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

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number:          811-10339          

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

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

Robert S. Kapito, President
BlackRock Municipal Income Trust
                                        40 East 52nd Street, New York, NY 10022                                        
(Name and address of agent for service)

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

Date of fiscal year end:          October 31, 2006
Date of reporting period:         January 31, 2006

Item 1. Schedule of Investments.

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

PORTFOLIO OF INVESTMENTS
JANUARY 31, 2006 (unaudited)

BlackRock Municipal Income Trust (BFK)

Principal          
  Amount     Option Call    
Rating1 (000)   Description Provisions2   Value  
    LONG-TERM INVESTMENTS—151.5%      
      Alabama—2.5%      
A2 $15,000   Huntsville Hlth. Care Auth., GO, Ser. B, 5.75%, 6/01/32 06/12 @ 101 $   16,006,650  
      Arizona—4.8%      
AAA 7,225   Phoenix Civic Impvt. Corp., Civic Plaza Expansion Proj., 5.00%, 7/01/35, FGIC 7/15 @ 100   7,482,571  
AA 15,805   Salt River Proj. Agricultral Impvt. & Pwr. Dist., Ser. A, 5.00%, 1/01/35 01/16 @ 100   16,520,809  
A3 7,000   Scottsdale Ind. Dev. Auth., Scottsdale Hlth. Care Proj., 5.80%, 12/01/31 12/11 @ 101   7,478,310  
            31,481,690  
      California—16.3%      
      Foothill/Eastn. Transp. Corridor Agcy., Toll Road Rev.,      
BBB 54,635        Zero Coupon, 1/15/32 01/10 @ 27.37   11,888,576  
BBB 20,535        Zero Coupon, 1/15/34 01/10 @ 24.228   3,951,755  
BBB 75,000        Zero Coupon, 1/15/38 01/10 @ 19.014   11,306,250  
      Golden St. Tobacco Sec. Corp.,      
A- 22,365        Ser. A, 5.00%, 6/01/45 06/15 @ 100   22,584,848  
BBB 10,000        Ser. A-1, 6.625%, 6/01/40 06/13 @ 100   11,142,100  
AAA 11,760   Los Angeles Dept. of Wtr. & Pwr. Sys., 5.00%, 7/01/31, FSA 07/15 @ 100   12,281,909  
NR 3,500   Lincoln Spl. Tax, Cmnty. Facs. Dist., 6.00%, 9/01/34 09/13 @ 102   3,730,160  
AAA 13,320   Los Angeles Regl. Arpt. Impvt. Corp. Lease Facs. Rev., LAXfuel Corp., L.A. Intl. Proj.,      
           5.50%, 1/01/32, AMBAC 01/12 @ 100   13,954,831  
NR 5,000   Murrieta Cmnty. Facs. Dist., Spl. Tax No. 2, The Oaks Impvt. Area A Proj., 6.00%, 9/01/34 09/14 @ 100   5,222,500  
A+ 5,000   Statewide Cmnty. Dev. Auth., Mem. Hlth. Svcs. Proj., Ser. A, 5.50%, 10/01/33 04/13 @ 100   5,252,900  
AAA 5,000   Univ. of California, Ser. C, 4.75%, 5/15/37, MBIA 05/13 @ 101   5,026,900  
            106,342,729  
      Colorado—1.4%      
BBB 3,500   Denver Hlth. & Hosp. Auth., Hlth. Care Rev., Ser. A, 6.00%, 12/01/31 12/11 @ 100   3,655,015  
Baa2 2,530   Park Creek Met. Dist. Rev., Ppty. Tax, 5.50%, 12/01/37 12/15 @ 101   2,605,723  
AAA 2,545   Springs Utils. Rev., Ser. C, 5.00%, 11/15/45, FSA 11/15 @ 100   2,614,198  
            8,874,936  
      District of Columbia—6.3%      
      Georgetown Univ. Proj.,      
AAA 15,600        Ser. A, Zero Coupon, 4/01/36, MBIA 04/11 @ 22.875   2,744,820  
AAA 51,185        Ser. A, Zero Coupon, 4/01/37, MBIA 04/11 @ 21.546   8,478,795  
A 2,390   Friendship Pub. Charter Sch., Inc. Proj., 5.25%, 6/01/33, ACA 06/14 @ 100   2,413,900  
BBB 25,535   Tobacco Settlement Fin. Corp., 6.75%, 5/15/40 05/11 @ 101   27,564,522  
            41,202,037  
      Florida—10.5%      
NR 4,000   Bellalago Ed. Fac. Benefits Dist., Ser. B, 5.80%, 5/01/34 05/14 @ 100   4,070,960  
NR 4,000   Bridgewater Cmnty. Dev. Dist., Spl. Assmt., Ser. A, 6.00%, 5/01/35 05/12 @ 101   4,114,760  
NR 2,000   CFM Cmnty. Dev. Dist., Cap. Impvt., Ser. A, 6.25%, 5/01/35 05/14 @ 101   2,105,320  
Baa3 4,600   Escambia Cnty., PCR, Champion Intl. Corp. Proj., 6.40%, 9/01/30 09/06 @ 102   4,779,768  
NR 2,000   Heritage Isle at Viera Cmnty. Dev. Dist., Spl. Assmt., Ser. A, 6.00%, 5/01/35 05/12 @ 101   2,050,280  
A+ 9,670   Highlands Cnty. Hlth. Facs. Auth., Hosp. Adventist/Sunbelt Proj., Ser. A, 6.00%, 11/15/31 11/11 @ 101   10,449,789  
BB+ 9,000   Martin Cnty. Indl. Dev. Auth., Indiantown Cogeneration Proj., Ser. A, 7.875%, 12/15/25 03/06 @ 101   9,296,280  
BB+ 11,685   Miami Beach Hlth. Facs. Auth., Mt. Sinai Med. Ctr. Proj., 6.75%, 11/15/21 11/14 @ 100   13,093,977  
AAA 3,680   Peace River/Manasota Regl. Wtr. Sply. Auth., 5.00%, 10/01/30, FSA 10/15 @ 100   3,843,208  
NR 3,970   Stevens Plantation Cmnty. Dev. Dist., Spl. Assmt. Rev., Ser. A, 7.10%, 5/01/35 05/14 @ 100   4,150,953  
NR 9,970   Vlg. Cmnty. Dev. Dist. No. 6, Spl. Assmt. Rev., 5.625%, 5/01/22 05/13 @ 100   10,142,979  
            68,098,274  
      Georgia—0.6%      
BBB 4,000   Richmond Cnty. Dev. Auth., Env. Impvt. Rev., Intl. Paper Co. Proj., Ser. A, 6.00%, 2/01/25 02/12 @ 101   4,197,560  
      Idaho—2.7%      
AAA 16,970   Univ. of Idaho, Student Fee Hsg. Impvt. Proj., 5.40%, 4/01/41, FGIC 04/11 @ 100   17,760,802  

1


BlackRock Municipal Income Trust (BFK) (continued)

Principal          
  Amount     Option Call    
Rating1 (000)   Description Provisions2   Value  
      Illinois—14.4%      
      Bolingbrook,      
AAA $  7,120        Ser. B, Zero Coupon, 1/01/33, FGIC No Opt. Call $   1,924,963  
AAA 14,085        Ser. B, Zero Coupon, 1/01/34, FGIC No Opt. Call   3,607,591  
NR 4,630 3 Centerpoint Intermodal Ctr. Prog. Trust, Ser. A, 8.00%, 6/15/23 No Opt. Call   4,687,366  
A+ 7,145 4,5 Dev. Fin. Auth. Hosp. Rev., Adventist Hlth. Sys. Sunbelt Oblig. Proj., 5.65%, 11/15/09 N/A   7,749,824  
Aa1 760   Edl. Facs. Auth. Rev., Bal Union Chicago Proj., Ser. A, 5.25%, 7/01/41 07/11 @ 101   798,745  
      Edl. Facs. Auth., Student Hsg. Rev., Edl. Advancement Fund Univ. Ctr. Proj.,      
BBB 10,000        6.25%, 5/01/30 05/12 @ 101   10,845,400  
BBB 7,000        6.25%, 5/01/34 05/07 @ 100   7,189,560  
BB+ 1,685   Fin. Auth. Rev., Friendship Vlg. Schaumburg Proj., Ser. A, 5.625%, 2/15/37 02/15 @ 100   1,691,892  
      Fin. Auth. Student Hsg., MJH Ed. Asst. Living Proj.,      
Baa2 2,100        Ser. A, 5.125%, 6/01/35 06/14 @ 100   2,083,557  
Baa3 1,675        Ser. B, 5.375%, 6/01/35 06/14 @ 100   1,662,102  
AA+ 3,700   Fin. Auth., Northwestern Mem. Hosp. Proj., Ser. A, 5.50%, 8/15/43 08/14 @ 100   3,927,402  
      Hlth. Facs. Auth., Elmhurst Mem. Hlth. Care Proj.,      
A 5,000        5.50%, 1/01/22 01/13 @ 100   5,248,550  
A 6,000        5.625%, 1/01/28 01/13 @ 100   6,291,540  
AAA 40,000   Met. Pier & Exposition Auth., Dedicated St. Tax Rev., McCormick Place Expansion Proj.,      
           Ser. A, Zero Coupon, 12/15/34, MBIA No Opt. Call   10,258,400  
      O’Hare Intl. Arpt.,      
AAA 3,000        Ser. A, 5.00%, 1/01/29, MBIA 01/15 @ 100   3,113,460  
AAA 4,000        Ser. A, 5.00%, 1/01/30, MBIA 01/15 @ 100   4,145,320  
AAA 10,035        Ser. A, 5.00%, 1/01/33, FGIC 01/16 @ 100   10,367,359  
AAA 7,645        Ser. C-2, 5.25%, 1/01/30, FSA 01/14 @ 100   7,930,006  
            93,523,037  
      Indiana—6.0%      
A+ 9,000   Hlth. Fac. Fin. Auth., Methodist Hosp., Inc. Proj., 5.50%, 9/15/31 09/11 @ 100   9,252,900  
      Petersburg, PCR, Pwr. & Lt. Conv.,      
BBB+ 10,000        5.90%, 12/01/24 08/11 @ 102   10,495,900  
BBB+ 16,000        5.95%, 12/01/29 08/11 @ 102   16,737,120  
NR 2,470   Vincennes Econ. Dev., Southwest Indiana Regl. Youth Proj., 6.25%, 1/01/24 01/09 @ 102   2,464,689  
            38,950,609  
      Kentucky—1.4%      
AAA 9,060   Hsg. Corp., Hsg. Rev., Ser. F, 5.45%, 1/01/32 07/11 @ 100   9,316,851  
      Louisiana—1.8%      
A 10,510   Local Gov’t. Env. Facs. & Cmnty. Dev. Auth. Cap. Projs. & Equip. Acquisition,      
           6.55%, 9/01/25, ACA No Opt. Call   11,674,298  
      Maine—0.4%      
AAA 2,750   Hlth. & Higher Edl. Fac. Auth., 5.00%, 7/01/29 07/15 @ 100   2,858,708  
      Maryland—0.7%      
BBB+ 4,205   Hlth. & Higher Edl. Facs. Auth., Medstar Hlth. Proj., 5.50%, 8/15/33 08/14 @ 100   4,340,653  
      Massachusetts—0.4%      
AAA 2,500   Wtr. Res. Auth., Ser. B, 5.00%, 8/01/35 08/17 @ 100   2,615,800  
      Mississippi—2.9%      
A 18,680   Gulfport Hosp. Fac., Mem. Hosp. Gulfport Proj., Ser. A, 5.75%, 7/01/31 07/11 @ 100   19,175,954  
      Multi-State—7.1%      
      Charter Mac Equity Issuer Trust,      
A3 1,000 3      Ser. A, 6.625%, 6/30/49 06/09 @ 100   1,071,950  
A3 11,000 3      Ser. A-2, 6.30%, 6/30/49 06/09 @ 100   11,604,450  
A3 16,000 3      Ser. A-3, 6.80%, 10/01/52 10/14 @ 100   18,030,400  
Baa1 6,500 3      Ser. B-1, 6.80%, 11/30/50 11/10 @ 100   7,009,925  
A3 8,000 3 MuniMae TE Bond Subsidiary LLC, Ser. A, 6.875%, 6/30/49 06/09 @ 100   8,585,920  
            46,302,645  
      Nevada—0.8%      
AAA 5,000   Clark Cnty. Arpt. Rev., Jet Aviation Fuel Tax Proj., Ser. C, 5.00%, 7/01/40, AMBAC 07/15 @ 100   5,120,450  
      New Hampshire—0.6%      
A+ 3,500   Hlth. & Edl. Facs. Auth., Exeter Hosp. Proj., 5.75%, 10/01/31 10/11 @ 101   3,694,985  

2


BlackRock Municipal Income Trust (BFK) (continued)

Principal          
  Amount     Option Call    
Rating1 (000)   Description Provisions2   Value  
      New Jersey—7.4%      
      Econ. Dev. Auth.,      
BBB $18,500        Cigarette Tax Rev., 5.75%, 6/15/29 06/14 @ 100 $   19,635,715  
B 15,410        Continental Airlines, Inc. Proj., 7.00%, 11/15/30 11/10 @ 101   15,297,353  
Baa3 8,000        Kapkowski Rd. Landfill Proj., 6.50%, 4/01/28 No Opt. Call   9,385,600  
NR 3,680   Middlesex Cnty. Imprt. Auth., Heldrich Ctr. Hotel Proj., Ser. B, 6.25%, 1/01/37 01/15 @ 100   3,640,661  
            47,959,329  
      New York—18.1%      
NR 1,820   Albany Indl. Dev. Agcy., New Covenant Charter Sch. Proj., Ser. A, 7.00%, 5/01/35 05/15 @ 102   1,720,228  
AAA 5,375   Env. Facs. Corp., St. Clean Wtr. & Drinking Wtr. Rev., NYC Mun. Wtr. Proj., Ser. B, 5.00%, 6/15/31 06/12 @ 100   5,564,200  
AA- 48,220   Liberty Dev. Corp. Proj., 5.25%, 10/01/35 No Opt. Call   53,513,591  
AAA 7,115   Met. Transp. Auth. Svc. Contract, Ser. A, 5.00%, 7/01/30, AMBAC 07/12 @ 100   7,354,989  
      New York City Ind. Dev. Agcy.,      
B- 27,400        American Airlines, JFK Intl. Arpt. Proj., 7.75%, 8/01/31 08/16 @ 101   28,513,536  
B- 5,000        American Airlines, JFK Intl. Arpt. Proj., 8.00%, 8/01/28 08/16 @ 101   5,294,800  
BBB 21,845   New York Cntys. Tobacco Trust III, Zero Coupon, 6/01/38 06/15 @ 26.186   3,325,683  
      Sales Tax Asset Receivable Corp.,      
AAA 7,000        Ser. A, 5.00%, 10/15/29, AMBAC 10/14 @ 100   7,326,200  
AAA 5,075        Ser. A, 5.00%, 10/15/32, AMBAC 10/14 @ 100   5,289,063  
            117,902,290  
      North Carolina—5.4%      
NR 12,130   Gaston Cnty. Indl. Facs. & Poll. Ctrl. Fin. Auth., 5.75%, 8/01/35 08/15 @ 100   12,724,491  
AA+ 21,460   Univ. of NC, Chapel Hill Rev., Ser. A, 5.00%, 12/01/34 12/15 @ 100   22,459,607  
            35,184,098  
      Ohio—9.6%      
AAA 23,820   Air Qual. Dev. Auth., 4.80%, 1/01/34, FGIC 07/15 @ 100   23,998,412  
BBB 14,500   Air Quality Dev. Auth., PCR, Cleveland Elec. Illuminating Co. Proj., Ser. B, 6.00%, 8/01/20 08/07 @ 102   15,112,335  
AAA 10,000   Madeira City Sch. Dist., 5.00%, 12/01/32, MBIA 12/14 @ 100   10,404,700  
NR 3,760   Pinnacle Cmnty. Infrastructure Fin. Auth. Facs., Ser. A, 6.25%, 12/01/36 12/14 @ 101   3,947,549  
AAA 9,000   Wtr. Dev. Auth. Poll. Ctrl. Facs. Rev., Dayton Pwr. & Lt. Proj., Ser. A, 4.80%, 1/01/34, FGIC 07/15 @ 100   8,999,640  
            62,462,636  
      Oklahoma—1.2%      
B- 7,175   Tulsa Mun. Arpt. Trust, Ser. A, 7.75%, 6/01/35 No Opt. Call   7,567,329  
      Pennsylvania—4.9%      
      Econ. Dev. Fin. Auth.,      
A3 6,500        Amtrak Proj., Ser. A, 6.375%, 11/01/41 05/11 @ 101   6,951,165  
BB- 19,750        Exempt Facs. Rev., Reliant Energy Conv. Proj., Ser. A, 6.75%, 12/01/36 12/09 @ 103   21,103,863  
BBB+ 4,000   Higher Edl. Facs. Auth., La Salle Univ. Proj., 5.50%, 5/01/34 05/13 @ 100   4,194,240  
            32,249,268  
      South Carolina—4.9%      
      Jobs Econ. Dev. Auth. Hosp., Facs. Rev.,      
BBB+ 8,010 4      Palmetto Hlth. Proj., 6.875%, 8/01/27 N/A   9,562,899  
BBB+ 990        Palmetto Hlth. Proj., 6.875%, 8/01/27 08/13 @ 100   1,139,530  
BBB+ 5,075        Palmetto Hlth. Alliance Proj., Ser. A, 6.25%, 8/01/31 08/13 @ 100   5,490,490  
      Lexington Cnty. Hlth. Svcs. Dist., Hosp. Rev.,      
A 5,000        5.50%, 11/01/32 11/13 @ 100   5,276,700  
A 10,000        5.75%, 11/01/28 11/13 @ 100   10,781,900  
            32,251,519  
      Tennessee—1.5%      
AAA 20,825   Knox Cnty. Hlth. Edl. & Hsg. Facs. Brd., Hosp. Facs. Rev., Ser. A, Zero Coupon, 1/01/20, FSA 01/13 @ 67.474   9,968,303  
      Texas—9.7%      
      Affordable Hsg. Corp., Multi-Fam. Hsg. Rev.,      
NR 4,435 6,7      Amer. Oppty. Hsg. Portfolio, Ser. B, 8.00%, 3/01/32 09/12 @ 102   665,250  
BB- 6,410 6      So. Texas Pptys. Corp., Ser. B, 8.00%, 3/01/32 09/12 @ 102   6,046,489  
BBB 945   Brazos River Auth., PCR, TXU Elec. Co. Proj., Ser. C, 6.75%, 10/01/38 10/13 @ 101   1,038,631  
AAA 3,805   Dallas Area Rapid Trans., 5.00%, 12/01/31, AMBAC 12/11 @ 100   3,897,423  
      Harris Cnty. Houston Sports Auth.,      
AAA 12,580        Ser. A, Zero Coupon, 11/15/38, MBIA 11/30 @ 61.166   2,069,284  
AAA 26,120        Ser. A-3, Zero Coupon, 11/15/37, MBIA 11/24 @ 46.545   4,677,831  
AAA 5,000        Ser. H, Zero Coupon, 11/15/35, MBIA 11/31 @ 78.178   996,950  
AAA 9,085   North Texas Tollway Auth., 5.00%, 1/01/40, FSA 01/15 @ 100   9,334,474  

3


BlackRock Municipal Income Trust (BFK) (continued)

Principal          
  Amount     Option Call    
Rating1 (000)   Description Provisions2   Value  
      Texas—(cont’d)        
      Tpke. Auth., Central Sys. Rev.        
AAA $35,000        Zero Coupon, 8/15/32, AMBAC 08/12 @ 30.846   $  7,938,700  
AAA 62,325        Zero Coupon, 8/15/33, AMBAC 08/12 @ 28.997   13,280,211  
AAA 65,040        Zero Coupon, 8/15/34, AMBAC 08/12 @ 27.31   13,041,821  
            62,987,064  
      Virginia—0.3%      
AAA 8,105   Transp. Brd. Trust, Zero Coupon, 4/01/32, MBIA 04/12 @ 34.99   2,057,049  
      Washington—0.4%      
A- 2,190 4 Energy Northwest Wind Proj., Ser. B, 6.00%, 1/01/07 N/A   2,304,909  
      West Virginia—0.3%      
AAA 2,070   Econ. Dev. Auth., Correctional Juvenile Safety Proj., Ser. A, 5.00%, 6/01/29, MBIA 06/14 @ 100   2,152,759  
      Wisconsin—6.2%      
      Hlth. & Edl. Facs. Auth.,      
A- 7,500        Aurora Hlth. Care Proj., 6.40%, 4/15/33 04/13 @ 100   8,270,550  
AA- 13,750        Froedert & Cmnty. Hlth. Oblig. Proj., 5.375%, 10/01/30 10/11 @ 101   14,203,200  
A 15,000 4      Wheaton Franciscan Svcs. Proj., 5.75%, 8/15/30 N/A   15,896,850  
AAA 2,110   Pub. Pwr, Inc. Sys., Ser. A, 5.00%, 7/01/37, AMBAC 07/15 @ 100   2,178,680  
            40,549,280  
      Total Long-Term Investments (cost $939,868,093)     987,134,501  
      SHORT-TERM INVESTMENTS—6.1%      
      New York—1.6%      
A-1+ 10,000 8 New York St. Loc Govt Asst., 2.88%, 2/01/06, FRWD N/A   10,000,000  
      Ohio—1.2%      
VMIG1 7,800 8 Hamilton Cnty. Hosp. Facs., Ser. A, 3.10%, 2/01/06, FRWD N/A   7,800,000  
      Puerto Rico—0.0%      
A-1 100 8 Gov’t. Dev. Bank, 3.01%, 2/01/06, FRWD, MBIA N/A   100,000  
      Texas—0.0%      
A-1+ 50 8 Wtr. Dev. Board Rev., 2.90%, 2/01/06, FRDD N/A   50,000  
 
           
Shares        
  (000)        
 
               
      Money Market Funds—3.3%      
  21,550   AIM Tax Free Investment Co. Cash Reserve Portfolio N/A   21,550,000  
      Total Short-Term Investments (cost $39,500,000)     39,500,000  
      Total Investments—157.6% (cost $979,368,0939)   $ 1,026,634,501  
      Other assets in excess of liabilities—0.0%     129,522  
      Preferred shares at redemption value, including dividends payable—(57.6)%     (375,251,312 )
      Net Assets Applicable to Common Shareholders—100%   $   651,512,711  

1 Using the higher of Standard & Poor’s, Moody’s Investors Service or Fitch ratings.
2 Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.
3 Security is not registered under the Securities Act of 1933. These securities may be resold in transactions in accordance with Rule 144A under that Act, to qualified institutional buyers. As of January 31, 2006, the Trust held 7.8% of its net assets, with a current market value of $50,990,011, in securities restricted as to resale.
4 This bond is prerefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated, typically at a premium to par.
5 Security, or a portion thereof, pledged as collateral with a value of $4,495,970 on 670 short U.S. Treasury Note futures contracts expiring March 2006 and 907 short U.S. Treasury Bond futures contracts expiring March 2006. The value of such contracts on January 31, 2006 was $175,002,406, with an unrealized gain of $79,788.
6 Illiquid Security. As of January 31, 2006, the Trust held 1.0% of its net assets, with a current market value of $6,711,739.
7 Issuer is in default and/or bankruptcy.
8 For purposes of amortized cost valuation, the maturity date of this instrument is considered to be the earlier of the next date on which the security can be redeemed at par, or the next date on which the rate of interest is adjusted. Rate shown is rate as of January 31, 2006.
9 Cost for Federal income tax purposes is $979,177,458. The net unrealized appreciation on a tax basis is $47,457,043, consisting of $52,727,648 gross unrealized appreciation and $5,270,605 gross unrealized depreciation.

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

4

Item 2. Controls and Procedures.

(a) The Registrant's principal executive and principal financial officers have evaluated the Registrant's disclosure controls and procedures within 90 days of this filing and have concluded, as of that date, that the Registrant’s disclosure controls and procedures were reasonably designed to ensure that information required to be disclosed by the Registrant in this Form N-Q was recorded, processed, summarized, and reported within the required time periods and that information to be disclosed by the Registrant in this Form N-Q was accumulated and communicated to the Registrant’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a -3(d)) that occurred during the Registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 3. Exhibits.

Separate certifications of the Registrant’s Principal Executive and Financial Officers pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are attached as EX-99.CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)     BlackRock Municipal Income Trust     

By:      /s/ Henry Gabbay                                                                      
Name: Henry Gabbay
Title: Treasurer and Principal Financial Officer
Date: March 31, 2006

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By:      /s/ Robert S. Kapito                                                                  
Name: Robert S. Kapito
Title: President and Principal Executive Officer
Date: March 31, 2006

By:      /s/ Henry Gabbay                                                                      
Name: Henry Gabbay
Title: Treasurer and Principal Financial Officer
Date: March 31, 2006