%, 11/01/40    1,890  1,883,971 
      6,988,536 
Washington — 1.5%       
County of King Washington, Refunding     
   RB (AGM), 5.00%, 1/01/36    3,615  3,698,507 
Washington Health Care Facilities       
   Authority, Refunding RB, Providence     
   Health Care Services, Series A       
   (NPFGC), 4.63%, 10/01/34    5,095  4,909,491 
      8,607,998 

     Par   
Municipal Bonds    (000)  Value 
Wisconsin — 1.6%       
Wisconsin Health & Educational       
   Facilities Authority, RB, Aurora Health     
   Care, 6.40%, 4/15/33  $ 7,500 $  7,640,250 
Wisconsin Health & Educational       
   Facilities Authority, Refunding RB,       
   Froedtert & Community Health Inc.,       
   5.38%, 10/01/30     1,205  1,224,810 
      8,865,060 
Wyoming — 0.4%       
Wyoming Community Development       
   Authority, RB, Series 3, AMT, 4.65%,     
   12/01/27     2,765  2,635,792 
Total  Municipal  Bonds  – 136.6%                    770,877,064 
Municipal Bonds Transferred to Tender     
Option Bond Trusts (h)       
Alabama — 0.8%       
Alabama Special Care Facilities       
   Financing Authority Birmingham,       
   Alabama, RB, Ascension Health Senior     
   Credit, Series C 2, 5.00%, 11/15/36   4,548  4,550,435 
California — 3.2%       
California Educational Facilities       
   Authority, RB, University of Southern     
   California, Series A, 5.25%, 10/01/18   5,115  5,398,882 
Los Angeles Community College District,     
   California, GO, Election of 2001,       
   Series A (AGM.), 5.00%, 8/01/32     4,500  4,547,655 
San Diego Community College District,     
   California, GO, Election of 2002,       
   5.25%, 8/01/33     3,260  3,334,063 
University of California, RB, Series C       
   (NPFGC), 4.75%, 5/15/37     5,000  4,931,900 
      18,212,500 
Colorado — 2.2%       
Colorado Health Facilities Authority, RB,     
   Catholic Health, Series C 3 (AGM),       
   5.10%, 10/01/41     7,600  7,493,676 
Colorado Health Facilities Authority, RB,     
   Catholic Health, Series C 7 (AGM),       
   5.00%, 9/01/36     4,860  4,782,483 
      12,276,159 
Connecticut — 3.5%       
Connecticut State Health & Educational     
   Facility Authority, RB, Yale University,     
   Series T 1, 4.70%, 7/01/29     9,400  9,932,416 
Connecticut State Health & Educational     
   Facility Authority, RB, Yale University,     
   Series X 3, 4.85%, 7/01/37     9,360  9,756,302 
      19,688,718 

BLACKROCK MUNICIPAL INCOME TRUST JANUARY 31, 2010 5

Schedule of Investments (continued)

BlackRock Municipal Income Trust (BFK)
(Percentages shown are based on Net Assets)

Municipal Bonds Transferred to Tender   Par   
Option Bond Trusts (h)    (000)  Value 
Illinois — 1.5%       
Chicago New Public Housing Authority,     
   Illinois, Refunding RB (AGM), 5.00%,     
   7/01/24  $ 8,232 $  8,542,668 
Massachusetts — 1.2%       
Massachusetts Water Resources       
   Authority, RB, Generation, Series A,       
   5.00%, 8/01/41    6,770  6,878,929 
New Hampshire — 0.8%       
New Hampshire Health & Education       
   Facilities Authority, Refunding RB,       
   Dartmouth College, 5.25%, 6/01/39  3,988  4,283,145 
New York — 1.6%       
New York City Municipal Water Finance     
   Authority, RB, Series FF-2, 5.50%,       
   6/15/40    3,074  3,363,751 
New York State Environmental Facilities     
   Corp., New York, RB, Revolving Funds     
   New York City Municipal Water       
   Project, Series B, 5.00%, 6/15/31    5,370  5,476,970 
      8,840,721 
Virginia — 3.2%       
University of Virginia, Refunding RB,       
   General, 5.00%, 6/01/40    10,750  11,341,465 
Virginia Housing Development Authority,     
   RB, Series H, (NPFGC), 5.35%,       
   7/01/31    6,810  6,873,674 
      18,215,139 
Washington — 3.7%       
Central Puget Sound Regional       
   Transportation Authority, Washington,     
   RB, Series A (AGM), 5.00%, 11/01/32  5,459  5,686,419 
State of Washington, GO, Various       
   Purpose Series E, 5.00%, 2/01/34    14,487  15,094,958 
      20,781,377 
Total Municipal Bonds Transferred to       
Tender Option Bond Trusts – 21.7%      122,269,791 
Total Long-Term Investments       
(Cost  –  $925,876,374)  –  158.3%                               893,146,855

Short-Term Securities  Shares   
FFI Institutional Tax-Exempt Fund,     
0.16% (i)(j)  227,610  227,610 
Total Short-Term Securities     
(Cost – $227,610) – 0.0%    227,610 

               Value 
Total Investments       
(Cost – $926,103,984*) – 158.3%    $ 893,374,465 
Other Assets Less Liabilities – 1.8%      10,344,371 
Liability for Trust Certificates, Including Interest   
Expense and Fees Payable – (12.1)%    (68,625,472) 
Preferred Shares, at Redemption Value – (48.0)%  (270,890,956) 
Net Assets Applicable to Common Shares – 100.0% $  564,202,408 
*  The cost and unrealized appreciation (depreciation) of investments as of 
  January 31, 2010, as computed for federal income tax purposes, were as 
  follows:       
  Aggregate cost    $ 859,224,003 
  Gross unrealized appreciation    $ 23,413,610 
  Gross unrealized depreciation      (57,846,649) 
  Net unrealized depreciation    $ (4,433,039) 
(a) Represents a zero-coupon bond. Rate shown reflects the current yield as 
  of report date.       
(b) U.S. government securities, held in escrow, are used to pay interest on 
  this security, as well as to retire the bond in full at the date indicated, 
  typically at a premium to par.       
(c) Issuer filed for bankruptcy and/or is in default of interest payments. 
(d) Non-income producing security.       
(e) 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.   
(f)  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. 
(g) Variable rate security. Rate shown is as of report date.   
(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)  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  $ (196,340)  $ 24,301 
(j)  Represents the current yield as of report date.   
 • Fair Value Measurements — Various inputs are used in determining the 
  fair value of investments, which are as follows:   
  • Level 1 — price quotations in active markets/exchanges for identical 
     assets and liabilities       
  • 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, 
     repayment speeds, loss severities, credit risks and default rates) or 
     other market-corroborated inputs)     

6 BLACKROCK MUNICIPAL INCOME TRUST JANUARY 31, 2010

Schedule of Investments (concluded)

BlackRock Municipal Income Trust (BFK)
(Percentages shown are based on Net Assets)

• 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 the semi-annual report. 
The following table summarizes the inputs used as of January 31, 2010 in 
determining the fair valuation of the Trust’s investments:   
    Investments in 
Valuation Inputs    Securities 
    Assets 
Level 1 - Short-Term Securities  $ 227,610 
Level 2 - Long-Term Investments1    893,146,855 
Level 3    - 
Total  $ 893,374,465 
1See above Schedule of Investments for values in each state or political 
   subdivision.     

BLACKROCK MUNICIPAL INCOME TRUST JANUARY 31, 2010 7

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: March 19, 2010

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: March 19, 2010

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

Date: March 19, 2010