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<SEC-DOCUMENT>0000930413-08-002112.txt : 20080331
<SEC-HEADER>0000930413-08-002112.hdr.sgml : 20080331
<ACCEPTANCE-DATETIME>20080331121959
ACCESSION NUMBER:		0000930413-08-002112
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20080131
FILED AS OF DATE:		20080331
DATE AS OF CHANGE:		20080331
EFFECTIVENESS DATE:		20080331

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLACKROCK MUNICIPAL INCOME TRUST
		CENTRAL INDEX KEY:			0001137393
		IRS NUMBER:				510409115
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		N-Q
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-10339
		FILM NUMBER:		08722650

	BUSINESS ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
		BUSINESS PHONE:		888-825-2257

	MAIL ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-Q
<SEQUENCE>1
<FILENAME>c52586_n-q.htm
<TEXT>

<HTML>
<HEAD>
   <TITLE></TITLE>
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<BODY bgcolor="#ffffff">

<br>



<P align="center">
<FONT face="serif">UNITED STATES </FONT><BR>
<FONT face="serif">SECURITIES AND EXCHANGE COMMISSION</FONT><BR>
<FONT face="serif">Washington, D.C. 20549 </FONT></P>
<P align="center">
<B><FONT face="serif">FORM N-Q</FONT></B></P>
<P align="center">
<B><FONT face="serif">QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED</FONT></B><BR>
<B><FONT face="serif">MANAGEMENT INVESTMENT COMPANY </FONT></B></P>
<P align="left">
<FONT size=2 face="serif">Investment Company Act file number 811-10339</FONT></P>
<P align="left">
<FONT size=2 face="serif">Name of Fund:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlackRock Municipal Income Trust (BFK) </FONT><BR>
<BR>
<FONT size=2 face="serif">Fund Address:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100 Bellevue Parkway, Wilmington, DE 19809</FONT></P>

<div style="margin-left:40px;text-indent:-40px">
<P align="left">
<FONT size=2 face="serif">Name and address of agent for service:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Donald C. Burke, Chief Executive Officer, BlackRock Municipal Income Trust, 800 Scudders Mill Road, Plainsboro, NJ, 08536. Mailing address: P.O. Box 9011, Princeton, NJ, 08543-9011</FONT></P>
</div><P align="left">
<FONT size=2 face="serif">Registrant&#146;s telephone number, including area code:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (800) 882-0052, Option 4 </FONT></P>
<P align="left">
<FONT size=2 face="serif">Date of fiscal year end:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/31/2008 </FONT><BR>
<BR>
<FONT size=2 face="serif">Date of reporting period:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/2007 &#150; 01/31/2008</FONT></P>
<HR noshade align="center" width="100%" size=4>
<P align="left" style="page-break-before:always"></P><PAGE>

<P align="left">
  <FONT size=2 face="serif">Item 1 &#150; Schedule of Investments </FONT></P>


<br>

<TABLE width=100% border=0 cellpadding=0 cellspacing=0>
<TR>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD></TR>
<TR valign="bottom">
	<TD align=left nowrap colspan=9>
<B><FONT size=4 face="serif">BlackRock Municipal Income Trust</FONT></B>							</TD>
  </TR>
<TR valign="bottom">
	<TD align=left nowrap colspan=7 style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Schedule of Investments as of January 31, 2008 (Unaudited)</FONT></B>			</TD>
	<TD colspan="2" align=center nowrap style="border-bottom:1px solid #000000;">
      <B><FONT size=2 face="serif">(in Thousands)</FONT></B>	</TD>
  </TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<B><FONT size=2 face="serif">Face</FONT></B>	</TD>
	<TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp;<B><FONT size=2 face="serif">State</FONT></B>	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Amount</FONT></B>	</TD>
	<TD style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD colspan="3" align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Municipal Bonds</FONT></B>			</TD>
	<TD colspan="2" align=center nowrap style="border-bottom:1px solid #000000;">
      <B><FONT size=2 face="serif">Value</FONT></B>	</TD>
  </TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap>
 &nbsp;<B><FONT size=2 face="serif">Alabama - 4.0%</FONT></B>	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">&#36;</FONT>	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">4,545</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap colspan=3>
<FONT size=2 face="serif">Birmingham, Alabama, Special Care Facilities Financing Authority, Revenue Refunding Bonds</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD>&nbsp;	</TD>
	<TD colspan="3" align=left nowrap>
<FONT size=2 face="serif">(Ascension Health Credit), Series C-2, 5% due 11/15/2036</FONT>			</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">&#36;</FONT>	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">4,586</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">3,260</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap colspan=3>
<FONT size=2 face="serif">Birmingham, Alabama, Special Care Facilities Financing Authority, Revenue Refunding Bonds</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">(Ascension Health Credit), Series C-2, 5% due 11/15/2039</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">3,287</FONT>	</TD>
</TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">15,000</FONT>	</TD>
	<TD style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap colspan=3 style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Huntsville, Alabama, Health Care Authority Revenue Bonds, Series B, 5.75% due 6/01/2012 (j)</FONT>	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">16,928</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
 &nbsp;<B><FONT size=2 face="serif">Arizona - 6.5%</FONT></B>	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">5,336</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap colspan=3>
<FONT size=2 face="serif">Phoenix and Pima County, Arizona, IDA, S/F Mortgage Revenue Refunding Bonds, AMT, Series 2007-1,</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">5.25% due 8/01/2038 (e)(f)</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">5,494</FONT>	</TD>
</TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">4,590</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap colspan=3>
<FONT size=2 face="serif">Pima County, Arizona, IDA, Education Revenue Bonds (American Charter Schools Foundation), Series</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">A, 5.625% due 7/01/2038</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">4,275</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">10,280</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap colspan=3>
<FONT size=2 face="serif">Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, 5% due 12/01/2032</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">9,574</FONT>	</TD>
</TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">14,395</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap colspan=3>
<FONT size=2 face="serif">Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, 5% due 12/01/2037</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">13,226</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">7,000</FONT>	</TD>
	<TD style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap colspan=3 style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Scottsdale, Arizona, IDA, Hospital Revenue Bonds (Scottsdale Healthcare), 5.80% due 12/01/2011 (j)</FONT>	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">7,878</FONT>	</TD>
</TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap>
 &nbsp;<B><FONT size=2 face="serif">California - 18.3%</FONT></B>	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">3,385</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap colspan=3>
<FONT size=2 face="serif">California County Tobacco Securitization Agency, Tobacco Revenue Bonds (Stanislaus County Tobacco</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap colspan=3>
<FONT size=2 face="serif">Funding Corporation), Sub-Series B, 5.875% due 6/01/2046 (n)</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">232</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">17,855</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap colspan=3>
<FONT size=2 face="serif">California County Tobacco Securitization Agency, Tobacco Revenue Bonds (Stanislaus County Tobacco</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap colspan=3>
<FONT size=2 face="serif">Funding Corporation), Sub-Series C, 6.30% due 6/01/2055 (n)</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">530</FONT>	</TD>
</TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">22,825</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap colspan=3>
<FONT size=2 face="serif">California County Tobacco Securitization Agency, Tobacco Revenue Bonds (Stanislaus County Tobacco</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap colspan=3>
<FONT size=2 face="serif">Funding Corporation), Sub-Series D, 7.251% due 6/01/2055 (n)</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">540</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">11,670</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">California State, GO, Refunding, 5% due 6/01/2032</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">11,727</FONT>	</TD>
</TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">7,000</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">California State, GO, Refunding, 5% due 6/01/2034</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">7,016</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">5,000</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap colspan=3>
<FONT size=2 face="serif">California Statewide Communities Development Authority, Health Facility Revenue Bonds (Memorial</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Health Services), Series A, 5.50% due 10/01/2033</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">5,105</FONT>	</TD>
</TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">54,635</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap colspan=3>
<FONT size=2 face="serif">Foothill/Eastern Corridor Agency, California, Toll Road Revenue Refunding Bonds, 6.09%</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">due 1/15/2032 (n)</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">13,377</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">20,535</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap colspan=3>
<FONT size=2 face="serif">Foothill/Eastern Corridor Agency, California, Toll Road Revenue Refunding Bonds, 6.019%</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">due 1/15/2034 (n)</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">4,446</FONT>	</TD>
</TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">75,000</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap colspan=3>
<FONT size=2 face="serif">Foothill/Eastern Corridor Agency, California, Toll Road Revenue Refunding Bonds, 6.093%</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">due 1/15/2038 (n)</FONT>	</TD>
	<TD style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">12,709</FONT>	</TD>
</TR></TABLE>
<TABLE width=95% border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD align=left nowrap colspan=9 style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=2 face="serif">Portfolio Abbreviations</FONT></B>							</TD>
  </TR>
<TR valign="bottom">
	<TD align=left nowrap colspan=9>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">To simplify the listings of BlackRock Municipal Income Trust's portfolio holdings in the Schedule of Investments, we have abbreviated the
names of many of</FONT>			</TD>
  </TR>
<TR valign="bottom">
	<TD align=left nowrap colspan=9>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">the securities according to the list below.</FONT>							</TD>
  </TR>
<TR valign="bottom">
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=2 face="serif">AMT</FONT></B>	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
      <div align="left"><FONT size=2 face="serif">Alternative Minimum Tax (subject to)</FONT> </div></TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=2 face="serif">IDA</FONT></B>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Industrial Development Authority</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=2 face="serif">EDA</FONT></B>	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
      <div align="left"><FONT size=2 face="serif">Economic Development Authority</FONT> </div></TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=2 face="serif">IDR</FONT></B>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Industrial Development Revenue Bonds</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=2 face="serif">EDR</FONT></B>	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
      <div align="left"><FONT size=2 face="serif">Economic Development Revenue Bonds</FONT> </div></TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=2 face="serif">M/F</FONT></B>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Multi-Family</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=2 face="serif">GO</FONT></B>	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
      <div align="left"><FONT size=2 face="serif">General Obligation Bonds</FONT> </div></TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=2 face="serif">PCR</FONT></B>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Pollution Control Revenue Bonds</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=2 face="serif">HFA</FONT></B>	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
      <div align="left"><FONT size=2 face="serif">Housing Finance Authority</FONT> </div></TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=2 face="serif">S/F</FONT></B>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Single-Family</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="sans-serif">1</FONT></P>

<HR noshade align="center" width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>
<br>


<TABLE width=100% border=0 cellpadding=0 cellspacing=0>
<TR>
     <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
  <TD></TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap colspan=7>
<B><FONT size=4 face="serif">BlackRock Municipal Income Trust</FONT></B>					</TD>
  </TR>
<TR valign="bottom">
	<TD align=left nowrap colspan=5 style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Schedule of Investments as of January 31, 2008 (Unaudited)</FONT></B>	</TD>
	<TD colspan="2" align=center nowrap style="border-bottom:1px solid #000000;">
      <B><FONT size=2 face="serif">(in Thousands)</FONT></B>	</TD>
  </TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<B><FONT size=2 face="serif">Face</FONT></B>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp;<B><FONT size=2 face="serif">State</FONT></B>	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Amount</FONT></B>	</TD>
	<TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Municipal Bonds</FONT></B>	</TD>
	<TD colspan="2" align=center nowrap style="border-bottom:1px solid #000000;">
      <B><FONT size=2 face="serif">Value</FONT></B>	</TD>
  </TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">&#36;</FONT>	</TD>
	<TD align=right>
<FONT size=2 face="serif">10,000</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Golden State Tobacco Securitization Corporation of California, Tobacco Settlement Revenue Bonds,</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Series A-1, 6.625% due 6/01/2013 (j)</FONT>	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">&#36;</FONT>	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">11,782</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">5,000</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Golden State Tobacco Securitization Corporation of California, Tobacco Settlement Revenue Refunding</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Bonds, Series A, 5% due 6/01/2045</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">4,804</FONT>	</TD>
</TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">3,115</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Lincoln, California, Special Tax Bonds (Community Facilities District Number 2003-1), 6% due</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">9/01/2013 (j)</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">3,676</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">13,320</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Los Angeles, California, Regional Airports Improvement Corporation, Facilities Lease Revenue</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Refunding Bonds (LAXFUEL Corporation - Los Angeles International Airport), AMT, 5.50% due</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">1/01/2032 (b)</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">13,654</FONT>	</TD>
</TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">5,000</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Murrieta, California, Community Facilities District Number 2, Special Tax Bonds (The Oaks</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Improvement Area Project), Series A, 6% due 9/01/2034</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">4,889</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">10,565</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">University of California Revenue Bonds, Series B, 4.75% due 5/15/2038</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">10,587</FONT>	</TD>
</TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">5,000</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">University of California Revenue Bonds, Series C, 4.75% due 5/15/2037 (i)</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">4,930</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">4,015</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">West Valley Mission Community College District, California, GO (Election of 2004), Series A, 4.75%</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">due 8/01/2030 (g)</FONT>	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">4,088</FONT>	</TD>
</TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap>
 &nbsp;<B><FONT size=2 face="serif">Colorado - 1.4%</FONT></B>	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">2,545</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Colorado Springs, Colorado, Utilities System Improvement Revenue Bonds, Subordinate Lien, Series C,</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">5% due 11/15/2045 (g)</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">2,621</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">3,500</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Denver, Colorado, Health and Hospital Authority, Healthcare Revenue Bonds, Series A, 6% due</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">12/01/2011 (j)</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">3,923</FONT>	</TD>
</TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">2,530</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Park Creek Metropolitan District, Colorado, Senior Limited Tax Supported Revenue Refunding Bonds,</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">5.50% due 12/01/2037</FONT>	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">2,447</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
 &nbsp;<B><FONT size=2 face="serif">District of Columbia - 6.7%</FONT></B>	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">15,600</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">District of Columbia Revenue Bonds (Georgetown University), Series A, 6.013% due 4/01/2011 (i)(j)(n)</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">3,277</FONT>	</TD>
</TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">51,185</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">District of Columbia Revenue Bonds (Georgetown University), Series A, 6.015% due 4/01/2011 (i)(j)(n)</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">10,127</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">2,390</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">District of Columbia, Revenue Refunding Bonds (Friendship Public Charter School, Inc.), 5.25% due</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">6/01/2033 (a)</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">2,199</FONT>	</TD>
</TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">25,535</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">District of Columbia Tobacco Settlement Financing Corporation, Asset-Backed Revenue Refunding</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Bonds, 6.75% due 5/15/2040</FONT>	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">26,092</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
 &nbsp;<B><FONT size=2 face="serif">Florida - 11.3%</FONT></B>	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">1,905</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Heritage Isle at Viera Community Development District, Florida, Special Assessment Bonds, Series A,</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">6% due 5/01/2035</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">1,848</FONT>	</TD>
</TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">9,670</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Highlands County, Florida, Health Facilities Authority, Hospital Revenue Bonds (Adventist Health</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">System), Series A, 6% due 11/15/2011 (j)</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">10,914</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">11,035</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Jacksonville Electric Authority, Florida, Electric System Revenue Bonds, Series 3-A, 4.75% due</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">10/01/2034 (g)</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">11,046</FONT>	</TD>
</TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">2,900</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Jacksonville Electric Authority, Florida, Water and Sewer System Revenue Bonds, Series A, 4.75% due</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">10/01/2041 (i)</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">2,853</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">9,000</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Martin County, Florida, IDA, IDR, Refunding (Indiantown Cogeneration Project), AMT, Series A,</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">7.875% due 12/15/2025</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">9,050</FONT>	</TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="sans-serif">2</FONT></P>

<HR noshade align="center" width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>
<br>


<TABLE width=100% border=0 cellpadding=0 cellspacing=0>
<TR>
     <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
  <TD></TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap colspan=7>
<B><FONT size=4 face="serif">BlackRock Municipal Income Trust</FONT></B>					</TD>
  </TR>
<TR valign="bottom">
	<TD align=left nowrap colspan=5 style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Schedule of Investments as of January 31, 2008 (Unaudited)</FONT></B>	</TD>
	<TD colspan="2" align=center nowrap style="border-bottom:1px solid #000000;">
      <B><FONT size=2 face="serif">(in Thousands)</FONT></B>	</TD>
  </TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<B><FONT size=2 face="serif">Face</FONT></B>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp;<B><FONT size=2 face="serif">State</FONT></B>	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Amount</FONT></B>	</TD>
	<TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Municipal Bonds</FONT></B>	</TD>
	<TD colspan="2" align=center nowrap style="border-bottom:1px solid #000000;">
      <B><FONT size=2 face="serif">Value</FONT></B>	</TD>
  </TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">&#36;</FONT>	</TD>
	<TD align=right>
<FONT size=2 face="serif">11,685</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Miami Beach, Florida, Health Facilities Authority, Hospital Revenue Refunding Bonds (Mount Sinai</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Medical Center of Florida), 6.75% due 11/15/2021</FONT>	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">&#36;</FONT>	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">12,186</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">10,830</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Orange County, Florida, Tourist Development, Tax Revenue Refunding Bonds, 4.75% due 10/01/2032 (m)</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">10,356</FONT>	</TD>
</TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">3,880</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Stevens Plantation Community Development District, Florida, Special Assessment Revenue Bonds, Series</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">A, 7.10% due 5/01/2035</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">3,978</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">8,335</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Village Community Development District Number 5, Florida, Special Assessment Bonds, 5.625% due</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">5/01/2022</FONT>	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">8,377</FONT>	</TD>
</TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap>
 &nbsp;<B><FONT size=2 face="serif">Georgia - 0.7%</FONT></B>	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">4,000</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Richmond County, Georgia, Development Authority, Environmental Improvement Revenue Refunding</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Bonds (International Paper Co. Projects), AMT, Series A, 6% due 2/01/2025</FONT>	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">4,079</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
 &nbsp;<B><FONT size=2 face="serif">Idaho - 3.0%</FONT></B>	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">16,970</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">University of Idaho, Student Fee Revenue Bonds (University Housing Improvement Projects), 5.40% due</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">4/01/2011 (d)(j)</FONT>	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">18,480</FONT>	</TD>
</TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap>
 &nbsp;<B><FONT size=2 face="serif">Illinois - 13.7%</FONT></B>	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">7,120</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Bolingbrook, Illinois, GO, Refunding, Series B, 6% due 1/01/2033 (d)(n)</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">1,958</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">14,085</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Bolingbrook, Illinois, GO, Refunding, Series B, 6% due 1/01/2034 (d)(n)</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">3,622</FONT>	</TD>
</TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">4,630</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Centerpoint Intermodal Center Program Trust, Illinois, Tax Allocation Bonds, Class A, 8%</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">due 6/15/2023 (l)</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">4,495</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">8,225</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Chicago, Illinois, Housing Authority, Capital Program Revenue Refunding Bonds, 5% due 7/01/2024 (g)</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">8,598</FONT>	</TD>
</TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">7,645</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Chicago, Illinois, O'Hare International Airport Revenue Refunding Bonds, Third Lien, AMT, Series C-2,</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">5.25% due 1/01/2030 (g)</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">7,773</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">7,145</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Illinois Development Finance Authority, Hospital Revenue Bonds (Adventist Health System/Sunbelt</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Obligated Group), 5.65% due 11/15/2009 (j)</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">7,640</FONT>	</TD>
</TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">760</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Illinois Educational Facilities Authority, Revenue Refunding Bonds (University of Chicago), Series A,</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">5.25% due 7/01/2041</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">804</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">10,000</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Illinois Educational Facilities Authority, Student Housing Revenue Bonds (Education Advancement</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Fund - University Center Project at DePaul), 6.25% due 5/01/2012 (j)</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">11,521</FONT>	</TD>
</TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">5,000</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Illinois Health Facilities Authority, Revenue Refunding Bonds (Elmhurst Memorial Healthcare), 5.50%</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">due 1/01/2022</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">5,189</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">6,000</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Illinois Health Facilities Authority, Revenue Refunding Bonds (Elmhurst Memorial Healthcare), 5.625%</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">due 1/01/2028</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">6,156</FONT>	</TD>
</TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">7,975</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Illinois Municipal Electric Agency, Power Supply Revenue Bonds, 4.50% due 2/01/2035 (d)</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">7,523</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">1,685</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Illinois State Finance Authority Revenue Bonds (Friendship Village of Schaumburg), Series A, 5.625%</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">due 2/15/2037</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">1,510</FONT>	</TD>
</TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">2,885</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Illinois State Finance Authority Revenue Bonds (Monarch Landing, Inc. Project), Series A, 7% due</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">12/01/2037</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">2,901</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">3,700</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Illinois State Finance Authority Revenue Bonds (Northwestern Memorial Hospital), Series A, 5.50% due</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">8/15/2014 (j)</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">4,263</FONT>	</TD>
</TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">1,675</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Illinois State Financing Authority, Student Housing Revenue Bonds (MJH Education Assistance IV LLC),</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Sub-Series B, 5.375% due 6/01/2035</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">836</FONT>	</TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="sans-serif">3</FONT></P>

<HR noshade align="center" width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>
<br>


<TABLE width=100% border=0 cellpadding=0 cellspacing=0>
<TR>
     <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
  <TD></TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap colspan=7>
<B><FONT size=4 face="serif">BlackRock Municipal Income Trust</FONT></B>					</TD>
  </TR>
<TR valign="bottom">
	<TD align=left nowrap colspan=5 style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Schedule of Investments as of January 31, 2008 (Unaudited)</FONT></B>	</TD>
	<TD colspan="2" align=center nowrap style="border-bottom:1px solid #000000;">
      <B><FONT size=2 face="serif">(in Thousands)</FONT></B>	</TD>
  </TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<B><FONT size=2 face="serif">Face</FONT></B>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp;<B><FONT size=2 face="serif">State</FONT></B>	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Amount</FONT></B>	</TD>
	<TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Municipal Bonds</FONT></B>	</TD>
	<TD colspan="2" align=center nowrap style="border-bottom:1px solid #000000;">
      <B><FONT size=2 face="serif">Value</FONT></B>	</TD>
  </TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">&#36;</FONT>	</TD>
	<TD align=right>
<FONT size=2 face="serif">40,000</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Metropolitan Pier and Exposition Authority, Illinois, Dedicated State Tax Revenue Bonds (McCormick</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Place Expansion), Series A, 6.01% due 12/15/2034 (i)(n)</FONT>	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#36;</FONT>	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">10,499</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
 &nbsp;<B><FONT size=2 face="serif">Indiana - 5.9%</FONT></B>	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">9,000</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Indiana Health Facilities Financing Authority, Hospital Revenue Refunding Bonds (Methodist Hospital,</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Inc.), 5.50% due 9/15/2031</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">8,213</FONT>	</TD>
</TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">10,000</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Petersburg, Indiana, PCR, Refunding (Indianapolis Power &amp; Light Co. Project), AMT, 5.90% due</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">12/01/2024</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">10,133</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">16,000</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Petersburg, Indiana, PCR, Refunding (Indianapolis Power &amp; Light Co. Project), AMT, 5.95% due</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">12/01/2029</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">16,058</FONT>	</TD>
</TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">2,305</FONT>	</TD>
	<TD style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Vincennes, Indiana, EDR, Refunding, 6.25% due 1/01/2024</FONT>	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">2,208</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp;<B><FONT size=2 face="serif">Kentucky - 0.2%</FONT></B>	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">1,365</FONT>	</TD>
	<TD style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Kentucky Housing Corporation, Housing Revenue Bonds, AMT, Series F, 5.45% due 1/01/2032 (f)</FONT>	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">1,376</FONT>	</TD>
</TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap>
 &nbsp;<B><FONT size=2 face="serif">Louisiana - 2.0%</FONT></B>	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">9,215</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Bonds (Capital Projects and Equipment Acquisition Program), 6.55% due 9/01/2025 (a)</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">9,349</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">3,246</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Saint Tammany Parish, Louisiana, Financing Authority, S/F Mortgage Revenue Bonds (Home Ownership</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Program), Series A, 5.25% due 12/01/2039 (e)(f)</FONT>	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">3,368</FONT>	</TD>
</TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap>
 &nbsp;<B><FONT size=2 face="serif">Maryland - 1.6%</FONT></B>	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">3,200</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Baltimore, Maryland, Wastewater Project Revenue Bonds, Series D, 5% due 7/01/2037 (b)</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">3,299</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">2,665</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Maryland State Community Development Administration, Department of Housing and Community</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Development, Residential Revenue Refunding Bonds, AMT, Series A, 4.65% due 9/01/2032</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">2,473</FONT>	</TD>
</TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">4,205</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Maryland State Health and Higher Educational Facilities Authority, Revenue Refunding Bonds (MedStar</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Health, Inc.), 5.50% due 8/15/2033</FONT>	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">4,227</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
 &nbsp;<B><FONT size=2 face="serif">Massachusetts - 1.1%</FONT></B>	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">6,770</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Massachusetts State Water Resource Authority, General Revenue Refunding Bonds, Series A, 5% due</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">8/01/2041</FONT>	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">6,997</FONT>	</TD>
</TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap>
 &nbsp;<B><FONT size=2 face="serif">Michigan - 0.7%</FONT></B>	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">4,230</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Michigan State Hospital Finance Authority, Revenue Refunding Bonds (Henry Ford Health System),</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Series A, 5.25% due 11/15/2046</FONT>	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">4,180</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
 &nbsp;<B><FONT size=2 face="serif">Mississippi - 3.7%</FONT></B>	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">18,680</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Gulfport, Mississippi, Hospital Facility Revenue Bonds (Memorial Hospital at Gulfport Project), Series A,</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">5.75% due 7/01/2031</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">18,910</FONT>	</TD>
</TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">4,845</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Mississippi Business Finance Corporation Revenue Bonds (Northrop Grumman Ship System), 4.55% due</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">12/01/2028</FONT>	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">4,468</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
 &nbsp;<B><FONT size=2 face="serif">Missouri - 0.1%</FONT></B>	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">695</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Missouri Joint Municipal Electric Utility Commission, Power Project Revenue Bonds (Plum Point</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Project), 4.60% due 1/01/2036 (i)</FONT>	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">648</FONT>	</TD>
</TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp;<B><FONT size=2 face="serif">Nebraska - 1.1%</FONT></B>	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">6,990</FONT>	</TD>
	<TD style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Omaha Public Power District, Nebraska, Electric System Revenue Bonds, Series A, 4.75% due 2/01/2044</FONT>	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">6,942</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
 &nbsp;<B><FONT size=2 face="serif">Nevada - 1.6%</FONT></B>	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">5,260</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Clark County, Nevada, EDR, Refunding (Alexander Dawson School of Nevada Project), 5% due</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">5/15/2029</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">5,281</FONT>	</TD>
</TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">5,000</FONT>	</TD>
	<TD style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Clark County, Nevada, Senior Airport Revenue Bonds, Series A, 5% due 7/01/2040 (b)</FONT>	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">4,929</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
 &nbsp;<B><FONT size=2 face="serif">New Hampshire - 1.2%</FONT></B>	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">3,500</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">New Hampshire Health and Education Facilities Authority Revenue Bonds (Exeter Hospital Obligated</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Group), 5.75% due 10/01/2031</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">3,602</FONT>	</TD>
</TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">4,000</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">New Hampshire State Business Finance Authority, PCR, Refunding (Public Service Company Project),</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">AMT, Series B, 4.75% due 5/01/2021 (i)</FONT>	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">4,016</FONT>	</TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="sans-serif">4</FONT></P>

<HR noshade align="center" width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>
<br>


<TABLE width=100% border=0 cellpadding=0 cellspacing=0>
<TR>
     <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
  <TD></TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap colspan=7>
<B><FONT size=4 face="serif">BlackRock Municipal Income Trust</FONT></B>					</TD>
  </TR>
<TR valign="bottom">
	<TD align=left nowrap colspan=5 style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Schedule of Investments as of January 31, 2008 (Unaudited)</FONT></B>	</TD>
	<TD colspan="2" align=center nowrap style="border-bottom:1px solid #000000;">
      <B><FONT size=2 face="serif">(in Thousands)</FONT></B>	</TD>
  </TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<B><FONT size=2 face="serif">Face</FONT></B>	</TD>
	<TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp;<B><FONT size=2 face="serif">State</FONT></B>	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Amount</FONT></B>	</TD>
	<TD style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Municipal Bonds</FONT></B>	</TD>
	<TD colspan="2" align=center nowrap style="border-bottom:1px solid #000000;">
      <B><FONT size=2 face="serif">Value</FONT></B>	</TD>
  </TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap>
 &nbsp;<B><FONT size=2 face="serif">New Jersey - 8.1%</FONT></B>	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">&#36;</FONT>	</TD>
	<TD align=right>
<FONT size=2 face="serif">3,680</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Middlesex County, New Jersey, Improvement Authority, Subordinate Revenue Bonds (Heldrich Center</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Hotel/Conference Project), Series B, 6.25% due 1/01/2037</FONT>	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">&#36;</FONT>	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">3,320</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">18,500</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">New Jersey EDA, Cigarette Tax Revenue Bonds, 5.75% due 6/15/2029</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">18,404</FONT>	</TD>
</TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">8,000</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">New Jersey EDA, EDR, Refunding (Kapkowski Road Landfill Reclamation Improvement District</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Project), 6.50% due 4/01/2028</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">8,635</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">15,410</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">New Jersey EDA, Special Facility Revenue Bonds (Continental Airlines Inc. Project), AMT, 7% due</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">11/15/2030</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">15,523</FONT>	</TD>
</TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">4,960</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Tobacco Settlement Financing Corporation of New Jersey, Asset-Backed Revenue Refunding Bonds,</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Series 1A, 4.50% due 6/01/2023</FONT>	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">4,606</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
 &nbsp;<B><FONT size=2 face="serif">New York - 8.0%</FONT></B>	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">1,820</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Albany, New York, IDA, Civic Facility Revenue Bonds (New Covenant Charter School Project), Series</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">A, 7% due 5/01/2035</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">1,472</FONT>	</TD>
</TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">7,115</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Metropolitan Transportation Authority, New York, Service Contract Revenue Refunding Bonds, Series A,</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">5% due 7/01/2030 (b)</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">7,296</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">5,000</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">New York City, New York, City IDA, Special Facility Revenue Bonds (American Airlines, Inc. - JFK</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">International Airport), AMT, 8% due 8/01/2028</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">5,496</FONT>	</TD>
</TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">22,140</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">New York City, New York, City IDA, Special Facility Revenue Bonds (Continental Airlines Inc. Project),</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">AMT, 7.75% due 8/01/2031</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">23,874</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">6,025</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">New York Liberty Development Corporation Revenue Bonds (Goldman Sachs Headquarters), 5.25% due</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">10/01/2035</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">6,323</FONT>	</TD>
</TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">5,375</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">New York State Environmental Facilities Corporation, State Clean Water and Drinking Revenue Bonds</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(New York City Water Project), Series B, 5% due 6/15/2031</FONT>	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">5,510</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
 &nbsp;<B><FONT size=2 face="serif">North Carolina - 3.7%</FONT></B>	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">12,130</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Gaston County, North Carolina, Industrial Facilities and Pollution Control Financing Authority, Revenue</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Bonds (National Gypsum Company Project), AMT, 5.75% due 8/01/2035</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">11,447</FONT>	</TD>
</TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">12,550</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">North Carolina Capital Facilities Finance Agency, Revenue Refunding Bonds (Duke University Project),</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Series B, 4.25% due 7/01/2042</FONT>	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">11,743</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
 &nbsp;<B><FONT size=2 face="serif">Ohio - 4.8%</FONT></B>	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">3,120</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Bonds, Series</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">A-2, 6.50% due 6/01/2047</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">3,203</FONT>	</TD>
</TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">23,820</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Ohio State Air Quality Development Authority, Revenue Refunding Bonds (Dayton Power and Light</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Company Project), Series B, 4.80% due 1/01/2034 (d)</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">22,864</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">3,760</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Pinnacle Community Infrastructure Financing Authority, Ohio, Revenue Bonds, Series A, 6.25% due</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">12/01/2036</FONT>	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">3,730</FONT>	</TD>
</TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap>
 &nbsp;<B><FONT size=2 face="serif">Oklahoma - 2.1%</FONT></B>	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">5,420</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Oklahoma State Development Finance Authority, Revenue Refunding Bonds (Saint John Health System),</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">5% due 2/15/2042</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">5,333</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">7,175</FONT>	</TD>
	<TD style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Tulsa, Oklahoma, Municipal Airport Trust, Revenue Refunding Bonds, Series A, 7.75% due 6/01/2035</FONT>	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">7,646</FONT>	</TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="sans-serif">5</FONT></P>

<HR noshade align="center" width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>
<br>


<TABLE width=100% border=0 cellpadding=0 cellspacing=0>
<TR>
     <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
  <TD></TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap colspan=7>
<B><FONT size=4 face="serif">BlackRock Municipal Income Trust</FONT></B>					</TD>
  </TR>
<TR valign="bottom">
	<TD align=left nowrap colspan=5 style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Schedule of Investments as of January 31, 2008 (Unaudited)</FONT></B>	</TD>
	<TD colspan="2" align=center nowrap style="border-bottom:1px solid #000000;">
      <B><FONT size=2 face="serif">(in Thousands)</FONT></B>	</TD>
  </TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<B><FONT size=2 face="serif">Face</FONT></B>	</TD>
	<TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp;<B><FONT size=2 face="serif">State</FONT></B>	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Amount</FONT></B>	</TD>
	<TD style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Municipal Bonds</FONT></B>	</TD>
	<TD colspan="2" align=center nowrap style="border-bottom:1px solid #000000;">
      <B><FONT size=2 face="serif">Value</FONT></B>	</TD>
  </TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap>
 &nbsp;<B><FONT size=2 face="serif">Pennsylvania - 4.6%</FONT></B>	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">&#36;</FONT>	</TD>
	<TD align=right>
<FONT size=2 face="serif">6,500</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds (Amtrak</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Project), AMT, Series A, 6.375% due 11/01/2041</FONT>	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">&#36;</FONT>	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">6,733</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">15,580</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds (Reliant</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Energy), AMT, Series A, 6.75% due 12/01/2036</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">15,915</FONT>	</TD>
</TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">2,500</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Pennsylvania HFA, S/F Mortgage Revenue Refunding Bonds, AMT, Series 97A, 4.60% due 10/01/2027</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">2,379</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">4,000</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Pennsylvania State Higher Educational Facilities Authority Revenue Bonds (LaSalle University), 5.50%</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">due 5/01/2034</FONT>	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">4,025</FONT>	</TD>
</TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap>
 &nbsp;<B><FONT size=2 face="serif">Puerto Rico - 2.8%</FONT></B>	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">5,000</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Puerto Rico Commonwealth Highway and Transportation Authority, Transportation Revenue Refunding</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Bonds, Series N, 5.25% due 7/01/2036 (c)</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">5,487</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">11,000</FONT>	</TD>
	<TD style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Puerto Rico Electric Power Authority, Power Revenue Refunding Bonds, Series UU, 5% due 7/01/2020 (g)</FONT>	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">11,798</FONT>	</TD>
</TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap>
 &nbsp;<B><FONT size=2 face="serif">South Carolina - 6.4%</FONT></B>	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">5,000</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Lexington County, South Carolina, Health Services District Inc., Hospital Revenue Refunding and</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Improvement Bonds, 5.50% due 11/01/2013 (j)</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">5,687</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">10,000</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Lexington County, South Carolina, Health Services District Inc., Hospital Revenue Refunding and</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Improvement Bonds, 5.75% due 11/01/2013 (j)</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">11,506</FONT>	</TD>
</TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">6,345</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Scago Education Facilities Corporation for Chesterfield County School District, South Carolina, Revenue</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Refunding Bonds, 5% due 12/01/2029 (c)</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">6,499</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">5,075</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">South Carolina Jobs EDA, Hospital Facilities Revenue Refunding Bonds (Palmetto Health Alliance),</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Series A, 6.25% due 8/01/2031</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">5,246</FONT>	</TD>
</TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">8,010</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">South Carolina Jobs EDA, Hospital Facilities Revenue Refunding Bonds (Palmetto Health Alliance),</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Series C, 6.875% due 8/01/2013 (j)</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">9,646</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">990</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">South Carolina Jobs EDA, Hospital Facilities Revenue Refunding Bonds (Palmetto Health Alliance),</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Series C, 6.875% due 8/01/2013 (j)</FONT>	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">1,189</FONT>	</TD>
</TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap>
 &nbsp;<B><FONT size=2 face="serif">Tennessee - 2.4%</FONT></B>	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">20,825</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Knox County, Tennessee, Health, Educational and Housing Facilities Board, Hospital Facilities Revenue</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Refunding Bonds (Covenant Health), Series A, 5.70% due 1/01/2020 (g)(n)</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">11,355</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">3,475</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Shelby County, Tennessee, Health, Educational and Housing Facility Board, Hospital Revenue Refunding</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Bonds (Saint Jude Children's Research Hospital), 5% due 7/01/2025</FONT>	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">3,547</FONT>	</TD>
</TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap>
 &nbsp;<B><FONT size=2 face="serif">Texas - 13.4%</FONT></B>	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">5,000</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Harris County-Houston Sports Authority, Texas, Revenue Refunding Bonds, Junior Lien, Series H,</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">6.065% due 11/15/2035 (i)(n)</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">1,118</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">12,580</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Harris County-Houston Sports Authority, Texas, Revenue Refunding Bonds, Senior Lien, Series A,</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">5.832% due 11/15/2038 (i)(n)</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">2,300</FONT>	</TD>
</TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">26,120</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Harris County-Houston Sports Authority, Texas, Revenue Refunding Bonds, Third Lien, Series A-3,</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">5.97% due 11/15/2037 (i)(n)</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">5,044</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">50</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Lower Colorado River Authority, Texas, Revenue Refunding Bonds, 5% due 5/15/2013 (i)(j)</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">56</FONT>	</TD>
</TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">2,345</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Lower Colorado River Authority, Texas, Revenue Refunding Bonds, 5% due 5/15/2031 (i)</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">2,396</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">5</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Lower Colorado River Authority, Texas, Revenue Refunding Bonds, Series A, 5% due 5/15/2013 (i)(j)</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">6</FONT>	</TD>
</TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">13,305</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Lower Colorado River Authority, Texas, Transmission Contract Revenue Refunding Bonds (LCRA</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Transmission Services Corp. Project), 4.75% due 5/15/2034 (b)</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">13,284</FONT>	</TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="sans-serif">6</FONT></P>

<HR noshade align="center" width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>
<br>


<TABLE width=100% border=0 cellpadding=0 cellspacing=0>
<TR>
     <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
  <TD></TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap colspan=7>
<B><FONT size=4 face="serif">BlackRock Municipal Income Trust</FONT></B>					</TD>
  </TR>
<TR valign="bottom">
	<TD align=left nowrap colspan=5 style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Schedule of Investments as of January 31, 2008 (Unaudited)</FONT></B>	</TD>
	<TD colspan="2" align=center nowrap style="border-bottom:1px solid #000000;">
      <B><FONT size=2 face="serif">(in Thousands)</FONT></B>	</TD>
  </TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<B><FONT size=2 face="serif">Face</FONT></B>	</TD>
	<TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp;<B><FONT size=2 face="serif">State</FONT></B>	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Amount</FONT></B>	</TD>
	<TD style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Municipal Bonds</FONT></B>	</TD>
	<TD colspan="2" align=center nowrap style="border-bottom:1px solid #000000;">
      <B><FONT size=2 face="serif">Value</FONT></B>	</TD>
  </TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">&#36;</FONT>	</TD>
	<TD align=right>
<FONT size=2 face="serif">1,700</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Montgomery County, Texas, Municipal Utility District Number 46, Waterworks and Sewer System, GO,</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">4.75% due 3/01/2030 (i)</FONT>	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">&#36;</FONT>	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">1,655</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">5,060</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Pearland, Texas, GO, Refunding, 4.75% due 3/01/2029 (d)</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">5,080</FONT>	</TD>
</TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">6,540</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">SA Energy Acquisition Public Facilities Corporation, Texas, Gas Supply Revenue Bonds, 5.50% due</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">8/01/2025</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">6,714</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">4,435</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Texas State Affordable Housing Corporation, M/F Housing Revenue Bonds (Amern Opportunity Housing</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Portfolio), Series B, 8% due 3/01/2032 (h)</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">657</FONT>	</TD>
</TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">35,000</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Texas State Turnpike Authority, Central Texas Turnpike System Revenue Bonds, 6.07%</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">due 8/15/2032 (b)(n)</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">8,646</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">62,325</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Texas State Turnpike Authority, Central Texas Turnpike System Revenue Bonds, 6.08%</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">due 8/15/2033 (b)(n)</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">14,436</FONT>	</TD>
</TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">65,040</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Texas State Turnpike Authority, Central Texas Turnpike System Revenue Bonds, 6.08%</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">due 8/15/2034 (b)(n)</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">14,153</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">8,390</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Texas State Turnpike Authority, Central Texas Turnpike System Revenue Bonds, First Tier, Series A, 5%</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">due 8/15/2042 (b)</FONT>	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">8,254</FONT>	</TD>
</TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap>
 &nbsp;<B><FONT size=2 face="serif">Virginia - 0.4%</FONT></B>	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">8,105</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Virginia Commonwealth Transportation Board, Transportation Contract Revenue Refunding Bonds (U.S.</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Route 28 Project), 5.287% due 4/01/2032 (i)(n)</FONT>	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">2,292</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
 &nbsp;<B><FONT size=2 face="serif">Washington - 1.4%</FONT></B>	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">3,615</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">King County, Washington, Sewer Revenue Refunding Bonds, 5% due 1/01/2036 (g)</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">3,737</FONT>	</TD>
</TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">5,095</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Washington State Health Care Facilities Authority, Revenue Refunding Bonds (Providence Health</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">System), Series A, 4.625% due 10/01/2034 (d)</FONT>	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">4,932</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
 &nbsp;<B><FONT size=2 face="serif">West Virginia - 0.3%</FONT></B>	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">2,070</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">West Virginia EDA, Lease Revenue Bonds (Correctional, Juvenile and Public Safety Facilities), Series A,</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">5% due 6/01/2029 (i)</FONT>	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">2,121</FONT>	</TD>
</TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap>
 &nbsp;<B><FONT size=2 face="serif">Wisconsin - 6.4%</FONT></B>	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">7,500</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Wisconsin State Health and Educational Facilities Authority Revenue Bonds (Aurora Health Care, Inc.),</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">6.40% due 4/15/2033</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">7,882</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">12,545</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Wisconsin State Health and Educational Facilities Authority, Revenue Refunding Bonds (Froedtert and</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Community Health), 5.375% due 10/01/2011 (j)</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">13,906</FONT>	</TD>
</TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">1,205</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Wisconsin State Health and Educational Facilities Authority, Revenue Refunding Bonds (Froedtert and</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Community Health), 5.375% due 10/01/2030</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">1,281</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">15,000</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Wisconsin State Health and Educational Facilities Authority, Revenue Refunding Bonds (Wheaton</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Franciscan Services, Inc.), 5.75% due 2/15/2012 (j)</FONT>	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">16,883</FONT>	</TD>
</TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap>
 &nbsp;<B><FONT size=2 face="serif">Wyoming - 0.8%</FONT></B>	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">2,765</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Wyoming Community Development Authority, Housing Revenue Bonds, AMT, Series 3, 4.65% due</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">12/01/2027</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">2,641</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">2,605</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Wyoming Community Development Authority, Housing Revenue Bonds, AMT, Series 3, 4.70% due</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">12/01/2032</FONT>	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">2,426</FONT>	</TD>
</TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Total Municipal Bonds (Cost - &#36;912,630) - 150.4%</FONT></B>	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">938,495</FONT>	</TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="sans-serif">7</FONT></P>

<HR noshade align="center" width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>
<br>


<TABLE width=100% border=0 cellpadding=0 cellspacing=0>
<TR>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD></TR>
<TR valign="bottom">
	<TD align=left nowrap colspan=8>
<B><FONT size=4 face="serif">BlackRock Municipal Income Trust</FONT></B>						</TD>
  </TR>
<TR valign="bottom">
	<TD align=left nowrap colspan=5 style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Schedule of Investments as of January 31, 2008 (Unaudited)</FONT></B>	</TD>
	<TD colspan="3" align=center nowrap style="border-bottom:1px solid #000000;">
      <B><FONT size=2 face="serif">(in Thousands)</FONT></B>		</TD>
  </TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<B><FONT size=2 face="serif">Face</FONT></B>	</TD>
	<TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Amount</FONT></B>	</TD>
	<TD style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Corporate Bonds</FONT></B>	</TD>
	<TD colspan="3" align=center nowrap style="border-bottom:1px solid #000000;">
      <B><FONT size=2 face="serif">Value</FONT></B>		</TD>
  </TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap>
 &nbsp;<B><FONT size=2 face="serif">Multi-State - 7.4%</FONT></B>	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">&#36;</FONT>	</TD>
	<TD align=right>
<FONT size=2 face="serif">11,000</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Charter Mac Equity Issuer Trust, 6.30% due 6/30/2049 (l)</FONT>	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">&#36;</FONT>	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">11,494</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">1,000</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Charter Mac Equity Issuer Trust, 6.625% due 6/30/2049 (l)</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">1,049</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">6,500</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Charter Mac Equity Issuer Trust, 6.80% due 11/30/2050 (l)</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">7,106</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">16,000</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Charter Mac Equity Issuer Trust, 6.80% due 10/31/2052 (l)</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">18,396</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">8,000</FONT>	</TD>
	<TD style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">MuniMae TE Bond Subsidiary, LLC, 6.875% due 6/30/2049 (l)</FONT>	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">8,375</FONT>	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Total Corporate Bonds (Cost - &#36;42,800) - 7.4%</FONT></B>	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">46,420</FONT>	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Shares Held</FONT></B>	</TD>
	<TD style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Short-Term Securities</FONT></B>	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">6,700</FONT>	</TD>
	<TD style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Merrill Lynch Institutional Tax-Exempt Fund, 2.47% (k)(o)</FONT>	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">6,700</FONT>	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Total Short-Term Securities (Cost - &#36;6,700) - 1.1%</FONT></B>	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">6,700</FONT>	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<B><FONT size=2 face="serif">Total Investments (Cost - &#36;962,130*) - 158.9%</FONT></B>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">991,615</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<B><FONT size=2 face="serif">Other Assets Less Liabilities - 1.2%</FONT></B>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">7,720</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<B><FONT size=2 face="serif">Preferred Shares, at Redemption Value - (60.1%)</FONT></B>	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(375,281</FONT>	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>	</TD>
</TR>
<TR valign="bottom" bgcolor="#e6e6e6">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<B><FONT size=2 face="serif">Net Assets Applicable to Common Shares - 100.0%</FONT></B>	</TD>
	<TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>	</TD>
	<TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">624,054</FONT>	</TD>
	<TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;	</TD>
</TR>
</TABLE>
<BR>
<div style="margin-left:3%">
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD></TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=2 face="serif">*</FONT>	</TD>
	<TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
	<TD align=left nowrap colspan=3>
<FONT size=2 face="serif">The cost and unrealized appreciation (depreciation) of investments as of January 31, 2008, as</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap colspan=3>
<FONT size=2 face="serif">computed for federal income tax purposes, were as follows:</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Aggregate cost</FONT>	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#36;</FONT>	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">959,718</FONT>	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Gross unrealized appreciation</FONT>	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">&#36;</FONT>	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">49,591</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Gross unrealized depreciation</FONT>	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(17,694</FONT>	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Net unrealized appreciation</FONT>	</TD>
	<TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>	</TD>
	<TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">31,897</FONT>	</TD>
	<TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;	</TD>
</TR>
</TABLE>
<BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
	<TD nowrap width=2% valign=top>
<FONT size=2 face="serif">(a)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=100%>
<P align="justify"><FONT size=2 face="serif">ACA Insured.</FONT></P>	</TD>
</TR>
<TR>
	<TD nowrap valign=top>
<FONT size=2 face="serif">(b)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=100%>
<P align="justify"><FONT size=2 face="serif">AMBAC Insured.</FONT></P>	</TD>
</TR>
<TR>
	<TD nowrap valign=top>
<FONT size=2 face="serif">(c)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=100%>
<P align="justify"><FONT size=2 face="serif">Assured Guaranty Insured.</FONT></P>	</TD>
</TR>
<TR>
	<TD nowrap valign=top>
<FONT size=2 face="serif">(d)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=100%>
<P align="justify"><FONT size=2 face="serif">FGIC Insured.</FONT></P>	</TD>
</TR>
<TR>
	<TD nowrap valign=top>
<FONT size=2 face="serif">(e)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=100%>
<P align="justify"><FONT size=2 face="serif">FHLMC Collateralized.</FONT></P>	</TD>
</TR>
<TR>
	<TD nowrap valign=top>
<FONT size=2 face="serif">(f)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=100%>
<P align="justify"><FONT size=2 face="serif">FNMA/GNMA Collateralized.</FONT></P>	</TD>
</TR>
<TR>
	<TD nowrap valign=top>
<FONT size=2 face="serif">(h)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=100%>
<P align="justify"><FONT size=2 face="serif">Non-income producing security; issuer filed for bankruptcy or is in default of interest payments.</FONT></P>	</TD>
</TR>
<TR>
	<TD nowrap valign=top>
<FONT size=2 face="serif">(i)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=100%>
<P align="justify"><FONT size=2 face="serif">MBIA Insured.</FONT></P>	</TD>
</TR>
<TR>
	<TD nowrap valign=top>
<FONT size=2 face="serif">(j)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=100%>
<P align="justify"><FONT size=2 face="serif">Prerefunded.</FONT></P>	</TD>
</TR>
<TR>
	<TD nowrap valign=top>
<FONT size=2 face="serif">(k)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=100%>
<P align="justify"><FONT size=2 face="serif">Represents the current yield as of January 31, 2008.</FONT></P>	</TD>
</TR>
<TR>
	<TD nowrap valign=top>
<FONT size=2 face="serif">(l)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=100%>
<P align="justify"><FONT size=2 face="serif">The security may be offered and sold to "qualified institutional buyers" under Rule 144A of the Securities Act of 1933.</FONT></P>	</TD>
</TR>
<TR>
	<TD nowrap valign=top>
<FONT size=2 face="serif">(m)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=100%>
<P align="justify"><FONT size=2 face="serif">XL Capital Insured.</FONT></P>	</TD>
</TR>
<TR>
	<TD nowrap valign=top>
<FONT size=2 face="serif">(n)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=100%>
<P align="justify"><FONT size=2 face="serif">Represents a zero coupon bond; the interest rate shown reflects the effective yield at the time of purchase.</FONT></P>	</TD>
</TR>
<TR>
	<TD nowrap valign=top>
<FONT size=2 face="serif">(o)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=100%>
<P align="justify"><FONT size=2 face="serif">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:</FONT></P>	</TD>
</TR>
</TABLE>
<br>

<TABLE width=70% border=0 cellpadding=0 cellspacing=0>
<TR>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD></TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;border-top:1px solid #000000;">
<B><FONT size=2 face="serif">Affiliate</FONT></B>	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;border-top:1px solid #000000;">
<B><FONT size=2 face="serif">Net Activity</FONT></B>	</TD>
	<TD colspan="2" align=left nowrap style="border-bottom:1px solid #000000;border-top:1px solid #000000;">
      <B><FONT size=2 face="serif">Dividend Income</FONT></B>	</TD>
	</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Merrill Lynch Institutional Tax-Exempt Fund</FONT>	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">4,100</FONT>	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#36;</FONT>	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">95</FONT>	</TD>
</TR>
</TABLE>
</div>
<BR>
<P align="center">
<FONT size=2 face="sans-serif">8</FONT></P>

<HR noshade align="center" width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>
<br>


<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR>
     <TD width=4%></TD>
     <TD width=2%></TD>
     <TD width=11%></TD>
     <TD width=16%></TD>
     <TD width=11%></TD>
     <TD width=1%></TD>
     <TD width=8%></TD>
     <TD width=5%></TD>
     <TD width=1%></TD>
     <TD width=11%></TD>
     <TD width=1%></TD>
     <TD width=8%></TD></TR>
<TR valign="bottom">
	<TD align=left nowrap colspan=12>
<B><FONT size=4 face="serif">BlackRock Municipal Income Trust</FONT></B>									</TD>
  </TR>
<TR valign="bottom">
	<TD align=left nowrap colspan=11 style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Schedule of Investments as of January 31, 2008 (Unaudited)</FONT></B>			&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 			</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">(in Thousands)</FONT></B>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
	<TD nowrap valign=top>&#149; &nbsp;&nbsp;&nbsp; </TD>
	<TD align=left nowrap colspan=3 style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Financial futures contracts sold as of January 31, 2008 were as follows:</FONT>	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<B><FONT size=2 face="serif">Number of</FONT></B>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=center nowrap>
<B><FONT size=2 face="serif">Expiration</FONT></B>	</TD>
	<TD colspan="2" align=right nowrap>
      <B><FONT size=2 face="serif">Face</FONT></B>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<B><FONT size=2 face="serif">Unrealized</FONT></B>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Contracts</FONT></B>	</TD>
	<TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Issue</FONT></B>	</TD>
	<TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Date</FONT></B>	</TD>
	<TD colspan="2" align=right nowrap style="border-bottom:1px solid #000000;">
      <B><FONT size=2 face="serif">Value</FONT></B>	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Depreciation</FONT></B>	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">500</FONT>	</TD>
	<TD align=center nowrap>
<FONT size=2 face="serif">10-Year U.S.</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=center nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Treasury Note</FONT>	</TD>
	<TD align=center nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">March 2008</FONT>	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#36;</FONT>	</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">56,366</FONT>	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">&#36;</FONT> </TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(1,993</FONT>	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;</TD>
	<TD>&#149; &nbsp;&nbsp;&nbsp; </TD>
	<TD align=left nowrap colspan=3 style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Forward interest rate swaps outstanding as of January 31, 2008 were as follows:</FONT>	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=center nowrap>
<B><FONT size=2 face="serif">Notional</FONT></B>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=right nowrap>
<B><FONT size=2 face="serif">Unrealized</FONT></B>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Amount</FONT></B>	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Depreciation</FONT></B>	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap colspan=3 bgcolor="#e6e6e6">
<FONT size=2 face="serif">Pay a fixed rate of 4.3385% and receive a floating rate based on 3-month USD LIBOR</FONT>	</TD>
	<TD align=right nowrap bgcolor="#e6e6e6">&nbsp;	</TD>
	<TD align=left nowrap bgcolor="#e6e6e6">&nbsp;	</TD>
	<TD align=left nowrap bgcolor="#e6e6e6">&nbsp;	</TD>
	<TD align=right nowrap bgcolor="#e6e6e6">&nbsp;	</TD>
	<TD align=left nowrap bgcolor="#e6e6e6">&nbsp;	</TD>
	<TD align=left nowrap bgcolor="#e6e6e6">&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap bgcolor="#e6e6e6">
<FONT size=2 face="serif">Broker, JPMorgan Chase</FONT>	</TD>
	<TD align=left nowrap bgcolor="#e6e6e6">&nbsp;	</TD>
	<TD align=left nowrap bgcolor="#e6e6e6">&nbsp;	</TD>
	<TD align=right nowrap bgcolor="#e6e6e6">&nbsp;	</TD>
	<TD align=left nowrap bgcolor="#e6e6e6">&nbsp;	</TD>
	<TD align=left nowrap bgcolor="#e6e6e6">&nbsp;	</TD>
	<TD align=right nowrap bgcolor="#e6e6e6">&nbsp;	</TD>
	<TD align=left nowrap bgcolor="#e6e6e6">&nbsp;	</TD>
	<TD align=left nowrap bgcolor="#e6e6e6">&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap bgcolor="#e6e6e6">
 &nbsp; &nbsp;<FONT size=2 face="serif">Expires May 2018</FONT>	</TD>
	<TD align=left nowrap bgcolor="#e6e6e6">&nbsp;	</TD>
	<TD align=left nowrap bgcolor="#e6e6e6">&nbsp;	</TD>
	<TD align=left nowrap bgcolor="#e6e6e6">
<FONT size=2 face="serif">&#36;</FONT>	</TD>
	<TD align=right bgcolor="#e6e6e6">
<FONT size=2 face="serif">54,390</FONT>	</TD>
	<TD align=left nowrap bgcolor="#e6e6e6">&nbsp;	</TD>
	<TD align=left nowrap bgcolor="#e6e6e6">
<FONT size=2 face="serif">&#36;</FONT>	</TD>
	<TD align=right nowrap bgcolor="#e6e6e6">
<FONT size=2 face="serif">(293</FONT>	</TD>
	<TD align=left nowrap bgcolor="#e6e6e6">
<FONT size=2 face="serif">)</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap colspan=3>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap colspan=3>
<FONT size=2 face="serif">Pay a fixed rate of 3.585% and receive a floating rate based on 1-week (SIFMA) Municipal</FONT>	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Swap Index rate</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap bgcolor="#e6e6e6">
<FONT size=2 face="serif">Broker, JPMorgan Chase</FONT>	</TD>
	<TD align=left nowrap bgcolor="#e6e6e6">&nbsp;	</TD>
	<TD align=left nowrap bgcolor="#e6e6e6">&nbsp;	</TD>
	<TD align=right nowrap bgcolor="#e6e6e6">&nbsp;	</TD>
	<TD align=left nowrap bgcolor="#e6e6e6">&nbsp;	</TD>
	<TD align=left nowrap bgcolor="#e6e6e6">&nbsp;	</TD>
	<TD align=right nowrap bgcolor="#e6e6e6">&nbsp;	</TD>
	<TD align=left nowrap bgcolor="#e6e6e6">&nbsp;	</TD>
	<TD align=left nowrap bgcolor="#e6e6e6">&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap bgcolor="#e6e6e6">
 &nbsp; &nbsp;<FONT size=2 face="serif">Expires April 2023</FONT>	</TD>
	<TD align=left nowrap bgcolor="#e6e6e6">&nbsp;	</TD>
	<TD align=left nowrap bgcolor="#e6e6e6">&nbsp;	</TD>
	<TD align=left nowrap bgcolor="#e6e6e6">
<FONT size=2 face="serif">&#36;</FONT>	</TD>
	<TD align=right bgcolor="#e6e6e6">
<FONT size=2 face="serif">26,800</FONT>	</TD>
	<TD align=left nowrap bgcolor="#e6e6e6">&nbsp;	</TD>
	<TD align=right nowrap bgcolor="#e6e6e6">&nbsp;	</TD>
	<TD align=right nowrap bgcolor="#e6e6e6">
<FONT size=2 face="serif">(169</FONT>	</TD>
	<TD align=left nowrap bgcolor="#e6e6e6">
<FONT size=2 face="serif">)</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap colspan=3>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap colspan=3>
<FONT size=2 face="serif">Pay a fixed rate of 3.731% and receive a floating rate based on 1-week (SIFMA) Municipal</FONT>	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Swap Index rate</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap bgcolor="#e6e6e6">
<FONT size=2 face="serif">Broker, Citibank NA</FONT>	</TD>
	<TD align=left nowrap bgcolor="#e6e6e6">&nbsp;	</TD>
	<TD align=left nowrap bgcolor="#e6e6e6">&nbsp;	</TD>
	<TD align=right nowrap bgcolor="#e6e6e6">&nbsp;	</TD>
	<TD align=left nowrap bgcolor="#e6e6e6">&nbsp;	</TD>
	<TD align=left nowrap bgcolor="#e6e6e6">&nbsp;	</TD>
	<TD align=right nowrap bgcolor="#e6e6e6">&nbsp;	</TD>
	<TD align=left nowrap bgcolor="#e6e6e6">&nbsp;	</TD>
	<TD align=left nowrap bgcolor="#e6e6e6">&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;" bgcolor="#e6e6e6">
 &nbsp; &nbsp;<FONT size=2 face="serif">Expires March 2028</FONT>	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;" bgcolor="#e6e6e6">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;" bgcolor="#e6e6e6">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;" bgcolor="#e6e6e6">
<FONT size=2 face="serif">&#36;</FONT>	</TD>
	<TD align=right style="border-bottom:1px solid #000000;" bgcolor="#e6e6e6">
<FONT size=2 face="serif">17,160</FONT>	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;" bgcolor="#e6e6e6">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;" bgcolor="#e6e6e6">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;" bgcolor="#e6e6e6">
<FONT size=2 face="serif">(127</FONT>	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;" bgcolor="#e6e6e6">
<FONT size=2 face="serif">)</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<B><FONT size=2 face="serif">Total</FONT></B>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:3px double #000000;"><FONT size=2 face="serif">&#36;</FONT> </TD>
	<TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">(589</FONT>	</TD>
	<TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">)</FONT>	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="sans-serif">9</FONT></P>

<HR noshade align="center" width="100%" size=4>


<P align="left" style="page-break-before:always"></P><PAGE>


<P align="left">
<FONT size=2 face="serif">Item 2 &#150; Controls and Procedures</FONT></P>

<div style="margin-left:42px;text-indent:-42px">
<P align="left">
<FONT size=2 face="serif">2(a) &#150; &nbsp;&nbsp;&nbsp;The registrant&#146;s principal executive and principal financial officers or persons performing similar functions have concluded that the registrant&#146;s disclosure controls and procedures (as defined in Rule
30a-3(c) under the Investment Company Act of 1940, as amended (the &#147;1940 Act&#148;)) 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 13a-15(b) under the Securities Exchange Act of 1934, as amended. </FONT></P>
<P align="left">
<FONT size=2 face="serif">2(b) &#150; &nbsp;&nbsp;&nbsp;There were no changes in the registrant&#146;s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant&#146;s last fiscal quarter that have
materially affected, or are reasonably likely to materially affect, the registrant&#146;s internal control over financial reporting. </FONT></P>
</div><P align="left">
<FONT size=2 face="serif">Item 3 &#150; Exhibits </FONT></P>

<div style="margin-left:42px">
<P align="left">
<FONT size=2 face="serif">Certifications &#150; Attached hereto </FONT></P>
<P align="left">
<FONT size=2 face="serif">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. </FONT></P>
<TABLE width=30% border=0 cellpadding=0 cellspacing=0>
<TR>
     <TD width="9%"></TD>
     <TD colspan="2"></TD>
    </TR>
<TR valign="bottom">
	<TD colspan="3" align=left nowrap><FONT size=2 face="serif">BlackRock Municipal Income
      Trust</FONT></TD>
    </TR>
<TR>
	<TD>&nbsp;	</TD>
    <TD colspan="2">&nbsp;</TD>
    </TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=2 face="serif">By:&nbsp;&nbsp;</FONT>	</TD>
    <TD width="60%" align=left nowrap style="border-bottom:1px solid #000000"><FONT size=2 face="serif">/s/ Donald C. Burke</FONT></TD>
    <TD width="31%" align=left nowrap style="border-bottom:1px solid #ffffff">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;</TD>
    <TD colspan="2" align=left nowrap><FONT size=2 face="serif">Donald C. Burke</FONT> </TD>
    </TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;</TD>
    <TD colspan="2" align=left nowrap><FONT size=2 face="serif">Chief Executive Officer of</FONT> </TD>
    </TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;</TD>
    <TD colspan="2" align=left nowrap><FONT size=2 face="serif">BlackRock Municipal Income
        Trust</FONT> </TD>
    </TR>
</TABLE>
<BR>
<P align="left">
<FONT size=2 face="serif">Date: March 24, 2008 </FONT></P>
<P align="left">
<FONT size=2 face="serif">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. </FONT></P>
<table width=30% border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td width="8%"></td>
    <td colspan="2"></td>
  </tr>
  <tr valign="bottom">
    <td align=left nowrap><font size=2 face="serif">By:&nbsp;&nbsp;</font> </td>
    <td width="57%" align=left nowrap style="border-bottom:1px solid #000000;"><font size=2 face="serif">/s/
        Donald C. Burke&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></td>
    <td width="35%" align=left nowrap style="border-bottom:1px solid #ffffff;">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align=left nowrap>&nbsp;</td>
    <td colspan="2" align=left nowrap><font size=2 face="serif">Donald C. Burke</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left nowrap>&nbsp;</td>
    <td colspan="2" align=left nowrap><font size=2 face="serif">Chief Executive Officer (principal
        executive officer) of</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left nowrap>&nbsp;</td>
    <td colspan="2" align=left nowrap><font size=2 face="serif">BlackRock Municipal Income
        Trust</font> </td>
  </tr>
</table>
<BR>
<P align="left">
<FONT size=2 face="serif">Date: March 24, 2008</FONT></P>
<TABLE width=30% border=0 cellpadding=0 cellspacing=0>
<TR>
     <TD width="10%"></TD>
     <TD colspan="2"></TD>
     </TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=2 face="serif">By:&nbsp;&nbsp;</FONT>	</TD>
	<TD width="58%" align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">/s/
	    Neal J. Andrews&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
	<TD width="32%" align=left nowrap style="border-bottom:1px solid #ffffff;">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD colspan="2" align=left nowrap><FONT size=2 face="serif">Neal J. Andrews</FONT> </TD>
	</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD colspan="2" align=left nowrap><FONT size=2 face="serif">Chief Financial Officer (principal
	    financial officer) of</FONT> </TD>
	</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD colspan="2" align=left nowrap><FONT size=2 face="serif">BlackRock Municipal Income Trust</FONT> </TD>
	</TR>
</TABLE>
<BR>
<P align="left">
<FONT size=2 face="serif">Date: March 24, 2008</FONT></P>
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<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>c52586_ex99-cert.htm
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   <TITLE>c52586_ex99-cert.htm -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing</TITLE>
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<div align="left">
<B><FONT size=2 face="serif">EX-99. CERT<br>
CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002<br>
&nbsp;</FONT></B></DIV>
<div style="border-bottom:1px solid #000000"></div>

<P align="left">
<FONT size=2 face="serif">I, Donald C. Burke, Chief Executive Officer (principal executive officer) of BlackRock Municipal Income Trust, certify that: </FONT></P>
<P align="left">
<FONT size=2 face="serif">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I have reviewed this report on Form N-Q of BlackRock Municipal Income Trust; </FONT></P>
<P align="left">
<FONT size=2 face="serif">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the
statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</FONT></P>
<P align="left">
<FONT size=2 face="serif">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant
as of the end of the fiscal quarter for which the report is filed; </FONT></P>
<P align="left">
<FONT size=2 face="serif">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The registrant&#146;s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as
defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: </FONT></P>

<div style="margin-left:42px">
<P align="left">
<FONT size=2 face="serif">a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure
that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; </FONT></P>
<P align="left">
<FONT size=2 face="serif">b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; </FONT></P>
<P align="left">
<FONT size=2 face="serif">c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;evaluated the effectiveness of the registrant&#146;s disclosure controls and procedures and presented in this report our conclusions about the
effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and </FONT></P>
<P align="left">
<FONT size=2 face="serif">d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;disclosed in this report any change in the registrant&#146;s internal control over financial reporting that occurred during the registrant&#146;s
most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant&#146;s internal control over financial reporting; and </FONT></P>
</div>

<P align="left">
<FONT size=2 face="serif">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The registrant&#146;s other certifying officer(s) and I have disclosed to the registrant&#146;s auditors and the audit committee of the
registrant&#146;s board of directors (or persons performing the equivalent functions): </FONT></P>

<div style="margin-left:42px">
<P align="left">
<FONT size=2 face="serif">a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably
likely to adversely affect the registrant&#146;s ability to record, process, summarize, and report financial information; and </FONT></P>
<P align="left">
<FONT size=2 face="serif">b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&#146;s internal control
over financial reporting. </FONT></P></div>
<P align="left">
<FONT size=2 face="serif">Date: March 24, 2008</FONT></P>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
     <TD colspan="2"></TD>
  </TR>
<TR valign="bottom">
  <TD width="175" align=left nowrap style="border-bottom:1px solid #000000">
<FONT size=2 face="serif">/s/ Donald C. Burkemtp</FONT></TD>
  <TD width="89" align=left nowrap style="border-bottom:1px solid #ffffff">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">Donald C. Burke</FONT>	</TD>
  </TR>
<TR valign="bottom">
	<TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">Chief Executive Officer (principal executive officer) of</FONT>	</TD>
  </TR>
<TR valign="bottom">
	<TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">BlackRock Municipal Income Trust</FONT>	</TD>
  </TR>
</TABLE>
<BR>

<HR noshade align="center" width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>

<div align="left">
<B><FONT size=2 face="serif">EX-99. CERT<br>
CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002<br>
&nbsp;</FONT></B></div>
<div style="border-bottom:1px solid #000000"></div>
<P align="left">
<FONT size=2 face="serif">I, Neal J. Andrews, Chief Financial Officer (principal
financial officer) of BlackRock Municipal Income Trust, certify that:</FONT></P>

<P align="left"><FONT size=2 face="serif"> 1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I
  have reviewed this report on Form N-Q of BlackRock Municipal Income Trust; </FONT></P>
<P align="left"><FONT size=2 face="serif">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based
  on my knowledge, this report does not contain any untrue statement of a material
  fact or omit to state a </FONT><FONT size=2 face="serif">material fact necessary
  to make the statements made, in light of the circumstances under which such
  statements were made, not misleading with respect to the period covered by
  this report;</FONT></P>
<P align="left">
<FONT size=2 face="serif">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant
as of the end of the fiscal quarter for which the report is filed; </FONT></P>
<P align="left">
<FONT size=2 face="serif">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The registrant&#146;s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as
defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: </FONT></P>

<div style="margin-left:42px">
<P align="left"><FONT size=2 face="serif">a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure
that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; </FONT></P>
<P align="left">
<FONT size=2 face="serif">b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; </FONT></P>
<P align="left">
<FONT size=2 face="serif">c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;evaluated the effectiveness of the registrant&#146;s disclosure controls and procedures and presented in this report our conclusions about the
effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and </FONT></P>
<P align="left">
<FONT size=2 face="serif">d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;disclosed in this report any change in the registrant&#146;s internal control over financial reporting that occurred during the registrant&#146;s
most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant&#146;s
internal control over financial reporting; and </FONT></P></div>

<P align="left"><FONT size=2 face="serif">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
    registrant&#146;s other certifying officer(s) and I have disclosed to the
    registrant&#146;s auditors and the audit committee of the registrant&#146;s
board of directors (or persons performing the equivalent functions): </FONT></P>

<div style="margin-left:42px">
<P align="left">
<FONT size=2 face="serif">a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably
likely to adversely affect the registrant&#146;s ability to record, process, summarize, and report financial information; and </FONT></P>
<P align="left">
<FONT size=2 face="serif">b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&#146;s internal control
over financial reporting. </FONT></P></div>
<P align="left"><FONT size=2 face="serif">Date: March 24, 2008</FONT></P>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
     <TD colspan="2"></TD>
  </TR>
<TR valign="bottom">
  <TD width="175" align=left nowrap style="border-bottom:1px solid #000000"><FONT size=2 face="serif">/s/ Neal J. Andrews</FONT></TD>
  <TD width="82" align=left nowrap style="border-bottom:1px solid #ffffff">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">Neal J. Andrews</FONT>	</TD>
  </TR>
<TR valign="bottom">
	<TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">Chief Financial Officer (principal financial officer) of</FONT>	</TD>
  </TR>
<TR valign="bottom">
	<TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">BlackRock Municipal Income Trust</FONT>	</TD>
  </TR>
</TABLE>
<BR>

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